Americas ETP News
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U.S. seen delaying swaps rules for overseas banks
June 13, 2012--The United States is considering giving U.S. and foreign banks more time to comply with costly new reforms related to their overseas swaps operations, according to three people briefed on the matter.
The Commodity Futures Trading Commission has drafted a proposed exemptive order that would delay for these players certain "entity level" swaps rules, including one that will mandate they hold a certain amount of capital to back their trades, these people said.
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Source: Chicago Tribune
'Lipstick effect' taking hold of US consumer, says leading manager
June 13, 2012--Consumer demand for affordable luxury goods in the US is beginning to mirror that of the emerging retail market, said Grant Bowers, manager of the Franklin US Opportunities fund.
‘The lipstick effect is definitely taking effect in the US,’ said Bowers, who co-manages just under €3 billion with Conrad Herrman through the fund and is overweight the consumer discretionary sector.
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Source: City Wire
OECD-Economy: Canada needs to boost innovation and human capital to sustain living standards
June 13, 2012--Canada has weathered the global economic crisis comparatively well but will have to become more productive to sustain its high standard of living, according to OECD's latest Economic Survey of Canada.
The report, presented today in Ottawa, notes that a timely fiscal stimulus, low interest rates, a solid banking sector and revenues from natural resources helped Canada return to a stable growth path after the global economic crisis of 2008-09. With rising real estate prices and high household indebtedness now posing new risks, the OECD projects that Canada’s economy will grow by around 2¼ per cent in 2012, and by around 2½ per cent in 2013.
The report identifies sluggish productivity growth as the main long-term challenge facing Canada’s economy. Per capita income has increased in recent years, as more people entered the labour force and oil and other commodity prices soared, pushing up the value of the Canadian dollar. However, the amount of labour, capital and natural resources needed to produce a unit of GDP has remained largely the same over the past few decades.
view OECD Overview of the Economic Survey of Canada
Source: OECD
CBOE To Introduce First Interest Rate-Based Volatility Index
June 13, 2012--The Chicago Board Options Exchange (CBOE) announced today that it will begin disseminating values for its first interest rate-based volatility index, the CBOE Interest Rate Volatility Index (ticker: SRVX), on Monday, June 18.
The SRVX Index is designed to offer fixed income options traders and portfolio managers a standardized and transparent measure of interest rate swap volatility.
CBOE's Interest Rate Volatility Index measures expected basis-point volatility in the interest rate swap market. Specifically, the index is based on one-year/ten-year U.S. dollar-denominated swap options (swaptions), which are one of the most actively traded contracts in the $14.5-trillion notional over-the-counter (OTC) U.S. dollar interest rate option market.
"The CBOE Interest Rate Volatility Index extends the same benefits provided by our widely followed equity index volatility benchmarks to customers in the enormous fixed income market," CBOE Chairman and CEO William J. Brodsky said. "Interest rate swaps and swaptions together are the most actively traded derivatives in the OTC market, and we believe the CBOE Interest Rate Volatility Index will enable participants to more efficiently assess risk in this enormous asset class."
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Source: CBOE
ETFGI Latin America ETF/ETP Industry Insights-May 2012
June 13, 2012--Summary for ETFs listed in Latin America
At the end of May 2012, the Latin America ETF industry had 33 ETFs, with 499 listings, assets of US$8.9 Bn, from 15 providers on 4 exchanges.
Assets
ETF assets have decreased by 21.4% from US$11.4 Bn in April 2012 to US$8.9 Bn in May 2012.
YTD through end of May 2012, ETF assets have decreased by 13.5% from US$10.3 Bn to US$8.9 Bn.
Flows
In May 2012, ETFs saw net outflows of US$1,170.4 Mn. YTD through end of May 2012, ETFs saw net outflows of US$1,342.5 Mn.
iShares experienced the largest net outflows in May with US$1,037.1 Mn. iShares experienced the largest net outflows YTD with US$1,040.3 Mn, followed by BBVA Asset Management with US$195.3 Mn and Itau Unibanco with US$86.6 Mn net outflows.
