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Tim Geithner blasts Wall Street for 'amnesia' over financial crisis
US Treasury Secretary Tim Geithner has blasted Wall Street for its "amnesia" over the financial crisis as the administration hits back at criticism of financial reform
March 2, 2012--Wall Street banks have attacked The Dodd-Frank Act, the financial reform legislation that Congress passed in the summer of 2010, for its complexity and the time it has taken to implement.
Ben Bernanke, the chairman of the Federal Reserve, admitted this week that The Volcker Rule, which bans proprietary trading and is a key plank of the legislation, will not be ready for a July 21 deadline.
Horizons ETFs Launches Canada's First Family of Commodity Yield ETFs
March 1, 2012--Horizons Exchange Traded Funds Inc. ("Horizons ETFs")
and its affiliate AlphaPro Management Inc. ("AlphaPro") are pleased to announce the launch of three new commodity exchange traded funds which will allow investors to earn
a tax-efficient monthly income from exposure to crude oil, natural gas and silver.
Horizons ETFs is the first ETF provider in Canada to offer exchange traded funds that utilize an innovative covered call strategy on commodities.
The three new Horizons commodity yield exchange traded funds (the “Commodity Yield ETFs” or “ETFs”) allow investors to gain exposure to a commodity asset class while earning a tax-efficient monthly income.
The ETFs will begin trading today on the Toronto Stock Exchange (“TSX”)
DBX files with he SEC
March 2, 2012--DBX ETF Trust has filed an application for exemptive relief with the SEC.
First Trust files with the SEC
March 2, 2012-First Trust has filed a post-effective amendment, registration statement with the SEC. This Registration Statement relates to the First Trust Germany AlphaDEX Fund, First Trust Canada AlphaDEX( Fund, First Trust Australia AlphaDEX Fund, First Trust United Kingdom AlphaDEX Fund,
First Trust Taiwan
AlphaDEX(R) Fund, First Trust Hong Kong AlphaDEX(R) Fund, First Trust
Switzerland AlphaDEX(R) Fund, First Trust Emerging Markets Small Cap AlphaDEX(R)
Fund and First Trust Developed Markets ex-US Small Cap AlphaDEX(R) Fund
Morgan Stanley ETF Quarterly Report: $1.2 Trillion in 1,215 ETFs
March 2, 2012--The following publication is our comprehensive quarterly report on US-listed ETFs. It includes a summary of investment
applications, excerpts from our strategy reports, our outlook for
related markets, index data, and individual profiles for the 306 ETFs
in our coverage universe, which represents 92% of US-listed ETF
assets.
ETF assets are up 12% YTD amid solid flows and strong equity markets. We currently stand at $1.2 trillion spread among 1,215 products. New issuance has been strong so far this year with 57
ETFs coming to market. On the flow front, ETFs ended 2011 on a
positive note, generating net inflows of $40.8 billion during the
fourth quarter and $114.7 billion for the full year. Fixed Income
ETFs posted the largest net inflows in 2011, bringing in $43.4 billion
in net new money. US Small- & Micro-Cap ETFs had the highest net
cash outflows in 2011 at $4.4 billion.
ETFs provide access to many favored market segments. Morgan Stanley & Co.’s global strategy team maintains their defensive stance as risks are heavily skewed to the downside. We list favored areas in the report and ways to implement these ideas via ETFs.
Rich nations causing 'monetary tsunami'
March 2, 2012--President Dilma Rousseff on Thursday accused the world's rich countries of unleashing a "tsunami" of cheap money that hurts developing countries like Brazil.
Rousseff complained that rich nations are responding to the global financial crisis with easy credit and low interest rates - and that cheap money makes its way to Brazil, which has high interest rates and a strong currency.
Brazil considers the situation an "exchange war" because as a result, Brazilian products are more expensive and US and European imports cheaper.
BNY Mellon ADR Index Monthly Performance Review is Now Available-February 2012
March 2, 2012--The BNY Mellon ADR Index Monthly Performance Review February 2012.
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IMF Working paper-The Puzzle of Brazil's High Interest Rates
March 1, 2012--Summary: This paper highlights that real interest rates in Brazil have declined substantially over time, but are still well above the average of emerging market inflation targeting regimes.
