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BNY Mellon ADR Index Monthly Performance Review is Now Available
March 3, 2010--BNY Mellon ADR Index Monthly Performance Review is Now Available.
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Source: BNY Mellon
Dow Jones Index Data Monthly Report: U.S. Edition
March 3, 2010--Index Data Monthly Report: U.S. Edition from Dow Jones is now available.
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Source: Dow Jones Indexes
Van Eck files with the SEC
March 3, 2010--Van Eck has filed a prospectus with the SEC for
Market Vectors Emerging Markets Local Currency Debt ETF
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Source: SEC.gov
Claymore files with SEC
March 3, 2010-Claymore has filed a post effective amendment, registration statement with the SEC for
Wilshire 5000 Equal-Weighted ETF
NYSE Arca ticker symbol: WEWI
view filing
Source: SEC.gov
Claymore files with the SEC
March 3, 2010-Claymore has filed a post effective amendment, registration statement with the SEC for
Wilshire 5000 Total Market ETF
NYSE Arca ticker symbol: WFVK
Wilshire 4500 Completion ETF
NYSE Arca ticker symbol: WXSP
Wilshire US REIT ETF
NYSE Arca ticker symbol: WREI
view filing
Source: SEC.gov
TradingMarkets Launches Leveraged ETF PowerRatings
March 3, 2010--TradingMarkets today announces the release of Leveraged ETF PowerRatings, a new proprietary system that rates leveraged ETFs on a 1-10 scale measuring the likelihood of their value making a short term price advancement or retreat.
Leveraged ETF PowerRatings was developed by Larry Connors and Connors Research LLC building on the foundation of the research behind Stock PowerRatings and ETF PowerRatings.
Traders who have been trading popular leveraged ETFs like the Direxion Daily Financial Bear 3x Shares, FAZ and the ProShares UltraPro S&P 500 ETF, UPRO now have a place to go for quantified high probability strategies for trading these popular securities.
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Source: PR Newswire
Testimony of Chairman Gary Gensler Before the House Committee on Agriculture Subcommittee on General Farm Commodities and Risk Management
March 3, 2010--Good morning Chairman Boswell, Ranking Member Moran and members of the Subcommittee. Thank you for inviting me to testify regarding the implementation of changes to the Commodity Exchange Act contained in the 2008 Farm Bill. I am please to testify on behalf of the Commodity Futures Trading Commission (CFTC). I will focus my testimony today on three principal issues: the CFTC’s use of existing authorities to fulfill our mission, the need for additional authorities to oversee the over-the-counter derivatives marketplace and the need for additional resources to best protect the American public.
CFTC Regulatory Regime
Before I get to the three topic areas outlined above, I will take a moment to discuss the CFTC’s oversight of the futures markets. Futures have traded in the United States since the Civil War, when farmers and grain merchants came together and created a new type of marketplace. It was not until 60 years later that the Congress first passed legislation to regulate these markets. In 1922, Congress passed the Grain Futures Act that first provided a regulatory structure over futures and established the federal authority that eventually became the CFTC. In the midst of the Great Depression, Congress passed the Commodity Exchange Act to strengthen that regulatory structure.
The CFTC ensures that futures and commodity options exchanges have procedures to ensure that trading is fair and orderly and free from fraud, manipulation and other abuses. Exchanges are where buyers and sellers meet and enter into a transaction. Specifically, the CFTC oversees 14 designated contract markets (DCMs) and one exempt commercial market (ECM) that lists a contract that the Commission determined to be a significant price discovery contract (SPDC). The CFTC also oversees 13 clearinghouses, which enter the picture only after two counterparties enter into the transaction. After two parties agree to a trade, a derivatives clearing organization (DCO) takes on the risk that either counterparty to the trade may fail to meet its obligations under the contract for the duration of the contract.
