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CFTC.gov Commitments of Traders Reports Update
July 20, 2012--The current reports for the week of July 17, 2012 are now available.
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Source: CFTC.gov
SEC extends review period for JPMorgan ETF
July 20, 2012--The U.S. Securities and Exchange Commission (SEC) has extended the period of review on its decision to allow JPMorgan Chase & Co.'s proposed copper exchange-traded fund (ETF) to trade on the New York Stock Exchange (NYSE).
The SEC said Thursday it needed to complete further proceedings to determine whether to approve NYSE Arca Inc.’s proposed rule change to allow JPMorgan to list and trade shares of the ETF, known as JPM XF Physical Copper Trust. The decision was welcomed by Vandenberg & Feliu LLP partner Robert Bernstein, who represents copper users Southwire Co., Encore Wire Corp., Luvata
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Source: Metal Bulletin
Top 2% Of Taxpayers Not All Job Creators Or Billionaires
July 20, 2012--President Barack Obama describes them as "millionaires and billionaires" who can afford to pay higher taxes. Republicans call them "job creators" who need to keep their money so they can hire more workers.
As the Democratic president and his Republican opponents debate whether to extend the George W. Bush-era tax cuts for the top 2 percent of U.S. taxpayers -- individuals earning more than $200,000 a year and married couples making more than $250,000 -- their poll-tested phrases obscure the truth about who would be affected.
They are two-earner professional couples living on the East and West Coasts, doctors, lawyers, engineers and Wall Street executives. Few are billionaires or earn more than $1 million a year, and most are not employers.
CFTC Certifies Euro STOXX 50 Volatility Index Mini Futures Contract Submitted by Eurex Deutschland
Contract may be Offered to U.S. Persons Through Direct Access Effective July 20, 2012
July 20, 2012--The Commodity Futures Trading Commission's (CFTC) Division of Market Oversight issued a letter advising Eurex Deutschland that its Euro STOXX 50 Volatility Index Mini Futures contract submitted by Eurex Deutschland (Eurex) for review on June 4, 2012, was deemed certified.
The contract satisfies the requirements of the Commodity Exchange Act, the Commission’s Regulations, and the 2009 SEC/CFTC Joint Order regarding volatility index futures contracts and may be offered or sold to persons in the U.S. through Eurex’s direct access terminals located in the U.S.
Source: CFTC.gov
State Street Global Advisors' Fixed Income SPDR ETFs Receive NAIC Designations -
July 19, 2012--State Street Global Advisors (SSgA)*, the asset management business of State Street Corporation (NYSE: STT), today announced that 27 fixed income SPDR(R)Exchange Traded Funds (ETFs) have received risk-based capital (RBC) designations from the Securities Valuation Office (SVO) of the National Association of Insurance Companies (NAIC).
The Securities Valuation Office of the National Association of Insurance Commissioners (NAIC) assigns credit quality designations to securities held by state-regulated insurance companies. NAIC Designations are opinions of credit quality that range from NAIC 1, being the highest quality, to NAIC 6, being the lowest quality. NAIC Designations allow fixed income ETFs to be reported as bonds and are used to set Risk Based Capital (RBC) requirements.
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Source: State Street Global Advisors
The Demise of ETF Growth Has Been Greatly Exaggerated
July 19, 2012--Guggenheim Investments has reorganized its sales force to focus more on exchange-traded funds.
Previously, the firm's 100-person sales staff was organized by distribution channel, such as big brokerage houses and registered investment advisers. A separate group sold only exchange-traded funds to the groups.
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Source: Reuters
Guggenheim reorganizes sales to focus on ETFs
July 19, 2012--Guggenheim Investments has reorganized its sales force to focus more on exchange-traded funds.
Previously, the firm's 100-person sales staff was organized by distribution channel, such as big brokerage houses and registered investment advisers. A separate group sold only exchange-traded funds to the groups.
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Source: Reuters
Van Eck Announces Acquisition of a Hedge Fund Beta Business
July 19, 2012--On June 29, 2012, Van Eck Associates Corporation acquired a Hedge Fund Beta business and team from Lyster Watson & Company, and will be offering a suite of strategies called Trackers.
Trackers are hedge-style "beta" strategies based on indexes developed using a patented methodology and proprietary intellectual property. Each index seeks to capture the beta of a specific hedge fund strategy, and the Trackers team focuses only on those hedge fund strategies whose returns can be statistically replicated using tradable risk factors represented by US-listed ETFs. The team believes that not all hedge fund strategies are conducive to this approach.
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Source: Van Eck Global
ProShares Launches First Geared Australian Dollar ETFs
Joins Popular Geared Euro and Yen ETFs
July 19, 2012--ProShares, a premier provider of alternative exchange traded funds (ETFs), announced today the launch of ProShares Ultra Australian Dollar (NYSE:GDAY) and ProShares UltraShort Australian Dollar (CROCF), the first ETFs in the U.S. providing magnified or inverse exposure to the Australian dollar. The ETFs list on NYSE Arca today.
GDAY seeks to provide 2x the daily performance of the U.S. dollar price of the Australian dollar, before fees and expenses.
CROC seeks to provide -2x the daily performance of the U.S. dollar price of the Australian dollar, before fees and expenses.
“The Australian dollar is one of the world’s most actively traded currencies,” said Michael L. Sapir, Chairman and CEO of ProShare Capital Management, the sponsor of the funds. “We are pleased to offer investors additional ways to manage risk or potentially take advantage of moves in this widely followed currency market.”
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Source: ProShares
Gross Returns to Form as Flagship ETF Doubles
July 18, 2012--Pimco has doubled the size of its flagship exchange traded fund in less than two months, hitting $2 billion in assets as performance of the Total Return Fund ETF outpaces the far larger mutual fund on which it is based.
Rapid growth for the ETF, which was launched on March 1 – a widely watched experiment in active management in a market built on passive index following – reflects continued investor preference for bond funds over equities.
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Source: CNBC
