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Federal Open Market Committee Statement
June 22, 2011--Information received since the Federal Open Market Committee met in April indicates that the economic recovery is continuing at a moderate pace, though somewhat more slowly than the Committee had expected. Also, recent labor market indicators have been weaker than anticipated. The slower pace of the recovery reflects in part factors that are likely to be temporary, including the damping effect of higher food and energy prices on consumer purchasing power and spending as well as supply chain disruptions associated with the tragic events in Japan.
Household spending and business investment in equipment and software continue to expand. However, investment in nonresidential structures is still weak, and the housing sector continues to be depressed. Inflation has picked up in recent months, mainly reflecting higher prices for some commodities and imported goods, as well as the recent supply chain disruptions. However, longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The unemployment rate remains elevated; however, the Committee expects the pace of recovery to pick up over coming quarters and the unemployment rate to resume its gradual decline toward levels that the Committee judges to be consistent with its dual mandate. Inflation has moved up recently, but the Committee anticipates that inflation will subside to levels at or below those consistent with the Committee's dual mandate as the effects of past energy and other commodity price increases dissipate. However, the Committee will continue to pay close attention to the evolution of inflation and inflation expectations.
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Source: Federal Open Market Committee
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
June 22, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Tuesday, June 21, 2011:
Skana Capital Corp. (TSXVN:SKN) will trade under the new name MENA Hydrocarbons Inc.
The new ticker symbol will be "MNH" and the new CUSIP number will be 586316 10 1. The change is the result of a reverse takeover. There is no consolidation of capital.
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
SEC Adopts Rule Under Dodd-Frank Act Defining “Family Offices”
June 22, 2011--The Securities and Exchange Commission today approved a new rule to define “family offices” that are to be excluded from the Investment Advisers Act of 1940.
The rulemaking stems from the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“Family offices” are entities established by wealthy families to manage their wealth and provide other services to family members, such as tax and estate planning services. Historically, family offices have not been required to register with the SEC under the Advisers Act because of an exemption provided to investment advisers with fewer than 15 clients.
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Source: SEC.gov
SEC Adopts Dodd-Frank Act Amendments to Investment Advisers Act
June 22, 2011 – The Securities and Exchange Commission today adopted rules that require advisers to hedge funds and other private funds to register with the SEC, establish new exemptions from SEC registration and reporting requirements for certain advisers, and reallocate regulatory responsibility for advisers between the SEC and states.
The rules adopted by the Commission implement core provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding investment advisers, including those that advise hedge funds.
“These rules will fill a key gap in the regulatory landscape,” said SEC Chairman Mary L. Schapiro. “In particular, our proposal will give the Commission, and the public, insight into hedge fund and other private fund managers who previously conducted their work under the radar and outside the vision of regulators.”
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Source: SEC.gov
Van Eck files with the SEC
June 22, 2011--Van Eck has filed a post-effective amendment, registration statement with the SEC for the Market Vectors Nigeria ETF.
view filing
Source: SEC.gov
CME Group Announces The Launch Of Three New Short-Term Gold, Crude Oil And Natural Gas Options Contracts
June 21, 2011--CME Group, today announced the launch of short-term options contracts for Gold, Crude Oil and Natural Gas to begin trading July 16. Short-term crude oil and natural gas options contracts are listed with, and subject to, the rules and regulations of NYMEX. Short-term gold options contracts are listed with, and subject to, the rules and regulations of COMEX.
"Recent global macroeconomic events and volatility underscore the need for tools to enable market participants to manage their basis risk every day," said Harriet Hunnable, Managing Director, Metals Products, CME Group. "Our innovative new short-term gold options contracts will provide customers with much greater flexibility to manage the risk associated with government economic data, world events and other market-moving factors, while enabling them to benefit from the lower cost associated with short-dated options."
Similar to the E-micro Gold futures contract, which launched in Q4 of 2010, short-term gold options also represent a cost-effective means for professional investors to gain exposure to gold.
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Source: CME Group
Invesco adds to TSX-listed PowerShares ETF family
New intelligent fixed-income ETF joins the PowerShares lineup
June 21, 2011-Invesco today announces the launch of PowerShares Fundamental High Yield Corporate Bond (CAD Hedged) Index ETF, the first fixed-income ETF in Canada to use the Research Affiliates Fundamental Index® (RAFI®) methodology. This new ETF has now closed the initial offering of its units and will be available for trading on TSX when the market opens today.
This latest offering brings the total of TSX-listed PowerShares ETFs to six, and builds on Invesco's six-year-old partnership with Research Affiliates (RA), which developed this intelligent indexing methodology.
With a management fee of 0.65%, PowerShares Fundamental High Yield Corporate Bond (CAD Hedged) Index ETF (PFH) seeks to replicate, before fees and expenses, the performance of the RAFI® High Yield Bond CAD Hedged Index, which is comprised of U.S.-dollar-denominated bonds registered for sale in the United States and whose issuers are public companies listed on major U.S. stock exchanges. This Index hedges all or substantially all of its direct U.S.-dollar exposure back to the Canadian dollar. PFH's income distribution frequency is monthly.
"This new addition to our family of fixed-income PowerShares ETFs provides Canadian investors with a truly intelligent ETF option," said Michael Cooke, Vice President, PowerShares Canada. "The RAFI Fundamental Index methodology goes beyond traditional capitalization-weighted indices, weighting securities according to fundamental economic factors. The result, we believe, is a more balanced, intelligent approach to security selection."
To learn more about PowerShares ETFs, please visit www.powershares.ca.
Source: Invesco PowerShares Capital Management LLC
ETF Securities Expands US Sales Team
June 21, 2011--As part of aggressive US business expansion plans and continued growth in the US physically backed Exchange Traded Product (“ETP”) platform (SGOL, SIVR, PPLT, PALL, AGOL, GLTR & WITE), ETF Securities (US) LLC (“ETFS”), has appointed Dan Magnusson to the US Sales team.
Dan Magnusson
Senior Vice President Sales, US
Dan will be based in San Francisco and will work with retail and institutional Advisors and Wealth Managers within the Western region. Prior to joining ETFS, Dan was Regional
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Source: BusinesWire
iShares files with the SEC
June 21, 2011--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares Floating Rate Note Fund.
view filing
Source: SEC.gov
BNY Mellon to Provide ETF Services for Nine New Direxion Funds
Investments in Technology, Client Service Continue to Attract New Mandates
June 20, 2011-- BNY Mellon Asset Servicing, the global leader in investment services, has been selected to provide exchange-traded fund (ETF) services, custody, fund accounting and fund administration for eight recently introduced leveraged ETFs and one non-leveraged ETF from Direxion Shares.
The 3X Leveraged Bull and Bear ETFs seek daily investment results of 300 percent and daily inverse results of 300 percent, respectively, of the price performance of their underlying indices. The Daily Total Market Bear 1X ETF seeks inverse daily investment results that mirror the price performance of its underlying index.
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Source: PR Newswire
