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U.S. Department of the Treasury Economic Statistics - Quarterly Data Update
March 26, 2010--Economic Statistics - Quarterly Data for U.S. Department of the Treasury. This information has recently been updated, and is now available.
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Source: U.S. Department of the Treasury
SEC Staff Evaluating the Use of Derivatives by Funds
March 25, 2010--The SEC staff is conducting a review to evaluate the use of derivatives by mutual funds, exchange-traded funds (ETFs) and other investment companies. The review will examine whether and what additional protections are necessary for those funds under the Investment Company Act of 1940.
Pending the review's completion, the staff has determined to defer consideration of exemptive requests under the Investment Company Act to permit ETFs that would make significant investments in derivatives. The staff's decision will affect new and pending exemptive requests from certain actively-managed and leveraged ETFs that particularly rely on swaps and other derivative instruments to achieve their investment objectives. The deferral does not affect any existing ETFs or other types of fund applications.
"It's appropriate to engage in a more thorough review of the use of derivatives by ETFs and mutual funds given the questions surrounding the risks associated with the derivative instruments underlying many funds," said SEC Chairman Mary Schapiro.
"Although the use of derivatives by funds is not a new phenomenon, we want to be sure our regulatory protections keep up with the increasing complexity of these instruments and how they are used by fund managers," said Andrew Donohue, Director of the SEC's Division of Investment Management. "This is the right time to take a step back and rethink those protections."
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Source: SEC.gov
U.S. Department of the Treasury Economic Statistics - Monthly Data Update
March 25, 2010--Economic Statistics - Monthly Data for U.S. Department of the Treasury. This information has recently been updated, and is now available.
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Source: U.S. Department of the Treasury
Secretary of the Treasury Timothy F. Geithner Written Testimony before the House Committee on Appropriations Subcommittee on State, Foreign Operations, and Related Programs on the Fiscal Year 2011 International Programs Budget Request
March 25, 2010--Chairwoman Lowey, Ranking Member Granger, and Members of the Committee, thank you for the opportunity to discuss the President's Fiscal Year 2011 Budget Request for the Department of the Treasury's International Programs. There has been a long history of bipartisan support for American leadership on these programs and that support has brought substantial achievements in reducing poverty, implementing reforms, and fostering economic growth around the world.
As President Obama noted in his State of the Union address, America's destiny is connected to the welfare and security of those beyond our shores. Our strategy for renewing American leadership is guided by four enduring priorities: 1) supporting economic growth at home and abroad; 2) protecting our national security interests; 3) lifting the lives of the poorest; and 4) promoting global solutions to address climate change and other transnational challenges.
The focused investments contained in Treasury's Budget Request support these key goals.
Supporting Economic Growth
At their core, the multilateral development banks (MDBs) are designed to that support private-sector-led growth and integration into the global economy. U.S. investments in these institutions support efforts to develop property rights and the rule of law, strengthen financial systems, and promote strong institutions, which support the broader objective of expanding economic growth--at home and abroad.
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Source: U.S. Department of the Treasury.
CME Group Announces Launch of International Skimmed Milk Powder Derivative Contracts
March 25, 2010--CHICAGO, March 25, 2010 - CME Group, the world's leading and most diverse derivatives marketplace,
today announced the launch of International Skimmed Milk Powder futures and options on futures contracts beginning May 9 for trade date May 10, 2010.
It is the first exchange-listed dairy contract with physical delivery points located around the world. These contracts are listed with, and subject to, the rules and regulations of CME.
Skimmed milk in powder form has become a popular source of protein because it does not require refrigeration, making it easier to transport and store than fluid milk or dairy products containing fat. Delivery points for the electronically traded product include Auckland (New Zealand), Los Angeles, CA (U.S.), Melbourne (Australia), Newark, NJ (U.S.), Rotterdam (Netherlands) and Seattle, WA (U.S.).
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Source: CME Group
S&P, TSX Launch S&P/TSX Clean Technology Index
March 25, 2010--Standard & Poor's, the world's leading index provider and TMX Group Inc., operator of Toronto Stock Exchange (TSX), announced today the launch of the S&P/TSX Clean Technology Index. The S&P/TSX Clean Technology Index measures the performance of companies listed on TSX whose core business is in the development and deployment of green technologies.
"A growing number of investors are interested in the clean technology investing theme," says Jasmit Bhandal, director of S&P Indices in Canada. "This new index provides a gauge for investors to assess the hypothesis that global interest in clean technology will lead to a favourable environment for clean technology companies."
