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Guggenheim Investments to Rename Legacy Rydex|SGI ETFs With Guggenheim Name
February 29, 2012--Guggenheim Investments, the investment management division of Guggenheim Partners, LLC, today announced that effective March 1, 2012, 27legacy Rydex|SGI exchange traded funds ("ETFs"), will be renamed with the Guggenheim name.
The rebranding of these ETFs comes as a part of Rydex|SGI's integration into Guggenheim Partners, LLC existing investment management business to create Guggenheim Investments.
The name changes were approved by the Board of Trustees of the Rydex ETF Trust in February 2012. The ETF name transition affects all of the series of the Rydex ETF Trust. The ETFs will start trading under the Guggenheim name on the NYSE Arca at market open on Thursday, March 1, 2012. Existing ticker symbols and CUSIPs for these issues will not change. The following is a list of the new ETF issue names.
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Source: Guggenheim Investments
Horizons ETFs Launches Advisor Class for its Long/Short Index ETF
February 29, 2012--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. are pleased to announce the launch of the Advisor Class of the Horizons S&P/TSX 60 130/30TM Index ETF ("HAH").
The Advisor Class is a new class of units of HAH through which advisors will be directly compensated with a service fee on a trailing quarterly basis (the "Service Fee"). The only difference between the Advisor Class units and the existing Class E units of HAH is that the Advisor Class charges a higher management fee that includes the 0.75% annual Service Fee paid to the advisor. The purchase and sale process for the Advisor Class is identical to that of any other exchange traded fund listed on the Toronto Stock Exchange ("TSX").
The Advisor Class of HAH will begin trading on the TSX today under the ticker symbol HAH.A.
HAH seeks investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to the performance of the S&P/TSX 60 130/30 Strategy Index™ (the "Long/Short Index").
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Source: Horizons Exchange Traded Funds
Standard & Poor's Announces Changes in the S&P/TSX Canadian Indices
February 29, 2012--Standard S& Poor's will make the following changes in the S&P/TSX Canadian Indices:
The shareholders of Quadra FNX Mining Ltd. (TSX:QUX.TO-News) have accepted the $CDN15.00 cash per share offer from KGHM Polska Miedz SA.
Quadra FNX Mining will be removed from the S&P/TSX Composite and Capped Composite, the S&P/TSX Equity and Capped Equity, the S&P/TSX Completion and Equity Completion, the S&P/TSX Global Mining, Global Base Metals and Equal Weight Global Base Metals, the S&P/TSX Composite Equal Weight, the S&P/TSX Capped Materials and the S&P/TSX Capped Diversified Metals & Mining Indices effective after the close of Wednesday, March 7, 2012 .
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Source: Standard & Poors
Bernanke says Volcker rule won't be ready by July
February 29, 2012--U.S. regulators are unlikely to have the Volcker rule ready by a July deadline, Federal Reserve Chairman Ben Bernanke said on Wednesday of the proposal to curb financial risk-taking that has met opposition from banks.
The Volcker rule cracks down on banks' trading with their own funds for profit. Opponents say it is too restrictive and could drive up the cost of borrowing.
The rule is one of the most controversial aspects of the 2010 Dodd-Frank financial oversight law.
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Source: Reuters
Cambria files with the SEC
February 29, 2012--Cambria Investment Management, Inc. has filed an amended application for exemptive relief with the SEC for actively-managed ETFs.
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Source: SEC.gov
Gold tumbles, down 3%, after Bernanke comment
February 29, 2012--Gold fell 3 percent on Wednesday for its biggest one-day drop in 2-1/2 months, as a dollar rally following U.S. Federal Reserve Chairman Ben Bernanke's comment on an encouraging job recovery prompted funds to heavily unwind bullish bets.
Bullion fell as much as $80 from its session high, as losses began to snowball at 10 a.m. EST (1500 GMT) when the dollar accelerated gains after Bernanke said the decline in U.S. gunemployment rate has surprised economists. However, he added that job market was still "far from normal.
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Source: Moneycontrol.com
Wisdom Tree files with the SEC
February 29, 2012--Wisdom Tree has filed a post-effective amendment, registration statement with the SEC. This Post-Effective Amendment No. 98 relates solely to the WisdomTree Emerging Markets Corporate Bond Fund.
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Source: SEC.gov
Columbia Management Investment files with the SEC
February 29, 2012--Columbia Management Investment has filed a post-effective amendment, registration statement with the SEC for the Columbia Concentrated
Large Cap Value Strategy Fund (GVT).
view filing
Source: SEC.gov
FIA Task Force Issues Initial Recommendations For Enhancing Customer Funds Protections
February 29, 2012--INITIAL RECOMMENDATIONS FOR CUSTOMER FUNDS PROTECTION
The Futures Industry Association (FIA) Futures Markets Financial Integrity Task Force (Task Force) has released the following initial recommendations for the protection of
customer funds. The recommendations were prepared by the Financial Management Committee (Committee), whose members include representatives of FIA member firms, derivatives clearing organizations and depository institutions.
To enhance transparency to customers and the appropriate regulatory authorities, the
Committee is recommending that futures commission merchants (FCMs) provide customers with increased disclosure with respect to the relevant provisions of the Commodity Exchange Act (Act) and the rules of the Commodity Futures Trading Commission (Commission) regarding the protection of customer funds. Further, the Committee is
recommending that FCMs undertake additional reporting obligations. Specifically, each FCM should be required to submit to its designated self-regulatory organization (DSRO): (i)
daily the computation of segregation requirements in accordance with Commission Rule 1.32; and (ii) twice monthly a report on the investment of customer funds in accordance with
Commission Rule 1.25. The balance of the Committee’s recommendations, in general, reflects best practices that FCMs represented on the Committee currently follow.
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Source: FIA
Chairman Ben S. Bernanke Semiannual Monetary Policy Report to the Congress
February 29, 2012--Chairman Bachus, Ranking Member Frank, and other members of the Committee, I am pleased to present the Federal Reserve's semiannual Monetary Policy Report to the Congress. I will begin with a discussion of current economic conditions and the outlook and then turn to monetary policy.
The Economic Outlook
The recovery of the U.S. economy continues, but the pace of expansion has been uneven and modest by historical standards. After minimal gains in the first half of last year, real gross domestic product (GDP) increased at a 2-1/4 percent annual rate in the second half.1 The limited information available for 2012 is consistent with growth proceeding, in coming quarters, at a pace close to or somewhat above the pace that was registered during the second half of last year.
We have seen some positive developments in the labor market. Private payroll employment has increased by 165,000 jobs per month on average since the middle of last year, and nearly 260,000 new private-sector jobs were added in January. The job gains in recent months have been relatively widespread across industries. In the public sector, by contrast, layoffs by state and local governments have continued. The unemployment rate hovered around 9 percent for much of last year but has moved down appreciably since September, reaching 8.3 percent in January. New claims for unemployment insurance benefits have also moderated.
view the Monetary Policy Report to the Congress, February 29, 2012
Source: FRB
