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Standard & Poor''s Announces Changes In The S&P/TSX Venture Composite And Select Indices
November 8, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite and Select Indices:
Shareholders of Donnybrook Energy. (TSXVN:DEI) approved on November 4, 2011, the Plan of Arrangement whereby the company will spin out certain non-core oil & gas assets to shareholders. ".
For every share of Donnybrook Energy held, shareholders will receive 0.025 shares of a new company named Donnycreek Energy Inc. Donnycreek Energy will trade on TSX Venture for the first time (the ex-date of the spin-off) on November 9, 2011, under the ticker symbol "DCK".The spun out shares of Donnycreek Energy will be added at zero price to the S&P/TSX Venture Composite and Venture Select Indices after the close of trading on Tuesday, November 8, 2011. Effective after the close of Wednesday, November 9, 2011, the shares of Donnycreek Energy will be removed from the same two indices.
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.
Circuit Breakers Mostly Worked, Report Finds
November 8, 2011--Single-stock circuit breakers generally have not been disruptive even when the program was expanded in August – a particularly volatile month – to all NMS securities, according to new research from Ana Avramovic in Credit Suisse’s portfolio strategy group.
Examining the data for the last 16 months, from June 2010, when the Securities and Exchange Commission launched the circuit breaker pilot, through September 2011, Avramovic found 111 individual halts (excluding rights, warrants and penny stocks). Breaking down the trading halts by reason, she found 56 (51 percent) were from fundamental news triggers, 36 (32 percent) were from cheap/illiquid stocks, 12 (11 percent) were from fat fingers and seven (6 percent) were from bad prints.
view report-Pardon the Interruption – The Impact of Trading Halts
ISE Completes Latest Optimise Upgrade
November 7, 2011--The International Securities Exchange (ISE) this week completed the most recent upgrade to its new trading system based on Deutsche Börse Group's OptimiseTM trading architecture. Technology Release 1.6 is the second major enhancement to the system since the completion of its initial rollout in July 2011.
The compressed release cycle of Optimise allows for greater flexibility to introduce performance enhancements and new functionality while minimizing any additional work for ISE's member firms due to its backward compatibility.
"With a release cycle of approximately every two months, we are constantly working to improve the performance, stability, and functionality offered by Optimise," said Daniel Friel, ISE's Chief Information Officer. "This latest release fine-tunes the already exceptional latency profile of the new system and positions us well for Release 2.0 in mid-December."
Compared to ISE's previous trading system, Optimise has demonstrated latency reduction of approximately 90 percent. Release 1.6 provided incremental improvements to the system's latency profile, with particular emphasis to improve both the median latency and latency tail. With this very solid baseline performance in place, ISE's technology team is now focused on building new functionality for introduction in Release 2.0 later this year.
Remarks before the SIFMA 2011 Annual Meeting-Chairman Gary Gensler
November 7, 2011--Good afternoon, I’d like to thank the Securities Industry and Financial Markets Association for inviting me to speak today, and thank you Chet for that kind introduction. I’m looking forward to sitting down with Charlie – and as this is the closest I’ll get to the Charlie Rose show, I’ll be brief.
Lessons of 2008
We’ve all drawn many lessons from the financial crisis in 2008. I’d like to highlight a number that I believe are most relevant.
Foremost, when financial institutions fail, real people’s lives are affected. In 2008, the financial system failed and the regulatory system failed as well.
Three years after these twin failures, we’re still feeling the aftershocks. More than eight million jobs were lost, and the unemployment rate remains stubbornly high. Millions of Americans lost their homes. Millions more live in homes that are worth less than their mortgages. And millions of Americans continue struggling each day to make ends meet.
Secondly, high levels of debt – particularly short-term funding at financial institutions – was at the core of the crisis. When market uncertainty grew, firms quickly found that liquidity problems threatened their solvency.
CNSX Starts Listing Structured Products - The Time Is Right Is For A Transparent, Exchange-Traded Debt Market In Canada
November 7, 2011--CNSX Markets Inc. today announced that BAC Canada Finance Company 5 year Extendible Step Up Semi-Annual Pay Medium-Term Notes, Series 1 (the “Notes”) have been posted for trading on the Canadian National Stock Exchange (CNSX). The Notes are trading under symbol BMF.DB.A and the issuer expects to raise up to $20 million. They are currently trading on an “if, as and when issued” basis until November 9, 2011.
The Notes are unsecured and unsubordinated debt securities of BAC Canada Finance Company (formerly Merrill Lynch Canada Finance Company), all amounts payable are unconditionally guaranteed by Bank of America Corporation. The company will pay interest semi-annually during the term of the Notes at an initial rate of 4.00% from and including November 15, 2011 to, but excluding November 15, 2012.
“We believe that this new product represents the start of an exciting new debt market in Canada”, stated Richard Carleton, Interim CEO of CNSX Markets. “Issuers will be able to take advantage of the cost effectiveness of the exchange’s listings process and retail investors will be able to benefit from the transparency of the exchange’s rules in trading these fixed income-based products”, he added.
