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DB-Synthetic Equity & Index Strategy-North America-US ETF Investment Ideas-Capture the rating upgrade of Industrials with ETFs
November 28, 2012--XLI and beyond...
Comprehensive Guide for US Industrials Sector ETF Investing
Industrials upgraded from Underweight to Overweight
Deutsche Bank's US Equity Strategist, David Bianco, has recently upgraded the Industrials sector from Underweight to Overweight based on an expected increase in business investment, strong capex, attractive valuations, and a favorable view on long-term EM growth coupled with a soft landing for Asia.
At an industry level, the following industries have an Overweight rating: Aerospace & Defense, Electrical Equipment, Industrial Conglomerates, and Machinery; while these other industries have an Underweight rating: Airlines, Building Products, Commercial Services & Supplies, and Trading Companies & Distributions.
ETF recommendations
We provide ETF recommendations for implementing positions in the Industrials sector and the Aerospace & Defense industry. Besides having good product characteristics, we focus on finding the most representative exposure and attractive valuations. We recommend XLI and VIS for the Industrials sector and ITA for the Aerospace & Defense industry.
Full ETF analysis for Industrials ETFs
We also present details for all 14 non-levered long US Industrials ETFs listed in the US, with additional in-depth analysis for the 6 Broad Diversified Industrials and the 3 Aerospace & Defense products. This information can be used as a guide for Industrials ETF investing.
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Source: Deutsche Bank -Synthetic Equity & Index Strategy-North America
CFTC Staff Withdraws Elements of the "Frequently Asked Questions on Reporting of Cleared Swaps"
November 28, 202--Staff of the Commodity Futures Trading Commission (Commission) today withdrew parts of its "Frequently Asked Questions on Reporting of Cleared Swaps." Specifically, staff withdrew the following questions, and their corresponding answers:
"Which party has the authority to select the particular SDR for purposes of cleared swap reporting?"
“May a DCM, SEF or DCO that is also registered as an SDR or legally affiliated with an SDR require counterparties to use their “captive” SDR for reporting swap transactions?”
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Source: CFTC.gov
CFTC Issues Clearing Determination for Certain Credit Default Swaps and Interest Rate Swaps
Commission Requires First Swaps to be Cleared
November 28, 2012--The Commodity Futures Trading Commission today issued new rules to require certain credit default swaps (CDS) and interest rate swaps to be cleared by registered derivatives clearing organizations (DCOs).
The rules establish the first clearing determination by the Commission under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Under the rules, market participants are required to submit a swap that is identified in the rule for clearing by a DCO as soon as technologically practicable and no later than the end of the day of execution. The Commission voted 5 to 0 via seriatim to issue the Clearing Determination, which will become effective upon publication in the Federal Register.
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Source: CFTC.gov
CFTC's Division of Clearing and Risk Issues Time-Limited No-Action Relief from Required Clearing for Swaps between Affiliated Counterparties
November 28, 2012--The Commodity Futures Trading Commission's Division of Clearing and Risk (DCR) today announced the issuance of a time-limited, no-action letter granting relief from required clearing under section 2(h)(1)(A) of the Commodity Exchange Act and the Commission’s newly adopted Part 50 regulations for certain swaps entered into by qualifying affiliated counterparties.
The no-action letter provides that DCR will not recommend an enforcement action for failure to clear a swap entered into by affiliated counterparties if one of the counterparties to the swap is majority owned by the other counterparty or both counterparties are majority owned by a third party and the financial statements of both counterparties and the third party majority owner, if any, are reported for accounting purposes on a consolidated basis. In addition, both affiliates must agree not to clear the swap.
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Source: CFTC.gov
CFTC's Division of Clearing and Risk Issues Time-Limited No-Action Relief from Required Clearing for Swaps entered into by Certain Cooperatives
November 28, 2012--The Commodity Futures Trading Commission's Division of Clearing and Risk (DCR) today announced the issuance of a time-limited, no-action letter granting relief from required clearing under section 2(h)(1)(A) of the Commodity Exchange Act and the
Commission’s newly adopted Part 50 regulations for certain swaps entered into by qualifying cooperatives.
