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Claymore files with the SEC
March 19, 2010--Claymore has filed a registration statement, post-effective amendment with the SEC for
Wilshire exUS Real Estate ETF.
view filing
Source: SEC.gov
WisdomTree files with the SEC
March 19, 2010--Wisdom Tree has filed post-effective amendment, registration statement with the SEC
WisdomTree Dreyfus Commodity Currency Fund (CCX)
view filing
Source: SEC.gov
NYSE Announces Quarterly Changes To The NYSE Family Of Indexes
March 19, 2010--The New York Stock Exchange will make the following changes to the NYSE U.S. 100, NYSE International 100, NYSE TMT and the NYSE World Leaders Indexes, effective Mon., March 22 as a result of quarterly re-balancing.
NYSE U.S. 100 Index (NY.ID):
The U.S. 100 Index reflects the performance of the 100 largest, by market capitalization, NYSE-listed U.S. companies. The index represents more than one-third of the market capitalization of the entire U.S. market.
NYSE International 100 Index (NYI.ID):
The International 100 Index reflects the performance of the 100 largest, by market capitalization, NYSE-listed non-US companies. It is designed to assist investors seeking to track the largest companies outside the U.S. market.
NYSE TMT Index (NYY.ID):
The TMT Index tracks the top 100 NYSE-listed technology, media and telecom stocks. With approximately the same market cap as the Nasdaq 100, the NYSE TMT Index is the first tool to track exclusively the global TMT market with all components priced on the NYSE during U.S. trading hours.
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Source: NYSE Euronext
Summary: Restoring American Financial Stability-Chairman Chris Dodd (D-CT)
Create a Sound Economic Foundation to Grow Jobs, Protect Consumers, Rein in Wall Street, End Too Big to Fail,
March 18, 2010--Prevent Another Financial Crisis Two years ago today, Bear Stearns was collapsing. In the time since, Americans have faced the worst financial crisis since the Great Depression. Millions have lost their jobs, businesses have failed, housing prices have dropped, and savings were wiped out. The failures that led to this crisis require bold action. We must restore responsibility and accountability in our financial system to give Americans confidence that there is a system in place that works for and protects them. We must create a sound foundation to grow the economy and create jobs
HIGHLIGHTS OF THE NEW BILL
Consumer Protections with Authority and Independence: Creates a new independent watchdog, housed at the Federal Reserve, with the authority to ensure American consumers get the clear, accurate information they need to shop for mortgages, credit cards, and other financial products, and protect them from hidden fees, abusive terms, and deceptive practices.
Ends Too Big to Fail: Ends the possibility that taxpayers will be asked to write a check to bail out financial firms that threaten the economy by: creating a safe way to liquidate failed financial firms; imposing tough new capital and leverage requirements that make it undesirable to get too big; updating the Fed’s authority to allow system-wide support but no longer prop up individual firms; and establishing rigorous standards and supervision to protect the economy and American consumers, investors and businesses.
Advanced Warning System: Creates a council to identify and address systemic risks posed by large, complex companies, products, and activities before they threaten the stability of the economy.
Transparency & Accountability for Exotic Instruments: Eliminates loopholes that allow risky and abusive practices to go on unnoticed and unregulated - including loopholes for over-the-counter derivatives, asset-backed securities, hedge funds, mortgage brokers and payday lenders.
Federal Bank Supervision: Streamlines bank supervision to create clarity and accountability. Protects the dual banking system that supports community banks.
Executive Compensation and Corporate Governance: Provides shareholders with a say on pay and corporate affairs with a non-binding vote on executive compensation.
Protects Investors: Provides tough new rules for transparency and accountability for credit rating agencies to protect investors and businesses.
Enforces Regulations on the Books: Strengthens oversight and empowers regulators to aggressively pursue financial fraud, conflicts of interest and manipulation of the system that benefit special interests at the expense of American families and businesses.
view summary
Source:Senate Committee on Banking, Housing, and Urban Affairs
Restoring American Financila Stability
Remarks of Sen. Chris Dodd -March 16, 2010--Two years ago today, Bear Stearns – a fixture of the American financial system for 75 years – was collapsing.
Six months later to the day – September 15, 2008 – Lehman Brothers filed for bankruptcy.
