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MSCI to incorporate ESG risks into indices
June 11, 2010--Index firm MSCI, fresh from its $1.55bn (€1.28bn) acquisition of risk and corporate governance advisory firm RiskMetrics, is to create a new product including environmental, social and governance (ESG) factors (amends to clarify that it’s a new product).
Before being acquired by MSCI, RiskMetrics had been on a shopping spree itself, recently acquiring ESG research houses Innovest and KLD. The FT reported that these teams would now be merged and work on integrating ESG criteria into MSCI productss. KLD’s licensing agreement with MSCI’s rival FTSE is now under review, the FT added.
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Source: Responsible Investor
Claymore Re-Introduces a Global Maritime Shipping ETF
Claymore Shipping ETF Provides Investors Access to Shipping Companies
June 11, 2010--Claymore Securities Inc., announced today the launch of the Claymore Shipping ETF (SEA), on the NYSE Arca. SEA is expected to reclaim the position held by Claymore’s previous shipping ETF as the largest, most actively traded US-listed shipping ETF, by providing investors with a cost-efficient means of broadly accessing the rapidly growing global maritime shipping industry.
“We are pleased to be launching the Claymore Shipping ETF, which will provide investors with cost-efficient and broad access to the global shipping industry,” said William Belden, Managing Director, Claymore Securities, Inc. “Because our first shipping ETF was so popular with investors and advisors, the successor fund largely mirrors its structure and seeks to track the performance of the same index.”
The Fund seeks to replicate the performance, before the Fund’s fees and expenses, of the Delta Global Shipping Index (Index Ticker: DGAGSI) which was developed and is maintained by Delta Global Indices LLC, a wholly-owned subsidiary of Delta Global Advisors Inc. The Delta Global Shipping Index includes companies that derive at least 80% of their revenues from operating or leasing ships or from the transportation of goods via ship. Additionally, index constituents must have at least $250 million in market capitalization and a 30-day average daily trading volume of at least $2 million.
For more information on Claymore Shipping ETF please visit www.claymore.com/SEA.
Source: Claymore Securities
Treasury Department Announces TARP Milestone: Repayments to Taxpayers Surpass Tarp Funds Outstanding
June 11, 2010--Today, in its May monthly Troubled Asset Relief Program (TARP) report to Congress, the U.S. Department of the Treasury announced that TARP repayments to taxpayers have, for the first time, surpassed the total amount of TARP funds outstanding.
Treasury's report showed that, through the end of the May, TARP repayments had reached a total of $194 billion, which exceeded the total amount of TARP funds outstanding ($190 billion) by $4 billion.
"TARP repayments have continued to exceed expectations, substantially reducing the projected cost of this program to taxpayers," said Assistant Secretary for Financial Stability Herb Allison. "This milestone is further evidence that TARP is achieving its intended objectives: stabilizing our financial system and laying the groundwork for economic recovery."
TARP repayments officially surpassed total TARP funds outstanding in May when Treasury completed its sale of 1.5 billion shares of Citigroup – a transaction that provided gross proceeds of $6.18 billion to taxpayers.
view the May 2010 Monthly 105(a) Report on the Troubled Asset Relief Program
Source: U.S. Department of the Treasury
CFTC.gov Commitments of Traders Reports Update
June 11, 2010--The CFTC.gov Commitments of Traders Reports has been updated. The current reports for the week of June 8, 2010 are now available.
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Source: CFTC.gov
Component Changes Made to Dow Jones Sector Titans and Dow Jones Emerging Markets Sector Titans Indexes
June 11, 2010--Dow Jones Indexes, a leading global index provider, today announced component changes in the Dow Jones Telecommunications Titans 30, Dow Jones Emerging Markets Telecommunications Titans 30 and Dow Jones Emerging Markets Sector Titans Composite 100 indexes.
In the Dow Jones Telecommunications Titans 30 Index, Carso Global Telecom S.A.B. de C.V. (Mexico, Telecommunications, TELECOM.MX) will be replaced by Swisscom AG (Switzerland, Telecommunications,SCMN.VX).
In the Dow Jones Emerging Markets Telecommunications Titans 30 Index, Carso Global Telecom S.A.B. de C.V. (Mexico, Telecommunications, TELECOM.MX) and Telmex Internacional S.A.B. de C.V. (Mexico, Telecommunications, TELINT.MX) will be replaced by Axiata Group Bhd (Malaysia, Telecommunications, 6888.KU) and TIM Participacoes S/A Pref (Brazil, Telecommunications, TCSL4.BR).
