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CFTC.gov Commitments of Traders Reports Update
August 20, 2010--CFTC.gov Commitments of Traders Reports have been updated for the week of August 17, 2010.
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Source: CFTC.gov
U.S. International Reserve Position
August 20, 2010--The Treasury Department today released U.S. reserve assets data for the latest week. As indicated in this table, U.S. reserve assets totaled $129,137 million as of the end of that week, compared to $131,216 million as of the end of the prior week.
I. Official reserve assets and other foreign currency assets (approximate market value, in US millions)
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August 13, 2010 |
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A. Official reserve assets (in US millions unless otherwise specified) 1 |
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129,137 |
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(1) Foreign currency reserves (in convertible foreign currencies) |
Euro |
Yen |
Total |
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(a) Securities |
9,094 |
15,087 |
24,181 |
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of which: issuer headquartered in reporting country but located abroad |
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0 |
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(b) total currency and deposits with: |
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(i) other national central banks, BIS and IMF |
13,376 |
7,393 |
20,768 |
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ii) banks headquartered in the reporting country |
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0 |
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of which: located abroad |
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0 |
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(iii) banks headquartered outside the reporting country |
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0 |
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of which: located in the reporting country |
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0 |
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(2) IMF reserve position 2 |
12,278 |
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(3) SDRs 2 |
56,172 |
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(4) gold (including gold deposits and, if appropriate, gold swapped) 3 |
11,041 |
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--volume in millions of fine troy ounces |
261.499 |
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(5) other reserve assets (specify) |
4,697 |
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--financial derivatives |
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--loans to nonbank nonresidents |
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--other (foreign currency assets invested through reverse repurchase agreements) |
4,697 |
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B. Other foreign currency assets (specify) |
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--securities not included in official reserve assets |
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--deposits not included in official reserve assets |
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--loans not included in official reserve assets |
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--financial derivatives not included in official reserve assets |
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--gold not included in official reserve assets |
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--other |
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Source: U.S. Department of the Treasury
Grail Advisors and RiverPark Capital Fine-Tune Investment Lineup-closing 2 ETFs
August 20, 2010--Grail Advisors, an innovator in the development and distribution of actively-managed exchange traded funds (ETFs), and RiverPark Capital, a leading money manager, today announced that they will close two funds, RP Technology ETF (RPQ) and RP Financials ETF (RFF).
The Board of Directors of the Grail Advisors ETF Trust approved the closures at its August 20, 2010 meeting.
"By all appearances, the marketplace is not ready for these sector funds. We've been pleased with the performance of the RP Technology ETF but flows have still been disappointing," said Morty Schaja, CFA, CEO, and Managing Partner at RiverPark Capital. "I believe investors will be better served by incorporating the best ideas of these two sector funds into our RP Growth ETF (RPX) offering."
"Our goal is to bring investors a full complement of traditional, active fund managers and strategies to the ETF marketplace," said William M. Thomas, CEO of Grail Advisors LLC. "With this move, we are dedicating our resources to the areas of most interest to investors, including the introduction of several exciting new funds in the coming months that will have broad appeal in the marketplace."
Trading in both funds will be suspended prior to market-open on Monday August 30, 2010. Shareholders who do not sell their fund shares by this date will have their shares automatically redeemed for cash on Tuesday August 31, 2010, the funds' last day of operations.
Source: RiverPark Advisors LLC/Grail Advisors
Claymore files with the SEC
August 20, 2010-Claymore has filed a post-effective amendment, registration statement with the SEC for
Wilshire Micro-Cap ETF (WMCR).
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Source: SEC.gov
Gensler Statement on CFTC/SEC Public Roundtable to Discuss Governance and Conflicts of Interest in the Clearing and Listing of Swaps
August 20, 2010--Commodity Futures Trading Commission Chairman Gary Gensler today commented on the joint CFTC-SEC Public Roundtable to Discuss Governance and Conflicts of Interest in the Clearing and Listing of Swaps.
Chairman Gensler said:
“Today’s public roundtable will help us as we move forward to write rules on the important matters of governance of clearinghouses and trading facilities and how to best protect their decision making from conflicts of interest. I thank the CFTC and SEC staffs who worked cooperatively and constructively to plan and execute today’s roundtable. We will continue to collaborate closely with the SEC and other Federal regulators as we draft rules to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act. We look forward to hosting several more roundtables along with the SEC on other important matters related to the Act.”
Source: CFTC.gov
CFTC-SEC Announce Panelists for August 20, 2010, Public Roundtable to Discuss Governance and Conflicts of Interest in the Clearing and Listing of Swaps
August 19, 2010-- The staffs of the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) today announced the panelists for their August 20, 2010, public roundtable to discuss Governance and Conflicts of Interest in the Clearing and Listing of Swaps. Note: the Roundtable’s agenda may be found in Commission press release #5870-10 (see related documents).
