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Knight launches Knight Advisor Services, appoints ex Morgan Stanley team
July 1, 2010-- Knight Capital Group, Inc. (NYSE Euronext: KCG) has announced that it has established Knight Advisor Services to provide fixed income sales, trading and research to the investment advisor community.
A team of f
ive experienced traders and relationship managers joined Knight from Morgan Stanley to form Knight Advisor Services. Joshua B. Zucker, Managing Director, leads credit sales and trading for the group.
Bohn C. Vergari is a Director in Registered Investment Advisor (RIA) sales. Joseph T. Miller, Vice President, is responsible for credit sales, and Patrick J. Moore is Vice President, broker-dealer sales. John W. Browning, Assistant Vice President, leads business development.
"Investment advisors have been left to develop their own networks of trading partners and research providers. Knight Advisor Services addresses the coverage gap by serving sophisticated investment advisors who seek competitive pricing, deep inventory and service, but who are less active or execute in smaller trade sizes than the average portfolio manager," said Gary Katcher, Executive Vice President, Head of Global Institutional Fixed Income at Knight Capital Group. "We see an opportunity to better serve this client base by combining the expertise of our new team with Knight's electronic and voice access and trading, deep resources, and broad universe of products."
"Knight Advisor Services helps our clients meet the growing demand for fixed income expertise as the U.S. population ages and more investors shift from wealth generation to preservation," Mr. Zucker said. "At the same time, the credit crisis reinforced the need for our clients to differentiate the portfolios they build with fixed income allocations. More advisors are seeking to increase transparency and reduce costs by managing fixed income themselves as opposed to outsourcing to funds. We have the flexibility to meet the needs of advisors who seek greater control over their fixed income portfolios."
Source: Knight
CME Group Announces Gold Futures Open Interest Record
July 1, 2010--CME Group, the world’s leading and most diverse derivatives marketplace, set a daily open interest record in its gold futures contract yesterday.
Open interest reached 605,792 contracts, surpassing the previous record of 603,688 contracts on June 25.
As the world’s leading and most diverse derivatives marketplace, CME Group (www.cmegroup.com) is where the world comes to manage risk. CME Group exchanges offer the widest range of global benchmark products across all major asset classes, including futures and options based on interest rates, equity indexes, foreign exchange, energy, agricultural commodities, metals, weather and real estate.
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Source: CME Group
Invesco PowerShares Appoints RiverFront Investment Group as Index Provider
June 30, 2010- Invesco PowerShares, a leading provider of exchange-traded funds, has announced the appointment of RiverFront Investment Group, LLC as index provider for two tactical, global allocation funds.
Effective today, RiverFront will become the index provider for the PowerShares RiverFront Tactical Balanced Growth Fund (NYSE Arca: PAO) and the PowerShares RiverFront Tactical Growth & Income Fund (NYSE Arca: PCA). RiverFront uses a proprietary Price Matters(SM) optimization process to provide tactical global asset allocation portfolios.
"We have enjoyed an exceptionally strong relationship with Invesco PowerShares over the years and we are proud to be selected as an index solution for their products," said Michael Jones, RiverFront Chairman and Chief Investment Officer. "This appointment gives us another opportunity to strengthen our partnership in a tangible way. Their client-centric culture, product development expertise, and strong distribution relationships set the highest standards for our industry."
Source: Invesco PowerShares
SEC to Publish for Public Comment Proposed Rules Expanding Stock-by-Stock Circuit Breakers
June 30, 2010--The Securities and Exchange Commission today is publishing for public comment proposals by the national securities exchanges and FINRA to expand a recently adopted circuit breaker program to include all stocks in the Russell 1000 Index and certain exchange-traded funds.
The circuit breaker program was approved earlier this month in response to the market disruption of May 6 and currently applies to stocks listed in the S&P 500 Index. Trading in a security included in the program is paused for a five-minute period if the security experiences a 10 percent price change over the preceding five minutes. The pause gives the markets an opportunity to attract new trading interest in an affected stock, establish a reasonable market price, and resume trading in a fair and orderly fashion. The circuit breaker program is in effect on a pilot basis through Dec. 10, 2010.
"The proposals would expand the uniform circuit breakers to many more stocks and ETFs," said SEC Chairman Mary Schapiro. "We look forward to receiving comments from the public on the proposed addition of the Russell 1000 Index securities and the selected exchange-traded funds to the circuit breakers."
A list of the securities included in the Russell 1000 Index, which was rebalanced on June 25, is available on the Russell website. The exchange-traded funds included in the proposal will be available on the SEC's website along with the proposed rule changes under Exhibit 3 to each filing.
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Source: SEC.gov
NYSE Arca Tech 100 Index® Announces Change to Index Components
June 30, 2010-- NYSE Euronext Inc., today announced that the NYSE Arca Tech 100 Index® will replace the following constituent in the index as a result of a corporate action. The changes are effective as of market close on July 1, 2010.