The adoption of an inflation-targeting regime and better economic fundamentals (reduction in inflation volatility and improvements in the fiscal and external positions) has helped Brazil sustain significantly lower real interest rates than in the past. Going forward, the paper shows that Brazil can converge towards lower equilibrium real interest rates if domestic savings increase to the level of other emerging market countries. The effect is particularly pronounced if the increase in domestic savings is achieved through higher levels of public savings. Still, econometric results suggest that, controlling for everything else in the model, real interest rates in Brazil are about two full percentage points higher than in other countries in the sample, suggesting that there are still Brazil-specific factors that have not been captured by the empirical analysis. Some of these factors may include credit market segmentation and inflation inertia generated by still pervasive indexation practices.
view the IMF Working paper-The Puzzle of Brazil's High Interest Rates
Van Eck files with the SEC
March 1, 2012-Van Eck has filed an application for exemptive relief with the SEC.
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Russell files with the SEC
March 1, 2012--Russell has filed a second amended and restated application for exemptive relief with the SEC.
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Fee Rate Advisory #6 for Fiscal Year 2012
March 1, 2012--Pursuant to Section 31 of the Securities Exchange Act of 1934, the Commission has determined that a mid-year adjustment to the Section 31 transaction fee rate is necessary. Effective on April 1, 2012, the Section 31 transaction fee rate will be set at $22.40 per million.
The Act requires the Commission to adjust the Section 31 fee rate if it estimates that the baseline estimate of the dollar volume of sales of securities that was used to calculate the annual adjusted fee rate for fiscal year 2012 is reasonably likely to be 10 percent (or more) greater or less than the actual dollar volume for fiscal year 2012.
February is Second Most-Active Trading Month in CBOE Futures Exchange History
Volume Increased 70% Over 2011, Two New Contracts Launched During Month: CBOE Brazil ETF Volatility Index and a Radar Logic Real Estate Index
March 1, 2012--The CBOE Futures Exchange, LLC (CFE) today announced that February 2012 was the second most-active trading month in CFE history as volume totaled 1,340,780 contracts, an increase of 70 percent from the 789,734 contracts traded in February 2011.
Average daily volume (ADV) at CFE during February 2012 was 67,039 contracts, the second-highest ADV ever, and up 61 percent from the 41,565 contracts traded per day a year ago. February's total trading volume trailed only the 1.8 million contracts traded in August 2011.
When comparing trading activity in February to the previous month, CFE total monthly volume rose by 65 percent from the 811,283 total contracts and average daily volume gained 65 percent from the 40,564 contracts per day during January 2012.
Van Eck has filed with the SEC
March 1, 2012--Van Eck has filed a post-effective amendment, registration statement with the SEC. This filing relates solely to the following series of the Registrant: Market Vectors Unconventional Oil & Gas ETF.
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ISE Reports Business Activity for February 2012
March 1, 2012-ISE was the second largest equity options exchange in February with market share of 17.8%,
excluding dividend trades.
Dividend trades made up 8.0% of industry volume in February 2012.
The International Securities Exchange (ISE) today reported average daily volume of 2.7 million contracts
in February 2012. This represents a decrease of 16.6% compared to February 2011.
Total options volume for the month was 53.5 million contracts. ISE was the second largest U.S. equity options
exchange in February with market share of 17.8%*.
Business highlights for the month of February include:
On February 8, ISE announced that it was named "Best Exchange Client Service" at the Wall Street Letter 2012 Institutional Trading Awards.
On February 13, ISE announced the launch of its Premium Access connection in its primary data center. Premium Access enables member firms with a direct connection to ISE to reduce their roundtrip network latency by up to 150 microseconds, or approximately 90 percent.
First Financial Bancorp, RadioShack, Altria Group Inc. Among 24 Stocks Added to Dow Jones U.S. Dividend 100 Index
Intact Financial Corp. Added to Dow Jones Canada Titans 60 Index
S-Oil Corp. and Honam Petrochemical Corp. Join
Dow Jones South Korea Titans 30 Index
Changes Follow Regular Periodic Reviews, Become Effective After Close of Trading on March 16, 2012
March 1, 2012--First Financial Bancorp (Ohio), RadioShack Corp., and Altria Group Inc. will be among 24 stocks added to the Dow Jones U.S. Dividend 100 Index, following a regular annual review, Dow Jones Indexes announced today.
The additional 21 companies to be added are RPC Inc., Reynolds American Inc., Raytheon Co., Mattel Inc., Southern Copper Corp., Cato Corp., CA Inc., Waddell & Reed Financial Inc., General Mills Inc., Maxim Integrated Products Inc., ConAgra Foods Inc., Questar Corp., Erie Indemnity Co., International Paper Co., Medtronic Inc., Eaton Corp., Wisconsin Energy Corp., Tupperware Brands Corp., Illinois Tool Works Inc., Microchip Technology Inc. and New Jersey Resources Corp.
