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Brazil raises rates to 12%
April 20, 2011--Brazil’s central bank has raised interest rates less than expected, indicating that policymakers are planning to rely on other tools to stem rising inflation
The Banco Central do Brasil monetary policy meeting, headed by central bank president Alexandre Tombini, voted to raise the benchmark Selic interest rate by 25 basis points, from 11.75 per cent to 12 per cent.
SEC Announces Roundtable on International Financial Reporting Standards
April 20, 2011 — The Securities and Exchange Commission staff announced today that it will sponsor a roundtable in July to discuss benefits or challenges in potentially incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for U.S. issuers.
The July 7 event will feature three panels representing investors, smaller public companies, and regulators. The panel discussions will focus on topics such as investor understanding of IFRS and the impact on smaller public companies and on the regulatory environment of incorporating IFRS.
“We must carefully consider and deliberate whether incorporating IFRS into our financial reporting system is in the best interest of U.S. investors and markets,” said SEC Chief Accountant James Kroeker. “This roundtable will provide an excellent opportunity for investors, preparers, and regulators to provide the SEC staff with valuable information that will help the Commission in its ongoing consideration of incorporating IFRS.”
Pimco's new ETF to focus on US debt
April 20, 2011--Bill Gross, manager of the world’s largest mutual fund, is to run a new exchange-traded fund for Pimco.
The involvement of such a high-profile investor in an actively traded ETF will attract attention, and assets, to a corner of an industry better known as a cheap and flexible way to make passive investments.
Dow Jones Indexes Adds Three U.S. Large-Cap Style Indexes, One U.S. Dividend-Focused Index to Dow Jones RBP Index Family
Expanded Index Family Utilizes Proprietary Performance Probabilities To Indicate Likelihood a Public Company Can Deliver Performance to Support Its Stock Price
April 20, 2011--Dow Jones Indexes, a leading global index provider, today announced the addition of four new indexes to its family of Dow Jones RBP Indexes.
The new series of indexes includes three U.S. large-cap “style” indexes of growth and value stocks — the Dow Jones RBP U.S. Large-Cap Growth Index and the Dow Jones RBP U.S. Large-Cap Value Index — as well as an index that blends growth and value: the Dow Jones RBP U.S. Large-Cap Core Index.
Also launched was the Dow Jones RBP U.S. Dividend Index, the first within the Dow Jones RBP Index family to utilize dividends to select and weight companies.
The Dow Jones RBP Index family (www.djindexes.com/rbp) is a series of quantitative strategy indexes offered by Dow Jones Indexes and Transparent Value LLC, a New York-based asset management and financial information services company.
Large and actively traded securities are selected to the indexes in part based on their RBP, or Required Business Performance, probabilities. These proprietary probabilities are calculated by taking a reverse discounted cash flow approach to indicate the likelihood that a public company will deliver the business performance necessary to support its current stock price.
First Trust Advisors Announces Thirteen New AlphaDEX ETF Products Begin Trading on NYSE Arca
April 20, 2011--First Trust Advisors L.P. (First Trust) announces nine new international exchange-traded funds (ETFs) began trading today on NYSE Arca. These new ETFs join the current line-up of 16 AlphaDEX funds trading on the NYSE Arca. Four core equity domestic ETFs round out the family with small- and mid- cap funds. These four funds will begin trading on April 20th.
