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Treasury Releases Semi-Annual Report to Congress on International Economic and Exchange Rate Policies
December 27, 2011--The U.S. Department of the Treasury today released the Semi-Annual Report to Congress on International Economic and Exchange Rate Policies that is required under Sections 3004 and 3005 of the Omnibus Trade and Competitiveness Act of 1988. The Report covers international economic and foreign exchange developments in the first half of 2011. Where pertinent and available, data and developments through mid-December 2011 are included.
The Report highlights the need for greater exchange rate flexibility, most notably by China, but also in other major economies. Based on the ongoing appreciation of the RMB against the dollar since June 2010, the decline in China's current account surplus, and China's official commitments at the G-20, APEC, and the U.S.-China Strategic and Economic Dialogue (S&ED) that it will move more rapidly toward exchange rate flexibility, Treasury has concluded that the standards identified in Section 3004 of the Act during the period covered in this Report have not been met with respect to China. Nonetheless, the movement of the RMB to date is insufficient. Treasury will closely monitor the pace of RMB appreciation and press for policy changes that yield greater exchange rate flexibility, a level playing field, and a sustained shift to domestic demand-led growth.
view the Report to Congress on International Economic and Exchange Rate Policies
Source: US Department of the Treasury
Schwab files with the SEC
December 27, 2011--Charles Schwab has filed an Amended and Restated Application for an Order to Supersede a Prior Order for exemptive relief with the SEC.
view filing
Source: SEC.gov
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
December 23, 2011--Standard & Poor's will make the following changes in the S&P/TSX Canadian Indices:
The shareholders of Daylight Energy Ltd. (TSX: DAY) have approved the proposed acquisition of Daylight by Sinopec International Petroleum and Production Corporation (SIPC).
Daylight shareholders will receive $CDN10.08 cash for each share held. Daylight will be removed from the S&P/TSX Composite and Capped Composite, the S&P/TSX Completion, the S&P/TSX Composite Dividend and Equity Income, the S&P/TSX Equity, Capped Equity and Equity Completion, the S&P/TSX Capped Energy and the S&P/TSX Composite Equal Weight Indices after the close of Thursday, December 29, 2011.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poor's
Agencies Extend Comment Period on Volcker Rule Proposal
December 23, 2011 — Four federal agencies today extended until February 13, 2012, the comment period on a proposal to implement the so-called Volcker Rule of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Dodd-Frank Act requires regulators to implement certain prohibitions and restrictions on the ability of a banking entity and nonbank financial company to engage in proprietary trading and have certain interests in, or relationships with, a hedge fund or private equity fund. The comment period was extended as part of a coordinated interagency effort to allow interested persons more time to analyze the issues and prepare their comments. Originally, comments were due by January 13, 2012.
The proposal was issued by the Federal Reserve Board, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Securities and Exchange Commission.
view the Proposed Rule Release No. 34-66057
Source: SEC.gov
CFTC.gov Commitments of Traders Reports Update
December 23, 2011--he current reports for the week of December 20, 2011 are now available.
view updates
Source: CFTC.gov
ProShares files with the SEC
December 22, 2011--ProShares has filed a Form S-1, registration statement with the SEC.
view filing
Source: SEC.gov
SEC Adopts Net Worth Standard for Accredited Investors Under Dodd-Frank Act
December 21, 2011 — The Securities and Exchange Commission has amended its rules to exclude the value of a person’s home from net worth calculations used to determine whether an individual may invest in certain unregistered securities offerings. The changes were made to conform the SEC’s definition of an “accredited investor” to the requirements of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
Under the amended rule, the value of an individual’s primary residence will not count as an asset when calculating net worth to determine “accredited investor” status. The amendments also clarify the treatment of borrowing secured by a primary residence for purposes of the net worth calculation. Under certain circumstances, they also permit individuals who qualified as accredited investors under the pre-Dodd-Frank Act definition of net worth to use that prior net worth standard for certain follow-on investments.
view the NET WORTH STANDARD FOR ACCREDITED INVESTORS-Final Rule Release No. 33-9287
Source: SEC.gov
Knight Announces Launch of Two Actively Managed ETF Mutual Funds From Astor Asset Management
December 21, 2011--Knight Capital Group, Inc. (NYSE Euronext: KCG) today announced that subsidiary Astor Asset Management launched the Astor Active Income ETF Fund and the Astor SP Growth ETF Fund.
Astor specializes in constructing portfolios by investing in exchange-traded funds based on a macroeconomic approach and tactical asset allocation strategies. Astor's actively managed portfolio of ETFs are designed with the goal of protecting and growing capital over time at an attractive absolute compounded return, without the performance fees and lock-up periods of hedge funds. These portfolios of ETFs are offered through financial advisors within separately managed accounts and mutual funds.
The Astor Active Income ETF Fund (A Share: AXAIX; C Share: CXAIX) takes a tactical approach to fixed income investing based upon macroeconomic principles and yield curve analysis and seeks to provide investors with yield while protecting capital. The Astor SP Growth ETF Fund (A Share: ASPGX; C Share: CSPGX) follows a tactical asset allocation approach based on macroeconomic fundamentals and seeks to provide a lower level of volatility than the broad equity markets over a complete market cycle. The firm launched the Astor Long/Short ETF Fund (A Share: ASTLX; C Share: ASTZX; I Share: ASTIX; R Share: ASTRX) in October 2009.
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Source: Knight
In tough times, US women buy nail polish
December 21, 2011--When times get tough, American women buy nail polish.
For the first 10 months of 2011, sales of nail polish and products were up 59% from the same period in 2010, according to market research firm NPD Group, which also showed sales have grown since the onset of the economic downturn
"Nail colour is an affordable indulgence," said Karen Grant, vice-president and global beauty industry analyst at NPD. "It's an easy way to be on-trend and to make a statement."
read more
Source: FIN24
iShares files with the SEC- iShares Strategic Beta U.S. Large Cap Fund
December 21, 2011-iShares has filed a post-effective amendment, registration statement with the SEC for the iShares Strategic Beta U.S. Large Cap Fund.
view filing
Source: SEC.gov