Summary for ETFs/ETPs listed in Latin America
Including other Exchange Traded Products (ETPs), at the end of May 2012, the Latin America ETF/ETP industry had 33 ETFs/ETPs, with 528 listings, assets of US$8.9 Bn, from 18 providers on 4 exchanges.
Assets
ETF/ETP assets have decreased by 21.4% from US$11.4 Bn in April 2012 to US$8.9 Bn in May 2012.
YTD through end of May 2012, ETF/ETP assets have decreased by 13.5% from US$10.3 Bn to US$8.9 Bn.
Flows
In May 2012, ETFs/ETPs saw net outflows of US$1,170.4 Mn. YTD through end of May 2012, ETFs/ETPs saw net outflows of US$1,342.5 Mn.
iShares experienced the largest net outflows in May with US$1,037.1 Mn. iShares experienced the largest net outflows YTD with US$1,040.3 Mn, followed by BBVA Asset Management with US$195.3 Mn and Itau Unibanco with US$86.6 Mn net outflows.
request report
Source: ETFGI
S&P Indices Announces Changes In The S&P/TSX Canadian Indices-A Deletion From The S&P/TSX Venture Composite Index
June 13, 2012--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The unitholders of GT Canada Medical Properties REIT (TSXVN:MOB.UN) have accepted the $CDN1.87 cash per unit offer from NorthWest Value Partners Inc..
The company will be removed from the S&P/TSX Venture Composite Index after the close of trading on Thursday, June 14, 2012.
Source: Standard & Poor's
Sustainable North American Oil Sands ETF Debuts
June 13, 2012--The Sustainable North American Oil Sands ETF (SNDS) was rolled out on the New York Stock Exchange with little fanfare this week amid falling oil prices and ample supplies.
SNDS tracks the Sustainable North American Oil Sands Index, which includes Canadian and U.S. companies engaged in the exploration, production, refinement, marketing, storage, transportation, provision of equipment and services in Canada's oil sands.
"The Canadian oil sands represent the majority of proven oil reserves outside of OPEC nations; the sands are the top supplier of crude oil to the U.S. and are rapidly expanding production capacity over the next decade," Derek Gates, founder of Sustainable Wealth Management, said in a statement.
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Source: Investors.com
Man Source ETF raises $565m
June 12, 2012--An active exchange traded fund based on trading recommendations by brokers has seen its assets reach $565m in the 16 months since it was launched.
Launched in January 2011 by Man Group, the alternative asset manager, and Source, the ETF provider, the Man GLG Europe Plus Source ETF, tracks an index that is based on a selection of the strongest buy suggestions ideas from approximately 60 brokers.
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Source: FT.com
J.P. Morgan files with the SEC
June 12, 2012--J.P. Morgan has filed an application for exemptive relief with the SEC for actively-managed ETFs.
view filing
Source: SEC.gov
FTSE Curex announce release of executable benchmarks for spot FX
June 12, 2012--FTSE, the award winning global index provider, and Cürex Group, a leading developer of intellectual property and technologies that link institutional foreign exchange with global capital markets, today announced their worldwide partnership and the launch of the FTSE Cürex FX Index Series-a new range of independently calculated, 24/5 streaming, executable spot FX benchmark FIX for currency pairs and currency baskets.
The FTSE Cürex FX Index Series provides the next generation of FX valuation and performance benchmarking for global capital markets. By establishing real-time Bid and Offer spot FX indices on 192 currency pairs (FTSE Cürex FIX), from multiple independent contributors and at multiple depths of liquidity, global capital markets benefit from improved clarity when viewing previously opaque foreign exchange pricing.
The FTSE Cürex FX Index Series is published in real time during the hours of the institutional OTC FX market, from 17:00 ET Sunday to 17:00 ET Friday. Additionally, ‘snap’ indices are published every 15 minutes, 96 times per day, providing an independent, time-stamped valuation metric to enhance NAV calculation and fuel the creation of new currency risk management tools and investment products. Designed to be highly customizable, the index series enables market participants to combine any of the 192 pairs into custom calculated FX baskets.
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Source: FTSE
