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Two New Members Join ISE’s Board of Directors
Andreas Preuss Elected ISE’s Vice Chairman
June 16, 2010--The International Securities Exchange today announced that two new members
have been elected to its Board of Directors. Joseph Sellitto, Chief Executive Officer of Global Execution Brokers, an affiliate of Susquehanna International Group (SIG), and Christianna Wood, Chairperson and member of the
Board of Directors for the International Corporate Governance Network, will join the ISE Board effective
immediately. Mr. Sellitto will serve as an industry director representing ISE’s Electronic Access Members (EAMs)
and Ms. Wood will serve as a non-industry director.
In addition to the two new Board members, Andreas Preuss, Chief Executive Officer of Eurex, Michael Juneman, Managing Director of Citadel Derivatives Group LLC, and Timothy Brennan, Head of Automated Market Making at Ronin Capital, were re-elected to the Board. Andreas Preuss was elected to serve as ISE’s new Vice Chairman.
Frank Jones, professor at San Jose State University, and Sarah Miller, Executive Director and General Counsel of the ABA Securities Association, are retiring from their roles on ISE’s Board due to term limits. Peter Bottini, Executive Vice President of Trading and Customer Service for optionsXpress, Inc., is also retiring from the Board.
“Joe Sellitto and Christy Wood are highly regarded industry professionals with vast expertise and proven track records in the securities and investment management business. We are confident that their contributions will strengthen ISE’s leadership going forward,” said Gary Katz, President and Chief Executive Officer of ISE. “We also would like to thank Frank Jones, Sally Miller, and Pete Bottini, who are retiring from the Board. We are truly grateful for their commitment and years of service.”
David Krell, Chairman of the ISE Board, added, “I would like to congratulate Andreas Preuss on assuming the role of Vice Chairman from Frank Jones. Andreas has been an integral member of the ISE Board for the past three years, and we look forward to his continued guidance as he takes on this leadership position on our Board. I would also like to express my sincere gratitude to Sally Miller, Pete Bottini and Frank Jones, who has been a member of the ISE Board since its inception and has served as both Vice Chairman and Chairman. Each of these dedicated individuals brought thoughtful insights and a unique perspective to ISE’s Board, and they will truly be missed.”
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Source: International Securities Exchange (ISE)
SEC Proposes New Measures to Help Investors in Target Date Funds
June 16, 2010-- The Securities and Exchange Commission today voted unanimously to propose rule amendments to help clarify the meaning of a date in a target date fund’s name and enhance the information provided to investors in these funds as they invest for retirement.
Target date funds are designed to make it easier for Americans to invest for retirement by providing the simplicity for which many investors yearn. They’ve been marketed as a “set it and forget it” approach to investing. The name of these funds usually includes a date that represents the year in which the investor intends to retire.
The rule changes proposed by the SEC would enable investors to better assess the anticipated investment glide path and risk profile of a target date fund by, for example, requiring graphic depictions of asset allocations in fund advertisements. The rules also would require an asset allocation “tag line” adjacent to a target date fund’s name in an advertisement.
“These proposed rule changes would help clarify the meaning of the date in a target date fund and improve the information provided when these funds are advertised and marketed to investors,” said SEC Chairman Mary L. Schapiro. “Together these rule amendments are designed to foster investor understanding of target date funds and reduce the possibility that investors will be confused or misled.”
Last month, as a first step to address potential investor misunderstanding of target date funds, the SEC issued an Investor Bulletin jointly with the Department of Labor explaining target date funds and various aspects that an investor should consider before investing in one.
The SEC is seeking public comment on the rule amendments proposed today for a period of 60 days following their publication in the Federal Register.
view Investor Bulletin: Target Date Retirement Funds
Source: SEC.gov
Global X files with the SEC.