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Source: CFTC.gov
Affluent Investors' Growing Appetite for Exchange Traded Funds (ETFs) Is Fueled by Alignment of Their Investment Goals with ETFs Offered by Full-Service Brokerage Companies Rather than Specialist Firms or by Commission Discounts
March 2, 2010--Despite recent trade commission "wars" among firms waiving fees for qualified ETFs, the promotion by full-service brokerage companies of strategically invested funds tracking large market indices that can also be traded online connects with a majority of affluent investors who view these as both important and relevant reasons to invest in ETFs
Phoenix Marketing International, one of the fastest-growing research companies in the U.S., announced today findings from its latest monthly survey among 924 brokerage and fund investors age 21+ with investable assets (excluding employer-sponsored plans) of at least $100K.
Conducted this past February, the Phoenix study shows that 20% of affluent investors currently own ETFs and that 7% are most likely to start investing in ETFs this month. Topping the list of firms under consideration by investors planning to add ETFs to their portfolio are Charles Schwab, E*Trade, Fidelity, Scottrade, TD Ameritrade, Vanguard, and Wells Fargo/Wachovia.
Over the next month 29% of current ETF investors plan to increase their portfolio allocation in these funds, 69% anticipate no allocation change, and 2% expect to unwind ETF positions. "Our research suggests that affluent investors desire to access ETFs through multiple firms, with one in four planning to open additional brokerage accounts for investing in ETFs," reports Kristina Terzieva, Phoenix Director of Syndicated Financial Services. In addition to the above mentioned brokerage companies, ETF investors are also considering Bank of America, Citibank, Edward Jones, ING/Sharebuilder, Merrill Lynch, T. Rowe Price, and UBS for new account relationships.
The Phoenix study evaluated 13 statements included in the online promotional materials of full-service and specialist brokerage companies as reasons to invest in ETFs. Each reason was evaluated based on how important and relevant it is to investors, given their financial and investing goals. Brokerage firms may be surprised to learn that qualified ETF commission discounts are unnecessary promotions for reaching a majority of investors. "Almost 64% of affluent investors who currently or intend to invest in ETFs place the highest importance and relevance on funds that complement their strategic versus technical investing style, that track large market indices, are offered through a full-service brokerage, and can be traded online," summarized Terzieva. "Waiving commissions for a limited number of ETFs, for only branded ETFs, or ETFs offered by a specialist broker have minimal impact insofar as reaching additional investors," noted Terzieva.
Also reported by the Phoenix study are detailed evaluations of Online, Print, and TV advertisements for 18 leading brands that include previously mentioned firms plus Ameriprise, Barclays, Janus, John Hancock, Oppenheimer, Putnam, and TIAA-Cref. A summary of study findings is available for purchase from Phoenix and a custom report can be produced for financial services firms seeking to measure their multi-media advertising effectiveness and its relative impact on brand health.
Source: Phoenix Marketing International
Industry hits out at SEC’s approach
March 2, 2010--A leading accounting body has criticised the US Securities and Exchange Commission for failing “to provide reassurance” that the US was on track to adopting international accounting standards.
The SEC, which regulates the US accounting standards setter, last week agreed to wait until 2011 to decide whether companies should move to international reporting standards.
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Source: FT.com
Sprott Launches New “Canada Gold ETF” (PHYS)
March 2, 2010--Toronto-based Sprott Asset Management, a newcomer to the U.S. ETF industry, became the latest issuer to introduce a physically-backed gold ETF last week, debuting the Sprott Physical Gold Trust (PHYS) on Friday. The new fund “was created to invest and hold substantially all of its assets in physical gold bullion” and will compete directly with several existing physically-backed gold bullion funds.
While PHYS will be similar to existing gold ETF products, there are a few key differences. PHYS will store the underlying gold bullion at the Royal Canadian Mint, a Canadian Crown corporation that acts as an agent of the Canadian government whose obligations generally constitute unconditional obligations of the Canadian Government. With the launch of PHYS, investors now have the ability to invest in gold bullion stored in a number of physical locations, including the U.S., Canada, UK, and Switzerland (it should be noted that the iShares gold ETF stores gold in multiple locations, including Toronto).
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Source: Before its news.com