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CBOE Becomes Publicly Traded Company-IPO Priced At $29 Per Share
June 15, 2010-- After 37 years, the Chicago Board Options Exchange officially became a publicly traded company on Tuesday. Mayor Richard M. Daley was on hand to ring the bell, ushering in a new era. Hundreds of people cheered as shares of CBOE Holdings Inc. began training.
On its first day of trading, CBOE Holdings Inc. logged a double-digit first-day gain.
In the current market, wherein numerous initial public offerings have been postponed or canceled, CBOE was a success. Volatile stock markets and a tentative economic recovery have made investors wary of riskier investments. Half the companies that have gone public this year have priced below expectations, the highest proportion since at least 1999.
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Source: CBS
AlphaPro Files For 3 New Active ETFs In Canada
June 15, 2010--Horizons AlphaPro, the only company providing actively-managed ETFs in Canada, has filed to launch 3 new actively-managed ETFs and 1 more that is technically an index ETF, but where the index is equally weighted.
The 3 Active ETFs are the AlphaPro Global Dividend ETF, AlphaPro Balanced ETF and AlphaPro Corporate Bond ETF. The index ETF being planned is the AlphaPro S&P/TSX 60 Equal Weight Index ETF.
Horizons AlphaPro currently has six Active ETFs that trade on the Toronto Stock Exchange, each with their own active manager who acts as a sub-advisor to the fund. The three new products being planned are the first to have been announced since AlphaPro’s value, dividend and growth Active ETFs were launched in Feb 2010. Aside from AlphaPro, there is currently no other player providing actively-managed ETFs in the Canadian, hence giving Horizons AlphaPro an effective monopoly in the space.
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Source: Daily Markets
Emerging Markets Week in Review- 6/7/2010 - 6/11/2010
June 14, 2010--The Dow Jones Emerging Markets Composite Index gained 1.01% last week as all sectors except Technology were positive. Utilities and Consumer Services were the best performing groups, up 2.25% and 2.08% respectively while Tech, one of the best performers in 2010, lost 2.09%.
Volatility across global equity markets continues to fall from the surge in late May as investors refocus on regions poised for the strongest economic and corporate profit growth. According to strategists from Deutsche Bank AG, current valuations of emerging market stocks could be a poised for returns of up to 42% over the next 12 months.
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Source: Emerging Global Advisors
Schwab Reduces Fees on Six Proprietary Exchange Traded Funds
June 14, 2010-- Charles Schwab, a marketplace leader of exchange traded funds (ETFs), today announced permanent operating expense ratios (OERs) reductions on six of eight Schwab ETFs™, meaning that no other ETFs offer lower expense ratios in their categories than Schwab ETFs™. The six ETFs reducing OERs include:
* Schwab U.S. Broad Market ETFTM from 0.08% to 0.06%
* Schwab U.S. Large-Cap Growth ETFTM from 0.15% to 0.13%
* Schwab U.S. Large-Cap Value ETFTM from 0.15% to 0.13%
Schwab U.S. Small-Cap ETFTM from 0.15% to 0.13%
Schwab International Equity ETFTM from 0.15% to 0.13%
Schwab Emerging Markets Equity ETFTM from 0.35% to 0.25%
Schwab clients will continue to be able to trade all these ETFs commission free online in their Schwab accounts.
“Schwab is committed to providing investors with the building blocks for a well-diversified portfolio at an exceptionally low-cost. Following these most recent reductions, no other ETFs offer lower expense ratios in their categories than Schwab ETFs™ and we will continue to offer them commission-free online for clients that trade in their Schwab accounts.” said Peter Crawford, senior vice president, Investment Management Services at Charles Schwab. “The combination of low costs and the resources to put together smart investment strategies make ETF investing an unbeatable value at Schwab.”
More information is available at www.schwab.com
Source: Charles Scwab
ETF Weekly Update-Morgan Stanley
June 14, 2010--Weekly Flows: $3.7 Billion Net Inflows
Launches: 8 New ETFs; SEA Re-launches
iShares Gold ETF to Undergo 10-for-1 Split
Van Eck Reduces Expense Caps on 3 ETFs
US-Listed ETFs: Estimated Flows by Market Segment
In the midst of rebound in equities, ETFs had net cash inflows of $3.7 bln last week
Flows primarily driven by US Large-Cap and Fixed Income over past week.
