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Two IndexIQ Small Cap ETFs List on NYSE Arca
March 23, 2011-- NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading theIQ Canada Small Cap ETF (Ticker: CNDA),and theIQ Australia Small Cap ETF (Ticker: KROO).The ETFs are sponsored by IndexIQ.
IQ Canada Small Cap ETF
The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the IQ Canada Small Cap Index, which is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the small capitalization sector of publicly traded companies domiciled and primarily listed on an exchange in Canada.
IQ Australia Small Cap ETF
The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of its underlying index, the IQ Australia Small Cap Index, which is a rules based, modified capitalization weighted, float adjusted index intended to give investors a means of tracking the overall performance of the small capitalization sector of publicly traded companies domiciled and primarily listed on an exchange in Australia.
AT&T Buys Deutsche Telekom’s U.S. Business for $39 Billion
March 23, 2011--AT&T Inc. (T) agreed to buy T-Mobile USA from Deutsche Telekom AG (DTE) for about $39 billion in cash and stock to create America's largest mobile-phone company, trumping Sprint Nextel Corp. (S)'s effort to acquire the business.
The deal would allow AT&T, now the second-largest U.S. wireless operator, to add about 34 million customers and surpass Verizon Wireless. The acquisition, the largest in the wireless industry since 2004, may face government scrutiny because it combines the second- and fourth-largest wireless providers, reducing consumer choice. Regulatory approval may take a year, Dallas-based AT&T said.
Charles Schwab has been busy coming up with a platform to add exchange traded funds into an all-ETF 401 plan by early 2012. How is the progress as of now?
March 23, 2011-Charles Schwab has been busy coming up with a platform to add exchange traded funds into an all-ETF 401 plan by early 2012. How is the progress as of now?
Schwab isn't the first-mover in this growing space, but when the plan launches, it will be the biggest player by a long shot.
.The move is huge for the ETF industry, which has been trying in cracking this market.
Record-keeping is the only thing holding back ETFs from truly breaking into the 401 market, but several 401 plan providers are working around this obstacle and proving its a minor glitch, at the most.
Component Changes Made to Dow Jones Select Dividend and Dow Jones Titans Indexes
March 23, 2011--Dow Jones Indexes, a leading global index provider, today announced component changes in the Dow Jones Select Dividend, Dow Jones Country Titans and Dow Jones Sector Titans Indexes.
In the Dow Jones Global Select Dividend Index, Milano Assicurazioni S.p.A. (Italy, Insurance, MI.MI) will be replaced by Astrazeneca PLC (United Kingdom, Health Care, AZN.LN).
In the Dow Jones EPAC Select Dividend Index, Milano Assicurazioni S.p.A. (Italy, Insurance, MI.MI) will be replaced by Belgacom S.A. (Belgium, Telecommunications, BELG.BT).
In the Dow Jones Italy Select Dividend 20 Index, Milano Assicurazioni S.p.A. (Italy, Insurance, MI.MI) will be replaced by Geox S.p.A. (Italy, Personal & Household Goods, GEO.MI).
CFTC to Hold Open Meeting on Thirteenth Series of Proposed Rules under the Dodd-Frank Act
March 23, 2011-- The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Wednesday, March 30, 2011, at 9:30 a.m. to consider the issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:
Parts 1, 5, 7, 15, 30, 36, 37, 41 and 155 conforming amendments, and
Swap data recordkeeping and reporting requirements for pre-enactment and transition swaps.
The meeting will be open to the public on a first-come, first-served basis.
CFTC Seeks Public Comment on Request from the Options Clearing Corporation to Amend Order Permitting Operation of an Internal Non-Proprietary Cross-Margining Program
March 23, 2011-- The Commodity Futures Trading Commission (Commission) is requesting public comment on a petition submitted by the Options Clearing Corporation (OCC) to amend a November 5, 2004 Order issued by the Commission under Section 4d of the Commodity Exchange Act.
The Order permits OCC to operate an internal non-proprietary cross-margining program for market professional customers who trade futures products and securities products that are cleared by OCC in its capacity as a derivatives clearing organization and a securities clearing agency, respectively.