Leaving the Index:
Sybase Inc. (NYSE: SY)
New constituent added to the Index:
SanDisk Corp. (NYSE: SNDK)
A link to the Index guidelines: http://www.nyse.com/pdfs/NYSEArcaTech100IndexGuidelines.pdf
Source: NYSE Euronext
Van Eck files with the SEC
June 30, 2010--Van Eck has filed a post-effective amendment, registration statement with the SEC for
Market Vectors High-Yield Municipal Index ETF (HYD)
Market Vectors Intermediate Municipal Index ETF (ITM)
Market Vectors Long Municipal Index ETF (MLN)
Market Vectors Pre-Refunded Municipal Index ETF (PRB)
Market Vectors Short Municipal Index ETF(SMB)
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Source: SEC.gov
Wisdom Tree files with the SEC
June 30, 2010--Wisdom Tree has filed an application for exemptive relief with the SEC.
The Amended ETF Order would permit:
existing and future Applicant Funds (as defined herein) to operate as “funds of funds” to the extent consistent with then applicable exemptive relief; and
existing and future Applicant Funds to offer and operate a distribution reinvestment program that would permit investors to reinvest distributions at the net asset value on the date of the distribution.
view filing
Source: SEC.gov
U.S. One plans three new ETFs
June 30, 2010--A recent entrant to the world of exchange-traded funds is looking to launch new funds, including one that’s similar to a target date strategy.
U.S. One launched its first ETF, the One Fund (ONEF), on May 11. The actively managed ETF essentially acts as a model portfolio of ETFs and is composed of a portfolio of global equity index-based ETFs managed by The Vanguard Group Inc. and BlackRock Inc.
Once that fund hits $35 million in assets, U.S. One plans to file for three additional funds: a global-fixed-income ETF; a balanced ETF and a series of portfolios that will mimic target date funds.
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Source: Investment News
KBW Announces Change to KBW Capital Markets Index
June 30, 2010--Keefe, Bruyette & Woods, Inc., a full-service investment bank that specializes in the financial services sector, and a wholly owned subsidiary of KBW, Inc., announces upcoming change to the KBW Capital Markets Index.
Effective prior to the opening of business on Tuesday, July 6, 2010, Stifel Financial Corp. /quotes/comstock/13*!sf/quotes/nls/sf (SF 43.39, -0.16, -0.37%) will undergo an increase in shares to account for its acquisition of Thomas Weisel Partners Group Inc. /quotes/comstock/15*!twpg/quotes/nls/twpg (TWPG 5.89, -0.04, -0.67%) .
The KBW indices that have tradable exchange traded funds are: KBW Bank Index (Index Symbol: BKX(SM), ETF Symbol KBE(SM)); KBW Capital Markets Index (Index Symbol: KSX(SM), ETF Symbol KCE(SM)); KBW Insurance Index (Index Symbol: KIX(SM), ETF Symbol KIE(SM)); KBW Mortgage Finance Index (Index Symbol: MFX(SM), ETF Symbol: KME(SM)); and KBW Regional Banking Index (Index Symbol: KRX(SM), ETF Symbol: KRE(SM), KRS(SM), KRU(SM)).
Source: KBW
Invesco PowerShares Announces Index and Name Changes for Five ETF Portfolios
June 30, 2010-- Invesco PowerShares, a leading provider of exchange-traded funds (ETFs), announced today that five existing portfolios will undergo index and name changes effective June 30, 2010. The following five ETF portfolios are affected by this change. The corresponding ticker symbols will remain the same.
PowerShares Autonomic Growth NFA Global Asset (NYSE Arca: PTO)
PowerShares Autonomic Balanced Growth NFA Global Asset (NYSE Arca: PAO)
PowerShares Autonomic Balanced NFA Global Asset (NYSE Arca: PCA)
PowerShares Value Line Timeliness Select (NYSE Arca: PIV)
PowerShares Value Line Industry Rotation (NYSE Arca: PYH)
"As an innovative leader in the ETF industry, we are continually looking for ways to improve our product lineup," said Ben Fulton, Invesco PowerShares managing director of global ETFs. "We believe the new indexes will better align the portfolios with the changing investment landscape, provide investors with the potential for improved risk-adjusted returns, and position our family of ETFs for continued growth."
The new portfolio names and indexes for the five ETFs are listed below.
| Former Portfolio Name | New Portfolio Name | Former Index | New Index |
| PowerShares Autonomic Growth NFA Global Asset Portfolio | PowerShares Ibbotson Alternative Completion Portfolio | New Frontier Global Dynamic Growth Index | Ibbotson Alternative Completion Index™ |
| PowerShares Autonomic Balanced Growth NFA Global Asset Portfolio | PowerShares RiverFront Tactical Balanced Growth Portfolio | New Frontier Global Dynamic Balanced Growth Index | RiverFront Global Tactical Balanced Growth Index™ |
| PowerShares Autonomic Balanced NFA Global Asset Portfolio | PowerShares RiverFront Tactical Growth & Income Portfolio | New Frontier Global Dynamic Balanced Index | RiverFront Global Tactical Balanced Growth & Income Index™ |
| PowerShares Value Line Timeliness Select Portfolio | PowerShares S&P 500 High Quality Portfolio | Value Line Timeliness Select Index | S&P 500® High Quality Rankings Index |
| PowerShares Value Line Industry Rotation Portfolio | PowerShares Morningstar StockInvestor Core Portfolio | Value Line Industry Rotation Index | Morningstar StockInvestor Core Index |
Source: Invesco PowerShares