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WisdomTree files with the SEC
February 1, 2012--WisdomTree has filed a post-effective amenment, registration statement with the SEC for the WisdomTree China Dividend ex-Financials Fund.
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Minutes of the Meeting of the Treasury Borrowing Advisory Committee the Securities Industry and Financial Markets Association January 31, 2012
February 1, 2012--The Committee convened in closed session at the Hay Adams Hotel at 11:30 a.m. All Committee members were present. Assistant Secretary for Financial Markets Mary Miller, Deputy Assistant Secretary (DAS) for Federal Finance Matthew Rutherford and Director of the Office of Debt Management Colin Kim welcomed the Committee.
Other members of Treasury staff present were Fred Pietrangeli, Jennifer Imler, Amar Reganti, David Chung, Ernest Zhu, Brian Zakutansky, and Alfred Johnson. Federal Reserve Bank of New York members Dina Marchioni and Mark Cabana were also present.
DAS Rutherford began with a review of the fiscal situation noting that the economy posted a 2.8 percent growth rate in the fourth quarter of 2011. Rutherford presented a series of charts showing recent trends in receipts, outlays, and deficits. DAS Rutherford noted that the Administration’s new budget numbers are expected to be released in early February 2012.
Director Kim proceeded to discuss Treasury’s marketable debt portfolio. Using OMB deficit projections from the September 2011 report, “Living Within Our Means and Investing in the Future” and assuming no changes to the current issuance strategy, Treasury looks to be under financed in FY2012. With the same assumptions, Treasury would be over financed from FY2013 to FY2016. Any financing shortfalls in FY2012 are expected to be made up with increased bill issuance.
iShares files with the SEC-iShares Utilities Sector Bond Fund
January 31, 2012--iShares has filed a post-effecrive amendment, registration statement with the SEC for the iShares Utilities Sector Bond Fund.
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iShares files with the SEC-iShares Industrials Sector Bond Fund
January 31, 2012--iShares has filed a post-effecrive amendment, registration statement with the SEC for the iShares Industrials Sector Bond Fund.
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iShares files with the SEC-iShares Financials Sector Bond Fund
January 31, 2012--iShares has filed a post-effecrive amendment, registration statement with the SEC for the iShares Financials Sector Bond Fund.
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iShares files with the SEC-iShares Barclays U.S. Treasury Bond Fund
January 31, 2012--iShares has filed a post-effecrive amendment, registration statement with the SEC for the iShares Barclays U.S. Treasury Bond Fund.
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iShares files with the SEC-iShares Aaa - A Rated Corporate Bond Fund
January 31, 2012--iShares has filed a post-effecrive amendment, registration statement with the SEC for the iShares Aaa - A Rated Corporate Bond Fund.
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iShares files with the SEC
January 31, 2012--iShares has filed a post-effecrive amendment, registration statement with the SEC for the iShares Barclays CMBS Bond Fund.
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CFTC to Examine Rapid Trading
January 31, 2012--The Commodity Futures Trading Commission is planning to take a closer look at high-frequency trading, with an eye on getting a clearer understanding of how electronic trading affects commodities markets and participants.
The push is being spearheaded by CFTC member Scott O'Malia, who on Tuesday plans to propose the establishment of a subcommittee on high-frequency trading. The subcommittee, part of the CFTC's Technology Advisory Committee, would be led by CFTC chief economist Andrei Kirilenko,
Maple extends TMX takeover bid to February 29
January 31, 2012--The Canadian group bidding for the country's biggest stock exchange extended its offer for another month on Tuesday and said it has made suggestions to ease regulatory concerns about any lack of competition that would result if its bid succeeds.
Maple Group, comprised of 13 financial institutions, said it has spoken to regulators about several ways it could refine its $3.8 billion ($3.8 billion) bid for TMX Group (X.TO), operator of the Toronto Stock Exchange and several other markets.
The bid still requires a raft of regulatory approvals and a key area of concern is pricing and governance for the Canadian Depository for Securities (CDS), which clears and settles all stock trades in Canada, and which Maple would take control of under its plan.
US Reits are drawn to subprime securities
January 31, 2012--Real estate investment groups in the US are set to raise more funds to buy subprime and other private mortgage-backed securities, aided by attractive returns and rising share prices.
Real estate investment trusts, or Reits, have already been big buyers in the market for packages of mortgages backed by Fannie Mae, Freddie Mac and other government agencies, creating what some have termed a “shadow” financing system for US mortgages.
XTF Capital launching seven new ETFs
January 31, 2012--XTF Capital, the exchange traded fund division of First Asset, has announced plans to launch seven new ETFs based on the Morningstar research.
“Morningstar is world renowned for the integrity of its research,” said Barry Gordon, president and CEO of First Asset. “XTF Capital is now offering ETFs to Canadian investors based on Morningstar’s proprietary indexes, including those derived from the highly regarded research created by Morningstar’s CPMS business.”
The seven ETFs are:
XTF Morningstar Canada Dividend Target 30 Index ETF (begins trading February 6)
XTF Morningstar National Bank Quebec Index ETF (February 6)
"Where Are We? And Where Should We Be? Thoughts On MF Global And High Frequency Trading”
Address By CFTC Commissioner Scott D. O’Malia At The Center On Financial Services Law Of New York Law School
January 31, 2012--Introduction
Ron, thanks for that introduction and thanks for inviting me to speak today.
I am honored to be here at New York Law School, near the heart of the Financial District. Recently, all of my speaking engagements involve the Dodd-Frank Act. But, here, just two subway stops from the post-bankruptcy headquarters of MF Global, Inc.1 (“MF Global”), I thought it apropos to do something that unfortunately seems radical. I am going to focus on futures markets and futures customers.
It has been exactly three months since the Securities Investor Protection Corporation (“SIPC”) began insolvency proceedings against MF Global.2 Despite reams of releases and presentations from the SIPC trustee, futures customers have about the same information regarding the recovery of their funds today as on Day 1. Which is not much. Futures customers – including farmers, ranchers, and manufacturers – have been suspended in excruciating limbo, wondering when they will receive their funds. All they can do is to meekly fill out the claims forms presented by the SIPC trustee, all of which are due today. This situation is intolerable and unacceptable.
Select Sector SPDRs' Average Monthly Assets Soar 32 Percent in 2011
2011 Year-End Assets Top $44 Billion
January 31, 2012--Expense Ratio Cut
The Select Sector SPDR Trust, which offers a family of exchange-traded funds (ETFs) that divide the S&P 500 into nine individual sector funds, saw its average monthly assets climb 32 percent, or $10.5 billion, in 2011, further entrenching its position as the largest sector ETF family. Launched in 1998, Select Sector SPDRs is the oldest brand name in sector ETFs.
"The economy notwithstanding, 2011 was a banner year for us, both in terms of the increase in our average assets and the growth in our overall year-end assets," said Dan Dolan, Director -- Wealth Management Strategies for the Select Sector SPDR Trust. "With the markets especially choppy last year, investors sought safe havens in defensive sectors like Utilities, Consumer Staples, and Health Care, using the Select Sector SPDRs as equity substitutes to reduce single stock exposure."
PowerShares files with the SEC
January 30, 2012--Invesco PowerShares has filed a post-effective amendment no. 11 to Form S-6 with the SEC for the BLDRS INDEX FUNDS TRUST
BLDRS ASIA 50 ADR INDEX FUND
BLDRS DEVELOPED MARKETS 100 ADR INDEX FUND
BLDRS EMERGING MARKETS 50 ADR INDEX FUND
BLDRS EUROPE SELECT ADR INDEX FUND