June 16, 2010--Global X has filed a post-effective amendment, registration statement with the SEC for
Global X Brazil Consumer ETF
NYSE Arca: BRAQ
Global X Brazil Financials ETF
NYSE Arca: BRAF
Global X Brazil Industrials ETF
Global X Brazil Materials ETF
Global X Brazil Utilities ETF
NYSE Arca: BRAU
Global X Brazil Mid Cap ETF
NYSE Arca: BRAZ
Global X China Mid Cap ETF
NYSE Arca: CHIA
view filing
Source: SEC.gov
Further Additions to the Dow Jones-UBS Commodity Index Series
June 16, 2010--Dow Jones Indexes, a leading global index provider, further expanded the Dow Jones-UBS Commodity index series and launched five single commodity subindexes and three 3-month forward single commodity indexes. Each of the new Dow Jones-UBS single commodity indexes consists of a single commodity. The commodities are Brent crude, feeder cattle, gas oil, orange juice and soybean meal. The new Dow Jones-UBS 3 Month Forward Commodity Indexes comprise longer-dated futures contracts for tin, lead and cocoa.
“Along with rising trading volumes and liquidity, commodities futures markets have recently become much more diversified, sophisticated and international,” said Michael A. Petronella, president designate, Dow Jones Indexes. “By adding these new single commodity indexes to the popular Dow Jones-UBS Commodity index series we now offer market participants reliable and accurate measurement tools for up-and-coming commodities market segments and transparent access to previously opaque market data.”
The Dow Jones-UBS Feeder Cattle and the Dow Jones-UBS Soybean Meal Subindexes consist of futures contracts traded at the Chicago Mercantile Exchange (CMEG). The Dow Jones-UBS Brent Crude, Dow Jones-UBS Gas Oil and Dow Jones-UBS Orange Juice Subindexes comprise futures contracts traded on the IntercontinentalExchange (ICE).
The Dow Jones-UBS Commodity index series consist of the Dow Jones-UBS Commodity Index comprising 19 commodities, nine sector subindexes and 28 single commodity subindexes for aluminum, Brent crude, cocoa, coffee, copper, corn, cotton, crude oil, feeder cattle, gas oil, gold, heating oil, lead, lean hogs, live cattle, natural gas, nickel, orange juice, platinum, silver, soybeans, soybean meal, soybean oil, sugar, tin, unleaded gasoline, wheat and zinc.
The Dow Jones-UBS Commodity Forward Indexes consist of the DJ-UBS Commodity 1-Month Forward Index, the DJ-UBS Commodity 2-Month Forward Index and 3-month forward versions of the DJ-UBS Commodity Index, its 9 Dow Jones-UBS Commodity Sector Subindexes and 26 Dow Jones-UBS Single Commodity Subindexes.
Further information on the Dow Jones-UBS Commodity Indexes can be found at http://www.djindexes.com.
Source: Dow Jones Indexes
Brazil Mid-Cap ETF to Start NYSE Trading June 22, Global X
June 16, 2010--The Brazil Mid-Cap Exchange Traded Fund will start trading on the New York Stock Exchange on June 22, said the chief executive officer of Global X Management Company LLC, the asset manager overseeing the fund.
The ETF, which includes Natura Cosmeticos SA, Brazil’s biggest cosmetics maker, and Cyrela Brazil Realty SA Empreendimentos e Participacoes, the country’s largest homebuilder, will trade under the ticker BRAZ. The ETF, which tracks the Solactive Brazil Mid Cap Index, is the first to invest exclusively in companies with market values of $2 billion to $10 billion, Bruno del Ama, the CEO of New York-based Global X, said in a phone interview from Madrid.
“What you want when you invest in Brazil is to participate in the economy’s development and the country’s growth,” del Ama said. “We’re going to give investors access to local, well- established, less risky companies.”
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Source: Business Week
CBOE Holdings, Inc., Parent of Chicago Board Options Exchange, Lists on the NASDAQ Stock Market
June 16, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world's largest exchange company, announced that CBOE Holdings, Inc. (Nasdaq:CBOE), parent of the Chicago Board Options Exchange, the largest U.S. options exchange and creator of listed options, began trading on Tuesday, June 15 on The NASDAQ Stock Market (NASDAQ). CBOE Holdings will trade under the ticker symbol CBOE.
