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BM&FBOVESPA implements new intraday price limit in its equity markets
This is an additional control and does not substitute the existing limit on fluctuations from a previous transaction
September 27, 2010--BM&FBOVESPA implemented on September 27 a new +/- 15% limit on price fluctuations in shares, ETFs and other assets traded on the spot market. Named the intraday limit, the new tool will establish minimums and maximums, based on a reference price for each asset.
The reference price will be the previous session’s closing quote, when considering the asset at the start of the day before the first trade, or the price of the day’s first trade. The asset’s reference price will be altered during the session if there is an auction sparked by the intraday limit being breached. In this case the reference price will become whatever results from the auction.
The new tool will function in the following manner: if a transaction results in a price breaching the upper or lower intraday limit it will be halted and the asset will be put up for auction. The intraday limit will not stand in the case of auctions. In other words, the price resulting from an auction can breach the newly-established limit. It is also important to emphasize that the intraday limit represents an additional control to, and not a substitution of, the existing limit on price fluctuations on consecutive transactions (price limit in relation to the last transaction executed), which has already been implemented in the Mega Bolsa system.
Source: BM&FBOVESPA
Montréal Exchange S&P/TSX 60™ Index Futures Trading Provides Market Open Indication
September 24, 2010--Montréal Exchange, TMX Group's derivatives exchange, reminds media that its leading market indicator, the S&P/TSX 60 IndexTM Futures contract (SXF), begins trading at 6:00 a.m. - 3 ½ hours prior to the opening of Toronto Stock Exchange at 9:30 a.m.
SXF has become a useful early market indicator; by observing the behaviour of the SXF during the pre-open period, Canadian media and investors will have the opportunity to anticipate the opening direction of trading on Toronto Stock Exchange.
SXF contract quotes - delayed by 15 minutes - are available on Montréal Exchange's web site at www.m-x.ca. Real-time SXF quotes are available through Bloomberg and Reuters for media and investors who have access to terminals.
Source: TMX Group (TSX-X)
CFTC.gov Commitments of Traders Reports Update
September 24, 2010--The CFTC.gov Commitments of Traders Reports has been updated for the week of July 21, 2010 and is now available.
view current reports
Source: CFTC.gov
ProShares files with the SEC
September 24, 2010--ProShares has filed a post-effective amendment, registration statement with the SEC for
ProShares RAFI® US Equity Long/Short Fund.
Investment Objective
ProShares RAFI US Equity Long/Short (the “Fund”) seeks investment results, before fees and expenses, that track the performance of the RAFI US Equity Long/Short Index (the “Index”).
view filing
Source: SEC.gov
U.S. Department of the Treasury Economic Statistics - Monthly Data Update
September 24, 2010--The U.S. Department of the Treasury Economic Statistics - Monthly Data has been updated and is now available.
view update
Source: U.S. Department of the Treasury
WisdomTree Launches Industry's First Commodity Currency Basket ETF (CCX)
September 24, 2010--WisdomTree , an exchange-traded fund ("ETF") sponsor and asset manager, announced today the launch of the WisdomTree Dreyfus Commodity Currency Fund (CCX) on the NYSE Arca. CCX is designed to provide broad-based exposure to money market rates and currency movements of selected commodity-producing countries and has an expense ratio of 0.55%.
Bruce Lavine, WisdomTree President & COO, commented, "We believe commodity producing countries are well-positioned to benefit from a global recovery and have developed CCX as an attractive multicurrency basket with exposure to this theme. In addition to presenting a distinct alternative to traditional currencies like the euro, yen and pound, exposure to commodity currencies has historically served to diversify a traditional portfolio."
CCX builds on the success of the WisdomTree Dreyfus Emerging Currency Fund (CEW) in providing investors with unique, less correlated asset class exposures.
read more
Source: WisdomTree
Old Mutual Global Index Trackers to Close U.S. ETFs, Focus on Segregated Account Index Management
September 24, 2010--ld Mutual Global Index Trackers (OMGxT), a South Africa-based index tracker asset manager, announced today that the Board of Trustees of Old Mutual Global Shares Trust has approved the closure of all five of its U.S. exchange-traded funds (ETFs), with trading suspended prior to the market opening on October 6, 2010.
The ETFs to be closed are: GlobalShares FTSE All-World Fund (nyse arca:GSW); GlobalShares FTSE Emerging Markets Fund (nyse arca:GSR); GlobalShares FTSE All-Cap Asia Pacific ex Japan Fund (nyse arca:GSZ); GlobalShares FTSE All-World ex US Fund (nyse arca:GSO); and GlobalShares FTSE Developed Countries ex US Fund (nyse arca:GSD). Shareholders in these funds will receive the net asset value of their shares as of October 8, 2010.
Old Mutual Global Index Trackers is one of several boutiques within Old Mutual Investment Group South Africa, a subsidiary of Old Mutual plc, a FTSE100 company with a primary listing on the London Stock Exchange. Closure of the ETFs has no impact on the other asset management businesses of Old Mutual plc, including Old Mutual Asset Management and Old Mutual Capital in the United States.
Tendai Musikavanhu, CEO of OMGxT, commented: "The U.S. ETF market was a new distribution channel for our well-established South African indexation business. Given the structure of the U.S. ETF market and prolonged volatile market, we've decided that it's unlikely our products will gain sufficient market share in the United States. We will continue using our core business of segregated account index management as a springboard for growth into other distribution channels and markets."
Source: Old Mutual Global Index Trackers
Schwab files with the SEC
September 24, 2010-Charles Schwab has filed a post-effective amendment, registration statement with the SEC for
Schwab U.S. Broad Market ETF (SCHB)
Schwab U.S. Large-Cap ETF(SCHX)
Schwab U.S. Large-Cap Growth ETF(SCHG)
Schwab U.S. Large-Cap Value ETFtm (SCHV)
Schwab U.S. Mid-Cap ETFtm (SCHM)
Schwab U.S. Small-Cap ETF(SCHA)
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Source: SEC.gov
iShares MSCI Emerging Markets ETF Crosses the One Billion Shares Outstanding Milestone Providing Investors With Liquid Access to Emerging Markets
September 24, 2010--BlackRock, Inc. today announced that the iShares MSCI Emerging Markets Index Fund () reached one billion shares outstanding and is the first iShares fund to reach that milestone during iShares ten-year history. The ETF has grown almost 20% in the past year with current assets under management of $44 billion and average daily trading volume of $2.8 billion.
"The iShares MSCI Emerging Markets Index Fund has more shares outstanding than any other ETF and is the first emerging markets ETF to reach one billion shares outstanding.(1) Its growth underscores the broad utility investors continue to find using iShares products," said Noel Archard, Head of U.S. iShares Product at BlackRock. "Since the fund launched in 2003, EEM has provided institutional and retail investors and financial advisors with efficient and transparent access to emerging markets. The deep liquidity of EEM also results in low trading costs for all investors at all size trades, which can significantly lower total ETF costs."
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Source: BlackRock
U.S. IPOs Raise Lowest Amount in Decade Versus Cash Aim
September 24, 2010--Companies in the U.S. are raising less this year from initial public offerings than any time in at least a decade compared with the amount they filed to sell.
IPOs on the New York Stock Exchange and the Nasdaq Stock Market have raised $19.1 billion in 2010, while companies from Nielsen Holdings BV and Demand Media Inc. to General Motors Co. filed with the Securities and Exchange Commission to sell $48.9 billion in shares, according to data compiled by Bloomberg. That’s the widest gap since at least 1999, the data show.
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Source: Bloomberg
