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NASDAQ OMX Announces Debt Refinancing Actions
Commences Tender Offer for 2.50% Convertible Senior Notes -
Announces $1.2 Billion Credit Facility
September 20, 2011--The NASDAQ OMX Group, Inc. ("NASDAQ OMX") (Nasdaq:NDAQ) today announced that it has commenced a cash tender offer (the "Offer") for any and all of the approximately $428 million aggregate principal amount outstanding of its 2.50% Convertible Senior Notes due 2013 (the "Convertible Notes").
Additionally, NASDAQ OMX announced its entry into a $1.2 billion senior unsecured five-year credit facility, which refinances its existing credit facilities due 2013. NASDAQ OMX expects to fund purchases of Convertible Notes tendered in the Offer with cash flow from operations and availability under the revolver in its new credit facility. NASDAQ OMX will not incur additional debt as a result of this transaction.
Lee Shavel, Chief Financial Officer, said, "We are very pleased in this environment to be able to pursue these transactions which reduce our overall borrowing costs, extend the maturity profile of our debt obligations, increase our revolver borrowing capacity and generate positive earnings per share returns."
First Block Trades at Index Close Executed in NYSE Liffe U.S. mini MSCI Index Futures
-Tool for Institutions to Manage Large Trade Executions Relative to Benchmark-
September 20, 2011--– NYSE Liffe U.S., the U.S. futures exchange of NYSE Euronext (NYX), today announced the completion of its first block trades priced by reference to the underlying closing index level. Block Trade at Index Close or “BIC” trading totaled 2,755 contracts in mini MSCI Emerging Markets Index futures.
The exchange recently issued guidance with respect to block trades priced at a basis to a prospective closing index level, including how such trades are to be reported to the Exchange. BIC trades provide customers the ability to manage the tracking impact of executing large orders relative to the underlying index level by explicitly tying the transaction price to the closing level of the underlying index.
Market Value Of U.S. Venture Capital-Financed Companies Rose 10.1% In Q1 2011 From End Of 2010, Dow Jones U.S. Venture Capital Index Indicates
Index’s Performance Tops Dow Jones U.S. Total Stock Market Index’s
Gain of 6.4% Over the Same Time Period
September 20, 2011--The estimated market value of venture capital-financed companies in the U.S. rose 10.1% in 2011’s first quarter from the end of 2010, according to the Dow Jones U.S. Venture Capital Index. The index’s performance topped the Dow Jones U.S. Total Stock Market Index’s total return gain of 6.4% over the same time period.
The return on the Dow Jones U.S. Venture Capital index for the 12-month period ended March 2011 was 32.7%. The largest gains for the quarter and year ended in March 2011 were in software companies.
Venture capitalists invested an estimated $6.5 billion in 661 deals in the first quarter of 2011, a decrease of 23% in dollars and 14% in deals compared with the fourth quarter of 2010, according to Dow Jones VentureSource.
Yorkville files with the SEC
September 19, 2011--Yorkville ETF Advisors, LLC has filed a second amended and restated application for exemptive relief with the SEC.
view filing
Teucrium Trading, LLC -- First to Launch Single Ag Commodity ETP --Adds Soybeans, Sugar, Wheat ETPs
September 19, 2011--Teucrium Trading, LLC (Teucrium) ( www.teucrium.com ), the first company to introduce a single agricultural commodity Exchange Traded Product ("ETP") in the United States, today announced the launch of three additional single commodity ETPs for the agricultural space --The Teucrium Soybean Fund ; The Teucrium Sugar Fund ; and The Teucrium Wheat Fund .
The funds will trade on the New York Stock Exchange Arca and join the Teucrium Corn Fund,the nation's first pure play agriculture fund, which was successfully launched in June 2010, and the Teucrium Natural Gas Fund and the Teucrium WTI Crude Oil Fund, both launched in February 2011.
"As the global economy and populations in emerging market countries like China, India and Brazil continue to expand faster than developed countries, the demand for and use of corn, soybeans, sugar and wheat is extraordinary, presenting the opportunity for a great investment opportunity," said Sal Gilbertie, President of Teucrium Trading, LLC.
"Until now," said Gilbertie, who has traded commodities for nearly his entire professional career, "there has not been an investment vehicle available to investors who want to invest directly or exclusively in soybeans, wheat or sugar without having to trade futures contracts, something better left to all but the most sophisticated and knowledgeable investors."
By making single commodities available in an ETP structure, Gilbertie said, "Investors not only get exposure to commodities, an increasingly important asset class -- without having to directly trade in futures -- they get the opportunity to diversify their portfolios by investing in an unleveraged, liquid, and transparent security traded on the New York Stock Exchange."
According to Gilbertie, the Teucrium funds were specifically designed with these features to appeal to Registered Investment Advisors, hedge funds, institutional and individual investors who want to invest in commodities through an easily understood and traded investment product backed by a specific pool of assets.