The program to which the 2004 Order relates requires that the cross-margined futures and securities positions be cleared by the same clearing member. OCC now seeks to expand its program to permit an internal non-proprietary cross-margining account to be maintained at OCC jointly by a pair of affiliated clearing members, each of which is dually registered as a futures commission merchant and a securities broker-dealer.
Market Vectors Egypt Index ETF Resumes Accepting Creation Orders
March 23, 2011--New York-based asset manager Van Eck Global announced
today that creation orders for Market Vectors Egypt Index ETF (Ticker: EGPT) will once again be accepted as of March 23, 2011.
Events in Egypt had forced the closing of Egyptian Exchange (EGX) for an extended period. As a result, Van Eck followed the firm’s normal policy of suspending creation orders when the underlying market is closed for an extended period as a result of extraordinary circumstances. Creation orders were suspended on January 31, 2011.
The EGX has since resumed operations. Market Vectors Egypt Index ETF will begin accepting new creation orders in accordance with the policies and procedures detailed in the Fund’s prospectus and Statement of Additional Information that include the right to suspend creation orders again if necessary. In an effort to facilitate an orderly resumption of trading, the Egyptian Exchange will follow procedures and measures, including circuit breakers on individual stock price changes, which may limit the Fund’s ability to track the Market Vectors Egypt Index.
Redemption orders for Market Vectors Egypt Index ETF have been and will continue to be accepted as described in the prospectus.
EGPT is one of three Market Vectors ETFs with exposure to Egypt. Market Vectors Africa Index
ETF (Ticker: AFK) is an equity ETF with approximately 20% exposure to Egypt. AFK seeks to replicate as
closely as possible, before fees and expenses, the price and yield performance of the Dow Jones Africa
Titans 50 IndexSM. Market Vectors Emerging Markets Local Currency Bond ETF (Ticker: EMLC) is a
fixed-income ETF with approximately 3% exposure to local currency Egypt government bonds. EMLC
seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of
the J.P. Morgan GBI-EMG Core Index. Both ETFs have continued to accept creation orders throughout
the events in Egypt.
ProShares Launches First Inverse High Yield Bond ETF
March 22, 2011--ProShares, a premier provider of alternative exchange traded funds (ETFs), today announced the launch of the first ETF that provides inverse exposure to the high yield bond market.
The ProShares Short High Yield (NYSE: SJB) seeks to provide -1x the daily performance of the Markit iBoxx $ Liquid High Yield Index, before fees and expenses. The ETF lists on NYSE Arca today.
"High yield bonds have had a strong rebound since the financial crisis, with indexes reaching all-time highs1 and high yield funds attracting significant inflows over the past two years," said Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC, ProShares' investment advisor. "For investors who believe that high yield bonds are ripe for a pullback, SJB can be used to help hedge against or to seek to benefit from potential declines."
Markit Launches Markit iTraxx SovX Latin America Index
March 22, 2011- Markit, a leading, global financial information services company, today announced the launch of the Markit iTraxx SovX Latin America index to complement its Markit iTraxx SovX family of sovereign credit default swap (CDS) indices.
The Markit iTraxx SovX indices offer investors a transparent and standardized tool to monitor the sovereign CDS market and gain access to the asset class on a regional and global basis.
The Markit iTraxx SovX Latin America index is equally weighted and composed of the most liquid sovereign entities from the Latin American region based on data from the DTCC Trade Information Warehouse. The index is currently calculated on a theoretical basis only and will become tradable if investor demand warrants it.
The current constituents of the index are:
Argentine Republic
Bolivarian Republic of Venezuela
Federative Republic of Brazil
Republic of Chile
Republic of Colombia
Republic of Panama
Republic of Peru
United Mexican States
Markit’s indices are objective and rules-based. The company publishes index constituent lists and weights as well as closing values on www.markit.com
Component Changes Made To Dow Jones Select Dividend Indexes
March 22, 2011--Dow Jones Indexes, a leading global index provider, today announced that Edison S.p.A. (Italy, Utilities, EDN.MI) will be removed from the Dow Jones EPAC Select Dividend and Dow Jones Global Select Dividend Indexes.
