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Van Eck Global Introduces CEF Municipal Income ETF
First ETF of closed-end municipal bond funds will allow investors to access the largest corner of the closed-end fund universe in a liquid, transparent way
July 13, 2011--New York-based asset manager Van Eck Global announced today that it has launched Market Vectors CEF Municipal Income ETF (NYSE Arca: XMPT), the first exchange-traded fund (ETF) to specifically focus on closed-end municipal bond funds, which make up the largest component of the closed-end fund (CEF) universe.
XMPT is intended to track, before fees and expenses, the performance of the S-Network Municipal Bond Closed-End Fund Index℠ (CEFMX), an index composed of shares of municipal bond closed-end funds listed in the United States that are principally engaged in asset management processes designed to produce federally tax-exempt annual yield. The index had 88 constituents as of June 30, 2011, divided amongst four main sectors: leveraged municipal fixed-income CEFs (which made up 84.4 percent of the index’s constituents); unleveraged municipal fixed-income CEFs (8.85 percent); leveraged high-yield municipal fixed income CEFs (3.83 percent); and unleveraged high-yield municipal fixed-income CEFs (2.92 percent). The index methodology assigns a greater weight to closed-end funds trading at discounts, potentially enhancing yield and providing the opportunity for capital appreciation.
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Source: Van Eck
Precidian Intoduces the Maxis Nikkei 225 Index Fund
July 13, 2011--Precidian Funds is proud to offerthe first Nikkei 225 based ETF in the United States. Calculated continuously since 1950 the Nikkei 225 is the premier index representing every major sector of the Japanese economy.
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Source: Precidian Funds
BM&FBOVESPA Announces Market Makers For Options On The Stocks Of OGX And Itaú Unibanco
July 13, 2011--BM&FBOVESPA announced on Tuesday the winning institutions in the first selection process for market makers for options on stocks. The market maker obligation shall last twelve (12) months as of September 12, 2011.
Banco BTG Pactual S.A., Credit Suisse International and Timber Hill LLC shall be market makers for options on the stocks of OGX Petróleo e Gás Participações S.A. (OGXP3), complying with a maximum volatility spread of three percent (3%).
In the case of the options on the stocks of Itaú Unibanco Holding S.A. (ITUB4), the winning institutions were Citigroup Global Markets Limited, Credit Suisse International and Timber Hill LLC, which as market makers shall respect a maximum volatility spread of five percent (5%).
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Source: BM&FBOVESPA
SEC Issues Order Raising Performance Fee Rule Dollar Limit to Adjust for Inflation
July 13, 2011--The Securities and Exchange Commission today issued an order that raises, to adjust for inflation, two of the thresholds that determine whether an investment adviser can charge its clients performance fees. The order carries out a requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Rule 205-3 under the Investment Advisers Act allows an investment adviser to charge a client performance fees if the client meets certain criteria, including two tests that have dollar amount thresholds. Under today’s order, an investment adviser will be able to charge performance fees if the client has at least $1 million under the management of the adviser, or if the client has a net worth of more than $2 million. Either of these tests must be met at the time of entering into the advisory contract. The previous thresholds were $750,000 and $1.5 million respectively, and were last revised in 1998.
The Dodd-Frank Act requires that the Commission issue an order to adjust for inflation these dollar amount thresholds by July 21, 2011 and every five years thereafter. The Commission published a notice of its intent to issue the order on May 10, 2011. The Commission also proposed amendments to rule 205-3, which are currently under consideration.
The order will be effective on September 19, 2011, which will be approximately 60 days after its publication in the Federal Register.
view the Order Approving Adjustment for Inflation of the Dollar Amount Tests in Rule 205-3 under the Investment Advisers Act of 1940
Source: SEC.gov
ETSpreads, LLC files with the SEC
July 13, 2011--ETSpreads, LLC has filed an application for exemptive relief with the SEC.
view filing
Source: SEC.gov
Moody’s places US rating on review
July 13, 2011--The US may lose its triple A credit rating, after Moody’s warned that the political deadlock over raising the country’s debt ceiling could lead to a downgrade.
Moody’s on Wednesday placed the US rating on watch for a possible downgrade, pending a decision in Washington on raising the $14.300bn debt ceiling. Failure to do so by August 2 could result in the US Treasury missing a debt payment.
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Source: FT.com
CFTC to Hold Open Meeting to Consider Four Final Rule Proposals and One Proposed Rule under the Dodd-Frank Act
July 13, 2011--The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Tuesday, July 19, 2011, at 9:30 a.m. to consider four final rules and one proposed rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:
Consideration of Proposed Rule on Customer Clearing Documentation, Timing of Acceptance for Clearing and Clearing Member Risk Management;
Consideration of Final Rule on Process for Review of Swaps for Mandatory Clearing;
Consideration of Final Rule on Part 40, Provisions Common to Registered Entities;
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Source: CFTC.gov
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
July 13, 2011--Standard & Poor's Canadian Index Operations announces the following index changes:
On July 13, 2011, OPTI Canada Inc. (TSX:OPC) was halted on TSX prior to the open. The company subsequently announced that it is pursuing a restructuring under CCAA.
If the stock does not trade during the day on Thursday, July 14, 2011, on TSX, OPTI Canada will be removed from the S&P/TSX SmallCap and Equity SmallCap Indices at a price of zero effective after the close of Thursday, July 14, 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
ETF Licensing, Innovative Index Launches, Dow Anniversary Cap Memorable First Half Of 2011 For Dow Jones Indexes
July 12, 2011-- The late-June licensing of eight indexes from the Dow Jones Emerging Markets Sector Titans Indexes series capped an impressive first half of 2011 for Dow Jones Indexes, which also launched a host of innovative indexes and commemorated the Dow Jones Industrial Average’s 115th anniversary.
Among the other first-half 2011 highlights for the global index provider included:
a collaboration with FXCM Inc. to launch the Dow Jones FXCM Dollar Index, which measures the value of the U.S. dollar against a basket of the world’s most liquid currencies;
the licensing, with SAM, of the Dow Jones Sustainability World Enlarged ex All/AE Index and the Dow Jones Sustainability Europe ex All/AE Index, to Blackrock for use with ETFs; and
the winning of three awards for its highly decorated Dow Jones Islamic Market Indexes series:
•“Best Islamic Index Provider” by Islamic Business & Finance;•“Islamic Index Provider of the Year in Asia” by Asia Asset Management; and•“Best Shari’ah Compliant Index Provider of the Year” by Global Finance.
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Source: Dow Jones Indexes
Minutes Of The Federal Open Market Committee, June 21-22, 2011
July 12, 2011--The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on June 21-22, 2011. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the June 21-22, 2011 meeting is also included as an addendum to these minutes.
The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report. Summaries of economic projections are released on an approximately quarterly schedule. The descriptions of economic and financial conditions contained in these minutes and in the Summary of Economic Projections are based solely on the information that was available to the Committee at the time of the meeting.
The FOMC minutes can be viewed on the Board's website at http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm.
Source: FBR