"We are pleased to welcome the CBOE to The NASDAQ Stock Market, the market of choice for public companies from a variety of sectors," said Bruce Aust, Executive Vice President, Corporate Client Group, NASDAQ OMX. "NASDAQ is thrilled to have the largest U.S. options exchange – which pioneered trading in exchange-traded options in 1973 – among our listed companies."
NASDAQ IPOs have raised roughly $2.6 billion in proceeds year to date. Notable NASDAQ IPOs for 2010 include companies QuinStreet (Nasdaq:QNST), which raised over $150,000,000 in proceeds, Mitel Networks, Inc. (Nasdaq:MITL), and SS&C Technologies (Nasdaq:SSNC).
Source: NASDAQ OMX
Frank Announces House Offer on Financial Stability; Orderly Liquidation Authority; Payment, Clearing, and Settlement Supervision
June 16, 2010--Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes tomorrow.
The issues for tomorrow’s offer:
Title 2: Orderly liquidation authority
Title 8: Payment, clearing, and settlement supervision
Title 1: Financial stability
Title 2: Orderly Liquidation Authority
The House proposes to accept Title II of the Base Text with the following amendments:
Strike Senate provision containing the definition of “financial company” and related text and replace with House provision (replace Senate bill § 201(a)(11), Page 130, line 19 – Page 132, line 8, with House bill § 1602(9), Page 328, line 7 – Page 330, line 3, and strike Senate bill §§ 201(a)(14)-(15), Page 132, line 21 – Page 133, line 3, and 201(b), Page 133, lines 6-20)).
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Source: House Financial Services Committee
U.S. Commodity Futures Trading Commission and Alberta Securities Commission Sign Memorandum of Understanding to Enhance Supervision of Cross-Border Clearing Organizations
June 16, 2010-- Leaders of the U.S. Commodity Futures Trading Commission (CFTC) and Alberta Securities Commission (ASC) signed a new Memorandum of Understanding (MOU), which took effect on June 10, 2010, to enhance cooperation and the exchange of information relating to the supervision of cross-border clearing organizations.
The MOU will help to ensure the sound oversight of clearinghouses providing services in both the United States and Alberta, Canada, and also will help to promote financial integrity and appropriate customer protection in the global derivatives markets.
The MOU was signed by CFTC Chairman Gary Gensler and ASC Chair and Chief Executive Officer Bill Rice.---
Source: CFTC.gov
CFTC Denies OCC Rule Amendment
June 15, 2010-- The Commodity Futures Trading commission (CFTC) today issued a Notice of Non-Approval of a rule amendment submitted by the Options Clearing Corporation (OCC).
The OCC rule amendment would have treated foreign currency contracts where the exercise price is fixed at a nominal amount, such as one cent, as securities options, provided that the CFTC took the position that such contracts may be traded and cleared as such. The CFTC found that the contracts are the economic and functional equivalents of foreign currency futures contracts and are not bona fide options.
Source: CFTC.gov
CFTC Issues Exemption and Approval of Rule Amendment Related to ETFS Physical Swiss Gold Shares and ETFS Physical Silver Shares
June 15, 2010--The Commodity Futures Trading Commission (CFTC) yesterday issued an exemption pursuant to authority granted under Section 4(c) of the Commodity Exchange Act, permitting options and futures on each of ETFS Physical Swiss Gold Shares and ETFS Physical Silver Shares to be traded and cleared as options on securities and security futures, respectively.
This exemption follows similar exemptions granted with respect to gold and silver ETF products issued by SPDR® (exemptions issued on June 5, 2008) and iShares® (exemptions issued on December 30, 2008). After granting the exemption, the CFTC approved a rule amendment submitted for approval by the Options Clearing Corporation permitting such options and futures to be cleared as options on securities and security futures, respectively.
Source: CFTC.gov