As opposed to many first generation products that hold only a single month futures contract, Gilbertie said the Teucrium Funds have a diversified futures structure and hold contracts in multiple months, significantly reducing the cost of carrying and rolling the futures, and resulting in the potential for better returns.
The funds will be managed by Gilbertie and Kelly Teevan, each of whom has spent most of their professional careers trading commodities.
Barclays launches additional series of Inverse iPath® Exchange Traded Notes
New ETNs offer investors a 'short' view on volatility of U.S. equity markets
September 19, 2011--Barclays Bank PLC announced today the launch of a new series of iPath ® Exchange Traded Notes (“ETNs”) on the NYSE Arca stock exchange.
The iPath Inverse S&P 500 VIX Short-Term Futures ETN (II) are linked to the inverse performance of the S&P 500 VIX Short-Term Futures Index Excess Return (the “Index”), and offer investors a ‘short’ view on volatility of U.S. equity markets. The ETNs will be listed on the NYSE Arca stock exchange under the ticker symbol IVOP.
The returns on these new ETNs are calculated in a similar manner to those on the existing iPath ® Inverse S&P 500 VIX Short-Term Futures™ ETNs (ticker symbol: XXV) launched on July 16, 2010. The two series of ETNs are both linked to the inverse performance of the Index; however, they have, among other things, different inception dates, issue dates, final valuation dates and maturity dates, and the two series of ETNs are not fungible with one another.
Brent oil benchmark to be overhauled
September 19, 2011-North Sea Crude Oil traders Friday expressed concern that Crude Oil price assessment company Platts is proceeding with revisions to its assessment of dated Brent, the benchmark used to price more than 50% the World's Crude Oil, in early 2012 despite industry worries it is too soon for the market to adequately prepare for the changes.
Platts' move comes after three months of consultation with the industry, during which oil major Royal Dutch Shell PLC (NYSE:RDS-B) publicly criticized the timing of the proposed changes and called for a delay in their implementation. Traders said they were surprised that Platts had ignored the concerns of such a large player in the market, adding that the McGraw-Hill (NYSE:MHP) company's failure to address the concerns raised by Shell and other members of the industry could cause problems in the long-term.
Van Eck files with the SEC
September 19, 2011--Van Eck has filed a post-effective amendment no.464, registration statement with the SEC for the Market Vectors Emerging Markets Local Currency Bond ETF
Market Vectors Investment Grade Floating Rate ETF
Market Vectors High-Yield Municipal Index ETF
Market Vectors Intermediate Municipal Index ETF
Market Vectors Long Municipal Index ETF
Market Vectors Pre-Refunded Municipal Index ETF
Market Vectors Short Municipal Index ETF
Market Vectors California Long Municipal Index ETF
Market Vectors Massachusetts Municipal Index ETF
Market Vectors New Jersey Municipal Index ETF
Market Vectors New York Long Municipal Index ETF
Market Vectors Ohio Municipal Index ETF
Market Vectors Pennsylvania Municipal Index ETF
Direxion files with the SEC
September 19, 2011--Direxion has filed a post-effective amendment, registration statement with the SEC for the Direxion NASDAQ Volatility Response Shares
Direxion Wireless Communications Shares
Direxion NASDAQ-100(R) Equal Weighted Index Shares
SEC Announces Roundtable on Microcap Securities
September 19, 2011--The Securities and Exchange Commission today announced that it will host a public roundtable next month to discuss the unique regulatory issues surrounding the execution, clearance, and settlement of microcap securities.
The roundtable is being sponsored by the SEC’s Microcap Fraud Working Group, a joint initiative of the Division of Enforcement and Office of Compliance Inspections and Examinations. The Working Group is the Commission’s primary resource for issues relating to market participants and trading practices concerning securities primarily quoted on the OTC Bulletin Board (OTCBB) or OTC Quote (previously Pink Sheets).
Semi-Annual Changes to the NASDAQ OMX Clean Edge Smart Grid Infrastructure Index
September 19, 2011--The NASDAQ OMX Group, Inc. and Clean Edge, Inc. have announced the results of the semi-annual evaluation of the NASDAQ OMX Clean Edge Global Wind Energy Index (NASDAQ: QWND) and Smart Grid Infrastructure Index (NASDAQ: QGRD), which became effective with the market open today.
The following five securities will be added to the Global Wind Index: Huaneng Renewables Corporation Limited (0958 HK), China Datang Corp. Renewable Power Co., Ltd. (1798 HK), Japan Wind Development Co., Ltd. (2766 JT), Mitsui & Co., Ltd. (8031 JT), and Duke Energy Corporation (NYSE: DUK). The following two securities will be added to the Smart Grid Infrastructure Index: Alstom SA (ALO FP) and PSI AG (PSAN GR).
SEC Proposes Rule to Prohibit Conflicts of Interest in Certain Asset-Backed Securities Transactions
September 19, 2011--The Securities and Exchange Commission today voted unanimously to propose a rule intended to prohibit certain material conflicts of interest between those who package and sell asset-backed securities (ABS) and those who invest in them.
