Americas ETP News
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Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
August 27, 2010--Standard & Poor's Canadian Index Operations announces the following index changes:
The shareholders of Gerdau Ameristeel Corporation (TSX:GNA) have accepted the $US11.00 cash per share offer from Gerdau S.A. Gerdau Ameristeel will be removed from the S&P/TSX Composite and Capped Composite, the S&P/TSX Equity and Capped Equity, the S&P/TSX Completion and Equity Completion, the S&P/TSX Capped Materials and the S&P/TSX Clean Technology Indices effective after the close of trading on Tuesday, August 31, 2010.
The shareholders of Lihir Gold Limited (Nasdaq:LIHR) have accepted the share exchange offer from Newcrest Mining Limited (ASX:NCM) under a Merger Implementation Agreement. The shares of Lihir Gold will be removed from the S&P/TSX Global Gold and Global Mining indices after the close of trading on Friday, August 27, 2010.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poors
RevenueShares files with the SEC
August 27, 2010--RevenueShares has a filed a post-effective amendment, registration statement with the SEC for
RevenueShares Large Cap Fund(RWL)
RevenueShares Mid Cap Fund (RWK)
RevenueShares Small Cap Fund (RWJ)
RevenueShares Financials Sector Fund (RWW)
RevenueShares ADR Fund(RTR)
RevenueShares Navellier Overall A-100 Fund
view filing
Source: SEC.gov
NASDAQ OMX and DWS Investments Launch Volatility Target Index to Manage Investment Risk
Augsut 26, 2010-- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and DWS Investments, the U.S. retail unit of Deutsche Bank's global Asset Management division, today jointly announce the launch of the DWS NASDAQ-100 Volatility Target Index (Nasdaq:VOLNDX), a new benchmark designed to provide exposure to the NASDAQ-100 Index(R) in a risk-controlled manner.
"The ability to manage risk cannot be overemphasized in these volatile market conditions," said NASDAQ OMX Executive Vice President John Jacobs. "The DWS NASDAQ-100 Volatility Target Index incorporates a volatility control mechanism, providing investors with adequate levels of exposure to world-class companies while simultaneously limiting risk."
The Index provides variable exposure to the NASDAQ-100 Index using a volatility control mechanism designed to limit risk by dynamically adjusting exposure between the NASDAQ-100 Index (the "NASDAQ Component") and a cash investment (the "Cash Component"). As the volatility of the NASDAQ-100 Index increases, the Index decreases exposure to the NASDAQ-100 Index. As volatility decreases, exposure to the NASDAQ-100 Index increases, potentially becoming leveraged. For more information on the DWS NASDAQ-100 Volatility Target Index, including index methodology, visit NASDAQ.com/indexes.
"Recent market events combined with changing demographics have altered the investment landscape," said Chris Warren, Managing Director and Head of Structured Products Americas at DWS Investments. "Consequently, investment objectives are more complex than just going long the market - investing in a risk-controlled manner is critical given an increased focus upon wealth preservation."
Included in the NASDAQ-100 Index are the 100 largest domestic and international non-financial securities reflecting companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology listed on the NASDAQ. For more information about the NASDAQ-100 Index, including detailed eligibility criteria, visit NASDAQ.com/indexes.
Source: NASDAQ OMX
CFTC to Publish Federal Register Notice Seeking Public Input on Areas of Rulemaking to Implement the Dodd-Frank Wall Street Reform and Consumer Protection Act
August 26, 2010- The Commodity Futures Trading Commission (CFTC) today announced that it will publish in the Federal Register a notice seeking public input on the CFTC’s proposed rulemaking areas to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“The Dodd-Frank Wall Street Reform and Consumer Protection Act will greatly improve transparency and lower risk in the derivatives markets,” CFTC Chairman Gary Gensler said. “The CFTC is charged with writing rules to effectively and comprehensively implement the Dodd-Frank Act. We look forward to hearing the views of the public on this important rulemaking process both before we write the rules and after we published proposed rules.”
The CFTC on July 21, 2010, released the list of 30 areas of rulemaking for over-the-counter derivatives to implement the Act (see CFTC Press Release 5856-10, July 21, 2010).
Instructions for submitting input are in the Federal Register notice. Public input will be posted in their entirety on the Commission’s website.
Source: CFTC.gov
SEC Adopts New Measures to Facilitate Director Nominations by Shareholders
August 25, 2010--The Securities and Exchange Commission today adopted changes to the federal proxy and other rules to facilitate the rights of shareholders to nominate directors to a company's board.
