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Currency war fears reignite in Brazil
July 1, 2011--The Brazilian real has soared to a 12-year high against the dollar, reigniting Brazil’s currency war fears and worsening the economic headache for President Dilma Rousseff.
The real traded at a high of 1.5523 versus the US currency on Friday, its strongest level since just after it was first floated in 1999, as investors sought higher-yielding assets following the easing of the Greek debt crisis.
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Source: FT.com
Surprise as US factory activity rises
July 1, 2011--The pace of growth in US manufacturing picked up for the first time in four months in June, surprising investors and fueling optimism the recent economic slowdown will be temporary.
A separate survey showed that although lower gasoline prices helped temper the gloomy mood among consumers last month, their expectations for the economy remained bleak.
The manufacturing report eased fears that the US economic recovery could remain sluggish, though some economists cautioned it was too soon to tell if economic growth had turned a corner.
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Source: FIN24
SEC Announces Agenda and Panelists for Roundtable on International Financial Reporting Standards
June 30, 2011--The staff of the Securities and Exchange Commission today announced the panelists and final agenda for the International Financial Reporting Standards (IFRS) Roundtable to be held July 7.
The roundtable will feature three panels representing investors, smaller public companies, and regulators. The panel discussions will focus on topics such as investor understanding of IFRS, the impact on smaller public companies, and on the benefits and challenges of incorporating IFRS into U.S. public company accounting.
The agenda and list of panelists can be found on the SEC website.
The roundtable discussion will begin at 10 a.m. and will be available by webcast on the SEC website. The webcast also will be archived for later viewing. Public seating is available on a first-come, first-served basis in the Multipurpose Room at the SEC’s headquarters at 100 F Street NE in Washington, D.C.
Members of the public who wish to provide their views on the matters to be considered at the roundtable discussion may submit comments through one of the following methods:
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Source: CFTC.gov
Maple Group Faces Its Own Hurdles for Toronto Exchange After Blocking LSE
June 30, 2011--Bank of America Corp. (BAC)’s effort to move past the soured mortgages that Countrywide Financial Corp. packaged into securities may hinge on whether a judge agrees that the world’s largest bond buyers struck a generous-enough deal for all investors
The lender, the largest U.S. bank by assets, is seeking to pay $8.5 billion, or 2 percent, to avoid repurchasing faulty loans placed into $424 billion of bonds, an offer supported by a group of 22 bondholders including BlackRock Inc. (BLK) and Pacific Investment Management Co. in an agreement announced yesterday.
Source: Bloomberg
CFTC to Hold Open Meeting on Five Final Rule Proposals under the Dodd-Frank Act
June 30, 2011--The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Thursday, July 7, 2011, at 9:30 a.m. to consider five final rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:
Agricultural Commodity Definition;
Business Affiliate Marketing and Disposal of Consumer Information Rules;
Privacy of Consumer Financial Information – Conforming Amendments (Part 160);• Privacy of Consumer Financial Information – Conforming Amendments (Part 160);
Prohibition on the Employment, or Attempted Employment, of Manipulative and Deceptive Devices, and Prohibition on Price Manipulation; and
Large Trader Reporting for Physical Commodity Swaps.
Prohibition on the Employment, or Attempted Employment, of Manipulative and Deceptive Devices, and Prohibition on Price Manipulation; and
Large Trader Reporting for Physical Commodity Swaps.
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Source: CFTC.gov
iShares files with the SEC
June 30, 2011--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares Emerging Markets Local Currency Bond Fund.
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Source: SEC.gov
CBOE Stock Exchange (CBSX) Introduces Two New Strategic Initiatives: Moves Trading Systems To New York Metropolitan Area On July 1 - Simplifies Pricing With A Cost-Efficient, Single-Price Fee Structure
June 30, 2011--The CBOE Stock Exchange (CBSX) has announced two new strategic initiatives -- combining faster trading execution and a highly competitive single-price fee structure -- aimed at optimizing the trading experience at CBSX.
On Friday, July 1, CBSX will move its trading operations to the East Coast from Chicago and begin trading from the Equinix NY4 Internet Business Exchange datacenter in Secaucus, NJ. CBSX's move to the NY4 facility will increase execution speed for the majority of CBSX's customers, which are located on the East Coast.
In addition, CBSX on June 1 instituted a simplified pricing model with identical fees for both liquidity "makers" and liquidity "takers" trading on CBSX. CBSX currently is the only U.S. exchange to use identical pricing for both makers and takers of market liquidity. The new CBSX pricing model is also one of the most economical fees structures currently available in the securities industry.
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Source:CBOE
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
June 30, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Thursday, June 30, 2011:
Bri-Chem Corp. (TSXVN:BRY) will be removed from the index.
The company will graduate to trade on TSX under the same ticker symbol.
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
Wealthfront Inc. files with the SEC
June 30, 2011--Wealthfront Inc. has filed an application for exemptive relief with the SEC.
view filing
Source: SEC.gov
NYSE Announces Third-Quarter 2011 Circuit-Breaker Levels
June 30, 2011--The New York Stock Exchange will implement new circuit-breaker collar trigger levels for third-quarter 2011 effective Friday, July 1, 2011.
Circuit-breaker points represent the thresholds at which trading is halted marketwide for single-day declines in the Dow Jones Industrial Average (DJIA).
Circuit-breaker levels are set quarterly as 10, 20 and 30 percent of the DJIA average closing values of the previous month, rounded to the nearest 50 points.
In third-quarter 2011, the 10-, 20- and 30-percent decline levels, respectively, in the DJIA will be as follows:
Level 1 Halt
A 1,200-point drop in the DJIA before 2 p.m. will halt trading for one hour; for 30 minutes if between 2 p.m. and 2:30 p.m.; and have no effect if at 2:30 p.m. or later unless there is a level 2 halt.
Level 2 Halt
A 2,400-point drop in the DJIA before 1:00 p.m. will halt trading for two hours; for one hour if between 1:00 p.m. and 2:00 p.m.; and for the remainder of the day if at 2:00 p.m. or later.
Level 3 Halt
A 3,650-point drop will halt trading for the remainder of the day regardless of when the decline occurs.
Background:
Circuit-breakers are calculated quarterly. The percentage levels were first implemented in April 1998 and the point levels are adjusted on the first trading day of each quarter. In 2011, those dates are Jan. 3, April 1, July 1 and Oct. 3.
Source: NYSE Euronext