Today, it is tempting to see those shocking failures as the beginning of the crisis that has claimed millions of jobs, billions of dollars in retirement security, and trillions of dollars in American wealth
But the truth is that those historic collapses weren’t the beginning at all.
The crisis that has led to so much economic carnage in the lives of middle class Americans was caused by the long-standing failure of our regulatory structure to adapt to our changing financial system and prevent the sort of dangerous risk-taking that led us here.
The economic damage that resulted from those failures tears at the very fiber of our middle class.
While some of the most prominent American financial institutions have been destroyed or badly weakened, the far worse damage has been done to millions of American families who did nothing wrong.
A staggering 8.4 million jobs have been lost, and the unemployment rate remains near double digits.
read more
Source: U.S. Senate Committee on Banking, Housing, and Urban Affairs
CME Group and Dow Jones & Company Launch Joint Venture of Dow Jones Indexes Business
March 18, 2010--CME Group Inc. (Nasdaq: CME), the world's leading and most diverse derivatives marketplace, and Dow Jones & Company today announced the launch of the new joint venture company, CME Group Index Services LLC. CME Group has a 90 percent ownership interest and Dow Jones has a 10 percent ownership interest in the new company, which continues to do business as Dow Jones Indexes and includes the Dow Jones Industrial Average as well as approximately 130,000 index properties.
"There is an increased demand for index products and services in the marketplace, particularly outside the U.S.," said CME Group Executive Chairman Terry Duffy. "By combining CME Group's resources and expertise in index derivatives trading with Dow Jones' world-class benchmark indices, we will be well positioned to develop and expand our index and market data offerings, fueling growth opportunities across all asset classes."
"We are pleased to announce the completion of our new joint venture with Dow Jones, which will provide us with new growth opportunities across asset classes and around the world," said Craig Donohue, CME Group Chief Executive Officer. "We look forward to building on the strong products and services, as well as client relationships that Dow Jones has developed. Both institutional and retail customers globally rely on Dow Jones' benchmark indexes, particularly the Dow Jones Industrial Average. Together, we expect to create new opportunities for our customers by developing innovative new products and expanding our market data dissemination services to our global network of clients and exchange partners."
Dow Jones & Company will contribute the Dow Jones Indexes business, valued at $675 million, and CME Group will contribute certain market data services, valued at $607.5 million, to the joint venture. CME Group Index Services LLC, has issued $612.5 million in aggregate principal amount of senior notes due 2018, with an annual coupon of 4.4% and an effective rate of 4.6%, which was used to pay a $607.5 million distribution to Dow Jones. The notes are fully and unconditionally guaranteed by CME Group Inc.
Source: CME Group
SEC Warns Firms on Muni Pay-to-Play Rules
March 18, 2010--The Securities and Exchange Commission today issued a report warning firms that municipal securities rules prohibiting pay-to-play apply to affiliated financial professionals, not just a firm's employees.
The pay-to-play rule, MSRB Rule G-37, generally prohibits firms from underwriting municipal bonds for an issuer for two years after a municipal finance professional (MFP) involved with that firm makes a campaign contribution to an elected official of that municipality.
In the Report of Investigation, the Commission makes clear that an executive who supervises the activities of a broker, dealer, or municipal securities dealer is not exempt from the MSRB's pay-to-play rule just because he or she may be outside the firm's corporate governance structure. As such, an executive may be deemed an MFP if he or she is not part of a broker-dealer, but oversees the broker-dealer from the vantage of the holding company.
view the Report on Investigation
Source: SEC.gov
Three ProShares Short ETFs List on NYSE Arca
March 18, 2010--NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading the ProShares Short FTSE/Xinhua China 25 (Ticker: YXI), the ProShares Short Real Estate(Ticker: REK), and the ProShares Short Basic Materials (Ticker: SBM) ETFs. The ETFs are sponsored by ProShares.
ProShares Short FTSE/Xinhua China 25
The Fund seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the FTSE/Xinhua China 25 Index®. The Index is comprised of 25 of the largest and most liquid Chinese stocks listed on the Hong Kong Stock Exchange.
ProShares Short Real Estate
The Fund seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the Dow Jones U.S. Real EstateSM Index. The Index measures the performance of the real estate sector of the U.S. equity market. Component companies include those that invest directly or indirectly through development, management or ownership of shopping malls, apartment buildings and housing developments; and real estate investment trusts (“REITs”) that invest in apartments, office and retail properties.
