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China's Currency Policies and the U.S.-China Economic Relationship-Testimony of Treasury Secretary Timothy F. Geithner
Before the Senate Banking, Housing, and Urban Affairs and House Ways and Means Committees
September 16, 2010--Chairman Dodd, Ranking Member Shelby, Members of the Committee, thank you for the opportunity to testify on Treasury's semiannual Report to Congress on International Economic and Exchange Rate Policies, and in particular on China.
I want to focus today on the importance of the U.S.-China economic relationship and the challenges that we must overcome in order to secure the full benefit of this relationship for the American people.
We have very significant economic interests in our relationship with China. With over 1.3 billion people and an economy continuing to grow at or near double-digit rates, China is our fastest-growing major overseas market. China's record of bringing hundreds of millions out of poverty, building a rapidly growing middle class, and now its efforts to encourage growth led by domestic demand, ultimately mean more demand for American goods and services. Increasing opportunities for U.S. firms and workers through expanded trade and investment with China will be an important part of the success of the President's National Export Initiative and our efforts to support job growth more broadly.
U.S. exports to China have grown much faster than our exports to the rest of the world, and they have recovered much more quickly following the global crisis.
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Source: U.S. Department of the Treasury
DB Global Equity Index & ETF Research : US ETP Market Weekly Review
September 15, 2010-New Listings and Delistings
There were nine products listed over the previous week in NYSE Arca. Vanguard entered the battle for S&P-linked assets by launching 9 ETFs tracking the S&P 500, 400 and 600 indices in their blended and pure-style forms.
These products which offer the lowest TERs in each of their respective segments will compete directly with well established SPDRs and iShares funds, such as the SPY and IVV. However Vanguard is not new to this business (they manage the oldest index fund on the S&P 500 Index), therefore it will be interesting to watch the trends in flows, liquidity and assets among these funds as competition increases.
Net Cashflows
Total ETP inflows in the US added up to $2.6 bn during the previous week. Equity, Fixed Income, Commodity and Currency ETPs had inflows of $2.1 bn, $308 mm, $156 mm and $7 mm, respectively. No asset class experienced outflows.
Within Equity ETPs, Large Cap ETPs received the largest inflows ($2.5 bn) followed by Emerging Markets Regional ETPs, while Small Cap ETPs saw the largest outflows ($1.3 bn).
The Fixed Income ETPs inflows were led by Corporates ETPs ($449 mm), while Sovereign ETPs experienced the largest outflows ($256 mm).
Commodity ETPs’ flows were relatively insignificant with Natural Gas ETPs leading the inflows with $85 mm.
Turnover
Driven mainly by a decrease in Equity ETPs turnover, Avg. Daily Turnover decreased by 2.4% and totaled $59 bn at the end of the week.
Assets Under Management (AUM)
US ETPs AUM remained almost flat, recording a shy 0.6% increase almost mirroring the market performance as measured by the S&P 500 index (0.46%), totaling $842 bn at the end of the week.
To request a copy of the report
Source: Deutsche Bank Global Equity Index & ETF Research
Component Changes Made to Dow Jones Africa Titans 50 Index
September 15, 2010--Dow Jones Indexes, a leading global index provider, today announced component changes in the Dow Jones Africa Titans 50 Index.
Red Back Mining Inc. (Canada, Basic Resources, RBI.T) will be deleted from the Dow Jones Africa Titans 50 Index and replaced by Nevsun Resources Ltd. (Canada, Basic Resources, NSU.T).
Red Back Mining Inc. is being removed due to its acquisition by Kinross Gold Corp. (Canada, Basic Resources, K.T). The changes in the Dow Jones Africa Titans 50 Index will be effective as of the open of trading on Monday, September 20, 2010.
The Dow Jones Africa Titans 50 Index is a pan-African index that measures the performance of 50 companies that are headquartered in or generate the majority of their revenues in Africa. Further information on the Dow Jones Africa Titans 50 Index can be found at http://www.djindexes.com.
Source: Dow Jones Indexes
ETFS Securities files with the SEC
September 15, 2010--ETFS Securities has filed an Amedment NO. 1 to
Form S-1 with the SEC for
ETFS Asian Gold Trust.
view filing
Source: SEC.gov
CFTC Announces Panelists for September 16 Public Roundtable to Discuss the Commission’s Proposed Ownership and Control Report
September 15, 2010--The staff of the Commodity Futures Trading Commission (CFTC) today announced the panelists for its September 16, 2010, public roundtable to discuss the Commission’s proposed Ownership and Control Report (OCR).
Note: the Roundtable’s agenda and call-in information may be found in CFTC press release #5888-10 (see related documents).
Panelists
Keith Anguish, Associate Director, Systems Development, CME Group Inc.