The S&P/TSX Clean Technology Index draws companies from the investable universe of public companies whose activities provide value-added solutions to environmental problems. S&P and TSX chose Jantzi-Sustainalytics, one of the world's leading providers of environmental, social, and governance research and analysis, to develop and maintain the Clean Technology Classification System.
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Source: Trading Markets
Spinnaker files with the SEC
March 25, 2010--Spinnaker has filed a registration statement with the SEC for
Spinnaker [FAS] Managed Equity ETF Fund
Investment Objective
The Spinnaker [FAS] Managed Equity ETF Fund (the “Fund”) seeks long term capital appreciation through investments in equity securities.
Total Annual Fund Operating Expense: 0.65%
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Source: SEC.gov
DB Index Research -- Weekly ETF Market Review -- US
March 24, 2010--Highlights
New Listings and Delistings
There were 5 new listings in the last week. ProShares added 3 ETFs to its short offering on NYSE Arca, two of them offer inverse access to a couple of US sectors and the remaining one to China. The other 2 funds were launched by First Trust Ad. on Nasdaq, they will aim to track companies in the Copper and Platinum sectors, respectively.
Net Cashflows
This week $3.12 bn flowed into ETPs. Equity and Fixed Income ETPs had inflows of $1.76 bn and $1.20 bn respectively, while Commodity and Currency ETPs had outflows of $81 mm and $24 mm respectively.
In the equity asset class, Small Cap ETPs had the highest inflows of $1.45 bn followed by regional global ex-US products, while US Sector ETPs experienced the largest outflows of $1.2 bn, followed by Leveraged ETPs.
In the Fixed Income ETPs area, Sovereign ETPs had the most significant inflows, while Local Governments funds had the largest outflows
Within Commodity ETPs, those tracking Natural Gas products saw the largest outflows. Meanwhile, broad commodity benchmark ETPs experienced the largest inflows
Turnover
ETP turnover increased by 3.4% during last week and totaled $60 bn.
Equity ETP turnover experienced the largest increase. Turnover increased significantly for Large Cap and US Sector ETPs
The largest turnover increase within Fixed Income ETPs in the past week was on Sovereign products. Commodity ETP turnover “shy” increase was mainly driven by Gold, Oil and Natural Gas.
Assets Under Management (AUM)
US ETPs AUM rose by 1.1% totaling $809 bn at the end of last week. Equity ETPs had the lion’s share with $606 bn and 75% of market share, followed by Fixed Income funds with $122 bn and 15% of market share.
To request a copy of the report
Source: Aram Flores and Shan Lan -DB Index Research
PowerShares files with the SEC
March 24, 2010--PowerShares has filed a post-effective, registration statement with the SEC.
PowerShares S&P SmallCap Consumer Discretionary Portfolio
(NASDAQ Stock Market – XLYS)
PowerShares S&P SmallCap Consumer Staples Portfolio
(NASDAQ Stock Market – XLPS)
PowerShares S&P SmallCap Energy Portfolio
(NASDAQ Stock Market – XLES)
PowerShares S&P SmallCap Financials Portfolio
(NASDAQ Stock Market – XLFS)
PowerShares S&P SmallCap Health Care Portfolio
(NASDAQ Stock Market – XLVS)
PowerShares S&P SmallCap Industrials Portfolio
(NASDAQ Stock Market – XLIS)
PowerShares S&P SmallCap Information Technology Portfolio
(NASDAQ Stock Market – XLKS)
PowerShares S&P SmallCap Materials Portfolio
(NASDAQ Stock Market – XLBS)
PowerShares S&P SmallCap Utilities Portfolio
(NASDAQ Stock Market – XLUS)
view filing
Source: SEC.gov
Deputy Secretary Wolin before the U.S. Chamber of Commerce on "The Urgency of Financial Reform"
“The Urgency of Financial Reform:
Why We Should Not Wait for One More Finance Crisis before Fixing What’s Broken”-As Prepared for Delivery
March 24, 2010--
Thank you, David, for that kind introduction. And thanks for the opportunity to be here today.
On Monday evening, we took an important step towards final enactment of financial reform. The Senate Banking Committee has now voted out a comprehensive bill. Along with the bill passed by the House last December, it represents a strong foundation on which to build a safer financial system.
The bill would establish stronger supervision for financial firms – especially for the largest, most interconnected.
It would bring transparency and oversight to derivatives and other financial markets that were central to the crisis.
It would create an independent bureau of consumer financial protection to set and enforce clear rules of the road.
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Source: U.S. Department of the Treasury