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ISE Granted Stay in CBOE's Patent Suit
November 1, 2013--In the case of Chicago Board Options Exchange, Incorporated v. International Securities Exchange, LLC, Case No. 1:13-cv-01339-JMF, the Honorable Jesse M. Furman of the United States District Court for the Southern District of New York issued a ruling yesterday that halted CBOE's patent suit against ISE while the validity of the patents-in-suit is examined by the U.S. Patent and Trademark Office (USPTO).
ISE had previously filed petitions with the USPTO to invalidate the CBOE patents (US Patent Nos. 7,356,498, 7,980,457 and 8,266,044). Judge Furman agreed with ISE that serious validity questions regarding the CBOE patents should be resolved by the USPTO and not the district court.
As a result, the court proceedings will now be suspended pending a decision on the matter by the USPTO.
UPDATE 2-Latest Nasdaq options glitch highlights ongoing market problems
November 1, 2013-Nasdaq OMX Group Inc closed its second-largest options market for much of Friday after a spike in volume hampered the exchange's ability to accept orders and distribute quotes, the latest glitch to hit U.S. market operators.
The Nasdaq Options Market (NOM), which accounted for about 8 percent of U.S. options volume last month, was halted at 10:36:57 a.m. EDT (1436 GMT) and remained shut through the rest of Friday, Nasdaq said.
Ronald Blue & Co. To Launch Two ETFs
October 31, 2013--Most new exchange-traded funds are ideas looking for assets. Two new ETFs created under the auspices of Ronald Blue & Co. enjoy the opposite scenario-a ready-made asset base searching for the right funds to invest in.
Based in suburban Atlanta, Ronald Blue is a full-service, fee-only wealth management firm with offices in 13 states, more than 6,000 household clients and more than $7 billion in assets under management.
The ETFs are being created and launched by Vident Financial (with help from various partners), a separate entity formed by Ronald Blue that serves as an oversight trust for the funds. Ronald Blue is responsible for the underlying investment principles of the indexes tracked by the Vident International Equity Fund (VIDI) and Vident Core U.S. Equity Fund (VIUS). The former began trading this week; the latter is still in the oven..
iShares 529 Plan awarded Morningstar Silver rating
October 31, 2013--BlackRock, Inc. announced today that its iShares 529 Plan, managed in partnership with industry leader Upromise Investments, and featuring 28 investment options that financial advisors can use to build effective 529 portfolios for their clients,, has received a Silver rating in the annual Morningstar Analyst Ratings for 529 College Savings Plans.
According to Morningstar, "Arkansas' iShares 529 Plan is another Silver medalist with inexpensive advisor-sold options. This plan includes only exchange-traded funds, which replicate indexes yet trade like individual stocks. Several other plans also include ETFs, or have plans to add them to their menus, but the iShares line-up is robust and reasonably priced, giving advisors ample choice when constructing custom portfolios for clients."(1)
Horizons ETFs Announces Changes to Certain ETFs
October 31, 2013--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. (the "Manager") announced today that certain changes will take place in respect of the following exchange traded funds ("ETFs"):
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MSCI Puts ISS on the Block
October 31, 2013--Proxy advisory firm Institutional Shareholders Services finds itself on the block, as index provider MSCI (MSCI) initiates a strategic review of the business it acquired only three years ago through its purchase of RiskMetrics Group.
MSCI said Wednesday, Oct. 30, that it is working with Morgan Stanley to look into options including a possible or spin-off of ISS. MSCI did not provide a specific time frame for the review, but said ISS' senior management was supportive of the decision.
WisdomTree files with the SEC
October 31, 2013--WisdomTree has filed a post-effective amendment, registration statement with the SEC for the
Global Real Return Fund (RRF).
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FlexShares files with the SEC
October 31, 2013--FlexShares has filed a post-effective amendment, registration statement with the SEC for the
FlexShares(R) Global Quality Real Estate Index Fund.
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Report on U.S. Portfolio Holdings of Foreign Securities at End-Year 2012
October 31, 2013--Overall Results
This survey measured the value of U.S. portfolio holdings of foreign securities at year-end 2012 as approximately $7.9 trillion, with $5.3 trillion held in foreign equity, $2.3 trillion held in foreign long-term debt securities (original term-to-maturity in excess of one year), and $0.4 trillion held in foreign short-term debt securities.
The previous such survey, conducted as of year-end 2011, measured U.S. holdings of approximately $6.8 trillion, with $4.5 trillion held in foreign equity, $2.0 trillion held in foreign long-term debt securities, and $0.4 trillion held in foreign short-term debt securities. The largest gain occurred in equities, reflecting gains in global stock markets.
U.S. portfolio holdings of foreign securities by country at the end of 2012 were the largest for the United Kingdom ($1.129 trillion), followed by Canada ($808 billion), the Cayman Islands ($797 billion), and Japan ($521 billion) (see Table 2). These four countries attracted 41 percent of total U.S. portfolio investment.
Ranger Alternative Management files with the SEC
October 31, 2013--Ranger Alternative Management has filed a second amended and restated application for exemptive relief with the SEC.
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S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices
A Deletion From The S&P/TSX Preferred Share Index
October 31, 2013--S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
Bank of Nova Scotia (TSX:BNS) has redeemed for $CDN25.00 cash per share all of the outstanding shares of its Non-cumulative Preferred Shares, Series 12 (TSX:BNS.PR.J).
The shares of this issue will be removed from the S&P/TSX Preferred Share Index and the S&P/TSX North American Preferred Stock Index after the close of trading on Friday,November 1, 2013 at a price of $CDN25.00.
Horizons ETFs Announces Closure of Certain ETFs
October 31, 2013--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. (the "Manager") announced today that they will be terminating two exchange traded funds (collectively, the "Terminated ETFs") effective at the close of business on Friday, January 10, 2014 (the "Termination Date").
The ETFs being terminated are as follows:
Horizons Crude Oil Yield ETF
Ticker: HOY, HOY.A
Horizons Silver Yield ETF Tickers: HZY, HZY.A
Fee Rate Advisory #2 For Fiscal Year 2014
October 31, 2013--The Securities and Exchange Commission is operating under a continuing resolution until January 15. Accordingly, the fees paid under Section 31 of the Securities Exchange Act will remain at their current rate until 60 days after the enactment of a regular appropriation for the SEC.
The SEC is required to publish a revised fee rate 30 days after enactment of the new fiscal year appropriation and the new rate takes effect 60 days after the appropriation is enacted. Until then, the Section 31 fee rate will remain at the current rate of $17.40 per million for securities transactions and the assessment on round turn transactions in security futures will remain at $0.0042 per transaction.
Cohen & Steers Capital Management files with the SEC
October 30, 2013--Cohen & Steers Capital Management has filed a application for exemptive relief with the SEC.
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Cohen & Steers Capital Management files with the SEC
October 30, 2013--Cohen & Steers Capital Management has filed a application for exemptive relief with the SEC.
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