Over 4-week period, net outflows driven primarily by SPY.
Over 13-weeks, Fixed Income & Commodities account for 45% of ETF net inflows
$35.6 bln net inflows into US-listed ETFs over past 13 weeks with almost all categories exhibiting net inflows.
US-Listed ETFs: Estimated Largest Flows by Individual ETF
For third straight week, SPDR Gold Trust (GLD) takes in most new money
GLD exhibits largest net inflows on 1-, 4-, 13- week basis.
PowerShares DB US Dollar Bullish Index Fund (UUP), despite solid performance over past 13-weeks,
experienced net outflows of almost $700 million.
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Source: Morgan Stanley Research
SEC, Quebec Autorité Des Marchés Financiers And Ontario Securities Commission Sign Regulatory Cooperation Arrangement
June 14, 2010--- The U.S. Securities and Exchange Commission (SEC), Quebec Autorité des marchés financiers (AMF) and Ontario Securities Commission (OSC) today announced a comprehensive arrangement to facilitate their supervision of regulated entities that operate across the U.S.-Canadian border.
SEC Chairman Mary L. Schapiro, AMF President and CEO Jean St-Gelais and OSC Chair David Wilson executed a memorandum of understanding (MOU) that provides a clear mechanism for consultation, cooperation, and exchange of information among the SEC, AMF and OSC in the context of supervision. The MOU sets forth the terms and conditions for the sharing of information about regulated entities, such as broker-dealers and investment advisers, which operate in the U.S., Quebec and Ontario.
The SEC, AMF and OSC have a long history of cooperation particularly in securities enforcement matters. This MOU would extend this cooperation beyond enforcement by setting forth a framework for consultation, cooperation and information-sharing related to the day-to-day supervision and oversight of regulated entities. The supervision of regulated entities is critical to encouraging compliance with the securities laws, which in turn helps to protect investors and the securities markets generally.
The MOU was signed in Montreal on June 10, 2010, after the close of the 35th Annual Conference of the International Organization of Securities Commissions (IOSCO). It follows on the heels of the IOSCO Task Force on Supervisory Cooperation Report, which was published on 25 May 2010 and is available at: http://www.iosco.org/library/pubdocs/pdf/IOSCOPD322.pdf
In response to the recent financial crisis, the Task Force and many other groups, including the G20, have recommended that regulators enhance the supervision of internationally-active regulated entities by working with their foreign counterparts.
view the MOUs
Source: OSC.gov.on.ca
Frank Announces House Offer to Base Text on Private Funds, Credit Rating Agencies, Thrifts and Insurance
June 14, 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 4 of base text: Private Funds
Title 9, subtitle C of base text: credit rating agencies
Title 3 of base text: OTS/OCC merger; thrift charter
Title 5 of base text: Insurance
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Source: House Financial Services Committee
Teucrium Trading LLC Announces “CORN,” A Single-Commodity ETF
June 14, 2010--Teucrium Trading LLC (Teucrium) announces the launch of its first Exchange Traded Fund (ETF) and the first domestic ETF offering investors and hedgers exposure exclusively to corn. The ETF is a single-commodity ETF that has been developed by Teucrium Trading LLC. The ETF, Teucrium Corn Fund, symbol “CORN” was launched on the NYSE Arca on Wednesday, June 9th.
Teucrium designs next-generation commodity investment products in the popular and highly liquid ETF format. The Teucrium Corn Fund (“CORN”) offers investors and hedgers liquidity, transparency and capacity in a single-commodity ETF product. ETFs are transparent because holdings are disclosed on the website daily and liquid because they can be traded throughout the day.
“As the first Single-Commodity Agriculture ETF, we are breaking new ground by offering access to corn as a commodity,” said Sal Gilbertie, Founder and President of Teucrium Trading LLC. “We have designed an ETF for real exposure to the grain itself. Like any ETFs we offer in the future, CORN offers our unique approach that closely tracks the price of the underlying commodity. I believe our team has the product design expertise and commodities trading experience to offer investors and hedgers a simple and efficient single-commodity ETF product.”
