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United States Commodity Funds Launches the first 3rd Generation Commodity ETP
August 10, 2010--The United States Commodity Funds is pleased to announce the launch of the United States Commodity Index Fund (NYSE: USCI), the first 3rd Generation Commodity ETP. USCI seeks to provide clients with diversified commodity exposure while addressing some of the major obstacles of investing in commodity futures.
USCI is based on the SummerHaven Dynamic Commodity Index (SDCI), a rules based commodity index that seeks to identify long-term sources of return in commodity futures based on fundamental signals about the underlying physical commodity markets.
USCI differs from other Commodity ETFs in the following ways:
Commodity Selection - Unlike 1st and 2nd generation commodity indices which are always fully invested in the same commodities, the SDCI is comprised of 14 Futures Contracts that will be selected on a monthly basis from a list of 27 possible Futures Contracts.
Commodity Weighting - Each of the 14 commodities in the SDCI are equally weighted, providing meaningful exposure to each commodity that we believe has the best chance to outperform in the short-run.
Curve Selection - Rather than obtaining all of our commodity exposure at the front month, the SDCI is rules-based and rebalanced monthly. The composition of the SDCI in any given month will be determined by quantitative formulas relating to the prices of the futures contracts as they relate to both price momentum and inventory levels.
Visit http://www.unitedstatescommodityindexfund.com/ for more info
Source: USCI
Agencies Issue Advance Notice of Proposed Rulemaking Regarding Alternatives to the Use of Credit Ratings
August 10, 2010--The federal banking agencies (agencies) today have agreed to publish an advance notice of proposed rulemaking (advance notice) regarding alternatives to the use of credit ratings in their risk-based capital rules (capital rules) for banking organizations. The advance notice is issued in response to section 939A of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Act), enacted on July 21, 2010, which requires the agencies to review regulations that (1) require an assessment of the credit-worthiness of a security or money market instrument and (2) contain references to or requirements regarding credit ratings. In addition, the agencies are required to remove such references and requirements and substitute in their place uniform standards of credit-worthiness, where feasible.
Through this advance notice, the agencies are seeking to gather information as they begin to develop alternatives to the use of credit ratings in their capital rules. This advance notice describes the areas in these capital rules where the agencies rely on credit ratings, as well as the Basel Committee on Banking Supervision's recent amendments to the Basel Accord. The advance notice solicits comment on alternative standards of creditworthiness that could be used in lieu of credit ratings. It requests comment on a set of criteria the agencies believe are important in evaluating creditworthiness standards, including risk sensitivity, transparency, consistency, and simplicity. It asks for comment on a range of potential approaches, including basing capital requirements on more granular supervisory risk weights or on market-based metrics, as well as on how these approaches might apply to different exposure categories. It also seeks comment on the feasibility of and burden associated with alternative methods of measuring creditworthiness for banking organizations of varying size and complexity.
full text-Advance Notice of Proposed Rulemaking Regarding Alternatives to the Use of
Credit Ratings in the Risk-Based Capital Guidelines of the Federal Banking Agencies
Source: Federalreserve.gov
FOCM Statement
August 10, 2010--Information received since the Federal Open Market Committee met in June indicates that the pace of recovery in output and employment has slowed in recent months. Household spending is increasing gradually, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising; however, investment in nonresidential structures continues to be weak and employers remain reluctant to add to payrolls. Housing starts remain at a depressed level. Bank lending has continued to contract. Nonetheless, the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, although the pace of economic recovery is likely to be more modest in the near term than had been anticipated.
Measures of underlying inflation have trended lower in recent quarters and, with substantial resource slack continuing to restrain cost pressures and longer-term inflation expectations stable, inflation is likely to be subdued for some time.
The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.
To help support the economic recovery in a context of price stability, the Committee will keep constant the Federal Reserve's holdings of securities at their current level by reinvesting principal payments from agency debt and agency mortgage-backed securities in longer-term Treasury securities.1 The Committee will continue to roll over the Federal Reserve's holdings of Treasury securities as they mature.
The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to promote economic recovery and price stability.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; James Bullard; Elizabeth A. Duke; Donald L. Kohn; Sandra Pianalto; Eric S. Rosengren; Daniel K. Tarullo; and Kevin M. Warsh.
Voting against the policy was Thomas M. Hoenig, who judges that the economy is recovering modestly, as projected. Accordingly, he believed that continuing to express the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted and limits the Committee's ability to adjust policy when needed. In addition, given economic and financial conditions, Mr. Hoenig did not believe that keeping constant the size of the Federal Reserve's holdings of longer-term securities at their current level was required to support a return to the Committee's policy objectives.
