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Calls Mount for Treasury Secretary Geithner's Resignation; JPMorgan Chase CEO Jamie Dimon Pushed As Possible Replacement...
November 22, 2009--As support for Treasury Secretary Timothy Geithner wanes on Capitol Hill amid frustration with the Obama administration's handling of the economy, JPMorgan Chase CEO Jamie Dimon is emerging as a potential replacement.
Sources tell The New York Post that a number of policy makers have begun mentioning Dimon as a successor to Geithner, whose standing in Washington has suffered because of the country's high unemployment rate, the weakness of the dollar, the slow pace of the recovery and the government's mounting deficit.
Source: NY Post
iShares files with the SEC
November 20, 2009--iShares has files a prospecus with the SEC for the
iSHARES MSCI ACWI ex US FINANCIALS INDEX FUND
INVESTMENT OBJECTIVE
The Fund seeks investment results that correspond generally to the price and
yield performance, before fees and expenses, of the MSCI All Country World ex
USA Financials Index
view filing
Source: SEC.gov
Deutsche Börse Acquires US Financial News Service Need to Know News
Market Data & Analytics segment extends offering in trading relevant, machine readable real-time news for financial markets
November 20, 2009--Deutsche Börse is expanding the offering of its Market Data & Analytics segment by acquiring the US financial news service Need to Know News.
A purchase agreement was signed on 20 November 2009. For a US$ amount in the one digit million range including a performance-related payment, Need to Know News will become a 100 percent subsidiary of Market News International (MNI), a Deutsche Börse Group company
The acquisition of Need to Know News reflects our growth strategy with globally relevant information for algorithmic traders. We see an increasing demand from market participants pursuing automated trading strategies to integrate financial news and other event data into their algorithms, in addition to real-time market data”, said Holger Wohlenberg, Managing Director of Deutsche Börse Market Data & Analytics.
With this transaction, Deutsche Börse acquires a pioneer in the delivery of machine readable news for algorithmic trading. The acquisition allows Deutsche Börse to combine its expertise in the development of ultra high speed data feeds with content provided by Market News International and with the proven market experience of Need to Know News. Together, the businesses aim to assume a leading role in the delivery of real-time data to the growing number of market participants with automated trading applications. At the same time, Deutsche Börse is expanding its client base for its offering of real-time news relevant to financial markets.
Based in Washington D.C., Need to Know News has 25 employees and delivers trading relevant news to market participants in the US and Europe.
Source: Deutsche Börse
Van Eck files with the SEC
November 20, 2009-Van Eck has filed a prospectus for
MARKET VECTORS POLAND ETF
The Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Poland Index (the “Poland Index”).
View filing
Source: SEC.gov
Ohio sues three ratings agencies
November 20, 2009-The three major credit ratings agencies gave mortgage-backed securities unjustifiably high ratings in return for lucrative fees, losing at least $457 million for five Ohio public employee pension and retirement funds, the state's attorney general alleged in a lawsuit filed Friday.
Ohio is the second state whose public pension funds have pursued credit rating agencies, after the California Public Employees' Retirement System sued the agencies in July alleging they caused it more than $1 billion in losses.
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Source: Associated Press
Invesco PowerShares Says CEO Bond Steps Aside
November 20, 2009--Bruce Bond is stepping down as chief executive of exchange-traded fund provider Invesco PowerShares Capital Management LLC
Mr. Bond, who founded the Wheaton, Ill., firm in 2003, is passing the role on to Ben Fulton, now the company's executive vice president of global product development. Mr. Bond will continue in the role of chairman.
"He's transitioning to the chairman role, and Ben Fulton will be the managing director of the global ETF business," said a spokeswoman for the firm. She didn't comment on why Mr. Bond is making the move.
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Source: WSJ.com
The Truth V. The National Journal: You have got to be kidding
November 20, 2009--Today, House Financial Services Committee Communications Director Steve Adamske released the following statement after reading the Nov. 21 National Journal article, “End of the Beginning,” written by John Maggs:
“You have got to be kidding.”
On page 54 of the November 21 edition, reporter John Maggs invents a “question and answer” article that discusses the status of financial regulatory reform. The article has several errors and misrepresentations that have been corrected below:
National Journal: What's going on with financial regulatory reform? I know that Dodd has a new plan and that Frank is expected to move his plan out of committee soon, but I still can't tell what the administration's plan is. Why so many plans? Well, for starters, this re-regulation of finance is huge, so it is natural that everyone would want to drive the train. Primarily, though, the many approaches reflect a strategic decision by the Obama administration. Rather than come out with a fully formed plan and guide the negotiations, the president's advisers decided to let Congress work out the details.
