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First Christian ETFs Launched to Appeal to Religious-Minded Investors
December 15, 2009--FaithShares Trust is pleased to announce today two additional exchange-traded funds (ETFs), to join the recently launched FaithShares Catholic Values Fund (FCV), FaithShares Christian Values Fund (FOC) and FaithShares Methodist Values Fund (FMV), thus completing the initial family of funds.
The securities held in these funds, FaithShares Baptist Values Fund (FZB) and FaithShares Lutheran Values Fund (FKL) are similarly tailored to both denomination’s teachings and recommendations for investing. FaithShares Advisors, LLC worked with the FTSE Group, the leading global index provider, and KLD Research & Analytics, a leading provider of environmental, social and governance (ESG) research and indexes, to create a series of custom indexes on which the funds are based.
“We created these funds to meet the needs of investors who want to participate in the potential of the stock market, yet be good stewards of their money,” said Thompson S. Phillips Jr., President of FaithShares. “As an ETF, each of our funds will include 100 stocks of large, well-known companies but specifically exclude those considered to be ’objectionable industries’ by a specific denomination. Our funds are the first Christian ETFs in the market.”
The FaithShares Funds allow individuals and groups to invest in accordance with the tenets of their faith in one security, while still getting exposure to the broad market. The portfolios will be screened to exclude companies that benefit from gambling, alcohol, tobacco, pornography, weaponry and other activities that are included in each denomination’s published criteria.
“We did a great deal of research on the covenants of the various denominations in designing these funds,” said Garrett Stevens, CEO and portfolio manager. “The Christian Values Fund is the most conservative and we feel it answers the needs of non-denominational church members and other denominations not specifically represented by our other ETFs.”
Annually, FaithShares Advisors, the management company of FaithShares, will give a minimum of ten percent of its net income to a ministry associated with the respective denominations.
The funds will be rebalanced annually and offer complete transparency about their holdings. ETFs offer an inexpensive way to invest in the market.
From 2000 to 2006, assets in other faith-based investments have grown seven-fold underscoring the public’s interest in investing according to their beliefs.
Investors can purchase the funds through their investment advisor or discount broker.
Source: FaithShares Advisors
Treasury International Capital Data for October
December 15, 2009--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for October 2009. The next release, which will report on data for November 2009, is scheduled for January 19, 2010.
Net foreign purchases of long-term securities were $20.7 billion.
* Net foreign purchases of long-term U.S. securities were $43.4 billion. Of this, net purchases by private foreign investors were $28.8 billion, and net purchases by foreign official institutions were $14.6 billion.
* U.S. residents purchased a net $22.7 billion of long-term foreign securities.
Net foreign acquisition of long-term securities, taking into account adjustments, is estimated to have been $8.3 billion.
Foreign holdings of dollar-denominated short-term U.S. securities, including Treasury bills, and other custody liabilities decreased $43.9 billion. Foreign holdings of Treasury bills decreased $38.3 billion.
Banks' own net dollar-denominated liabilities to foreign residents increased $21.6 billion.
Monthly net TIC flows were negative $13.9 billion. Of this, net foreign private flows were negative $32.1 billion, and net foreign official flows were $18.2 billion.
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Source: U.S. Department of the Treasury
FINRA Foundation Releases Inaugural Financial Capability Survey
December 15, 2009--The FINRA Investor Education Foundation today released survey results that measure the financial capabilities of American adults and reveal in detail how Americans save, borrow and plan for their financial future. The National Financial Capability Survey, the first of its kind in the United States, was developed in consultation with the U.S. Department of the Treasury and the President's Advisory Council on Financial Literacy.
In an event today at the U.S. Treasury, U.S. Secretary of the Treasury Tim Geithner, U.S. Secretary of Education Arne Duncan and FINRA CEO and FINRA Foundation Chairman Rick Ketchum all met with financial literacy and community leaders as well local high school students to announce the results.
By exploring how people manage their resources and how they make financial decisions, this national survey allows the FINRA Foundation to extend the reach of financial education programs in communities across the country. The FINRA Foundation today announced a new partnership with United Way Worldwide to reach low- and middle-income Americans and also announced a significant expansion of its Smart investing@your library® partnership with the American Library Association, which reaches 23 million people in 26 states. In total, the FINRA Foundation is funding 31 new grants to help community-based organizations provide effective and unbiased financial education.
The release of this survey comes at a critical moment for many American families. For example, the survey found that:
only 41 percent of parents have set aside money for their children's college education;
the majority of Americans do not have a "rainy day" fund for unanticipated financial emergencies and are not adequately preparing for their children's college education and their own retirement;
more than one in five survey respondents use high-cost, alternative borrowing methods, such as payday loans or pawn shops; and
fewer than half (46 percent) of those surveyed correctly answered two basic questions about how interest rates and inflation work.
"These survey results highlight just how important it is to give people the information and resources they need to make sound financial decisions. The FINRA Foundation will use this important information to help focus its efforts to address the financial education needs of underserved Americans," said FINRA Foundation Chairman Rick Ketchum. An executive summary, as well as a longer survey report, is available on the FINRA Foundation Web site, www.finrafoundation.org/capability. The Foundation will also make the survey data available to the public and to researchers.