Edison S.p.A. is being removed due to the cancellation of its dividend payment.
In the Dow Jones EPAC Select Dividend Index, Edison S.p.A. will be replaced by Soho China Ltd. (Hong Kong, Real Estate, 0410.HK).
In the Dow Jones Global Select Dividend Index, Edison S.p.A. will be replaced by Halfords Group PLC (United Kingdom, Retail, HFD.LN).
All changes in the Dow Jones EPAC Select Dividend Index and Dow Jones Global Select Dividend Index will be effective as of the open of trading on Monday, March 28, 2011.
Further information on the Dow Jones Select Dividend indexes can be found at www.djindexes.com.
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
March 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, March 22, 2011:
Timmins Gold Corp. (TSXVN:TMM) will be removed from the index.
The company will graduate to trade on TSX under the same ticker symbol. Timmins Gold will remain a constituent of the S&P/TSX Venture 30 Index until the next index rebalancing at the end of July, 2011.
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.
PowerShares QQQ Ticker to Change from 'QQQQ' to 'QQQ'
March 22, 2011--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), announced today that the ticker symbol for PowerShares QQQ will be changed from "QQQQ" to "QQQ," effective March 23, 2011. The PowerShares QQQ will continue to trade on the NASDAQ exchange and all other attributes of the fund remain unchanged.
PowerShares QQQ, formerly known the "NASDAQ- 100 Index Tracking Stock®", is based on the Nasdaq-100 Index®. The Fund will, under most circumstances, consist of all of stocks in the Index. The Index includes 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization. The portfolio is rebalanced quarterly and reconstituted annually.
Invesco PowerShares Capital Management LLC is leading the Intelligent ETF Revolution® through its family of more than 140 domestic and international exchange-traded funds, which seek to outperform traditional benchmark indexes while providing advisors and investors access to an innovative array of focused investment opportunities. With franchise assets over $60 billion as of Feb. 28, 2011, PowerShares ETFs trade on both U.S. stock exchanges. For more information, please visit us at invescopowershares.com.
PAX World files with the SEC
March 22, 2011--PAX World has filed an application for exemptive relief with the SEC.
view filing
Remarks, OTC Derivatives Reform, European Parliament, Economic and Monetary Affairs Committee
March 22, 2011--Good afternoon Chairwoman Bowles and members of the Economic and Monetary Affairs Committee. I thank you for inviting me to speak today on regulatory reform of over-the-counter (OTC) derivatives, or swaps.
I am honored that this is the second time that you have asked me to appear before you, but as it goes, it is once again when my daughters are home on spring break. As I did last year, I would like to introduce my two daughters, Lee and Isabel.
Introduction
It has now been more than two years since the financial crisis, when both the financial system and the financial regulatory system failed. So many people in Europe and in the United States who never had any connection to derivatives or exotic financial contracts had their lives hurt by the risks taken by financial actors. But still, the effects of that crisis remain. Throughout the U.S. and Europe, we still have high unemployment, homes that are worth less than their mortgages and pension funds that still have not regained the value they had before the crisis. We still have significant uncertainty in the financial system.
Default and Recovery Rate Volatility in Recession and Recovery
April 22, 2011--Summary
The U.S. high yield par default rate fell to 1.1% at the end of February, a level far below 2009’s recession induced 13.7% and also well below the long-term average annual
rate of 5.1%.
A low default rate, however, is not synonymous with low risk. In 2011, for example, key risks to the default outlook center firmly on factors that could derail the recovery. These include soaring oil prices, significantly higher interest rates or other funding disruptions due to risk aversion, and sticky unemployment. In this new study, Fitch examines the factors that have contributed to the recent dramatic, but not entirely unprecedented, swing in default rates, offering context relative to the longterm cyclical behavior of default and recovery rates.
Understanding Default Risk: Key Observations
There is substantial variability around average default rates. From peak to trough, default rates differ by multiples. This variability is further magnified by the cyclicality of recovery rates over periods of economic expansion and contraction.
