Americas ETP News
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CFTC.gov Commitments of Traders Reports Update
June 22, 2012--The current reports for the week of June 19, 2012 are now available.
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Source: CFTC.gov
iShares files with the SEC
June 22, 2012--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares 10+ Year Credit Bond Fund (CLY).
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Source: SEC.gov
Exchange Traded Concepts files with the SEC
June 21, 2012--Exchange Traded Concepts has filed a post-effective amendment, registration statement with the SEC. This Post-Effective Amendment No. 23 relates solely to the Sustainable North American Oil Sands ETF.
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Source: SEC.gov
SEC chief backs money market fund reforms
June 21, 2012--Mary Schapiro, Securities and Exchange Commission chairman, has defended proposed reforms to the $2.6tn money market fund industry at a Senate banking committee, saying the very structure of the funds presented "systemic risk".
The top US securities regulator has championed proposals that would force the industry to either switch to a floating price for its funds, currently fixed at $1 per share, or that funds accrue capital for a rainy day and penalise investor withdrawals during times of stress. The funds’ fixed $1 share price was a “fiction” and “a little bit misleading”, Ms Schapiro said.
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Source: FT.com
Founder of $125 Billion Gold ETPs Stymied on Copper: Commodities
June 21, 2012--Graham Tuckwell, who created a $125 billion market in exchange-traded gold in less than a decade, is struggling to convince regulators and investors he can do the same for industrial metals.
More than a year after he sought permission to start an exchange-traded product backed by copper held in warehouses, the U.S. Securities and Exchange Commission has yet to approve the plan. Investors in a similar London-listed fund from Tuckwell’s ETF Securities Ltd. accumulated just $13.2 million of copper since December 2010, equal to about 46 minutes of global demand, data compiled by Bloomberg show.
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Source: SF Gate
IMF Working paper-Leverage? What Leverage? A Deep Dive into the U.S. Flow of Funds in Search of Clues to the Global Crisis
June 21, 2012--Summary: This paper questions the view that leverage should have forewarned us of the global financial crisis of 2007-09, pointing to several gearing indicators that were neither useful portents of the onset of the crisis nor of its ferocity.
Instead it shows, first, that the use of ill-suited collateral in the secured funding operations of U.S.-based investment banks was the fatal link between the collapse of structured finance and the global malfunction of funding markets that turbocharged the downdraft; and, second, that this insight (and others) can be decrypted from the Flow of Funds Accounts of the United States.
Global X Funds Announces Changes to Its S&P/TSX Venture 30 Canada ETF
ETF Provider changes the index, name, ticker, expense ratio and investment objective
June 21, 2012--Global X Funds, the New York based provider of exchange traded funds, today announced it is changing the index, name, ticker, expense ratio and investment objective of the Global X S&P/TSX Venture 30 Canada ETF (Ticker: TSXV).
Currently the fund is mostly comprised of small-capitalization companies based in Canada that operate within the mining and energy sectors. Upon implementation of the change, the fund's new objective will be to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Junior Miners Index. The Solactive Junior Miners Index is designed to track the market performance of small-capitalization mining companies globally, and therefore the geographic scope of the fund will expand accordingly.
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Source: Global X Funds
Market Vectors ETFs Offers Five Additional Exchange-Traded Funds to Qualified Investors in Mexico
June 21, 2012--Market Vectors ETFs, the fifth largest provider of exchange-traded products in the U.S. and the eighth largest provider of ETPs globally, announced today that it has added five NYSE Arca-traded ETFs to the growing list of Market Vectors ETFs currently available to Qualified Investors in Mexico. Deutsche Securities Casa de Bolsa in Mexico will act as local sponsor and filing agent for the following ETFs:
Market Vectors Oil Services ETF (Ticker: OIH)
Assets under management1: US$1,074 million
30-day average daily trading volume1,2: 4.6 million shares
Market Vectors Semiconductor ETF (Ticker: SMH)
Assets under management1: US$362 million
30-day average daily trading volume1,2: 2.0 million shares
Market Vectors Pharmaceutical ETF (Ticker: PPH)
Assets under management1: US$226 million
30-day average daily trading volume1,2: 170 thousand shares
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Source: Van Eck
ETF industry aflutter over fate of Huntington request
June 21, 2012--Mutual fund and exchange-traded fund providers were aflutter on Wednesday after hearing that the U.S. Securities and Exchange Commission had not approved a request by Huntington Asset Advisors to fold an existing mutual fund into a new actively managed ETF.
At one firm that offers both mutual funds and ETFs, executives were e-mailing back and forth about the issue within minutes of learning that Huntington would instead launch an active ETF clone alongside its mutual fund, an executive at the firm said.
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Source: Reuters
Fed Expands Operation Twist by $267 Billion Through 2012
June 20, 2012--The Federal Reserve will expand its Operation Twist program to extend the maturities of assets on its balance sheet and said it stands ready to take further action to put unemployed Americans back to work.
The central bank will prolong the program through the end of the year, selling $267 billion of shorter-term securities and buying the same amount of longer-term debt in a bid to reduce borrowing costs and spur the economy.
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Source: Bloomberg
