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Treasury Releases Build America Bonds Update
April 4, 2010--The Treasury Department today released its monthly comprehensive update on issuances of the Build America Bonds program, including state-by-state data. The Build America Bonds program is a financing tool created by the American Recovery and Reinvestment Act to allow state and local governments to obtain much-needed funding, at lower borrowing costs, for new capital projects such as construction of schools and hospitals, development of transportation infrastructure, and water and sewer upgrades.
Build America Bonds, which are taxable bonds, are designed to appeal to a broader set of investors than traditional tax-exempt bonds. Under the Build America Bonds program, the Treasury Department makes a direct payment to the state or local governmental issuer in an amount equal to 35 percent of the interest payment on the Build America Bonds. Potential new investors include pension funds that typically do not hold tax exempt bonds and foreign investors. These investors have been important additions to the market for municipal debt.
"Build America Bonds have changed the landscape of the municipal bond market by opening it to a broader range of investors," said Alan B. Krueger, Assistant Secretary for Economic Policy at the Treasury Department. "Expanding and making this program permanent, as the President proposed in the budget, will further improve the long-term functioning of the municipal bonds market."
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Source: US Department of the Treasury
U.S. Department of the Treasury Economic Statistics - Monthly Data Update
March 5, 2010--The Economic Statistics - Monthly Data for U.S. Department of the Treasury has been updated.
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Source: U.S. Department of the Treasury.
Alps files with the SEC
March 4, 2010--Alps has filed an amended registration statement with the SEC for
The NYSE Arca U.S. Equity Reverse Convertible Index Fund
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Source: SEC.gov
CME Group And Dow Jones Receive Clearance To Proceed With Index Services Joint Venture
March 4, 2010--CME Group, the world's leading and most diverse derivatives exchange, and Dow Jones & Company today announced that the Federal Trade Commission and U.S. Department of Justice have granted early termination of the waiting period under the Hart-Scott-Rodino Act for the companies' previously announced index services joint venture, satisfying one of the conditions to the closing of the transaction. The companies expect to close the transaction, subject to the satisfaction of other customary closing conditions, by the end of March 2010.
On February 10, 2010, CME Group and Dow Jones announced that they signed a definitive agreement in which CME Group will take a 90 percent ownership interest and Dow Jones will take a 10 percent ownership interest in a new joint venture that will own the Dow Jones Indexes, which includes The Dow Jones Industrial Average and approximately 130,000 index properties.
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Source: CME Group
BM&FBOVESPA adheres to the UN Principles for Responsible Investment
March 4, 2010-On Wednesday March 3, 2010, in Rio de Janeiro Mr. Edemir Pinto, BM&FBOVESPA’s Chief Executive Officer, formalized the adhesion of the Brazilian Exchange to the agreement entitled “Principles for Responsible Investment” (PRI) – a United Nations initiative developed by leading institutional fund managers and other financial market agents in support of responsible investment. The official signing took place during PRI’s international board meeting, which for the first time ever is being held in Brazil from the 3 rd to the 5 th of March in an event sponsored by (PREVI) the employee pension fund of the Banco do Brasil.
As a signatory to the PRI, BM&FBOVESPA seeks to inspire other investors to adhere to this agreement, and to encourage listed companies to report their socio-environmental initiatives to the marketplace. BM&FBOVESPA’s adhesion to the PRI guidelines reinforces its commitment to this agenda, and adds yet another important socio-environmental practice to the ones it has already implemented. It should also be noted that BM&FBOVESPA was the first Exchange in the world to sign the UN Global Pact in 2004, and that it is the founder of one of the world’s leading sustainability indexes, the ISE, which will commemorate its fifth year of operation in 2010.
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Source: BM&FBOVESPA
Brown Brothers Harriman Names Shawn R McNinch As Global ETF Product and Sales Head
March 4, 2010--Brown Brothers Harriman & Co. (BBH) announced today the appointment of Shawn R. McNinch, Senior Vice President, to Global ETF Product and Sales Head.
Visit www.bbh.com for more info.