Panel One: Identifying Types of Conflicts
Clearing Organizations:
Johnathan Short, Senior Vice President, General Counsel and Corporate Secretary, ICE
William H. Navin, Executive Vice President and General Counsel, OCC
Exchanges/Potential SEFs:
Lee Olesky, CEO and Co-Founder, TradeWeb
Members/Potential Members:
James Hill, Managing Director and Global Credit Derivatives Officer, Morgan Stanley, representing the Securities Industry and Financial, Markets Association
Jason Kastner, Vice Chairman, Swaps and Derivatives Markets Association
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Source: CFTC.gov
Deutsche Bank -Global Equity Index & ETF Research : US ETP Market Weekly Review
August 19, 2010--New Listings and Delistings
There were three products listed over the previous week in NYSE Arca. The new three options offer investors exposure to: an active fixed income fund investing in emerging markets sovereign debt, a commodity product tracking a broad exposure index, and one equity ETF tracking the Indian Infrastructure sector. The ETPs were issued by Wisdom Tree AM, United States Commodity Funds LLC and Emerging Global Shares, respectively
Net Cashflows
Total ETP outflows in the US added up to $10.1 bn during the previous week. Fixed Income, Commodity and Currency ETPs had inflows of $609 mm, $242 mm and $280 mm, respectively. Equity ETPs, on the other hand, experienced outflows of $11.3 bn.
Within Equity ETPs, Global ex-US regional ETPs received the largest inflows ($617 mm) followed by Leveraged ETPs, while Large Cap ETPs saw the largest outflows ($8.4 bn).
The Fixed Income ETPs inflows were led by Corporates ETPs ($403 mm), while Sovereign ETPs experienced the largest outflows ($147 mm).
Commodity ETPs’ positive flows, were driven mainly by Gold ETPs ($290 mm) while broad exposure commodity products experienced the largest outflows ($110 mm).
Turnover
Avg. Daily Turnover increased by a shy 1.5% and totaled $63 bn at the end of the week.
Assets Under Management (AUM)
US ETPs AUM decreased by 4.0%, mainly due to the market decline experienced during last week, totaling $811 bn at the end of the week. Equity ETPs account for 72% of the assets with $586 bn, followed by Fixed Income funds with $142 bn and 18% of market share.
To request a copy of the report
Source: Deutsche Bank Global Equity Index & ETF Research
S&P Launches North American Preferred Stock Index
Measures Preferred Share Market Across U.S. and Canada
August 19, 2010--Designed to serve as an investable benchmark covering the preferred share market across Canada and the United States, Standard & Poor's - the world's leading index provider - launched today the S&P/TSX North American Preferred Stock Index. The Index seeks to provide investors with the opportunity to achieve broad diversification and exposure to North American preferred stocks.
Preferred stocks are a class of securities that combine the characteristics of debt and common stocks. Their returns have low correlations with common stock returns and with bond returns, making them good diversifiers. While their expected volatility and returns lie between those of common stocks and bonds, their yields are typically higher than that of common stock, the bond market and the money market.
"Preferred stocks are attractive to investors in today's low interest rate environment, due to their higher yields," says Steve Rive, Managing Director at S&P Indices. "The S&P/TSX North American Preferred Stock Index will provide investors with a diversified and broadly representative exposure to this important segment of the market."
The S&P/TSX North American Preferred Stock Index is comprised of a 50% equal weighting in the S&P/TSX Preferred Share Index and S&P U.S. Preferred Stock Index. The S&P/TSX Preferred Share Index is comprised of preferred stocks trading on the Toronto Stock Exchange that meet criteria relating to minimum size, liquidity, issuer rating, and exchange listing. The S&P U.S. Preferred Stock Index measures the yield and price performance of preferred stocks in the U.S. equity universe by using a rules-driven methodology. It is comprised of preferred stocks issued by U.S. entities that meet a set of defined criteria.
For more information on the S&P/TSX North American Preferred Stock Index, including methodology, please visit: www.standardandpoors.com/indices.
Source: Standard & Poor's
SPDR (R) ETF Treatment of Weyerhaeuser Company Special Dividend
August 19, 2010--As previously announced on August 4, 2010, SPDR(R) S&P 500 ETF Trust, The Materials Select Sector SPDR(R) Fund , Dow Jones Large Cap ETF , SPDR(R) Dow Jones Large Cap Value ETF and SPDR(R) Dow Jones Total Market ETF (collectively, the "SPDR Funds"), as record holders of Weyerhaeuser Company, do not intend to make a special dividend payment reflecting the amounts received from the Weyerhaeuser Company special dividend. The amounts received from Weyerhaeuser Company will be reflected as part of each SPDR ETFs' scheduled dividend payments.
S&P 500 ETF Trust has elected the "STOCK" option. The Materials Select Sector SPDR(R) Fund, SPDR(R) Dow Jones Large Cap ETF, SPDR(R) Dow Jones Large Cap Value ETF and SPDR(R) Dow Jones Total Market ETF have elected the 'CASH" option. The details of each option are available in Weyerhaeuser Company's prospectus supplement filed with the Securities and Exchange Commission on July 13, 2010. Although several SPDR Funds elected the CASH option, it is expected that each SPDR Fund electing CASH will receive a mix of cash and WY stock. The ratio of cash and stock is not available at this time but, under the terms, up to 90% of the dividend could be paid in WY stock. Each SPDR Fund intends to retain the newly-issued WY securities unless its underlying index does not increase the WY weightings.
If more definitive information or revised information regarding the corporate action becomes available prior to payment date or if circumstances warrant, each SPDR Fund reserves the right to take actions deemed reasonable or necessary to best pursue its investment objectives consistent with the principal investment strategies of each SPDR Fund.
The SPDR Funds undertake no obligation to publicly update these statements to reflect subsequent events or circumstances.
State Street manages more than $200 billion in SPDR ETF assets worldwide (as of June 30, 2010) and is one of the largest ETF providers in the US and globally.
Source: State Street Global Advisors
Jefferies files with the SEC
August 19, 2010--Jefferies files a pre-effective amendment to Form S-1 Registration for
Jefferies Commodity Real Return ETF
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Source: SEC.gov