Jim Moran, Director, Global Market Regulation Strategy and Technology, CME Group Inc.
Karl Cooper, Chief Regulatory Officer, NYSE Liffe U.S.
Andy Booth, Chief Technology Officer, NYSE Liffe U.S.
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Source: CFTC.gov
Gensler Statement on September 15 CFTC/SEC Public Roundtable to Discuss Swap Execution Facilities and Security-Based Swap Execution Facilities
September 15, 2010--Commodity Futures Trading Commission Chairman Gary Gensler today commented on the joint CFTC-SEC Public Roundtable to Discuss Swap Execution Facilities and Security-Based Swap Execution Facilities.
Chairman Gensler said:
"Requiring swaps to be traded on regulated trading platforms will bring transparency and better pricing to the derivatives markets. This will lower risk and costs for businesses. I look forward to hearing panelist views at today's roundtable to inform our rule-writing in this area."
Source: CFTC.gov
CFTC Releases Rule Enforcement Review of the Chicago Mercantile Exchange and the Chicago Board of Trade
September 15, 2010-- The Commodity Futures Trading Commission (Commission) has notified the Chicago Mercantile Exchange and Chicago Board of Trade (collectively referred to as the Exchanges) of the results of a rule enforcement review completed by the Commission’s Division of Market Oversight (Division).
The review covered the period from January 1, 2008, to January 2, 2009 (target period). The Division assessed the Exchanges’ compliance with core principles relating to their audit trail, trade practice surveillance and disciplinary programs. Although CME and CBOT merged in July 2007, each exchange maintains independent status as a designated contract market. However, CME’s Market Regulation Department provides regulatory services for CME and CBOT (as well as NYMEX and COMEX). In addition, the Exchanges have substantially harmonized their trading rules and share a trading floor, and both use the Globex platform for electronic trading.
The Division found that the Exchanges maintain adequate audit trail, trade practice and disciplinary programs. However, the Division had some concerns regarding compliance staff levels. By the end of the target period, the Exchanges’ compliance staff was 18% smaller than the Exchanges’ combined pre-merger compliance staffs. Although additional compliance staff has been hired since the end of the target period, the Division recommended that the Exchanges review the compliance staff size needed to ensure that the regulatory services provided to all CME Group exchanges by the Market Regulation Department remain effective in enforcing compliance with the Exchanges’ rules and Commission regulations.
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Source: CFTC.gov
OOK, Inc. Announces the Liquidation of the Oklahoma Exchange-Traded Fund
September 14, 2010--)--OOK, Inc. (the “Company”), a registered investment company, today announced that its sole remaining director and Chief Executive Officer has determined to liquidate the Company’s underlying investment portfolio (the “Fund”) effective September 30, 2010 and subsequently dissolve the Company. The Fund offers shares known as OOK, the Oklahoma Exchange-Traded Fund (“Shares”) that are listed on NYSE Arca, Inc. (“NYSE Arca”).
The decision was made after consultation with Geary Advisors, LLC (“Advisor”), investment advisor of the Fund. Consideration was given to current market conditions, the inability of the Fund to attract significant market interest since its inception and the continued expenses of operating the Fund, and therefore determined that is was advisable and in the best interest of the Fund and its shareholders to liquidate the Fund. Since Inception, the following Directors, stating no unfavorable reason, resigned: John Shelley (9-30-09), Mike Braun (3-9-10) and Boe Parrish (6-18-10). Geary Advisors, LLC has agreed to pay all fees and expenses of the Fund. Any and all unpaid liabilities of the Advisor will be paid by the parent company, Geary Companies, Inc.
September 24, 2010, will be the last day of trading for the Shares on NYSE Arca, and the last day on which creation unit aggregations of the Shares may be purchased or redeemed. The Fund and its ticker symbol is:
OOK Oklahoma Exchange-Traded Fund (OOK)
NYSE Arca will halt trading in the Shares of the Fund before the open of trading on September 27, 2010 and the Fund will be closed to new investment on that date. Shareholders may sell their Shares on or prior to September 24, 2010. From September 27, 2010 through September 30, 2010, shareholders may be able to sell their Shares to certain broker-dealers who may determine to continue to purchase such Shares, but there can be no assurance that any broker-dealer will be willing to purchase such Shares or that there will be a market for the Shares of the Fund. All sales of Shares to a broker-dealer, whether made before or after September 24, 2010, will be subject to typical transaction fees and charges. All shareholders remaining on September 30, 2010 will receive cash equal to the amount of the net asset value of their Shares as of September 30, 2010 including dividends into the cash portion of their brokerage accounts. Fund shareholders remaining September 30, 2010 will not incur transaction fees to sell their Shares. All other costs of closing the Fund will be borne by the Advisor.
