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Speech by SEC Commissioner: Statement at Open Meeting to Propose Rules Regarding Incentive-Based Compensation Arrangements
March 3, 2011--Thank you, Chairman Schapiro.
I join my colleagues in thanking the staff for your efforts on this rulemaking.
Section 956 of the Dodd-Frank Act provides, most notably, that the Commission, jointly with other financial regulators, must adopt regulations or guidelines that prohibit incentive-based compensation arrangements that encourage “inappropriate risks” by a “covered financial institution” (1) by providing “excessive compensation” or (2) that “could lead to material financial loss.”
The term “covered financial institution” includes broker-dealers and investment advisers with assets of $1 billion or more. Section 956 thus implicates the SEC’s jurisdiction. The recommendation before us goes toward giving effect to this provision of Dodd-Frank.
Unfortunately, I am not able to support the proposal and respectfully dissent. My primary objections relate to the rulemaking’s approach toward regulating incentive-based compensation arrangements at broker-dealers and investment advisers, as well as other financial institutions, with assets of $50 billion or more. The recommendation, for example, is to mandate that at least 50 percent of the incentive-based compensation of an executive officer at such a firm be deferred for at least three years; that the deferred amounts be paid out no faster than pro rata; and that the deferred amounts be adjusted, or “clawed back,” to reflect actual losses at the firm during the deferral. The recommendation also provides that the compensation arrangements of certain designated risk takers, other than executive officers, must be approved by the board and that the board, in assessing an individual’s compensation, must account for certain factors that the rule enumerates.
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Source: SEC.gov
Bucharest, Palestine Exchanges To Be Added To Dow Jones FEAS Index Universe
March 3, 2011--Dow Jones Indexes, a leading global index provider, today announced the Bucharest Stock Exchange and the Palestine Exchange will be added to the Dow Jones FEAS Index universe.
The Dow Jones FEAS Indexes measure the performance of companies across the Euro-Asian region. There are three indexes in the family: a composite and two regional sub-indexes. With the addition of Bucharest (15) and Palestine (seven), a total of 22 new component stocks will be added to the index, making for a total of 403 component stocks.
The Dow Jones FEAS Composite Index includes component stocks from 14 of the 34 members of the Federation of Euro-Asian Stock Exchanges. The exchanges included are Abu Dhabi (UAE), Amman (Jordan), Banja Luka (Bosnia and Herzegovina), Belgrade (Serbia), Bucharest (Romania), Gaza (Palestine), Istanbul (Turkey), Karachi (Pakistan), Manama (Kingdom of Bahrain), Muscat (Oman), Sarajevo (Bosnia and Herzegovina), Skopje (Republic of Macedonia), Sofia (Bulgaria) and Zagreb (Croatia).
The Dow Jones FEAS Middle East/Caucasus Index includes stocks from four FEAS member exchanges: Abu Dhabi, Amman, Gaza, Manama and Muscat. The Dow Jones FEAS South East Europe Index measures the performance of companies listed on seven FEAS member exchanges: Banja Luka, Belgrade, Bucharest, Istanbul, Sarajevo, Skopje, Sofia and Zagreb.
The Dow Jones FEAS Indexes are designed to cover 95% of the free-float market capitalization of each country in its respective index. In addition to float-adjusted market capitalization, components are selected based on readily available prices. The indexes are calculated and disseminated in Euro and U.S. dollars, and weighted by float-adjusted market capitalization.
The Dow Jones FEAS Indexes are rebalanced quarterly, including an update of outstanding shares and float factors.
For more information on the Dow Jones FEAS Indexes, please visit http://www.djindexes.com.
Source: Dow Jones Indexes
US One files with the SEC
March 3, 2011--US One Funds has filed a post-effective amendment, registration statement with the SEC for the ONE FUND ETF(ONEF).
view filing
Source: SEC.gov
AdvisorShares files with the SEC
March 3, 2011--AdvisorShares has filed a post-effective amendment, registration statement with the SEC for the Madrona Forward Domestic ETF.
view filing
Source: SEC.gov
Regular Review Results For Dow Jones Select Dividend And Dow Jones Country And Sector Titans Indexes
March 3, 2011--Dow Jones Indexes, a leading global index provider, today announced the results of the regular annual and quarterly review of the Dow Jones Select Dividend, Dow Jones Country Titans and Dow Jones Sector Titans Indexes.
All changes will be effective after the close of trading on Friday, March 18, 2011.
Dow Jones Select Dividend Indexes
In the Dow Jones France Select Dividend 20 Index, Vallourec S.A. (France, Industrial Goods & Services, VK.FR) will be replaced by Scor SE (France, Insurance, SCR.FR).
The dividend yield of the reconstituted Dow Jones France Select Dividend 20 Index will increase to 5.01% from 4.84% as a result of this regular annual review.
In the Dow Jones Germany Select Dividend 20 Index, Salzgitter AG (Germany, Basic Resources, SZG.XE) will be replaced by Gagfah S.A. (Germany, Real Estate, GFJ.XE).
The dividend yield of the reconstituted Dow Jones Germany Select Dividend 20 Index will increase to 4.78% from 3.70% as a result of this regular annual review.