1. The Open Market Desk will issue a technical note shortly after the statement providing operational details on how it will carry out these transactions.
2010 Monetary Policy Releases
Source: Federal Open Market Committee (FOCM)
State Street Global Advisors-ETF SNAPSHOT: JULY 2010
August 10, 2010--As of July 31, 2010, 917 ETFs — with assets totaling approximately $822BN — were managed by 33 ETF managers. ETF industry assets rose $50BN for the month — up 6.5%.
Year-to-date, ETF assets have increased $46BN, or 6.0%.
STATE STREET HIGHLIGHTS, JULY 2010
br>SPDR® Barclays Capital High Yield Bond ETF [JNK] surpassed $5BN in assets in July, fueled by inflows of more than $628MM in July and $1.6BN year-to-date.1 JNK trades 2,313,977 shares per day (20 Day Avg.) and has an average daily volume of more than $91MM dollars — making it the most liquid high yield bond ETF. JNK has had the highest inflows of any high yield bond ETF YTD.
ASSET CLASSES OVERALL
The S&P 500® Index bounced back in July, returning 7.1%, while the MSCI EAFE Index and MSCI Emerging Markets Index rose 9.5% and 8.4%, respectively. US Bonds advanced with the Barclays U.S. Treasury Index gaining 0.7% and the Barclays U.S. Aggregate Index climbing 1.1%. For Commodities, the S&P® GSCI Index returned 5.6% in July.
The International and Size categories had the largest increases in AUM.
The Commodity category saw the largest decline in assets, dropping $3.7BN, or 4.7%.
SIZE/STYLE
Large Cap had the largest increase in assets, up $6.7BN followed by Small Cap with $3.3BN.
AllCap - Value was the only category with a decline in assets for the month, down $2MM.
SECTOR
All Sector categories saw increases in assets in July with the exception of Materials, down $436MM, or 3.6%.
Energy and REITs led asset increases, gaining $1.2BN and $1.3BN, respectively.
For more information, including research and statistics, please visit www.spdrs.com.
Source: State Street Global Advisor
Plunge in May Highlighted Concerns With ETF Trading
August 10, 2010--The May 6 stock market plunge in the U.S. exposed hazards in the use of exchange-traded funds during periods of volatility, ETF sponsors such as State Street Global Advisors’ James Ross said at a panel today in New York.
Investors using the funds should avoid the market when it is gyrating if they can, said Ross, a senior managing director at the unit of Boston-based State Street Corp. ETFs made up 70 percent of securities with trades on May 6 that were canceled due to excessive declines, a study by federal regulators found.
Ross said losses may have been worsened for ETF and stock investors by the use of market orders, or requests to buy or sell a security at any available price. About $862 billion was erased from U.S. equity values in less than 20 minutes on May 6 as dozens of ETFs and companies such as Accenture Plc fell as much as 99 percent.
read more
Source: Business Week
Treasury Assistant Secretary for Financial Institutions Michael S. Barr-Implementing the Dodd-Frank Act to End Too Big To Fail
Remarks at the Chicago Club on Next Steps on Financial Reform
August 10, 2010--Last month, President Obama signed into law a comprehensive set of reforms to our financial system that will lay a firm foundation for growth and prosperity in the years ahead.
Last week in Charlotte, I focused on getting the balance right on consumer protection while fostering innovation and growth. Today I want to focus on the task of ending "too- big-to-fail."
The Dodd-Frank reforms will help to make sure that risks taken by banks do not threaten the health of the economy as a whole. These reforms require the largest financial firms to build up their capital and liquidity buffers, constrain their relative size, and place restrictions on their riskiest financial activities. These reforms bring transparency to the shadow banking system and fully regulate our derivatives markets. And these reforms create a mechanism for the government to shut down failing financial firms without putting taxpayers at risk. The import of the Act is clear: in the future, no financial firm will be "too big to fail."
For much of the last century, the American financial system was the envy of the world--surpassing other major developed economies in innovation and productivity growth. It provided investors and consumers with the strongest protections. Its regulatory checks and balances helped create a remarkably long period of relative economic stability. And the financial system was consistently better at directing investment towards the companies and industries where the returns would be the highest.
