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United States 12 Month Natural Gas Fund, LP Lists Units on NYSE Arca
November 18, 2009 –- NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading units of the United States 12 Month Natural Gas Fund, LP (Ticker: UNL), a commodity pool sponsored by United States Commodity Funds, LLC.
The investment objective of the pool is to have the changes in percentage terms of the units’ net asset value reflect the changes in percentage terms of the spot price of natural gas delivered at the Henry Hub, Louisiana, as measured by the changes in the average of the prices of 12 benchmark futures contracts on natural gas traded on the New York Mercantile Exchange, less the pool’s expenses. For more details, see the pool’s prospectus and other information at www.unitedstatescommodityfunds.com.
Source: NYSE Euronext
Barclays Bank PLC Lists Five New Long and Short Exchange Traded Notes (ETNs) Linked to S&P Indices on NYSE Arca
November 18, 2009 –- NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading five new ETNs linked to the performance of the S&P 500® Total Return IndexSM. The ETNs are issued by Barclays Bank PLC.
Name and Ticker Symbol of theFive New Long and Short Exchange Traded Notes:
Barclays ETN+ Short B Leveraged Exchange Traded Notes Linked to the Inverse Performance of the S&P 500® Total Return IndexSM – Ticker Symbol “BXDB”
Barclays ETN+ Short C Leveraged Exchange Traded Notes Linked to the Inverse Performance of the S&P 500® Total Return IndexSM – Ticker Symbol “BXDC”
Barclays ETN+ Short D Leveraged Exchange Traded Notes Linked to the Inverse Performance of the S&P 500® Total Return IndexSM – Ticker Symbol “BXDD”
Barclays ETN+ Long B Leveraged Exchange Traded Notes Linked to the S&P 500® Total Return IndexSM – Ticker Symbol “BXUB”
Barclays ETN+ Long C Leveraged Exchange Traded Notes Linked to the S&P 500® Total Return IndexSM – Ticker Symbol “BXUC”
The five new long and short ETNs are designed to provide access to either the direct or inverse leveraged performance of the S&P 500® Total Return IndexSM. There are two ‘long’ notes and three ‘short’ notes, each with a different ratio between the purchase price of the securities and the value of the underlying equity exposure. The ETNs each have a different initial leverage (up to three times index performance), with an issue price set between $50 and $100. Each of the notes has a 5 year maturity, although if the value of any of the notes falls to or below $10 a ‘stop-loss’ feature causes an earlier termination.
Due to the compounding of daily returns, returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. Investors should monitor their holdings consistent with their strategies, as frequently as daily. The prospectuses describe correlation, leverage and other risks.
Source: NYSE Euronext
SPDR® Gold Shares Reaches Five Year Anniversary
November 18, 2009--World Gold Trust Services, LLC, a wholly-owned subsidiary of the World Gold Council (WGC) and State Street Global Advisors (SSgA), the investment management arm of State Street Corporation (NYSE: STT), today marked the fifth anniversary of SPDR® Gold Shares (NYSE Arca: GLD).
With assets under management in the trust with more than $40 billion (as of November 16, 2009) SPDR® Gold Shares has become one of the largest exchange traded funds in existence and is the fastest growing ETF, by assets, in the world.
SPDR® Gold Shares is considered one of the industry’s most innovative and influential ETFs, having made gold’s unique investment properties accessible for a broader investor base,” said James Ross, senior managing director at State Street Global Advisors. “The commodities market is vastly different today than it was five years ago due in part to the creation of SPDR® Gold Shares. As the first ETF to be backed by a physical asset, it has been a trailblazer for exchange traded commodities overall. Following the unprecedented success of GLD in 2004, 21 commodity ETFs have entered the market, which underscores the growing popularity of these products.”
“GLD has removed the barriers that previously prevented some investors from making an investment in gold. By increasing investor understanding of the role gold plays within the portfolio, GLD has enabled us to change the way the world looks at gold as an asset class,” said Jason Toussaint, managing director, Exchange Traded Gold, World Gold Council. “Most recently, the global financial crisis has placed gold attributes as a preserver of wealth center stage, but over the course of the last five years, GLD made gold relevant and accessible to an even broader range of investors, irrespective of the prevailing economic cycle. Investors around the world continue to use GLD to help diversify their portfolio, and potentially protect their assets from the ravages of long term inflation and as a hedge against dollar fluctuations.”
The five year anniversary was commemorated by representatives from both State Street Global Advisors and the World Gold Council ringing the opening bell at the New York Stock Exchange.
SPDR® Gold Shares Key Facts:
Launched in November 2004, GLD was the first US traded gold ETF and the first commodity ETF.
GLD was the first ETF to be backed by a physical asset.
GLD was one of the fastest growing ETFs in history, reaching over $1 billion in assets in just three trading days. GLD has more assets than the next 5 ETFs launched in this timeframe combined.
