Americas ETP News
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Emerging Markets Week in Review-11/8/2010 - 11/12/2010
November 15, 2010--The Dow Jones Emerging Markets Sector Titans Composite Index fell 3.16% last week on concerns that an uptick in China's CPI will prompt the country's central bank to raise interest rates.
Materials and Consumer stocks were the least negative of the sectors, declining 1.04% and 1.88% respectively. Financials and Energy, the two largest groups in the Composite index, led the market down by falling 4.50% and 3.38% respectively.
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Source: Emerging Global Advisors
U.S. Department of the Treasury Economic Statistics - Monthly Data Update
November 15, 2010--U.S. Department of the Treasury Economic Statistics - Monthly Data has been updated and is now available.
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Source: U.S. Department of the Treasury
CFTC.gov Commitments of Traders Reports Update
November 15, 2010--The CFTC.gov Commitments of Traders Reports have benn updated for the week of November 9, 2010 are now available.
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Source: CFTC.gov
Standard & Poor's Announces Changes in the S&P/TSX Venture Composite Index
November 15, 2010--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Monday, November 15, 2010:
Silvermex Resources Ltd. (TSXV:SMR) will be removed from the index.
The shares of the company have been acquired by Genco Resources Ltd.
Company additions to and deletions from an S&P equity index do not in anyway reflect an opinion on the investment merits of the company.
Source: Standard & Poors
BlackRock Developing Local ETFs in Chile, Colombia to Attract Investors
November 15, 2010--BlackRock Inc., the world’s largest money manager, plans to offer local exchange-traded funds in Colombia and Chile to expand its business to institutional and retail investors in the South American nations.
Work on the creation of locally-listed, peso-denominated ETFs in Chile will probably begin “in the short term,” said Axel Christensen, BlackRock’s managing director for South America excluding Brazil. iShares, the ETF fund business of New York-based BlackRock, is also in talks with the Colombian stock exchange to list local equity ETFs, he said.
“The opportunity to launch these ETFs in Chile will unfold in the first half of next year as the final details of the ETF regulation are being worked on at the local regulator,” Christensen said in an interview from his office in Santiago today. “In Colombia, we are already in negotiations with the local stock exchange.”
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Source: Bloomberg
Latin America: Leaders Support National Policies on Innovation as Key to Sustained Prosperity
November 15, 2010--Government and multilateral leaders from the Americas called today for the region to make innovation a matter of national policy in order to protect this key but fledging development tool from political cycles.
Sustained investments in innovation could double Latin America's current projected GDP growth of 5.7 percent as the region resumes its strong pre-crisis growth pattern –the strongest in decades- said World Bank vice president Pamela Cox at the Fourth Americas Competitiveness forum in Atlanta, Georgia.
Latin America's economic recovery is all the more remarkable because the region has emerged from the crisis without systemic damage or dent on its fiscal architecture, thanks to its solid macroeconomic and fiscal frameworks, said Cox.
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Source: World Bank
SEC and UK FSA Hold Meeting of SEC-FSA Strategic Dialogue
November 15, 2010--Securities and Exchange Commission Chairman Mary L. Schapiro today met separately in London with Chairman Adair Turner of the UK Financial Services Authority (FSA) and the Chief Executive of the UK Financial Reporting Council (FRC) Stephen Haddrill to discuss a number of issues of common concern.
During the SEC-FSA meeting, the agencies shared views regarding the oversight of over-the-counter derivatives trading, high-frequency trading, and the May 6 "flash crash" as well as recent regulatory initiatives regarding credit rating agencies and cross-border enforcement information-sharing between the FSA and SEC.
Chairman Schapiro and Lord Turner also restated their agencies' commitment to working together to improve regulation and oversight of their securities markets, particularly with regard to globally active regulated firms with a presence in both countries.
Chairman Schapiro said, "Both the SEC and FSA are in the process of drafting vital new rules for our own markets. Meetings like this with our UK counterparts at the highest levels give the Commission a better understanding of how similar market concerns are viewed in London. Given the international nature of the recent financial crisis, this exchange of views can only improve the regulatory solutions we develop to these challenging problems."
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Source: SEC.gov
Russell files with the SEC
November 15, 2010--Russell has filed a third amended and restated application for exemptive relief with the SEC.
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Source: SEC.gov
SEC Publishes Agenda and Announces Speakers for Small Business Forum
November 12, 2010--The Securities and Exchange Commission today published the agenda and announced the speakers scheduled to appear at its November 18 forum on small business capital formation.
The SEC forum will begin at 9 a.m., ET, at the Commission's Washington, D.C., headquarters. It will include remarks by SEC Chairman Mary L. Schapiro and SEC Commissioner Troy A. Paredes. The agenda includes a panel on selected provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to securities regulation and small business. The agenda also includes presentations by private organizations concerned with small business capital formation. The afternoon agenda consists of breakout groups to develop recommendations to facilitate small business capital formation.
Pre-registered members of the public may attend the forum without charge. Online registration is available at the SEC small business forum Web page. The forum also will be webcast live at www.sec.gov.
Source: SEC.gov
An Important Message about ETFs from the CEO of EGShares
November 12, 2010--There has been a lot of media attention recently about the stability and safety of ETFs. Two reports in particular claim that the underlying structure and the ability to short an ETF can somehow introduce additional, meaningful risks to existing shareholders who hold long positions. These claims are flawed, poorly researched and provide inaccurate and misleading conclusions.
The authors of the two most often quoted studies have a direct personal and financial interest in discrediting the ETF industry.
The conflict of interest in the report from the Kauffman Foundation is simple to understand. Thomas McDowell, Chairman of the Kauffman Foundation, is the CEO of DST Systems, Inc. which provides technology to support the old mutual fund business model and high frequency traders—both direct competitors to ETFs. Harold Bradley, the author of the report, spent 19 years at American Century, a Kansas City-based mutual fund company.
http://www.zerohedge.com/article/conflict-interest-behind-kauffman-etf-report
The conflict of interest in the report from Bogan Associates is also very transparent. Tom and Andrew Bogan run a sell-side research firm in Boston. Tom has worked for Putnam and Lord Abbett. Active managers rely on bottom-up sell side research, so it’s in their self interest to discredit the ETF industry.
http://boganassociates.com/vision.html
We encourage all investors to thoroughly research any investment product or platform before making an investment decision and always consider the source of any published materials. We believe the following clip from Morningstar’s Scott Burns provides a clear and balanced explanation of these reports.
http://www.morningstar.com/cover/videocenter.aspx?id=359416
Source: Emerging Global Advisors, LLC