ProShares Short Basic Materials
The Fund seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the Dow Jones U.S. Basic MaterialsSM Index. The Index measures the performance of the basic materials industry of the U.S. equity market. Component companies are involved in the production of aluminum, steel, non ferrous metals, commodity chemicals, specialty chemicals, forest products, paper products, as well as the mining of precious metals and coal.
These funds seek a -100% return, respectively, of their indexes for a single day. Due to the compounding of daily returns, returns over periods other than one day will likely differ in amount and possibly direction from the target returns for the same period. Investors should monitor their holdings consistent with their strategies, as frequently as daily. The funds’ prospectuses describing correlation, leverage and other risks are available at www.proshares.com.
Source: NYSE Euronext
FIA Opposes CFTC Position Limit Proposal
March 18, 2010--The Futures Industry Association today filed a major comment letter in opposition to the adoption by the Commodity Futures Trading Commission of its proposed speculative position limits on energy commodities.
The FIA strongly supports the CFTC’s ongoing efforts to prevent price manipulation and to conduct effective market surveillance to protect price discovery,” said FIA President John Damgard. “Based on our analysis, the proposed rules would harm these public interests and should not be adopted.”
view the FIA Comment Letter
Source: FIA
ProShares Launches First Single Inverse ETFs on China, Real Estate and Basic Materials Indexes
Expands Nation's Only Lineup of Single Inverse Equity and Fixed Income ETFs To 14
March 18, 2010-- ProFunds Group, the world's largest manager of leveraged and inverse funds,(1) announced today that it is launching the first ETFs offering single inverse exposure to equity indexes on China, the U.S. Real Estate and the U.S. Basic Materials sectors. Single inverse ETFs seek to provide -100% of the return of an index or benchmark, before fees and expenses, for a single day.
The new ProShares ETFs are: Short FTSE/Xinhua China 25 (YXI), Short Real Estate (REK) and Short Basic Materials (SBM). The ETFs will list today on NYSE Arca.
With today's launches, ProShares expands the nation's only lineup of single inverse equity and fixed income ETFs to 14. These ETFs may be used by knowledgeable investors for short term periods to manage risk or seek profit when markets decline.
"Our existing double inverse ETFs based on these indexes are popular, but some investors prefer the lower volatility of single inverse exposure," said Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC, ProShares' investment advisor. "ProShares is committed to offering the broadest array of inverse ETFs to help knowledgeable investors protect their portfolios or potentially benefit from market dips."
style="display:inline"> ProShares Ticker Symbol Index Objective* Exchange New Single Inverse ProShares Short FTSE/Xinhua China 25 YXI FTSE/Xinhua China 25 Index -100% Daily NYSE Arca Short REK Dow Jones U.S. Real Estate(SM) Index -100% Daily NYSE Arca Real Estate Short Basic Materials SBM Dow Jones U.S. Basic Materials(SM) Index -100% Daily NYSE Arca Existing Single Inverse ProShares Short Dow30 DOG Dow Jones Industrial Average(SM) -100% Daily NYSE Arca Short S&P500 SH S&P 500(R) Index -100% Daily NYSE Arca Short MidCap400 MYY S&P MidCap 400(TM) Index -100% Daily NYSE Arca Short SmallCap600 SBB S&P SmallCap 600(TM) Index -100% Daily NYSE Arca Short Russell2000 RWM Russell 2000(R) Index -100% Daily NYSE Arca Short QQQ PSQ NASDAQ-100(R) Index -100% Daily NYSE Arca Short Financials SEF Dow Jones U.S. Financials(SM) Index -100% Daily NYSE Arca Short Oil & Gas DDG Dow Jones U.S. Oil & Gas(SM) Index -100% Daily NYSE Arca Short MSCI EAFE EFZ MSCI EAFE Index -100% Daily NYSE Arca Short MSCI Emerging Markets EUM MSCI Emerging Markets Index -100% Daily NYSE Arca Short 20+ Year Treasury TBF Barclays Capital 20+ Year U.S. Treasury Index -100% Daily NYSE Arca
*Before fees and expenses
Source: ProShares