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AlphaDEX® International
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| FPA | First Trust Asia Pacific Ex-Japan AlphaDEX® Fund | ||
| FEP | First Trust Europe AlphaDEX® Fund | ||
| FLN | First Trust Latin America AlphaDEX® Fund | ||
| FBZ | First Trust Brazil AlphaDEX® Fund | ||
| FCA | First Trust China AlphaDEX® Fund | ||
| FJP | First Trust Japan AlphaDEX® Fund | ||
| FKO | First Trust South Korea AlphaDEX® Fund | ||
| FDT | First Trust Developed Markets Ex-US AlphaDEX® Fund | ||
| FEM | First Trust Emerging Markets AlphaDEX® Fund | ||
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AlphaDEX® Domestic
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| FNY | First Trust Mid Cap Growth AlphaDEX® Fund | ||
| FNK | First Trust Mid Cap Value AlphaDEX® Fund | ||
| FYC | First Trust Small Cap Growth AlphaDEX® Fund | ||
| FYT | First Trust Small Cap Value AlphaDEX® Fund | ||
“We are excited to add these thirteen new funds to the AlphaDEX® family of ETFs, nearly doubling the existing line-up,” said Dan Waldron, Senior Vice President, Exchange-Traded Funds Strategist of First Trust. “The AlphaDEX® funds are designed to do what their name implies: generate Alpha, and we are pleased with their track record since the bottom of the market in February 2009,” he continued. “The nine new funds comprising the AlphaDEX® International line-up are a diverse group of broad, regional and single country funds. We believe the positive effects of globalization are going to continue for years to come and investors may benefit from a globally diversified investment portfolio, particularly in the emerging markets where GDP growth for 2011 is projected to be 6.4%, compared to 2.2% for advanced economies, according to the International Monetary Fund,” Waldron concluded.
Statement on President Obama’s Comments Regarding Speculation
Commissioner Bart Chilton
April 19, 2011
“President Obama is correct that speculators are impacting fuel prices.
There is a Wall Street premium on gas prices today. Every time folks fill up their tanks, they can expect that several dollars are due to speculation.
Speculative dollars are coming into energy markets at a blistering pace. Speculative positions in energy contracts have increased 64 percent since we last saw such high prices in 2008.
Don’t get me wrong, we need speculators. There is no market without them, but as we have seen, too much speculation can move prices.
The President fought to give us authority to impose limits on speculators, but we have yet to use that authority. We need to use the tools that Congress gave us to stop excessive speculation, and we need to do it now.”
Firstrade to Offer Investors Commission-Free ETFs
Ten Popular Exchange-Traded Funds Represent Diverse Allocation of Assets
April 19, 2011-- Firstrade, www.firstrade.com, a leading online brokerage, announced that investors can now buy and sell 10 of the most popular exchange-traded funds (ETFs) at no cost. The funds represent a broad array of categories including domestic and foreign, small-cap, mid-cap and commodity funds, emerging markets and short-term to long-term bonds.
"The 10 ETFs we selected for commission-free trading are designed to allow clients to quickly and easily build a strong foundation for a diversified portfolio," said John Liu, President and CEO of Firstrade. "Our 10 Commission-free ETFs cover it all."
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
April 19, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Tuesday, April 19, 2011:
Petro Uno Resources Ltd. (TSXVN:PUP) will be removed from the index.
The shares of the company have been acquired by Renegade Petroleum Ltd. (TSXVN:RPL) through an Arrangement Agreement.
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.
Investors Demanding Positive Eco and Social Impacts Can Now Access NASDAQ Sustainability Index for Their Portfolios
The NASDAQ OMX CRD Global Sustainability Index Now Available for Institutional and Individual Investors at HIP Investor Inc.
April 19, 2011--Investors seeking positive environmental, social and human benefits as well as strong financial performance have had limited choices for their portfolios – until now.
The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), CRD Analytics and HIP Investor Inc. today announced the availability of the NASDAQ OMX CRD Global Sustainability Index (Nasdaq:QCRD) as an investable portfolio, offered as a managed account to both institutional and individual investors.
Launched in June 2009, the NASDAQ OMX CRD Global Sustainability Index includes the top 100 global companies leading in transparency and the realization of quantitative results through superior financial, environmental, social and governance (ESG) performance. These leading indicators of performance tend to create a portfolio that seeks to provide attractive risk-adjusted returns and an overall positive impact on society.
