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NSX Announces Innovative Sub-Dollar Pricing Schedule
April 9, 2010--
National Stock Exchange (NSX®) is the first Exchange to implement a new structure for liquidity rebates for sub-dollar securities. NSX's updated Fee Schedule incorporates logic which more closely aligns the rebate with the trading characteristics of sub-dollar securities.
Effective Monday, April 12, 2010, NSX will modify its Fee and Rebate Schedule regarding the liquidity adding rebate for securities priced under one dollar. The new schedule will adjust customer rebates for displayed liquidity to be the lesser of 25 percent of the NBBO spread at the time of execution, and 0.25% (25 basis points) of the total dollar volume of the transaction.
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Source: NSZ
ProShares Announces Reverse Share Splits of Nine ETFs
April 9, 2010--ProShares announced today that it will execute reverse share splits on nine ProShares ETFs. The reverse splits will be effective for shareholders of record after the close of the markets on April 14, 2010. Seven of the funds will execute a 1-for-5 reverse split of shares, and two will execute a 1-for-10 reverse split of shares. The funds will trade at their post-split prices on April 15.
The ticker symbols for the funds will not change, and all will continue to trade on NYSE Arca.
The reverse splits will reduce the number of shares outstanding for the funds, and result in a proportionate increase in the price per share of each fund. The reverse splits do not change the value of a shareholder’s investment. For example, for the 1-for-5 reverse splits, every five pre-split shares held by a shareholder will result in the receipt of one post-split share, which will be priced five times higher than the pre-split shares.
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Source: ProShares
Pax World Management LLC files with the SEC
April 9, 2010--Pax World Management LLC has filed a second amended and restated application for exemptive relief with the SEC.
Applicants seek the Order to permit the operation of ESG Shares FTSE Environmental Technologies (ET50) Index Fund,
a new series of the Trust that is based on an equity securities index, the FTSE ET50 Index (the “ET50 Index”).
The requested relief is substantially identical to the prior relief granted by the Commission to the index-based ETFs issued by WisdomTree.
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Source: SEC.gov
Brussels reassures US on financial regulation
April 9, 2010--Michel Barnier, the European Union’s internal market commissioner, has written to Tim Geithner, the US Treasury secretary, to assure him that new rules for the hedge fund and private equity industries will not shut foreign funds out of EU financial markets.
“I am convinced that access to the European single market should be granted to managers and funds domiciled in third countries, including the US, provided that high-level standards of transparency and security are guaranteed,” Mr Barnier wrote in a letter sent last week and seen by the Financial Times.
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Source: FT.com
Voluntary Carbon Credit Auction At BM&FBOVESPA Ends Without Buyer
April 9, 2010--The Brazilian Securities, Commodities and Futures Exchange – BM&FBOVESPA held today the first voluntary carbon credit market auction. A total amount of 180,000 voluntary carbon units, divided into three lots of 60,000 tons, from projects managed by the Social Carbon Company were offered. The auction ended without a buyer.
This auction, the first of its kind to be held at an Exchange in Brazil, shows BM&FBOVESPA’s commitment to the Brazilian carbon credit market.
BM&FBOVESPA’s Carbon Credit Market
This is the third carbon credit auction held at BM&FBOVESPA and the first voluntary carbon credit sale to be held at an Exchange in Brazil. The previous auctions were carried out in 2007 and 2008 and offered Certified Emissions Reductions (CERs), held by the São Paulo Municipal Government, and generated by the Bandeirantes and São João landfill projects.
Source: BM&FBOVESPA
Introducing the Dow Jones U.S. Contrarian Opportunities Index
April 8, 2010--Dow Jones Indexes today announced the launch of the Dow Jones U.S. Contrarian Opportunities Index. The new rules-based index seeks to measure a “contrarian” investment strategy by focusing on companies with strong recent fundamentals but a lagging three-year-trailing return.
The Dow Jones U.S. Contrarian Opportunities Index has been licensed to Javelin Investment Management to underlie an exchange-traded fund (ETF). The ETF will be available tomorrow at NYSE Euronext.
“The Dow Jones U.S. Contrarian Opportunity Index allows market participants for the first time to track a contrarian investment strategy with a rules-based tool,” said Michael A. Petronella, president designate, Dow Jones Indexes. “The Dow Jones U.S. Contrarian Opportunities Index is designed to systematically measure the performance of stocks that lag the broader market in terms of recent performance, but that outrank their peers based on fundamentals-based and other qualitative criteria.”
The universe for the Dow Jones U.S. Contrarian Opportunities Index is the Dow Jones U.S. Broad Stock Market Index, which measures the performance of the largest 2,500 U.S. stocks by float-adjusted market capitalization. These stocks are ranked in descending order by their three-year trailing total returns, and the 1,250 best-performing stocks are removed. The remaining stocks are then ranked in descending order by float-adjusted market capitalization, and the lowest five percent of stocks are removed. The remaining companies join the current index components to form the selection pool and are further ranked by 10 qualitative financial criteria: long-term expected profit growth; enterprise value to EBITDA; earnings-per-share revisions for the current fiscal quarter; earnings-per-share revisions for the next quarter; price/cash flow ratio to five-year median; cash-flow change in the previous quarter; price/earnings ratio; price/free cash flow ratio; total return for the past six months; and five-year sales growth.