Source: Brown Brothers Harriman & Co. (BBH)
CBOE To Launch S&P 500 Dividend Index Options March 5 ADV
March 4, 2010--CBOE plans to list options on the S&P 500® Dividend Index (options ticker symbol: DVS) on Friday, March 5, 2010. The first contract of its kind in the U.S., S&P 500 Dividend Index Options are listed exclusively at CBOE.
The S&P 500 Dividend Index, calculated by Standard & Poor’s®, represents the ordinary cash dividends for corporations comprising the S&P 500 Index, accumulated over a quarterly “accrual period.” CBOE’s S&P 500 Dividend Options are based on ten times the value of the S&P 500 Dividend Index.
For more information, see www.cboe.com/DVS.
Source: CBOE
CFTC Chairman Gensler to Meet With Regulators to Discuss Critical Issues Related to Financial Regulatory Reform during Visits to Brussels and London
Chairman to Speak to the European Parliament’s ECON Committee while in Brussels and Chatham House while in London
March 4, 2010--Commodity Futures Trading Commission Chairman Gary Gensler is scheduled to meet with various high-level financial services regulators in Brussels and London to discuss critical issues related to financial regulatory reform during the week of March 15 - 18. In addition, on March 16, 2010,
Chairman Gensler will address a formal committee meeting of the European Parliament’s Economic and Monetary Affairs Committee in Brussels and on Thursday, March 18, 2010, he will deliver a keynote address at a conference sponsored by Chatham House in London.
Immediately following the events of March 16th and 18th, Chairman Gensler will be available to meet with members of the press.
Source: CFTC
Emerging Markets Week in Review -2/22/2010 - 2/26/2010
March 3, 2010--The Dow Jones Emerging Markets Composite Index gained 0.12% last week. Technology, the best performing sector so far in 2010 (+2.60%), was up 1.49% for the week and Health Care climbed 1.45%. Consumer Goods and Telecom were the two worst performing groups, down 0.65% and 0.64% respectively.
With much attention still on the budget problems of several EU members, emerging market countries such as Turkey may begin to question the benefits of joining. Does EU membership mean greater financial stability? Bob Holderith, President and CEO of Emerging Global Advisors LLC, weighs in.
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Source: Emerging Global Advisors
DB Index Research -- Weekly ETF Market Review - US - Revamped
March 3, 2010--Highlights
New Listings and Delistings
There were 5 new listings in the last week (Fig. 8). Direxionshares listed 2 Fixed Income ETFs offering +3X and -3X exposure on 2-Year US Treasury while the remaining ETPs were issued by Emerging Global Shares, Sprott AM, and Credit Suisse offering one new ETP each. Sprott’s gold trust will try to compete with GLD by offering bullion stored in Canada and some tax advantages for US investors, although with a higher TER. All the new listings were on NYSE Arca.
Net Cashflows
This week, $1.43 bn flowed into ETPs. Equity ETPs had an outflow of $634 mm, while Fixed Income and Commodity ETPs had an inflow of $1.76 bn and $109 mm, respectively.
In the Equity asset class, US sector ETPs had the highest inflows of $822 mm followed by Leverage Short ETPs, while Large Cap ETPs experienced the largest outflows of $1.91 bn, followed by Small Cap and Regional (Emerging Markets) ETPs. Style ETPs gathered significant assets as well .
Sovereign ETPs contributed the most to the positive cash flows into Fixed Income ETPs (Fig. 13 and 16). Within Commodity ETPs, those tracking Gold had the largest inflows, while Oil ETPs saw the largest outflows
Turnover
ETP turnover decreased by 8.4% during last week and totaled $74 bn.
Equity ETP turnover experienced the largest decrease. Turnover has decreased aroud 9% for nearly all Equity segments
For Fixed Income ETPs, turnover in the Sovereign space increased the most (Fig. 31 and 34). Commodity ETP turnover decrease was mainly driven by Gold, Silver, and Natural Gas (Fig. 32 and 35).
Assets Under Management (AUM)
US ETPs AUM remained about the same as last week totalling $766 bn at the end of last week. Equity ETPs had the lion’s share with $567 bn and 74% of market share, followed by Fixed Income funds with $118 bn and 15% of market share (Fig. 7).
To request a copy of the report
Source: Aram Flores and Shan Lan -DB Index Research