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Source: Dow Jones Indexes
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
March 3, 2011--Standard & Poor's Canadian Index Operations announces the following index changes:
The shareholders of Ventana Gold Corp. (TSX:VEN) have accepted the $C13.06 cash per share takeover offer from AUX Canada Acquisition Inc
Ventana will be removed from the S&P/TSX Composite and Capped Composite, the S&P/TSX Equity, Capped Equity, Equity SmallCap and Equity Completion, the S&P/TSX Completion, the S&P/TSX SmallCap, the S&P/TSX Global Mining, the S&P/TSX Global Gold and the S&P/TSX Capped Materials indices after close on Thursday, March 10, 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 & Poors
Obama Administration Releases February Housing Scorecard
March 2, 2011--The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of the Treasury today released the February edition of the Obama Administration's Housing Scorecard. The latest housing figures show increased existing home sales as home affordability remains high, but officials caution that the market remains fragile, as prices are unsettled.
“In the face of the deepest economic recession and housing crisis in decades, the Obama Administration has taken unprecedented action to promote stability in the market – keeping millions of families in their homes and helping millions more to save money by refinancing. But the data clearly show that the market remains extremely fragile,” said HUD Assistant Secretary Raphael Bostic. “While we cannot stop every foreclosure, we know that many responsible homeowners are still fighting to make ends meet. Through the broad range of programs this Administration has put in place, we can put help in reach to those homeowners as early as possible.”
"Our housing market remains fragile. We know this from data, but homeowners across the country can feel it too. That's why this Administration remains committed to helping eligible homeowners avoid foreclosure where it makes economic sense to do so," said acting Assistant Secretary for Financial Stability Tim Massad. "Every month, HAMP continues to help tens of thousands of additional families in a cost-effective manner. And by setting affordability standards and developing a framework for how mortgage servicers provide assistance to struggling families, HAMP has established critical protections for homeowners and has catalyzed improvements in modifications industry-wide.”
view The Obama Administration’s Efforts To Stabilize the Housing Market and Help American Homeowners
Source: US Department of the Treasury
Morgan Stanley Exchange-Traded Funds Quarterly Report: Over $1 Trillion in 1,000 ETFs
March 2, 2011--Assets under management in US ETFs are slightly over $1 trillion. ETFs generated net cash inflows of $110 billion in 2010, of which $38 billion came in the
fourth quarter. New issuance was strong during the year as 179 ETFs came to market, the most since 2007. For the full year, emerging market equity, fixed
income and gold ETFs exhibited the strongest net inflows.
ETFs provide access to many favored market segments. Morgan Stanley & Co.’s global strategy team maintains a constructive view for risky assets in
2011. The team believes equities stand to benefit from solid global growth supported by ample liquidity,
a continuation in global rebalancing and declining tail risks, while lower-quality fixed income investments
are positioned to outperform over the next six to 12 months. Most of Morgan Stanley & Co.’s favored areas of the market can be accessed via ETFs.
request report
Source: Morgan Stanley
LSEG-TMX Merger to Deliver Clear and Significant Benefits to Ontario
Exchange CEOs present to Ontario Government Select Committee
March 2, 2011--- The merger of TMX Group Inc. and London Stock Exchange Group plc will create opportunity for Canada's financial services industry and firmly establish Toronto as a world financial center, the companies' CEOs told Ontario legislators today.
In an appearance before the provincial legislature's select committee studying the proposed merger of the two exchange companies, Tom Kloet and Xavier Rolet spoke at length about the transaction details and rationale.
Mr. Kloet, CEO, TMX Group said:
"The merger strengthens our company's future competitiveness and contributes to the growth and competitiveness of the financial sector in which we operate. It does so without in any way diminishing local regulatory authority. And, in our opinion, it opens a world of opportunity for Canadian public companies of all sizes and for the advisory and business community that supports them. The words "Listed on TSX" and "Listed on TSX Venture Exchange" are spoken with pride by Canadian companies across Canada. These brands are here to stay. The agreement we are here to discuss maintains this pride while opening new horizons for growth. It is an arrangement that makes sense."
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Source: Toronto Stock Exchange
NYSE Liffe U.S. To Launch Interest Rate Futures On March 21 And March 28 - Eurodollar Futures Debut On NYSE Liffe U.S. March 21, U.S. Treasury Futures On March 28 - Bringing Innovation, Competition And Unique Value To Global Futures Market Participants
March 2, 2011 – NYSE Liffe U.S., the U.S. futures exchange of NYSE Euronext (NYX), today announced launch dates for U.S. Treasury and Eurodollar futures products to coincide with the launch of New York Portfolio Clearing (NYPC), the innovative new clearing joint venture with The Depository Trust & Clearing Corporation (DTCC).
NYSE Liffe U.S. will begin trading Eurodollar futures on March 21, 2011, and will launch 2-year, 5-year and 10-year U.S. Treasury futures along with U.S. Bond and Ultra Bond futures products on March 28, 2011, subject to regulatory filings. These products will be cleared through NYPC, which has received all the required approvals from the Commodity Futures Trading Commission (CFTC) and the Securities Exchange Commission (SEC).
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Source: NYSE Euronext