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Source: Dow Jones Indexes
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
June 11, 2010--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Friday, June 11, 2010:
Boyuan Construction Group Inc. (TSXVN:BOY) will be removed from the index. The company will graduate to TSX where it will trade under the same ticker symbol.
Triton Energy Corp. (TSXVN:TEZ) will trade under the new name Waldron Energy Corporation. The new ticker symbol will be "WDN" and the new CUSIP number will be 931344 10 5. The shares will be consolidated on a 1-for-10 basis.
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
Circuit Breakers May Be First Step in Slowing Stocks?
June 11, 2010--The U.S. Securities and Exchange Commission’s plan to impose halts on stocks that swing more than 10 percent may be followed by more measures to slow trading.
The circuit-breaker test, a response to the May 6 plunge that wiped out $862 million of share value in 20 minutes, began as a pilot covering five stocks and is scheduled to expand next week. SEC Chairman Mary Schapiro said yesterday the agency is considering regulating the speed of stock orders as part of a broader effort to rein in electronic markets.
Regulators are under pressure from investors and lawmakers to show they have a grip on markets increasingly dominated by computers trading thousands of shares in less than a second. Different rules on as many as 50 American equity venues helped exacerbate the May 6 selloff as some platforms were overwhelmed with electronic instructions to sell shares.
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Source: Business Week
Standard & Poor’s Announces Changes In S&P/TSX Canadian Indices
June 11, 2010--Standard & Poor's Canadian Index Operations announces the following index changes as a result of the Quarterly S&P/TSX Composite Index Review.
These changes will be
effective at the open on Monday, June 21, 2010.
Changes to the S&P/TSX Composite Index will also affect the S&P/TSX Capped Composite Index.
SEC Approves New Stock-by-Stock Circuit Breaker Rules
"The May 6 market disruption illustrated a sudden, but temporary, breakdown in the market's price setting function when a number of stocks and ETFs were executed at clearly irrational prices," said SEC Chairman Mary Schapiro, who convened a meeting of the exchange leaders and FINRA at the SEC following the market disruption. "By establishing a set of circuit breakers that uniformly pauses trading in a given security across all venues, these new rules will ensure that all markets pause simultaneously and provide time for buyers and sellers to trade at rational prices." Under the rules, trading in a stock would pause across U.S. equity markets for a five-minute period in the event that the stock experiences a 10 percent change in price over the preceding five minutes. The pause, which would apply to stocks in the S&P 500® Index, would give the markets the opportunity to attract new trading interest in an affected stock, establish a reasonable market price, and resume trading in a fair and orderly fashion. Initially, these new rules would be in effect on a pilot basis through Dec. 10, 2010. The markets will use the pilot period to make appropriate adjustments to the parameters or operation of the circuit breakers as warranted based on their experience, and to expand the scope to securities beyond the S&P 500 (including ETFs) as soon as practicable.
"It is my hope to rapidly expand the program to thousands of additional publicly traded companies," added Chairman Schapiro. At Chairman Schapiro's request, the SEC staff also will:
Consider ways to address the risks of market orders and their potential to contribute to sudden price moves.
Consider steps to deter or prohibit the use by market makers of "stub" quotes, which are not intended to indicate actual trading interest.
Study the impact of other trading protocols at the exchanges, including the use of trading pauses and self-help rules.
Continue to work with the exchanges and FINRA to improve the process for breaking erroneous trades, by assuring speed and consistency across markets.
The SEC staff is working with the markets to consider recalibrating market-wide circuit breakers currently on the books — none of which were triggered on May 6. These circuit breakers apply across all equity trading venues and the futures markets. view Order Regarding Exchanges Alps files with SEC
Source: Standard & Poors
June 10, 2010--The Securities and Exchange Commission today approved rules that will require the exchanges and FINRA to pause trading in certain individual stocks if the price moves 10 percent or more in a five-minute period. The rules, which were proposed by the national securities exchanges and FINRA and published for public comment, come in response to the market disruption of May 6.
The SEC anticipates that the exchanges and FINRA will begin implementing the newly-adopted rules as early as Friday, June 11.
Source: SEC.gov
June 10, 2010--Alps has filed a post-effective amendment, registration statement with the SEC for
ALERIAN MLP ETF
view filing
Source: SEC.gov