2009 YTD (as of Oct. 30/09) net asset value in the trust has increased by $15.97 billion.
GLD is listed on the NYSE Arca, the Bolsa Mexicana de Valores and the Singapore, Tokyo and Hong Kong Stock Exchanges.
Source: State Street Global Advisors
KANJORSKI AMENDMENT TO ADDRESS COMPANIES THAT ARE “TOO BIG TO FAIL” PASSES IN FINANCIAL SERVICES COMMITTEE
November 18, 2009--Today, the House Financial Services Committee passed an amendment offered by Congressman Paul E. Kanjorski (D-PA), Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, to the Financial Stability Improvement Act by a vote of 38-29. The Kanjorski amendment would empower federal regulators to rein in and dismantle financial firms that are so large, inter-connected, or risky that their collapse would put at risk the entire American economic system, even if those firms currently appear to be well-capitalized and healthy.
Therefore, American taxpayers should no longer be on the hook for bailouts, as financial companies would not be able to become “too big to fail.” The Kanjorski amendment outlines clear and objective standards for regulators to examine financial companies and reduce the level of risk their activities pose to our financial stability and our economy.
“Today’s passage of my amendment marks a crucial step for the American people and for the protection of our financial system,” said Chairman Kanjorski. “I remember the dire situation we faced last fall, and we want to do everything we can to avoid such a situation in the future. Looking forward, we have the capabilities to try to act in a preventative manner for the sake of every American and our economy. Most of us yearn for the day when the phrase ‘too big to fail’ is no longer a part of our vocabulary. Through responsible action advocated in this amendment, we can make that a reality.”
The Kanjorski amendment expands on a segment of the Financial Stability Improvement Act, by enabling federal action to address financial companies that are deemed “too big to fail” before resolution authority is needed. The amendment transfers such mitigatory action from the Federal Reserve to the Financial Services Oversight Council and establishes objective standards for the Council to effectively evaluate companies to determine whether they are systemically risky. Additionally, the amendment provides clear checks and balances by requiring the Council to consult with the President before taking extraordinary mitigatory actions. A financial company also has the right to appeal any actions.
A summary of the Kanjorski amendment follows:
Objective Standards. Size is by no means the only factor to determine if a financial company is “too big to fail.” The recent financial crisis has shown that many other factors can also cause a company to become a systemic risk. Rather, the amendment considers a variety of objective standards to determine if financial firms pose a threat to our financial stability, including the scope, scale, exposure, leverage, interconnectedness of financial activities, as well as size of the financial company. The Kanjorski amendment does not cap the size of financial institutions.
Mitigatory Actions. If a financial company is deemed systemically risky, the Kanjorski amendment provides responsible preventative actions to protect our financial system and curtail those risks. These include modifying existing prudential standards, imposing conditions on or terminating activities, limiting mergers and acquisitions, and in the most extreme cases, breaking up the company.
Protects American Competitiveness. We have learned from this financial crisis that we are all connected. The Kanjorski amendment addresses the concern that our regulatory system works in conjunction with those around the globe. Currently, the European Union is considering similar action, and harmonized regulations would benefit both economies.
Click here to view the text of the Kanjorski amendment. Remarks of Chairman Gary Gensler, OTC Derivatives Reform, Exchequer Club of Washington read more PIMCO Launches Enhanced Short Maturity Strategy Fund, an Actively Managed ETF
The post-crisis market environment has increased the need for suitable cash investments, as many individuals, corporations, pensions and other institutions are insisting on stringent risk controls and ready access to their cash -- yet paying the price in the form of money market returns that hover near zero. MINT may invest in similar high quality short-term instruments as money markets, as well as longer maturity bonds and a broader universe of investment-grade fixed income securities. This strategy, along with the transparency and intraday liquidity of the ETF format, makes MINT a potentially attractive solution for investors who want to preserve capital while seeking higher yields.
"Investors are holding a lot of cash, and are compelled to look for something beyond the near-zero yields that money market funds offer," said Mr. Schneider. "MINT aims to maximize investors' current income by accessing PIMCO's discipline, risk management and market expertise within a highly liquid and transparent ETF."
PIMCO's ETF business is a natural step in the firm's evolution as a provider of global investment solutions, benefitting from the discipline and expertise that have been a hallmark of the firm's nearly four decades as a premier investment manager. MINT is the firm's first actively managed ETF and looks to benefit from the firm's secular investment process, which considers the top-down financial, economic, political and social trends that exert the most substantial influence on investments, as well as bottom-up credit analysis to carefully select securities. IndexIQ Lists IQ ARB Merger Arbitrage ETF on NYSE Arca Standard & Poor’s Announces Changes in the S&P/TSX Venture Composite Index The United States 12 Month Natural Gas Fund, LP (NYSE Arca: “UNL”) will begin trading on Wednesday, November 18th, 2009. FINRA Wins Okay for Major Expansion of BrokerCheck, Will Permanently Disclose Disciplinary Actions Against Former Brokers "This is an important step for investors and for investor protection," said FINRA Chairman and CEO Richard Ketchum. "Individuals previously barred by FINRA and other regulators have surfaced in a number of recent frauds in other parts of the financial industry that cost unsuspecting investors millions of dollars. It has never been more critical for investors to research the backgrounds of the financial professionals they deal with than it is today."