Statement of Treasury Assistant Secretary for Financial Markets Mary Miller on Credit Rating Agency Announcements Today
Treasury Welcomes S&P Affirmation of AAA Rating, Moody’s View of Recent Fiscal Announcements by Both Parties as a Positive ‘Turning Point’ for US; Stresses Need for Action on Debt and Deficits
April 18, 2011--The U.S. Department of the Treasury today released the following statement from Assistant Secretary for Financial Markets Mary Miller on announcements by Standard and Poor’s (S&P) and Moody’s today:
"This morning, S&P affirmed the AAA rating of the U.S., but emphasized the importance of timely bipartisan cooperation and action on fiscal reform. In addition, Moody’s commented today that ‘we view the changed parameters of the debate, with broadly similar goals as to government debt levels, as a turning point that is positive for the long-term fiscal position of the U.S. federal government.’
iShares files with the SEC
April 18, 2011--iShares has filed a post effective amendment, registration statement with the SEC for the iSHARES S&P Target Date Series.
view filing
Russell files with the SEC
April 18, 2011--Russell has filed a sixth amended and restated application with the SEC for exemptive relief.
view filing
Morgan Stanley Exchange-Traded Funds Overview and Strategies
April 18, 2011--US-Listed ETF Growth
Exchange-Traded Funds (ETFs) generally own diversified baskets of securities but trade as individual stocks
ETFs increasingly provide exposure to alternatives such as currencies and commodities
Most are designed to track the performance of well-known or proprietary indices
There are 1,034 ETFs with roughly $1.1 Trillion in assets and $65 Billion in average daily trading volume
Market share of monthly ETF volume as a % of listed volume has more than doubled over 5 years
ETF assets have gained ground on traditional mutual funds (ETF assets are 8.5% of mutual fund assets)
Market Outlook
ETF Market Growth
Assets should grow ~ 10-15% per year in net new money
Number of new listings may slow from 2007 peak as most market segments are covered
Industry Trends
Slicing and dicing will continue
First-to-market continues to be an advantage
More actively managed ETFs will become available
Issuer Trends
Largest firms will continue to have majority of market share
Well-known indexes, marketing/sales support, websites, capital, relationships with market makers
Other major mutual fund companies will enter the market
Possible acquisitions
Additional partnerships
Smaller firms will struggle for market share and close smaller ETFs
143 ETFs have liquidated since beginning of 2008
Statement Regarding H.R. 1573-
Commissioner Bart Chilton
April 15, 2011-"While I appreciate and agree with those that want to ensure regulatory reforms are drafted in an appropriate fashion and not done in a hasty manner due to stringent timetables, legislation to delay the Dodd-Frank Wall Street Reform and Consumer Protection Act is not needed in my opinion.
Regulatory reforms are important to implement correctly, but they are also time-sensitive. Hundreds of trillions of dollars in trading remain completely unregulated. It is exactly this "dark" trading that helped lead to a hideous bail-out paid for by taxpayers.
While regulatory agencies may not be able to make every deadline required under the reform bill, because we want to fine-tune such rules and regulations, the urgency Congress has already placed on getting reforms implemented is just as important today as it was when this good and needed legislation became law."
BlackRock Canada launches six news iShares ETFs
New iShares ETFs Offer Investors Global Access and Sector Specificity
April 18, 2011-- BlackRock Asset Management Canada Limited (BlackRock Canada), an indirect, wholly-owned subsidiary of BlackRock, Inc., today announced the launch of six new iShares Exchange-Traded Funds (ETFs). Several of these funds have been constructed to meet investor demand for income while others offer access to local and global sectors—in some cases, for the first time in Canada. The six new ETFs have closed the initial offering of their units and will begin trading on the Toronto Stock Exchange today.
"Investor appetite for sector-specific exposure remains strong as many seek to diversify portfolios by industry," said Mary Anne Wiley, Managing Director, Head of iShares Distribution at BlackRock Canada. "These new funds will offer investors even greater opportunity to target their portfolios by sector both within and beyond our market."
The six new ETFs offer sector concentration, income generation or both including:
•The iShares S&P® Global Healthcare Index Fund (CAD-Hedged) (XHC), with a management fee of 0.63%, seeks to provide long-term capital growth by replicating, to the extent possible, the performance of the S&P Global 1200 Health Care Canadian Dollar Hedged Index, net of expenses. XHC delivers access to a sector that is virtually unrepresented in the Canadian equity market, yet is considered a good defensive sector. XHC's expected income distribution frequency is semi-annually.
