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OLD MUTUAL GLOBAL files prospectus with SEC
November 12, 2009--OLD MUTUAL GLOBAL has filed a prospectus with the SEC for
GlobalShares FTSE All-World Fund – GSW -CUSIP: 68003W 103
GlobalShares FTSE Emerging Markets Fund – GSR -CUSIP: 68003W 202
GlobalShares FTSE All-Cap Asia Pacific ex Japan Fund – GSZ CUSIP: 68003W 301
GlobalShares FTSE All-World ex US Fund – GSO -CUSIP: 68003W 400
GlobalShares FTSE Developed Countries ex US Fund – GSD- CUSIP: 68003W 509
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Source: SEC.gov
US bank reform bill seeks to strip powers from the Federal Reserve
November 11. 2009--An influential US Senate committee has proposed a sweeping overhaul of the country's regulatory architecture that would strip powers from the Federal Reserve and create a single banking regulator.
Chris Dodd, chairman of the Senate banking committee, yesterday presented a more radical vision of regulatory reform than that proposed by the White House. The move ushered into the open a behind-the-scenes struggle between banks, policymakers and regulators.
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Source: FT.com
Banks increase their capital sufficiently to meet or exceed their required capital buffers
November 10, 2009--The Federal Reserve Board on Monday said that 9 of the 10 Bank Holding Companies (BHCs) that were determined in the Supervisory Capital Assessment Program (SCAP) earlier this year to need to raise capital or improve the quality of their capital to withstand a worse-than-expected economic scenario now have increased their capital sufficiently to meet or exceed their required capital buffers.
The one exception, GMAC, is expected to meet its remaining buffer need by accessing the TARP Automotive Industry Financing Program, and is in discussions with the U.S. Treasury on the structure of its investment. In the SCAP, it was determined that these BHCs needed to augment their capital by $74.6 billion, almost all in the form of common or contingent common capital, by November 9.1 These 10 BHCs took the following capital actions:
New issuance of common equity or other eligible securities of $39 billion; Conversion of existing preferred equity to common equity in the amount of $23 billion; and Sales of businesses or portfolios of assets that increased common equity by $9 billion.
Some firms also increased capital through other actions, including reduced dividend payments, issuance of common shares to employee stock ownership plans, and larger-than-anticipated pre-provision net revenue, to meet their required buffers. As a result of all these actions, Tier 1 Common equity increased by more than $77 billion at the 10 firms.2
Led by the Federal Reserve, supervisors, economists, and analysts who conducted the SCAP assessed the amount of capital needed by the 19 largest bank holding companies to withstand greater-than-expected losses and still remain sufficiently capitalized through 2010 to be able to meet the needs of their creditworthy borrowers.
The release of the assessment results provided important information about the condition of major U.S. financial institutions during a period of high stress and uncertainty, and helped to increase public confidence in the banking system.
Source: Federal Reserve Board
SIFMA Municipal Bond Credit Report For Third Quarter 2009 Now Available
Despite Drop in Yields, Long-Term Issuance and Build America Bonds Still Strong
November 11, 2009--The Securities Industry and Financial Markets Association (SIFMA) today released its third quarter 2009 Municipal Bond Credit Report. The SIFMA Municipal Bond Credit Report provides market participants and observers research and statistics on various parts of the municipal bond market.
The report highlighted that total long-term issuance for the first nine months of this year reached $288.8 billion, below the $321.5 billion issued in the same period last year. In the short-term market, issuance for the first nine months was $55.1 billion, up from $42.0 billion in the same year-earlier period. Interestingly, $33.5 billion came in the third quarter 2009 alone.
Other key findings from the report include:
The yield ratio of AAA-rated 10-year Treasury bonds to comparable munis narrowed to 89 percent in the quarter, compared to 95 percent in the second quarter;
Municipal bond yields are at historically low rates with AAA-rated munis yielding 2.96 percent at the end of the third quarter;
Build America Bonds remained popular as $20 billion in issuance came to market, a 28.4 percent increase from the previous quarter’s total; and Although long-term issuance volume fell to $91.7 billion in the third quarter from the previous one, it was on par with the total from the same period last year ($90.5 billion).
View the Municipal Bond Credit Report", November 2009
Source: SIFMA
Van Eck Global Lists Market Vectors Junior Gold Miners ETF on NYSE Arca
November 11, 2009-- NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading the Market Vectors Junior Gold Miners ETF (Ticker: GDXJ). The ETF is sponsored by Van Eck Global.
The fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Junior Gold Miners Index, which is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of publicly traded companies of small-and medium-capitalization that are involved primarily in the mining for gold and/or silver.
Source: NYSE Euronext
Options on Jefferies commodity index fund trading on NYSE Amex
November 10, 2009--Options on the Jefferies TR/J CRB Global Commodity Equity Index Fund have begun trading on NYSE Amex under the symbol QVE.
The composite-tracking Jefferies TR/J CRB Global Commodity Equity Index Fund is an ETF product based on the CRB-EQ series of indices which seeks investment results that replicate the price and yield performance of the Thomson Reuters/Jefferies CRB In-The-Ground Global Commodity Equity Index.
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Source: ETF Express
Robert W. Cook Named Director of SEC Division of Trading and Markets
November 10, 2009--Securities and Exchange Commission Chairman Mary L. Schapiro announced today that Robert W. Cook has been named Director of the agency's Division of Trading and Markets.
Mr. Cook, 44, comes to the SEC from the law firm of Cleary Gottlieb Steen & Hamilton LLP, where he has been a partner in the firm's Washington D.C. office since 2001. At Cleary Gottlieb, which he joined in 1992, Mr. Cook has established himself as one of the nation's leading practitioners on broker-dealer and market regulation.
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Source: SEC.gov
Power for U.S. From Russia’s Old Nuclear Weapons
For about 10 percent of electricity in the United States, it’s fuel from dismantled nuclear bombs, including Russian ones.
“It’s a great, easy source” of fuel, said Marina V. Alekseyenkova, an analyst at Renaissance Capital and an expert in the Russian nuclear industry that has profited from the arrangement since the end of the cold war.
But if more diluted weapons-grade uranium isn’t secured soon, the pipeline could run dry, with ramifications for consumers, as well as some American utilities and their Russian suppliers.
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Source: NY Times
PowerShares files prospectus with the SEC
November 10, 2009--PowerShares has filed a prospectus with the SEC for
PowerShares CEF Income Composite Portfolio .
Investment Objective
The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of the index called the S-Network Composite Closed-End Fund IndexSM (the “Underlying Index”).
view filing
Source: SEC.gov
State Street files with SEC
November 10, 2009--Sate Strret has filed an amended order for exemptive relief.
The New Funds are currently anticipated to track either (i) an index designed to provide the investment returns of a diversified portfolio of hedge funds (a “Total Return Index”)(currently intended to be the AlphaSimplex Absolute Beta Index), or (ii) an index designed to provide the investment returns of a portfolio of commodities (a “Commodities Index”) (currently intended to be the Dow Jones-UBS Commodity IndexSM).
Unlike traditional market indices, such as those on which the Existing Index Funds are based, the New Fund Indices are not comprised of specific securities, but rather futures contracts providing exposure to various market segments (e.g., equities, government bonds, short-term interest rates, currencies, and commodities) or physical commodities.
view filing
Source: SEC.gov