Effective immediately, the Fund will be in the process of liquidating its portfolio. As a result, the fund will no longer pursue its investment objective of seeking to track the performance of its underlying index.
The Fund acknowledges non-compliance with the NYSE Arca’s audit committee requirements.
For additional information about the liquidation, shareholders of the Fund may call the Advisor at 1-405-235-5757.
Source: Geary Advisors, LLC
Horizons BetaPro Launches Canada's Lowest Cost ETF
September 14, 2010--BetaPro Management Inc. ("BetaPro"), the manager of the Horizons BetaPro Exchange Traded Funds (the "HBP ETFs"), is pleased to announce the launch of the Horizons BetaPro S&P/TSX 60(TM) Index ETF (the "BetaPro S&P/TSX 60 ETF" or "HXT"). The BetaPro S&P/TSX 60 ETF will begin trading on the Toronto Stock Exchange on September 15, 2010, under the symbol HXT.
Traditionally, each ETF provider in Canada has had an exclusive licensing arrangement with index providers. When choosing to invest in an index-tracking ETF, most investors selected the ETF based on the specific index, with little thought to the provider since that provider normally had a monopoly on that index.
HXT represents a new era of competition in the Canadian ETF industry, offering a more efficient and lower cost way to get exposure to the S&P/TSX 60(TM) Index, which is the most widely recognized Canadian equity index. The BetaPro S&P/TSX 60 ETF seeks to replicate, to the extent possible, the performance of the S&P/TSX 60(TM) Index (Total Return), net of expenses.
The S&P/TSX 60(TM) Index is comprised of the 60 largest stocks in Canada and, according to Standard & Poors(R), currently represents nearly 75% of the market capitalization of Canadian stocks.
"In our opinion, the S&P/TSX 60(TM) Index is the single most important Canadian equity benchmark," said Howard Atkinson, President of BetaPro. "HXT represents another milestone for ETF investors and ushers in a new era of competition for the Canadian ETF industry, which we believe will lead to lower costs and greater selection for investors."
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Source: BetaPro Management Inc.
TXF Funds, Inc. Announces Liquidation of the Texas Large Companies Exchange-Traded Fund
September 13, 2010-)--TXF Funds, Inc. (the “Company”), a registered investment company, today announced that its sole remaining director and Chief Executive Officer has determined to liquidate the Company’s underlying investment portfolio (the “Fund”) effective September 30, 2010 and subsequently dissolve the Company. The Fund offers shares known as TXF, the Texas Large Companies Exchange-Traded Fund (“Shares”) that are listed on NYSE Arca, Inc. (“NYSE Arca”).
The decision was made after consultation with Geary Advisors, LLC (“Advisor”), the investment advisor of the Fund. Consideration was given to current market conditions, the inability of the Fund to attract significant market interest since its inception and the continued expenses of operating the Fund and therefore determined that it was advisable and in the best interest of the Fund and its shareholders to liquidate the Fund. Since Inception, the following Directors, stating no unfavorable reason, resigned: John Shelley (9-30-09), Mike Braun (3-9-10) and Boe Parrish (6-18-10). Geary Advisors, LLC has agreed to pay all fees and expenses of the Fund. Any and all unpaid liabilities of the Advisor will be paid by the parent company, Geary Companies, Inc.
September 24, 2010, will be the last day of trading for the Shares on NYSE Arca, and the last day on which creation unit aggregations of the Shares may be purchased or redeemed. The Fund and its ticker symbol is:
TXF Large Companies Exchange-Traded Fund (TXF)
NYSE Arca will halt trading in the Shares of the Fund before the open of trading on September 27, 2010 and the Fund will be closed to new investment on that date. Shareholders may sell their Shares on or prior to September 24, 2010. From September 27, 2010 through September 30, 2010, shareholders may be able to sell their Shares to certain broker-dealers who may determine to continue to purchase such Shares, but there can be no assurance that any broker-dealer will be willing to purchase such Shares or that there will be a market for the Shares of the Fund. All sales of Shares to a broker-dealer, whether made before or after September 24, 2010, will be subject to typical transaction fees and charges. All shareholders remaining on September 30, 2010 will receive cash equal to the amount of the net asset value of their Shares as of September 30, 2010 including dividends into the cash portion of their brokerage accounts. Fund shareholders remaining September 30, 2010 will not incur transaction fees to sell their Shares. All other costs of closing the Fund will be borne by the Advisor.
Effective immediately, the Fund will be in the process of liquidating its portfolio. As a result, the fund will no longer pursue its investment objective of seeking to track the performance of its underlying index.
The Fund acknowledges non-compliance with the NYSE Arca’s audit committee requirements.
For additional information about the liquidation, shareholders of the Fund may call the Advisor at 1-405-235-5757.
Source: Geary Advisors, LLC