Stuart Investment Management Limited acted as agent on the offering of the Notes and will use its best efforts to initiate and ensure a secondary market is maintained for the Notes on CNSX.
“This is the first structured product to list on CNSX”, noted William Woods, Managing Director – Listed Market. “Structured products markets are growing rapidly on stock exchanges in America and Europe and CNSX plans to be Canada’s primary exchange for debt securities. CNSX is the ideal exchange to list structured products, investment funds, and debt securities because it has a streamlined listing process, with product specific listing policies designed to facilitate medium term note programmes and other structured products, and the lowest listing fees in Canada”, he added.
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
November 7, 2011--Standard & Poor's will make the following changes in the S&P/TSX Canadian Indices:
The unitholders of Capital Power Income L.P. (TSX:CPA.UN) have accepted the cash and share takeover offer from Atlantic Power Corporation (TSX:ATP).
Capital Power will be removed from the S&P/TSX Composite and Capped Composite, the S&P/TSX Completion and SmallCap, the S&P/TSX Composite Dividend and Equity Income, the S&P/TSX Income Trust, the S&P/TSX Capped Utilities, the S&P/TSX Clean Technology and the S&P/TSX Composite Equal Weight Indices after the close of Wednesday, November 9, 2011.
At the same time, the relative weight of Atlantic Power Corporation will increase in the S&P/TSX Composite and Capped Composite, the S&P/TSX Completion and Equity Completion, the S&P/TSX Equity and Capped Equity, the S&P/TSX Capped Utilities, the S&P/TSX Composite Dividend and the S&P/TSX Equity Income Indices to reflect the issuance of shares as part of the acquisition of Capital Power.
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.
Morgan Stanley-ETF Weekly Update
November 7, 2011--Highlights:
Weekly Flows: $3.3 Billion Net Outflows
ETF Assets Stand at $1.1 Trillion, up 7% YTD
Launches: 8 New ETFs
Direxion Reverse Share Splits Effective This Week
US-Listed ETFs: Estimated Largest Flows by Individual ETF
Utilities Select Sector SPDR (XLU) posted net inflows of $340 mln last week, the most of any ETF
Amid market volatility and low absolute yield environment, investors have flocked to XLU (net inflows of $2.9
bln YTD, which equates to 40% of XLU’s market cap)
Despite the defensive nature of flows recently, riskier areas such as emerging markets equities and high yield
bonds have exhibited net inflows
US-Listed ETFs: Estimated Flows by Market Segment
US-Listed ETFs: Change in Short Interest
Data Unchanged: Based on data as of 10/14/11
SPY exhibited the largest increase in USD short interest since last updated
$4.4 billion in additional short interest
SPY has been fluctuating around record levels of shares short since mid-August
IWM exhibited the largest decline in USD short interest since last updated
$1.1 billion in reduced short interest
Lowest level of shares short for IWM since 8/31/11
US-Listed ETFs: Most Successful Recent Launches by Assets
Source: Bloomberg, Morgan Stanley Smith Barney Research. Data estimated as of 11/4/11 based on daily change in share counts and daily NAVs.
$7.0 billion in total market cap of ETFs less than 1 year old
Over past 13 weeks newly launched Fixed Income ETFs generated most net inflows ($519 mln)
213 new ETF listings and 9 liquidations YTD
Newly issued defensive portfolios have been successful in garnering assets
Top 10 account for $3.1 bln in market cap and posted net inflows of $1.0 bln over last 13 weeks
PowerShares S&P 500 Low Volatility Portfolio (SPLV) and iShares High Dividend Equity Fund (HDV)
have been two standout launches over the past year
ETFs posted net outflows of $3.3 bln last week; flows have fluctuated recently
Last week’s net outflows followed the largest weekly net inflows of 2011
Net outflows last week were primarily driven by US Equity ETFs (combined $4.0 bln net outflows)
ETF assets stand at $1.1 tln, up 7% YTD (due to net inflows)
13-week flows were mostly positive among asset classes; combined $31.6 bln net inflows
Fixed Income ETFs have exhibited the greatest net inflows the past 13-weeks ($13.7 bln net inflows)
We estimate ETFs have generated net inflows 26 out of 44 weeks in 2011; net inflows of $95.0 bln YTD
US-Listed ETFs: News Highlights Source: Company Data, Morgan Stanley Smith Barney Research.
Direxion Reverse Share Splits Effective This Week
Direxion recently announced that it will execute reverse share splits on six of its ETFs after the close of business on 11/9/11.
The CUSIPs for the six ETFs will change; however, the value of an investment will remain the same.
Low volatility ETFs launched to stem outflows
November 7, 2011--Fund managers are launching a range of funds designed to deliver lower volatility returns in an effort to stem outflows from investors unnerved by the current uncertain share trading environment.
Since markets began falling at the end of July, Lipper data show that US equity funds have suffered net outflows of $42.3bn, with long-only funds having the biggest redemptions. Equity volatility as measured by the Vix, known as Wall Street’s “fear gauge”, remains highly elevated, with the Vix trading above 30 and well above the long-term average of about 20.