The new rules require companies to include the nominees of significant, long-term shareholders in their proxy materials, alongside the nominees of management. This "proxy access" is designed to facilitate the ability of shareholders to exercise their traditional rights under state law to nominate and elect members to company boards of directors.
Under the rules, shareholders will be eligible to have their nominees included in the proxy materials if they own at least 3 percent of the company's shares continuously for at least the prior three years.
"As a matter of fairness and accountability, long-term significant shareholders should have a means of nominating candidates to the boards of the companies that they own," said SEC Chairman Mary L. Schapiro. "Nominating a director candidate is not the same as electing a candidate to the board. I have great faith in the collective wisdom of shareholders to determine which competing candidates will best fulfill the responsibilities of serving as a director. The critical point is that shareholders have the ability to make this choice."
view the FACILITATING SHAREHOLDER DIRECTOR NOMINATIONS
Source: SEC.gov
Nuveen files with the SEC
August 25, 2010--Nuveen Diversified Commodity Fund has filed a FORM S-1 with the SEC.
view filing
Source: SEC.gov
Van Eck files with the SEC
August 25, 2010--Van Eck as filed a Fifth Amended and Restated Application for exemptive relief with the SEC.
read more
Source: SEC.gov
Business vows to fight US proxy rule
August 25, 2010--US business groups vowed to use “every method available” to fight a rule agreed on Wednesday that will allow shareholders directly to nominate board directors.
The US Chamber of Commerce warned that the new powers would give union pension funds the “ability to hold the board hostage on narrow issues”.
But investor groups welcomed the change as a long-overdue boost to shareholders’ power to hold underperforming boards to account.
The Securities and Exchange Commission on Wednesday approved the contentious “proxy access” proposal on a vote split 3-2, with the two Republican commissioners opposing it.
read more
Source: FT.com
Deutsche Bank Global Equity Index & ETF Research : US ETP Market Weekly Review
August 25, 2010--New Listings and Delistings
There were no new products listed over the previous week.
Net Cashflows
Total ETP inflows in the US added up to $4.2 bn during the previous week. Equity, Fixed Income, Commodity and Currency ETPs had inflows of $1.9 bn, $1.4 bn, $732 mm and $99 mm, respectively.
Within Equity ETPs, Emerging Markets regional ETPs received the largest inflows ($1.3 bn) followed by Small Cap ETPs, while Large Cap ETPs saw the largest outflows ($663 mm).
The Fixed Income ETPs inflows were led by Sovereign ETPs ($589 mm) and no fixed income sub-segment experienced any outflow.
Commodity ETPs experienced positive flows as Gold ETPs recover ground after a series of weeks recording outflows, gold related inflows totaled $634 mm during last week. On the contrary, broad exposure commodity products experienced the largest outflows ($157 mm) again.
Turnover
Avg. Daily Turnover decreased by 5.1% and positioned itself right below $60 bn at the end of the week.
Assets Under Management (AUM)
US ETPs AUM remained at about the same level, totaling $815 bn at the end of the week. Equity ETPs account for 72% of the assets with $587 bn, followed by Fixed Income funds with $143 bn and 18% of market share.
To request a copy of the report
Source: Deutsche Bank Global Equity Index & ETF Research
ISE Expands Modified Maker/Taker Pricing Program
August 25, 2010--The International Securities Exchange (ISE) announced today that it will expand its modified maker/taker pricing program on September 1 to cover 100 symbols listed on the exchange. With this expansion, symbols comprising over 60% of total ISE volume will be part of its
modified maker/taker pricing structure. Introduced in April, highlights of ISE’s modified maker/taker pricing
program include rebates for market makers who meet market quality thresholds, competitive taker fees
for non-customer orders and no taker fees for retail-sized customer orders. ISE’s patented customer
priority, pro-rata market structure remains in place across all names.
“We have received tremendous support from our member firms for the combination of our pro-rata,
customer priority market structure with modified maker/taker pricing,” said Boris Ilyevsky, Managing
Director of ISE’s options exchange. “The new fee structure has improved ISE’s market quality by
increasing the amount of time ISE is on the National Best Bid and Offer (NBBO). We will continue to monitor the program and will expand where appropriate if further market quality improvements can be achieved.”
ISE’s official Schedule of Fees, all fee notices and the new ISE fee summary are available at
www.ise.com/feenotices. For more information, please contact ISE’s Business Development team at
bizdev@ise.com.
Source: International Securities Exchange (ISE)