"It is possible that a (former broker) could become a financial planner or work in another related field where his securities record would help members of the public decide if they should accept his financial advice or rely on his advice or expertise," the SEC said in its order approving the BrokerCheck expansion. It added that providing information on final regulatory actions against former brokers "will help members of the public to protect themselves from unscrupulous people and thus….should help prevent fraudulent and manipulative acts and practices, and protect investors and the public interest." read more
Source: House Financial Services Committee
November 18, 2009 -Good afternoon. It is a pleasure to be with you today. I’d like to thank the Exchequer Club of Washington for inviting me to speak on the need for comprehensive reform of over-the-counter (OTC) derivative markets. Last year’s crisis marks a defining moment in our nation’s history.
The crisis was a call to action for the Administration, Congress and market regulators to ensure that we do all we can to prevent the financial system from so undermining the economy and the wellbeing of the American public. I speak to you today as someone who spent half my aadult life working on Wall Street. I worked with talented individuals from around the world who operated at the highest levels of professionalism. The industry plays a fundamental role in pricing and allocating capital and risk in our economy. But being talented and working in a critical industry doesn’t mean that individuals can’t make mistakes or that the system is flawless. The crisis eased only through strenuous effort and some considerable good fortune. Now we must ensure that the risks generated by the financial sector are never allowed to push us so close to the brink again. Some may accuse us of overreacting and overreaching. But the worst financial crisis in 80 years demands the most comprehensive regulatory reform in generations.
Source: CFTC.gov
November 17, 2009--PIMCO, a leading global investment management firm, has launched the PIMCO Enhanced Short Maturity Strategy Fund (NYSE: MINT), an actively managed Exchange Traded Fund (ETF) that employs the firm's proven investment process and cash management expertise.
The new fund aims to preserve capital while also looking to offer more attractive yields than investors earn from money market funds. MINT will be managed by PIMCO Executive Vice President Jerome Schneider, deputy head of the firm's money market desk.
Source: PIMCO
November 17, 2009--IndexIQ Lists IQ ARB Merger Arbitrage ETF on NYSE Arca
The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its Underlying Index, the IQ ARB Merger Arbitrage Index, developed by IndexIQ. The Underlying Index’s objective is to employ a systematic investment process designed to identify opportunities in companies whose equity securities trade in developed markets, including the U.S. , and which are involved in announced mergers, acquisitions and other buyout-related transactions. The Underlying Index seeks to capitalize on the spread between the current market price of the target company’s stock and the price received by the holder of that stock upon consummation of the buyout-related transaction.
Source: NYSE Euronext
November 17, 2009--Standard & Poor’s will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Tuesday, November 17, 2009:
• The shares of Canadian Phoenix Resources Corp. (TSXVN:CPH) will trade on a consolidated basis following a 1-for-25 consolidation.
The new CUSIP number will be 136471 11 7 and the new ticker symbol will be CXP.
• The shares of Normabec Mining Resources Ltd. (TSXVN:NMB) will be removed from the index following an Arrangement Agreement with First Majestic Silver Corp. (TSX:FR).
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard& Poors
November 17, 2009--The United States 12 Month Natural Gas Fund, LP (NYSE Arca: “UNL”) will begin trading on Wednesday, November 18th, 2009.
Fund Description - The United States 12 Month Natural Gas Fund, LP (“UNL”) is an exchange traded security that is designed to track in percentage terms the movements of natural gas prices.
When calculating the daily movement of the average price of the 12 contracts, each contract month will be equally weighted. It is not the intent of US12NG to be operated in a fashion such that it’s NAV will equal, in dollar terms, the spot price of natural gas or any particular futures contract based on natural gas.
Source: United States 12 Month Oil Fund
Permanent Disclosure Cited as Welcome Boost to Investor Protection
November 17, 2009
The Financial Industry Regulatory Authority (FINRA) has won approval from the Securities and Exchange Commission (SEC) for a major expansion of its BrokerCheck service — to make records of final regulatory actions against brokers permanently available to the public, regardless of whether they continue to be employed in the securities industry. Under current rules, a broker's record generally becomes unavailable to the public two years after he or she leaves the securities industry and is therefore no longer under FINRA's jurisdiction.
Disclosure records for former brokers will be available on BrokerCheck beginning November 30.
Source: Finra