HFSC: This is 100% false. President Obama’s team did indeed produce a plan. They delivered to the House Financial Services Committee and to the Senate Banking Committee a 13 title bill totaling several hundred pages, complete with legislative language, and that language is serving as the base text for our deliberations.
National Journal: But didn't Obama offer a comprehensive bill over the summer? It wasn't a bill; it was called a "blueprint." It was sketchy in its details, and many of its ideas have been changed or abandoned. House and Senate Democratic leaders, for example, now say that regulation by the administration's Consumer Financial Protection Agency should be limited to the largest 10 percent of banks. Other fundamental matters were left unmentioned, such as the way to discourage big banks from taking on too much risk -- how, exactly, to avoid fostering banks that are "too big to fail" and thus take reckless risks because they believe that the government will bail them out. No plan has settled on how to avoid this problem.
HFSC: 100% false again. As discussed above, while President Obama did release a blueprint in early June, he ordered his staff and the Treasury Department to produce a bill. They did. In addition, the National Journal is dead wrong to suggest that we abandoned the administration’s plan. To the contrary, we are implementing the administration’s plans.
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Source: House Financial Services Committee
CFTC and SEC Issue Joint Orders on Volatility Indexes and Security Futures
November 20, 2009--The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) issued two joint orders related to security-based futures contracts that clarify each Commission’s respective jurisdiction and allow additional products to underlie security futures.
The first joint order excludes certain foreign and domestic volatility indexes that are based on broad-based security indexes from the definition of “narrow-based security index.” As a result of the joint order, futures on foreign and domestic volatility indexes that meet the criteria contained in the joint order are treated as “broad-based security indexes” and subject to the exclusive jurisdiction of the CFTC. Options on such volatility indexes are subject to the federal securities laws and the jurisdiction of the SEC. The joint order, contained in SEC Release No. 34-61020, became effective on November 17.
The second joint order allows security futures products to be based on any security that is eligible to underlie an exchange-listed security option, including certain unregistered debt securities. This joint order, which is contained in SEC Release No. 34-61027, became effective on November 19.
Source: CFTC.gov
BNY Mellon Launches the Composite Depositary Receipts Index
Latest “umbrella index” joins family of nearly 150 DR-only indices with $2 billion in correlated assets
November 19, 2009--BNY Mellon, the global leader in asset
management and securities servicing, has announced the launch of the BNY
Mellon Composite Depositary Receipts IndexSM , a new all-encompassing
measure of the depositary receipts universe.
The BNY Mellon Composite Depositary Receipts Index* comprises all
American depositary receipts (ADRs), New York Shares, and Global
Registered Shares that trade on the New York Stock Exchange (NYSE), NYSE
Amex, NASDAQ and over-the-counter (OTC), as well as global depositary
receipts (GDRs) that trade on the London Stock Exchange (LSE).
The BNY Mellon Composite Depositary Receipts Index is the “umbrella index” for the company’s four existing DR indices:
ADR IndexSM -- tracks all ADRs traded on the NYSE, NYSE Amex and NASDAQ
GDR IndexSM -- tracks all GDRs traded on the LSE
DR IndexSM -- tracks a combination of the ADR Index and GDR Index
Classic ADR IndexSM -- tracks all ADRs traded on the NYSE, NYSE Amex, NASDAQ and OTC
“The creation of the Composite Depositary Receipts Index signifies our commitment to the DR investment community,” said Michael Cole-Fontayn, chief executive officer of BNY Mellon’s Depositary Receipts business. “In keeping with our goals, we are providing DR indices that are 100% investable for both institutional and retail investors, offering recognition to the individual constituents or each foreign company.”
“With nearly $2 billion of assets correlated to the BNY Mellon family of
DR indices, we continue to deliver innovative products to investors
worldwide. There also are now eight exchange-traded funds (ETFs)
benchmarked to BNY Mellon Depositary Receipts Indices,” said Julio Lugo,
global head and vice president of DR Index Solutions at BNY Mellon.
Source: BNY Mellon
CME Group Inc., the world’s largest and most diverse derivatives marketplace, today announced the launch of trading and clearing services for a new physically delivered Gulf Coast sour crude oil futures contract.
November 20, 2009-- CME Group Inc., the world’s largest and most diverse derivatives marketplace, today announced the launch of trading and clearing services for a new physically delivered Gulf Coast sour crude oil futures contract.
Trading will be available on the CME Globex® electronic trading platform and the New York trading floor. Clearing services will be available through CME ClearPort®, a set of flexible clearing services open to over-the-counter (OTC) market participants to substantially mitigate counterparty risk and provide neutral settlement prices across asset classes. Trading and clearing are scheduled to begin on December 6 for trade date December 7. These contracts will be listed by NYMEX and subject to the rules and regulations of NYMEX and Chicago Mercantile Exchange, Inc.
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Source: CME Group