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Source: U.S. Department of th Treasury
Schwab keeps commission-free policy on ETF trading
August 10, 2010--Charles Schwab Corp said Tuesday it has no plans to change its commission-free trading policy on in-house branded exchange traded funds (ETFs), a move that triggered a price war among retail brokerages.
Schwab launched eight ETFs in November that can be traded online without commission fees, in an effort to increase its presence in a booming corner of the financial markets.
When asked if Schwab would maintain a no-commission policy on its in-house ETFs, Peter Crawford, senior vice president at Schwab said: "Certainly it will continue at Schwab."
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Source: FOX Business
Exchange-Traded Funds: US ETF Weekly Update-Morgan Stanley
August 9, 2010--Highlights
Weekly Flows: $ 5.7Billion Net Inflows
ETFs Traded $281 Billion Last Week
Launches: 3 New ETFs
PowerSharesMakes Index Change
US-Listed ETFs: Estimated Flows by Market Segment
ETFs had net cash inflows of $ 5.7 blnlast; 5thweek in a row of net inflows
Flows driven by US large-cap ($3.6 bln) and EM equity ($2.9 bln) equivalent to over 100% of the net flow
ETF assets stand at $845 bln; up 8% from year-end 2009 levels
Fixed Income ETFs had their weakest net inflows ($66 million) in three months (5/3/10)
$32 bln net inflows into ETFs over 13 wks; Fixed Income and EM equity account for almost 75% of net inflows
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPY had the largest net inflows for US ETFs at $2.5 billion lastweek
The trend of net inflows into US large-cap (SPY & QQQQ) continues on a 1-4-and 13-week basis, as do the outflows from US small-cap
Two high yield corporate ETFs among the strongest net inflows; Two shorter duration Treasury ETFs among those with largest net outflows
request report
Source: Morgan Stanley
WisdomTree Launches Emerging Markets Local Debt Fund (ELD)
August 9, 2010--WisdomTree, an exchange-traded fund ("ETF") sponsor and asset manager, announced today the launch of the WisdomTree Emerging Markets Local Debt Fund (ELD) on the NYSE Arca. ELD is designed to provide exposure to emerging market debt denominated in local currencies and has an expense ratio of 0.55%. The Fund currently has $125 million in assets.
ELD is an actively managed ETF sub-advised by Mellon Capital Management Corporation.
"We believe emerging market debt is an attractive asset class, based on the faster growth and typically higher yields available in these countries relative to the U.S. and developed world," said Bruce Lavine, WisdomTree President & COO. "ELD will offer full exposure to local currencies, a feature we consider important for many investors because of the potential lower correlations and currency appreciation against the U.S. dollar."
There are risks associated with investing including possible loss of principal. Foreign investing involves special risks, such as risk of loss from currency fluctuation or political or economic uncertainty. Investments in emerging, offshore or frontier markets are generally less liquid and less efficient than developed markets and are subject to additional risks, such as of adverse governmental regulation and intervention or political developments. Derivative investment risk can be volatile and may be less liquid than other securities and more sensitive to the effects of varied economic conditions. Fixed income investments are subject to interest rate risk; their value will normally decline as interest rates rise. In addition when interest rates fall income may decline. Fixed income investments are also subject to credit risk, the risk that the issuer of a bond will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuers ability to make such payments will cause the price of that bond to decline. Unlike typical exchange-traded funds, there is no index that the Fund attempts to track or replicate. Thus, the ability of the Fund to achieve its objective will depend on the effectiveness of the portfolio manager. Please read the Fund's prospectus for specific details regarding the Fund's risk profile.
Source: WisdomTree
CFTC Seeks Public Comment on a Proposal to Amend the Requirements for Acknowledgment Letters
August 9, 2010-- The Commodity Futures Trading Commission (CFTC) today published in the Federal Register a proposal to amend CFTC regulations 1.20, 1.26 and 30.7. These regulations concern the acknowledgment letters that a futures commission merchant or derivatives clearing organization must obtain from any depository holding its segregated customer funds or funds of foreign futures or foreign options customers.
The proposal sets out standard template acknowledgment letters that reaffirm and clarify the obligations depositories incur when accepting segregated customer funds or funds of foreign futures or foreign options customers.
The CFTC seeks public comment on the proposal. The comment period will last 30 days following publication in the Federal Register. Copies may be obtained by accessing the Commission’s website, www.cftc.gov. Interested parties may submit their comments electronically to acknowledgmentletter@cftc.gov. All comments received will be promptly posted on the Commission's website.
Source: CFTC.gov
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