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Source: CFTC.gov
S&P Dow Jones Indices Announces Changes In Canadian Indices-A Deletion From The S&P/TSX SmallCap And Global Mining Indices
November 27, 2012--The shareholders of High River Gold Mines Ltd. (TSX:HRG) have accepted the cash or share exchange offer from Nord Gold NV (LSE:NORD) whereby High River Gold Mines shareholders will receive $CDN1.40 or 0.285 shares of Nord Gold for each share held.
High River Gold Mines will be removed from the S&P/TSX SmallCap and Equity SmallCap and the S&P/TSX Global Mining and Global Gold Indices effective after the close of Friday, November 30, 2012.
Source: S&P Dow Jones Indices
Canada ETF industry on track for record year
November 27, 2012--Canada's fast growing exchange traded funds market is on course for a record year in 2012 with analysts predicting that ETFs will continue to win market share from the country's traditional mutual funds industry.
Canadian listed ETFs (funds and products) attracted net new inflows of $10.1bn between January and October, up 33.2 per cent on the $7.6bn gathered over the whole of 2011, according to ETFGI, a consultancy, which reported all figures in US dollars.
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Source: FT.com
NASDAQ OMX Becomes First North American Exchange to Join the United Nations Global Compact
NASDAQ OMX Hosts Global Compact LEAD Symposium at MarketSite
November 27, 2012--Today The NASDAQ OMX Group, Inc. announced it has joined the United Nations Global Compact. The announcement was made at the Global Compact's 3rd LEAD Symposium being hosted at the NASDAQ MarketSite in Times Square, New York City.
Launched in 2000, the United Nations Global Compact is both a policy platform and a practical framework for companies committed to sustainability and responsible business practices. As a multi-stakeholder leadership initiative, it seeks to align business operations and strategies with 10 universally-accepted principles in the areas of human rights, labor, environment, and anti-corruption, and to catalyze actions in support of broader UN goals. With 7,000 corporate signatories in 135 countries, it is the world's largest voluntary corporate sustainability initiative. NASDAQ OMX is the first North American exchange to join the Global Compact.
Global Compact LEAD engages leading companies in reaching higher levels of corporate sustainability performance. Participants collaborate with fellow champions, investors, business schools and the UN System, and share related lessons and best practices with the broader Global Compact network. The symposium will focus on aligning efforts to communicate corporate sustainability through reporting and disclosure.
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Source: NASDAQ OMX
Fitch says Argentina default is 'probable'
November 27, 2012--The credit rating agency Fitch Ratings on Tuesday downgraded Argentina, which is locked in a court battle in New York over its debt, and said the country would probably default.
Fitch cut its long-term rating for Argentina to "CC" from "B," a downgrade of five notches, and cut its short-term rating to "C'' from "B." A rating of "C'' is one step above default.
U.S. judge Thomas Griesa of Manhattan federal court last week ordered Argentina to set aside $1.3 billion for certain investors in its bonds by Dec. 15,
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Source: Bloomberg BusinessWeek
ISE sets mini option launch date
November 27, 2012--The trading of new mini options contracts on US venue the International Securities Exchange (ISE) will commence in March, following recent regulatory go-ahead.
The new mini options will represent a deliverable of 10 shares of an underlying security compared to the standard contracts which represent 100 shares.
The new instruments will have the same expiration dates as their standard counterparts and strike prices will also align to those of the standard contracts, as will the quoted bids and offers. The fees associated with mini options will be announced at a later date after SEC approval.
“We are very pleased to announce a launch date of 18 March, 2013, to begin trading Mini Options,” said Gary Katz, president and CEO of ISE.
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Source: CFTC.gov
