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Colombia, Peru Stock Exchanges to Merge
January 20, 2011--The Lima Stock Exchange, LSE, and the Bolsa de Valores de Colombia, BVC, signed a Memorandum of Understanding to take the first steps to carry out the corporate merger of these two companies.
The merger will become the first international of its kind between two stock exchanges in Latin America, once it is approved by the General Meeting of Shareholders of the LSE and the Shareholders of the BVC, and approved by market supervisors in Peru and Colombia.
With the merger a new player will emerge more competitive to face the challenges of a globalized capital market, which will maintain and strengthen the CSE and LSE brands in Colombia and Peru, respectively.
The transaction will create value for both countries to allow joint development of a larger and more diversified capital market. From the figures for the end of 2010 the market as a whole will have a market capitalization of USD $ 378.000 million, and trading volume of USD $ 33.000 billion in their stock markets, U.S. $ 1,131,000 million in bond markets, USD $ 28.000 million in derivatives markets standardized USD $ 258.000 million in foreign exchange markets. This operation is independent of MILA Market Integration and undoubtedly accelerate that aim, it is clearly complementary to those objectives.
The tie up between the two exchanges will also strengthen commercial ties between both countries, bolster the growth pattern of the securities industry, creating synergies that will translate into shareholder value. The new company, taking into account the cumulative results of the last 12 months to September 2010, would have consolidated revenues of USD $ 45.8 million, EBITDA of $ 22.4 million and assets of USD $ 94.5 million.
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Source: Mondovisione
AdvisorShares Lowers Expense Cap on the GTAA ETF
January 19, 2011-- AdvisorShares, a sponsor of actively managed Exchange Traded Funds (ETFs), announced that it is lowering the expense cap on the AdvisorShares Cambria Global Tactical ETF (NYSE: GTAA) from 1.35% to 0.99%, effective February 1, 2011. GTAA is sub-advised by Cambria Investment Management, Inc ("Cambria"), a Los Angeles, California-based investment manager.
"AdvisorShares and Cambria made a commitment to lower ETF fees as assets grew and operational efficiencies were achieved," said Noah Hamman, CEO and Founder of AdvisorShares. "In the three months since GTAA launched it has been one of the fastest growing actively managed ETFs, and it has attracted over $72,000,000 in assets as investors have quickly embraced the GTAA investment strategy." Cambria utilizes a quantitative approach with strict risk management to actively manage GTAA's portfolio in an attempt to mitigate downside losses and protect capital.
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Source: AdvisorShares
SEC Approves New Rules Regulating Asset-Backed Securities
January 20, 2011--The Securities and Exchange Commission today voted to adopt two sets of new rules designed to help revitalize the important asset-backed securities (ABS) market by encouraging better disclosure for investors.
The SEC approved one set of rules that requires issuers of asset-backed securities to disclose the history of the requests they received and repurchases they made related to their outstanding asset-backed securities.
The Commission also approved a second set of rules that would require issuers of asset-backed securities to conduct a review of the assets underlying those securities.
"At one time, the securitization market provided trillions of dollars of liquidity to virtually every sector of the economy. However, during the financial crisis, ABS investors suffered significant losses, causing the market for securitization to rapidly decline," said SEC Chairman Mary L. Schapiro. "These rational measures are designed to help revitalize the important asset-backed securities market by encouraging better disclosure for investors."
view the Final Rule: Issuer Review of Assets in Offerings of Asset-Backed Securities
Source: SEC.gov
FactorShares files with the SEC
January 20, 2011--FactorShares has filed a pre-effective amendment NO. 4 to Form S-1 with the SEC for FactorShares 2X: Gold Bull/S&P500 Bear.
view filing
Source: SEC.gov
FactorShares files with the SEC
January 20, 2011--FactorShares has filed a pre-effective amendment NO. 4 to Form S-1 with the SEC for FactorShares 2X: Oil Bull/S&P500 Bear.
view filing
Source: SEC.gov
FactorShares files with the SEC
January 20, 2011--FactorShares has filed a pre-effective amendment NO. 4 to Form S-1 with the SEC for FactorShares 2X: S&P500 Bull/USD Bear.
view filing
Source: SEC.gov
FactorShares files with the SEC
January 20, 2011--FactorShares has filed a pre-effective amendment NO. 4
to Form S-1 with the SEC for FactorShares 2X: TBond Bull/S&P500 Bear.
view filing
Source: SEC.gov
FactorShares files with the SEC
January 20, 2011--FactorShares has filed a pre-effective amendment NO. 4
to Form S-1 with the SEC for FactorShares 2X: S&P500 Bull/TBond Bear.
view filing
Source: SEC.gov
Van Eck files with the SEC
January 20, 2011--Van Eck has filed an application for exemptive relief with the SEC.
view filing
Source: SEC.gov
Record amounts withdrawn from US muni funds
January 20, 2011--Investors withdrew record amounts of cash from funds that invest in US municipal bonds in the past week as industry and fiscal analysts urged that concerns about the stress on state and local government finances was overblown.
Despite the outflows, the $3,000bn municipal bond market where states and local governments raise money, had begun to stabilise.
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Source: FT.com