For each of the 10 factors, companies are scored based on their ranking; these scores are then summed in a final composite rank. Any existing component company whose composite rank falls from 1-175 will remain in the index, and non-component companies are selected based on composite rank until there are 125 stocks. Sector weighting is capped at 30% of the index.
The Dow Jones U.S. Contrarian Opportunities Index is equal weighted and reviewed semi-annually in January and July with changes taking effect in February and August respectively. The index is calculated in U.S. dollars and both price and total return versions are available. The total return index was up 62.38% in 2009, year-to-date it was up 10.43% as of March 31. Daily back-tested history for the Dow Jones U.S. Contrarian Opportunities Index is available back to January 1, 1999 and monthly back to December 31, 1991. Since its inception on December 31, 1991, the index is up 21.12% annualized based on estimated back-tested data.
For more information on the Dow Jones U.S. Contrarian Opportunities Index, please visit http://www.djindexes.com.
Source: Dow Jones
CBOE To Launch Quarterly GLD Options On Friday, April 9
April 8, 2010--The Chicago Board Options Exchange (CBOE) today announced that it will begin trading quarterly options on the SPDR Gold Trust (GLD) on Friday, April 9. Initial expirations will be in June, September, December and March 2011.
Quarterly options, which were first launched by CBOE in July 2006, are designed to provide market participants with options that expire on the last trading day of each quarter to coincide with end-of-quarter accounting practices. By comparison, traditional (monthly) options generally expire on the Saturday following the third Friday of the month.
The Designated Primary Market Maker (DPM) in GLD quarterly options is CTC, LLC, the same DPM for GLD monthly options.
CBOE introduced GLD options with monthly expirations in June 2008. In 2009, its first full year of trading, volume in GLD options at CBOE totaled 12.7 million contracts. Of the then-seven U.S. options exchanges offering GLD options for trading, CBOE had a 37-percent market share in 2009, according to The Options Clearing Corporation.
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Source: CBOE Group
BNY Mellon ADR Index Monthly Performance Review is Now Available
April 8, 2010--BNY Mellon ADR Index Monthly Performance Review is Now Available.
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Source: BNY Mellon
Van Eck launches Latin America small-cap index ETF
Seeks to Provide Exposure to Domestic Themes in Dynamic Latin American Marketplace.
April 8, 2010--New York-based asset manager Van Eck Global has launched Market Vectors Latin America Small-Cap Index ETF (NYSE Arca: LATM), the first U.S.-listed open-end exchange-traded fund (ETF) designed to give investors exposure to small-cap stocks in Latin America by seeking to track the Market Vectors Latin America Small-Cap Index, it was announced today.
“We believe that small-cap stocks are an excellent way to gain direct exposure to the domestic economy of a country,” said Jan van Eck, Principal at Van Eck Global. “These companies operate largely or exclusively in their home markets and are positioned to take advantage of local economic trends such as growing household wealth and increasing consumer spending. LATM gives investors exposure to one of the world’s most economically dynamic regions.”
Latin America’s gross domestic product (GDP) has grown at an average of 4.6 percent annually since 2005 and is expected to continue expanding at a rate in excess of that of the G-71LATM seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Latin America Small-Cap Index (Total Return Ticker: MVLATMTR), which uses a float-adjusted modified market capitalization weighting methodology.
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Source: Van Eck
ProShares Launches First Leveraged and Inverse Biotechnology ETFs
April 8, 2010-- ProShares, the leading manager of leveraged and inverse ETFs,(1) announced today that it is launching the first ETFs with leveraged and inverse exposure to the biotechnology sector.
The ETFs seek to provide 200% or -200% of the return of the NASDAQ Biotechnology Index(R) for a single day. The NASDAQ Biotechnology Index(R) is the most widely used benchmark for U.S. biotechnology stocks.(2)
The new ProShares ETFs, Ultra Nasdaq Biotechnology (BIB) and UltraShort Nasdaq Biotechnology (BIS), will list on The NASDAQ Stock Market(R) today.
"We're pleased to provide investors with ProShares ETFs benchmarked to the most popular biotech index," said Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC, ProShares' investment advisor. "Many investors have strong opinions on the biotech industry, and these ETFs provide them with leveraged or inverse exposure to the sector to help them act on their views."
ProShares Ticker Index Objective* Exchange
Symbol
New Biotechnology Sector ProShares
Ultra Nasdaq BIB NASDAQ Biotechnology Index(R) +200% Daily NASDAQ
Biotechnology
UltraShort Nasdaq BIS NASDAQ Biotechnology Index(R) -200% Daily NASDAQ
Biotechnology
*Before fees and expenses
Source: ProShares