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Economic Projections of Federal Reserve Board Members and Federal Reserve Bank Presidents, June 2011
June 22, 2011--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached table and charts summarizing the economic projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the June 21-22 meeting of the Committee.
The table will be incorporated into a summary of economic projections released with the minutes of the June 21-22 meeting. Summaries of economic projections are released on an approximately quarterly schedule.
Federal Open Market Committee Statement
June 22, 2011--Information received since the Federal Open Market Committee met in April indicates that the economic recovery is continuing at a moderate pace, though somewhat more slowly than the Committee had expected. Also, recent labor market indicators have been weaker than anticipated. The slower pace of the recovery reflects in part factors that are likely to be temporary, including the damping effect of higher food and energy prices on consumer purchasing power and spending as well as supply chain disruptions associated with the tragic events in Japan.
Household spending and business investment in equipment and software continue to expand. However, investment in nonresidential structures is still weak, and the housing sector continues to be depressed. Inflation has picked up in recent months, mainly reflecting higher prices for some commodities and imported goods, as well as the recent supply chain disruptions. However, longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The unemployment rate remains elevated; however, the Committee expects the pace of recovery to pick up over coming quarters and the unemployment rate to resume its gradual decline toward levels that the Committee judges to be consistent with its dual mandate. Inflation has moved up recently, but the Committee anticipates that inflation will subside to levels at or below those consistent with the Committee's dual mandate as the effects of past energy and other commodity price increases dissipate. However, the Committee will continue to pay close attention to the evolution of inflation and inflation expectations.
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
June 22, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Tuesday, June 21, 2011:
Skana Capital Corp. (TSXVN:SKN) will trade under the new name MENA Hydrocarbons Inc.
The new ticker symbol will be "MNH" and the new CUSIP number will be 586316 10 1. The change is the result of a reverse takeover. There is no consolidation of capital.
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.
SEC Adopts Rule Under Dodd-Frank Act Defining “Family Offices”
June 22, 2011--The Securities and Exchange Commission today approved a new rule to define “family offices” that are to be excluded from the Investment Advisers Act of 1940.
The rulemaking stems from the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“Family offices” are entities established by wealthy families to manage their wealth and provide other services to family members, such as tax and estate planning services. Historically, family offices have not been required to register with the SEC under the Advisers Act because of an exemption provided to investment advisers with fewer than 15 clients.
SEC Adopts Dodd-Frank Act Amendments to Investment Advisers Act
June 22, 2011 – The Securities and Exchange Commission today adopted rules that require advisers to hedge funds and other private funds to register with the SEC, establish new exemptions from SEC registration and reporting requirements for certain advisers, and reallocate regulatory responsibility for advisers between the SEC and states.
The rules adopted by the Commission implement core provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding investment advisers, including those that advise hedge funds.
“These rules will fill a key gap in the regulatory landscape,” said SEC Chairman Mary L. Schapiro. “In particular, our proposal will give the Commission, and the public, insight into hedge fund and other private fund managers who previously conducted their work under the radar and outside the vision of regulators.”
Van Eck files with the SEC
June 22, 2011--Van Eck has filed a post-effective amendment, registration statement with the SEC for the Market Vectors Nigeria ETF.
view filing
CME Group Announces The Launch Of Three New Short-Term Gold, Crude Oil And Natural Gas Options Contracts
June 21, 2011--CME Group, today announced the launch of short-term options contracts for Gold, Crude Oil and Natural Gas to begin trading July 16. Short-term crude oil and natural gas options contracts are listed with, and subject to, the rules and regulations of NYMEX. Short-term gold options contracts are listed with, and subject to, the rules and regulations of COMEX.
"Recent global macroeconomic events and volatility underscore the need for tools to enable market participants to manage their basis risk every day," said Harriet Hunnable, Managing Director, Metals Products, CME Group. "Our innovative new short-term gold options contracts will provide customers with much greater flexibility to manage the risk associated with government economic data, world events and other market-moving factors, while enabling them to benefit from the lower cost associated with short-dated options."
Similar to the E-micro Gold futures contract, which launched in Q4 of 2010, short-term gold options also represent a cost-effective means for professional investors to gain exposure to gold.
Invesco adds to TSX-listed PowerShares ETF family
New intelligent fixed-income ETF joins the PowerShares lineup
June 21, 2011-Invesco today announces the launch of PowerShares Fundamental High Yield Corporate Bond (CAD Hedged) Index ETF, the first fixed-income ETF in Canada to use the Research Affiliates Fundamental Index® (RAFI®) methodology. This new ETF has now closed the initial offering of its units and will be available for trading on TSX when the market opens today.
This latest offering brings the total of TSX-listed PowerShares ETFs to six, and builds on Invesco's six-year-old partnership with Research Affiliates (RA), which developed this intelligent indexing methodology.
With a management fee of 0.65%, PowerShares Fundamental High Yield Corporate Bond (CAD Hedged) Index ETF (PFH) seeks to replicate, before fees and expenses, the performance of the RAFI® High Yield Bond CAD Hedged Index, which is comprised of U.S.-dollar-denominated bonds registered for sale in the United States and whose issuers are public companies listed on major U.S. stock exchanges. This Index hedges all or substantially all of its direct U.S.-dollar exposure back to the Canadian dollar. PFH's income distribution frequency is monthly.