The proposal, which is not intended to prohibit traditional securitization practices, implements Section 621 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The proposed rule would prohibit securitization participants of an ABS for a designated time period from engaging in certain transactions that would involve or result in any material conflict of interest. Two criteria to determine whether the transaction involves a material conflict of interest are set out in the rule proposal.
view the Prohibition against Conflicts of Interest in Certain Securitizations-proposed rule
2011 Carbon Disclosure Project S&P 500 findings: Majority of US companies taking climate change action, despite absence of mandatory rules
For first time in CDP’s ten year history, most US companies reporting climate change strategies
Increasing investor pressure, uncertain fuel prices, extreme weather events, recognition of new revenue and product opportunities -- drive increase in activities
September 19 2011. The 2011 S&P 500 report from the Carbon Disclosure Project (CDP) has found that while national and global policy remains uncertain, most large US companies recognize the opportunity to gain strategic advantage from acting to address climate change.
For the first time since its inception, CDP has found that a majority of the S&P 500 disclosing companies now integrate climate change into core business strategy.
CDP’s report, which analyzed disclosures from 339 of the largest US corporations by market capitalization, is written by global professional services firm PwC and is seen as a bellwether for greenhouse gas emissions reduction activity at corporate America. CDP collects data from companies on behalf of 551 signatory investor institutions, which together manage $71 trillion in assets worldwide.
The report, launched today in New York, found an increase in respondents who have senior executive or board oversight of their company’s climate change programs from 68% in 2010 to 87% this year. There was also a doubling of companies reporting climate change policies as an integral part of corporate business strategy, up from 35% of respondents in 2010 to 65% in 2011. Meanwhile, 64% of respondents are setting greenhouse gas emissions reduction targets, up from 51% in 2010 and 32% in 2008.
view the CDP S&P 500 Report 2011 Strategic Advantage Through Climate Change Action
Morgan Stanley-US ETF Weekly Update
September 19, 2011--Weekly Flows: $11.6 Billion Net Inflows
Largest Weekly Net Inflows YTD
ETF Assets Stand at $1.0 Trillion, up 4% YTD
Launches: 4 New ETFs
Javelin Announces ETF Closure
US-Listed ETFs: Estimated Flows by Market Segment
For the fifth consecutive week, ETFs posted net inflows ($23.0 bln over the past 5 weeks)
ETFs posted net inflows of $11.6 bln last week, the largest weekly net inflows YTD
ETF assets stand at $1.0 tln, up 4% YTD; last week’s flows primarily driven by US Equity ETFs
13-week flows were mixed among asset classes; combined $22.4 bln net inflows
Fixed Income ETFs up $9.5 bln; US Sector & Industry ETFs down $2.4 bln
We estimate ETFs have generated net inflows 23 out of 37 weeks in 2011; net inflows of $78.8 bln YTD
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) generated net inflows of $6.3 bln, the most of any ETF
Ironically, while SPY had net inflows, the iShares S&P 500 Index Fund (IVV) posted net outflows of $391 mln;
both ETFs track the same index
3 out of the 10 ETFs to exhibit the largest net outflows last week were US Treasury based, potentially
signaling investors are willing to take more risk by moving away from US Treasuries
US-Listed ETFs: Change in Short Interest
Data Updated: Based on data as of 8/31/11
IWM exhibited the largest increase in USD short interest since last updated
$1.1 billion in additional short interest
Highest level of shares short for IWM since 5/31/11
SPY exhibited the largest decline in USD short interest since last updated
$4.0 billion in reduced short interest
Despite SPY’s lower levels of shares short compared to 8/15/11, SPY’s shares short remain near an all-time
high
Two New ETFs Launched by BlackRock(R) Canada
New iShares(R) ETFs round out its fixed income offering and provide exposure to the S&P/TSX Venture Select Index
September 19, 2011--BlackRock Asset Management Canada Limited (BlackRock Canada), an indirect, wholly-owned subsidiary of BlackRock, Inc. (BlackRock), today announced the launch of two new iShares exchange traded funds (ETFs). The iShares DEX Short Term Corporate Universe + Maple Bond Index Fund (XSH) seeks to provide investors with a regular stream of income, while the iShares S&P/TSX Venture Index Fund (XVX) is the first ETF in Canada to provide exposure exclusively to securities listed on the TSX Venture Exchange.
Both ETFs have closed the initial offering of their units and will begin trading on the Toronto Stock Exchange today.
"As economic conditions remain challenging and markets react with ongoing volatility, investors are placing a clear premium on investments that provide consistent income generation," said Mary Anne Wiley, Managing Director, Head of iShares Distribution at BlackRock Canada.
"XSH is built with an eye to delivering investors the liquidity and flexibility they crave while allowing them to enhance yield through corporate issuers."