Nuveen files with the SEC
November 4, 2011--Nuveen has filed a Form S-1, pre-effective amendment No.2 to registration statement for the Nuveen Long/Short Commodity Total Return Fund.
view filing
Claymore files with the SEC
November 4, 2011--Claymore has filed a post-effective amendment No. 152, registration statement with the SEC for the Guggenheim BulletShares 2021
Corporate Bond ETF.
view filing
"The High Test"-Speech of CFTC Commissioner Bart Chilton to the Society of Independent Gasoline Marketers of America Annual Meeting
November 4, 2011--Introduction—I’ve Been Clean
Hi, I'm Bart and I'm a . . . I’m a regulator. I've been clean from doing regulation for 13 days now—fingers crossed! Thank you. Thank you very much. That's nice of you to applaud.
I've been getting my life together, but I couldn't do it alone. I've had a lot of help from my family and friends, my staff, and of course my sponsor: Willie, Willie Makit—Willie is here today. Thank you Willie.
Now that I've been clean for a few weeks, since we had our last public meeting that is, I’ve been reassessing things. I mean regulation, government, politicians, and regulators like me: ugh, is it a waste? Is it all worth it?
Direxion files with the SEC
November 4, 2011--Direxion has filed a post-effective amendment, registration statement with the SEC for the
Quantum-ISE Enhanced Broad Market Shares
Quantum-ISE Enhanced Large-Cap Shares
Quantum-ISE Enhanced Small-Cap Shares
CFTC Statement Regarding Enforcement Investigation of the Silver Markets
November 4, 2011-- The Commodity Futures Trading Commission today issued the following statement:
“In September of 2008, the Commission announced the existence of an enforcement investigation into the possibility of unlawful acts in silver markets. Since that time, the staff has analyzed over 100,000 documents and interviewed dozens of witnesses and obtained expert advice. It has been a long, detailed, and thorough investigation, and it continues in an appropriate and considered manner.”
McGraw-Hill and CME Group to Partner in Index Services Business
Will Contribute Complementary S&P Indices and Dow Jones Indexes Businesses into Joint Venture
S&P/Dow Jones Indices will be a Leading Global Index Company Providing New Products to Clients and Generating Growth for Shareholders of Both Companies
November 4, 2011--McGraw-Hill, one of the world's foremost financial information companies and owner of S&P Indices, and CME Group (NASDAQ: CME), the world's leading and most diverse derivatives marketplace and 90-percent owner of the CME Group/Dow Jones joint venture, announced today an agreement to establish a new joint venture in the rapidly growing index business.
Under the terms of the agreement, which has been approved by the Boards of both companies, McGraw-Hill will contribute its S&P Indices business and the CME Group/Dow Jones joint venture will contribute the Dow Jones Indexes business to create S&P/Dow Jones Indices, a global leader in index services with annual revenue of more than $400 million. Approximately $6 trillion in assets are benchmarked against these leading indices.
McGraw-Hill will own 73 percent of S&P/Dow Jones Indices, CME Group will own 24.4 percent through its affiliates, and Dow Jones will own 2.6 percent. S&P/Dow Jones Indices is expected to be operational in the first half of 2012, subject to regulatory approval and customary closing conditions. The new company will become part of the new McGraw-Hill Markets company following the separation of McGraw-Hill into two public companies, as announced on September 12, 2011.
As part of the new joint venture, S&P/Dow Jones Indices will enter into a new license agreement whereby CME Group will pay S&P Indices a share of the profits of CME Group's equity product complex, which is their trading and clearing business for futures, swaps and options on futures. In addition, the new license agreement expands the products covered under the license to include swaps and extends CME Group's existing exclusive rights (currently in place through December 31, 2017) to the E-mini and other S&P indexed futures.
McGraw-Hill and CME Group to Partner in Index Services Business
Will Contribute Complementary S&P Indices and Dow Jones Indexes Businesses into Joint Venture S&P/Dow Jones Indices will be a Leading Global Index Company Providing New Products to Clients and Generating Growth for Shareholders of Both Companies
November 4, 2011–McGraw-Hill (NYSE: MHP), one of the world’s foremost financial information companies and owner of S&P Indices, and CME Group (NASDAQ: CME), the world’s leading and most diverse derivatives marketplace and 90-percent owner of the CME Group/Dow Jones joint venture that owns Dow Jones Indexes, announced today an agreement to establish a new joint venture in the rapidly growing index business.
Under the terms of the agreement, which has been approved by the Boards of both companies, McGraw-Hill will contribute its S&P Indices business and the CME Group /Dow Jones joint venture will contribute the Dow Jones Indexes business to create S&P/Dow Jones Indices, a global leader in index services with annual revenue of more than $400 million. Approximately $6 trillion in assets are benchmarked against these leading indices.
McGraw-Hill will own 73 percent of S&P/Dow Jones Indices, CME Group will own 24.4 percent through its affiliates, and Dow Jones will own 2.6 percent. S&P/Dow Jones Indices is expected to be operational in the first half of 2012, subject to regulatory approval and customary closing conditions. The new company will become part of the new McGraw-Hill Markets company following the separation of McGraw-Hill into two public companies, as announced on September 12, 2011.