Teucrium Trading LLC’s management team brings decades of commodities industry trading experience. This includes running the commodities desk at a major global brokerage as an active futures and swap trader and market maker in numerous commodities, specializing in energy and grains. They also have successful Initial Public Offering experience and senior financial and operational management expertise from start-ups to Wall Street investment banks.
Source: Teucrium Trading LLC
Morningstar Reports U.S. Mutual Fund and ETF Asset Flows Through May 2010
June 11, 2010--Morningstar, Inc. a leading provider of independent investment research, today reported estimated U.S. mutual fund and exchange-traded fund asset flows through May 2010. Redemptions of nearly $15.0 billion from domestic-equity funds, the largest monthly outflow since March 2009, contributed to outflows of $13.2 billion for all long-term mutual funds in May.
The European economic woes that dominated the headlines throughout the month brought an end to 13 consecutive months of steady inflows for international-stock funds. The asset class saw outflows of nearly $6.0 billion in May. Despite the market malaise, U.S. ETFs saw inflows of $4.8 billion in May, bringing year-to-date net inflows to $24.7 billion. The ETF industry had roughly $792.6 billion in assets as of the end of May.
Additional highlights from the report on mutual funds:
While most bond categories saw positive flows in May, all but 34 of the 146 high-yield bond funds registered outflows in May. A total of $6.3 billion exited the category in May, which is the largest monthly outflow since Morningstar began keeping record in 1998. Conversely, short-term bond funds attracted $4.0 billion in new assets during the month.
Record flows into emerging-markets bond funds suggest that investor perception about the risks of emerging-markets debt has changed. Flows into emerging-markets bond funds have increased steadily since mid-2009.
Although money market funds saw outflows of $20.6 billion in May, the pace of redemptions slowed significantly.
Excluding target-date funds, approximately 80 new funds have launched in 2010. Managed by star fixed-income manager Jeffrey Gundlach, the top newcomer is DoubleLine Total Return, which has amassed total net assets of $610 million since its early April debut.
Additional highlights from the report on ETFs:
Commodities, with more than $5.6 billion in net inflows, topped all ETF asset classes in May. SPDR Gold Shares GLD, which has about $50 billion in total net assets and holds more than 1,200 tons of gold bullion, led the way.
United States Oil USO gathered assets of $751 million in May, as the daily headlines on the oil spill in the Gulf of Mexico sparked newfound interest in speculating on crude.
Taxable-bond ETFs saw inflows of $2.3 billion in May, led by iShares Barclays 1-3 year Treasury Bond SHY with $906 million in net inflows.
Domestic equity was the only asset class among ETFs to experience net redemptions in May, with outflows of $4.7 billion.
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Source: Morningstar
CFTC Proposes Rulemaking Regarding Co-location/Proximity Hosting Services
June 11, 2010--The Commodity Futures Trading Commission (Commission) today announced the publication in the Federal Register of a proposed rule that specifies requirements for Designated Contract Markets, Derivatives Transaction Execution Facilities and Exempt Commercial Markets that list significant price discovery contracts (collectively referred to as “exchanges”) and offer co-location and/or proximity hosting services to market participants. The proposal includes provisions relating to equal access, fees, latency transparency and third party proximity hosting service providers.
Specifically, the provision relating to equal access would require that co-location and proximity hosting services be available to all qualified market participants willing to pay for the services. The provision relating to fees would ensure that cost is not used as a means to deny access to some market participants by pricing them out of the market. The provision relating to latency transparency would ensure that the longest, shortest and average latencies for each connectivity option are readily available to the public. The provision relating to third-party providers would ensure that they can continue to provide hosting services and that exchanges could obtain information about market participants, their systems and their transactions from third-party providers sufficient to carry out self-regulatory obligations.
The Commission continues to study other issues related to high frequency trading, including evaluating the impact of high frequency trading on Commission regulated markets and firms and on price discovery and risk management functions.
Comments regarding the proposed rule should be received by the Commission within 30 days of publication in the Federal Register.
75 FR 33198-proposed rules
Source: CFTC,gov