"This new addition to our family of fixed-income PowerShares ETFs provides Canadian investors with a truly intelligent ETF option," said Michael Cooke, Vice President, PowerShares Canada. "The RAFI Fundamental Index methodology goes beyond traditional capitalization-weighted indices, weighting securities according to fundamental economic factors. The result, we believe, is a more balanced, intelligent approach to security selection."
To learn more about PowerShares ETFs, please visit www.powershares.ca.
ETF Securities Expands US Sales Team
June 21, 2011--As part of aggressive US business expansion plans and continued growth in the US physically backed Exchange Traded Product (“ETP”) platform (SGOL, SIVR, PPLT, PALL, AGOL, GLTR & WITE), ETF Securities (US) LLC (“ETFS”), has appointed Dan Magnusson to the US Sales team.
Dan Magnusson
Senior Vice President Sales, US
Dan will be based in San Francisco and will work with retail and institutional Advisors and Wealth Managers within the Western region. Prior to joining ETFS, Dan was Regional
iShares files with the SEC
June 21, 2011--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares Floating Rate Note Fund.
BNY Mellon to Provide ETF Services for Nine New Direxion Funds
Investments in Technology, Client Service Continue to Attract New Mandates
June 20, 2011-- BNY Mellon Asset Servicing, the global leader in investment services, has been selected to provide exchange-traded fund (ETF) services, custody, fund accounting and fund administration for eight recently introduced leveraged ETFs and one non-leveraged ETF from Direxion Shares.
The 3X Leveraged Bull and Bear ETFs seek daily investment results of 300 percent and daily inverse results of 300 percent, respectively, of the price performance of their underlying indices. The Daily Total Market Bear 1X ETF seeks inverse daily investment results that mirror the price performance of its underlying index.
AdvisorShares Set to Launch 3 Madrona Funds ETFs
June 20, 2011--- AdvisorShares Investments, a sponsor of actively managed Exchange Traded Funds (ETFs), today announced that it will begin trading in three ETFs managed by Madrona Funds of Everett, Washington, tomorrow, June 21st.
The new ETFs are the AdvisorShares Madrona Forward Domestic ETF (NYSE: FWDD), the AdvisorShares Madrona Forward International ETF (NYSE: FWDI), and the Madrona Forward Global Bond ETF (NYSE: FWDB).
The Madrona Forward Global Bond Fund is the first broadly diversified global multi-sector bond ETF that uses forward-looking yield curve analysis to reallocate across the targeted global bond sectors. The Madrona Forward Domestic and International Funds offer investors a broadly diversified forward-looking allocation strategy based on analyst consensus estimates of the present value of future projected earnings relative to the price of each security.
Morgan Stanley-US ETF Weekly Update
June 20, 2011--Weekly Flows: $10.2 Billion Net Inflows
Launches: 10 New ETFs
WisdomTree Makes Changes to Seven ETFs
PowerShares Makes Changes to Seven ETFs
Direxion Changes Tickers on China ETFs
US-Listed ETFs: Estimated Flows by Market Segment
ETFs exhibited net inflows of $10.2 billion last week; 2nd highest weekly net inflows YTD
US Large-Cap ETFs posted the largest net inflows last week, primarily driven by SPDR S&P 500 ETF (SPY)
ETF assets stand at $1.1 trillion, up 6% YTD; mostly from net new money
13-week flows remained mostly positive among asset classes
$33.9 billion net inflows into ETFs over past 13 weeks (Fixed Income up $9.7 bln; Commodity down $3.9 bln)
We estimate ETFs have generated net inflows 15 out of 24 weeks YTD
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) generated net inflows of $12.0 billion last week, the most of any ETF
SPY’s weekly net inflows were its largest since we began tracking weekly flows on 1/4/10
Financials Select Sector SPDR (XLF) exhibited the most net outflows last week; XLF’s flows have been very
volatile YTD (net inflows one week, net outflows the next)
5 of the top 10 ETFs to post the largest net outflows over the past 13 weeks were commodity ETFs (precious
metals, energy and agriculture ETFs)
Dow Jones Indexes Launches Two European Blue-Chip Indexes
First in a Series of Europe-Focused Indexes,
New Indexes Reflect Dow Jones Indexes’ Commitment to Europe
June 20, 2011-Dow Jones Indexes, a leading global index provider, today announced the launch of two European blue-chip stock indexes, marking the first in a series of new geographically specific products that underscore the firm’s commitment to Europe.
The Dow Jones Eurozone Titans 80 Index and the Dow Jones Europe Titans 80 Index measure leading companies within each region. Because the new indexes are diversified, easy to replicate and contain well-established, blue-chip names, they are well-suited for licensing as the basis of investment products such as ETFs, structured products and exchange-traded derivatives.
On a related note, the Dow Jones Eurozone Titans 80 Index and the Dow Jones Europe Titans 80 Index both have been recently licensed to UniCredit, the pan-European financial institution, to serve as a basis for structured products to be issued today. UniCredit announced that open end certificates on each new index would be offered in Germany under “HypoVereinsbank onemarkets”, as well as in Austria under “UniCredit onemarkets”.
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
June 20, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Monday, June 20, 2011:
CanAlaska Uranium Ltd. (TSXVN:CVV) will be removed from the index. The company will graduate to trade on TSX under the same ticker symbol.
Creston Moly Corp. (TSXVN:CMS) will be removed from the index. The shares of the company have been acquired by Mercator Minerals Ltd. (TSX:ML).
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.