The National Survey is one of three linked surveys that comprise the National Financial Capability Study. In early 2010, the FINRA Foundation will release the other two components: a State-by-State Survey and a Military Survey
View the National Survey—Executive Summary
National Survey—Full Report and Methodology
Survey Questionnaire
Source: FINRA
Deutsche Bank to target equities
December 15, 2009--Deutsche Bank said it would fight for a greater share of equities and commodities trading as part of its recovery from the financial crisis.
Anshu Jain, who heads the parts of the corporate banking and securities division that usually produce a large share of the bank’s profits, on Tuesday said improving the bank’s standing in commodities as well as US and Asian equities, were two “critical bets” by Deutsche Bank.
The performance of Mr Jain’s global markets businesses is central to Deutsche Bank’s goal – outlined this week – of making record pre-tax profits of €10bn ($14.5bn) from its operating businesses in 2011.
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Source: FT.com
New Haven pension fund invests USD8m in IndexIQ SMA vehicle
September 15, 2009-The City of New Haven’s Employee Retirement Fund has invested USD8m in IndexIQ’s multi-strategy hedge fund replication separately managed account vehicle.
The IQ Hedge Multi-Strategy SMA is designed to be liquid, transparent and low cost.
This allocation represents the first time the City of New Haven’s Employee Retirement Fund has invested in a hedge fund-like strategy.
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Source: ETF Express
Alps files with the SEC
December 15, 2009-Alps has filed a prospetus with the SEC for
Jefferies | TR/J CRB Wildcatters Exploration & Production Equity ETF (WCAT)
Jefferies | TR/J CRB Natural Gas Equity ETF (NATG)
view filing
Source: SEC.gov
CME Group Launches Credit Default Swaps Initiative - Begins Clearing Trades
December 15, 2009--CME Group, the world's largest and most diverse derivatives marketplace, today announced that with the necessary regulatory approvals in place, it has begun clearing credit default swaps (CDS) through CME Clearing. On its first day of clearing, CME Group cleared both dealer to customer and interdealer CDS trades.
"Working closely with market participants on both the buy side and sell side we have begun to successfully clear CDS trades," said Laurent Paulhac, Managing Director, OTC Products and Services, CME Group. "We believe our solution is the most comprehensive credit default swap solution available and brings together a broad range of participants who support our offering."
"BlackRock will clear CDS based on the segregation and portability of customer collateral and the operational benefits provided by CME," said Richard Prager, Global Head of Fixed Income Trading, BlackRock. "We are pleased with the progress made with respect to ensuring transparency by leveraging the CME's proven risk management practices. We are excited that CME has launched its CDS clearing service and look forward to further participation."
"Our firm supports the development of clearing solutions which address the primary concerns of the investor community, which are the reduction of counterparty risk and development of regulatory regimes which protect customer margin and allow for trade portability following a dealer default," said Ted MacDonald, Treasurer of the D. E. Shaw group. "In this regard, we welcome the ability of our dealer counterparties to clear CDS transactions through a clearinghouse with both significant capital backing up trades and dedicated reserves which could be accessed by the other dealers should a clearing member default."
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Source: CME Group
The largest wind farm ever built coming to US
December 15, 2009--Wind farm project
Energy giant GE announced this week that it has been awarded the $1.4 billion contract to supply wind turbines and provide services for an 845MW wind farm project in Oregon, that will become the largest ever constructed.
Independent power producer Caithness Energy will oversee the development of the project, called Shepherds Flat, and has received the majority of the necessary government permits to operate and is all set to be built.
Its power production will exceed that of the current world's largest wind farm located in Texas.
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Source: P&E (Power& Energy)
Sprott Asset Management files with the SEC
December 12, 2009--Sprott Asset Management has filed with the SEC for the Sprott Physical Gold Trust.
The Trust intends to file an application to list its units on the New York Stock Exchange Arca, to which we will refer as the NYSE Arca, and the Toronto Stock Exchange, to which we will refer as the TSX, under the symbols "PHYS" and "PHY", respectively. Listing on the NYSE Arca and the TSX is subject to the Trust fulfilling all of the requirements of the NYSE Arca and the TSX, respectively.
view filing
Source: SEC.gov
Claymore Gold Bullion Trust converts to ETF in January
December 14, 2009--Claymore Gold Bullion Trust (CGL.UN-T10.110.111.10%) will soon end its short life as a closed-end fund, and begin a new chapter as an exchange-traded fund (ETF) next month.
It will be the first Canadian-domiciled gold bullion ETF traded on the Toronto Stock Exchange. Currently, the U.S.-based gold bullion ETF, iShares COMEX Gold Trust (IGT-T116.820.700.60%), is interlisted in Canada.
In the Claymore prospectus, the closed-ender was to convert to an ETF after Nov. 28 if its units traded at a discount to net asset value (NAV) for 10 consecutive days. That ended last Friday.
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Source: The Globe and Mail