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Global X Funds Launches First Canada Preferred ETF (CNPF)
May 25, 2011--Global X Funds, the New York based provider of exchange traded funds, today launched the Global X Canada Preferred ETF (Ticker: CNPF). This is the first ETF to target Canadian companies that issue preferred stock.
For investors seeking income, preferred shares are an asset class worth considering due to their unique combination of bond and equity characteristics. Like bonds, preferred shares generally pay stable dividends with more frequent distributions than common shares. Like equity, preferred shares trade on an exchange and have the potential to appreciate in value, offering additional income growth potential for investors. Moreover, preferred shareholders have priority over common shareholders with regard to claims on company earnings and assets, which provide some downside protection.
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Source: Global X
SEC Adopts Rules to Establish Whistleblower Program
May 25, 2011--The Securities and Exchange Commission today adopted rules to create a whistleblower program that rewards individuals who provide the agency with high-quality tips that lead to successful enforcement actions.
The new SEC whistleblower program, implemented under Section 922 of the Dodd-Frank Act, is primarily intended to reward individuals who act early to expose violations and who provide significant evidence that helps the SEC bring successful cases.
view the Implementation of the Whistleblower Provisions of Section 21F of the Securities Exchange Act of 1934
Source: SEC.gov
SEC Proposes Rule to Disqualify Felons and Bad Actors From Securities Offerings
May 25, 2011--The Securities and Exchange Commission today proposed a rule to deny certain securities offerings from qualifying for exemption from registration if they involve certain “felons and other bad actors.”
The proposed rule would implement a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Regulation D provides three exemptions that a company can use to avoid registration under the securities laws, the most widely used of which is Rule 506. If an offering qualifies for the Rule 506 exemption, an issuer can raise unlimited capital from an unlimited number of accredited investors and up to 35 non-accredited investors.
view the proposed rule-Disqualification of Felons and Other “Bad Actors” from Rule 506 Offerings
Source: SEC.gov
Direxion Launches Four New Leveraged ETFs
New Funds Offer Leveraged Long and Short Exposure to the Agribusiness Sector and to Russia
May 25, 2011--Direxion, a pioneer in providing alternative investment strategies to sophisticated investors, is pleased to announce the launch of four new Direxion Shares ETFs to its existing lineup of multi-directional, leveraged funds.
The new ETFs are leveraged Bull and Bear funds that seek 300% of the daily performance, or 300% of the inverse of the daily performance (before fees and expenses), of the DAXglobal® Russia+ Index and DAXglobal Agribusiness Index. There is no guarantee that the ETFs will achieve their objectives.
“Our new leveraged ETFs are the latest in Direxion’s growing line of tactical trading funds offering magnified benchmark exposure for investors who actively manage their trading positions,” said Direxion President Dan O’Neill. “The funds’ launch reinforces Direxion’s commitment to providing innovative investment products that enable sophisticated investors to take advantage of short-term market opportunities as part of their overall investment strategies.”
Bull Funds
The four new Direxion shares are:
Fund: Direxion Daily Agribusiness Bear 3x Shares
Symbol: COWS
Index:DAXglobal Agribusiness Index
Daily Target: -300%
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Bear Funds
Source: Direxion
First Trust files with the SEC
May 24, 2011--First Trust has filed a post-effective amendment, registration statement with the SEC for the First Trust NASDAQ Global Auto Index Fund.
view filing
Source: SEC.gov
First Trust files with the SEC
May 24, 2011--First Trust has filed a post-effective amendment, registration statement with the SEC for the First Trust Mega Cap AlphaDEX.
view filing
Source: SEC.gov
ConvergEx Group Announces Expanded ETF Relationship With IndexIQ
May 24, 2011--ConvergEx Group, a leading technology company, today announced that it has expanded its relationship with alternative investment firm IndexIQ. IndexIQ is now live on ConvergEx's award-winning order management system, the Eze OMS, and ConvergEx has also signed an agreement to be an authorized participant for IndexIQ's suite of exchange traded funds (ETFs).
Based in Rye Brook, New York, IndexIQ is a leading developer of index-based liquid alternative investment solutions that combine the benefits of traditional index investing with the risk-adjusted return potential sought by active managers.
As a client of the Eze OMS, IndexIQ leverages Eze's extensive portfolio management and modeling capabilities to rebalance ETFs against Standard & Poor's market indices on a daily basis and against internally generated indices on a monthly basis. IndexIQ also uses the Eze OMS to manage real-time cash inflows and redemptions.
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Source: PRNewswire
SIFMA Statement on Passage of Deadline Extension Legislation for Dodd-Frank Derivatives Rulemaking
May 24, 2011--SIFMA today released the following statement from Ken Bentsen, executive vice president, public policy and advocacy, upon passage by the House Financial Services Committee of H.R. 1573, legislation that would extend the effective implementation date for the derivatives-related section of the Dodd-Frank Act.
“Dodd-Frank created a whole new regulatory structure for derivatives markets and it is vitally important to our economy that regulators get this new structure and the underlying rules right. While we remain committed to fully implementing the derivatives provisions in the Act, we believe that the current July 21, 2011 deadline does not provide adequate time for regulators to consider the critical issues related to this new regulatory system for over the counter derivatives markets.
“This legislation would provide additional time for regulators to draft rules, conduct additional cost-benefit analysis and consider the cumulative impacts of these rules on the market and how they would affect businesses and consumers.”
Source: SIFMA
Dow Jones Emerging Markets Technology Titans 30 Index
May 24, 2011--Dow Jones Indexes, a leading global index provider, today announced that Longtop Financial Technologies Ltd. ADS (China, Technology, LFT) will be removed from the Dow Jones Emerging Markets Technology Titans 30 Index.
Longtop Financial Technologies Ltd. ADS (China, Technology, LFT) will be replaced by TCL Communication Technology Holdings (China, Technology, 2618.HK) in the Dow Jones Emerging Markets Technology Titans 30 Index. Longtop Financial Technologies Ltd. ADS is being removed due to failure to meet index eligibility requirements. All changes in the Dow Jones Emerging Markets Technology Titans 30 Index will be effective before the open of trading on Friday, May 27, 2011.
The Dow Jones Emerging Markets Technology Titans 30 Index measures the stock performance of 30 leading emerging-market companies in the Technology Industry as defined by the Industry Classification Benchmark (ICB). Stocks are selected to the index based on size, revenue and net profit. The index is weighted by float market capitalization.
Further information on the Dow Jones Emerging Markets Technology Titans 30 Index can be found on http://www.djindexes.com.
Source: Dow Jones Indexes
Northern Trust launches emerging manager funds for institutional investors
May 23, 2011--Northern Trust has launched two emerging manager collective funds for institutional investors. The Emerging Manager US Equity Funds are designed to provide access to smaller, undiscovered investment boutiques with the primary objective of generating excess returns for corporate and public pension plan investors.
“We are pleased to offer these new funds, making the investment expertise of emerging managers available to a broader array of institutional investors in a cost-effective vehicle,” says Steve Potter (pictured), President of Northern Trust Global Investments (NTGI), the asset management arm of Northern Trust.
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Source: Global Fund Wire
