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Fee Rate Advisory #5 for Fiscal Year 2011
December 22, 2010-- Today the President signed H.R. 3082, the continuing resolution that will fund federal agencies including the Securities and Exchange Commission for approximately two more months. H.R. 3082 stipulates that it shall be deemed the Commission's "regular appropriation" for FY 2011, and therefore will trigger changes in the rates of fees collected by the SEC.
Accordingly, effective Dec. 27, 2010, the Section 6(b) fee rate applicable to the registration of securities, the Section 13(e) fee rate applicable to the repurchase of securities, and the Section 14(g) fee rate applicable to proxy solicitations and statements in corporate control transactions will increase from their current rate of $71.30 per million dollars to a new rate of $116.10 per million dollars. The Section 6(b) rate is also the rate used to calculate the fees payable with the Annual Notice of Securities Sold Pursuant to Rule 24f-2 under the Investment Company Act of 1940.
PowerShares files with the SEC
December 22, 2010--PowerShares has filed a first amended and restated application for exemptive relief with the SEC for "funds of funds".
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RiverPark Advisor files with the SEC
December 22, 2010--RiverPark has filed an application for exemptive relief with the SEC.
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Argentina/World Bank: US$1.061 Billion to Improve Health, Road Infrastructure, Water and Sanitation
December 21, 2010--The World Bank (WB) Board of Directors approved three projects for Argentina totaling US$1.061 billion. Both Great North projects, Water and Infrastructure, will generate opportunities for all to access water and sanitation services, as well as better road infrastructure, to promote integration and foster the competitiveness of this region of the country.
The third project, “Essential Public Health Functions II”, will benefit more than four million people participating in seven health programs.
“The Government of Argentina is strengthening its strategy to promote inclusive growth, by expanding social services for the vulnerable and consolidating health programs, with the approval of these new World Bank projects“ said Amado Boudou, Argentina’s Minister of Economy and Public Finance.
The US$600 million destined for both Great North projects will inject funds into Argentina’s poorest provinces, strengthening regional infrastructure.
U.S. One files with the SEC
December 21, 2010-U.S. One has filed an amended application for exemptive relief with the SEC.
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FOMC statement: Federal Reserve, European Central Bank, Bank Of Japan, Bank Of Canada, Bank Of England, And Swiss National Bank Announce Extension Of Temporary U.S. Dollar Liquidity Swap Facilities
December 21, 2010--The Federal Open Market Committee has authorized an extension through August 1, 2011, of its temporary U.S. dollar liquidity swap arrangements with the Bank of Canada, the Bank of England, the European Central Bank, the Bank of Japan, and the Swiss National Bank. The swap arrangements, established in May 2010, had been authorized through January 2011.
Information on the actions that will be taken by other central banks is available at the following websites:
view U.S. Dollar Liquidity Swaps--Frequently Asked Questions
NASDAQ OMX Announces Closing of $370 Million Senior Notes Offering
December 21, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced that it closed an underwritten public offering of $370 million aggregate principal amount of 5.250% Senior Notes due 2018.
NASDAQ OMX applied the net proceeds from the notes offering to repay senior unsecured indebtedness that it incurred to finance the purchase of approximately 22.8 million shares of NASDAQ OMX's common stock, $0.01 par value per share, from Borse Dubai Limited.
J.P. Morgan Securities LLC is the sole bookrunner of the notes offering.
The offering was made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. A prospectus supplement and accompanying prospectus describing the terms of this offering were filed with the SEC. Copies of the prospectus supplement and the accompanying base prospectus may be obtained at no cost by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, J.P. Morgan Securities LLC can arrange to send you the prospectus if you request it by calling J.P. Morgan Securities LLC at the following collect number: 1-212-834-4533.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Dow Jones Indexes To Introduce A New Country Classification System
December 21, 2010-Dow Jones Indexes, a leading global index provider, announced today a new country classification system that will apply to all countries covered in its major index families. The implementation of the new system will begin in March of 2011.
Assessing the practical considerations within country markets is a primary focus of the classification process,” said Michael A. Petronella, president, Dow Jones Indexes. “This new country classification system strikes the appropriate balance between a rules-based methodology and the subjective guidance of our highly experienced Index Oversight Team,” he added.
All countries included in the indexes will be researched individually and assessed according to a pre-defined framework built around the needs of international portfolio investors in three broad categories: market and regulatory structure, trading environment and operational efficiency.
Assessments of the countries will be monitored on an ongoing basis, and include quantitative and qualitative elements leveraging internal and external resources.
The assessments will be used to produce a country classification assignment1 including: Developed Markets, the most accessible to and supportive of foreign investors with a high degree of consistency across these markets; Emerging Markets, which generally have less accessibility relative to developed markets, but demonstrate a level of openness, and Frontier Markets, which are typically much less accessible to foreign investors, exhibit notable limitations in their regulatory and operational environments, and support a smaller investment landscape. Frontier Markets tend to be much less robust and in the earlier stages of development (the prior country classification system did not offer a “Frontier” assignment).
The assignments will be formally reassessed each year in June by the Dow Jones Index Oversight Committee (IOC), which will make the final classification assignment decision for each country. The IOC may base their decision on the assessments or any other information that they consider to be relevant. A public announcement of classification changes, if any, will be made in September of each year. Classification changes will occur with a minimum of six months notice.
The new country classification system will be rolled out in stages to the full suite of Dow Jones indexes beginning with the March 2011 review. The transition of each index or index family from the old country classification system to the new country classification system will be announced individually.
Extraordinary Reclassifications: The IOC will re-visit a country classification on an as-needed basis if there is a material change in any of the assessments. If the IOC deems that a classification change is warranted, Dow Jones Indexes will provide a minimum of 90 days notice before a reclassification is implemented. Such changes will be implemented with the regular quarterly index review schedule (i.e.: following the third Friday in March, June, September or December).
For further information on Dow Jones Indexes please visit http://www.djindexes.com.
ISE Announces that Aggregate Assets Under Management for ETFs Based on ISE Proprietary Indexes Now Exceeds 1 Billion Dollars
December 20, 2010--The International Securities Exchange (ISE) announced today that aggregate assets under management for the portfolios of exchange traded funds (ETFs) based on ISE’s proprietary indexes now exceeds $1 billion. First Trust Advisors has a portfolio of eight ETFs based on
ISE’s family of emerging market and sector indexes that track public companies in high growth markets.
Sectors covered include natural gas, global wind energy, water, global engineering and construction
services, copper mining, and platinum group metals mining. In addition, First Trust Advisors has developed ETFs that track ISE’s CHIndia index that represents the emerging markets of China and India, as well as ISE’s BICK Index that covers Brazil, India, China and South Korea. Direxion has also created two leveraged ETFs based on ISE’s natural gas index.
“Reaching $1 billion assets under management for ETFs tied to ISE’s indexes is a very exciting
milestone. We look forward to continuing to work with our existing partners and to developing new
relationships to grow the Index and ETF segment of our business even further,” said Kris Monaco, Director of New Product Development at ISE. “At ISE, we remain focused on developing innovative,
actionable indexes for the creation of investment vehicles that provide investors with targeted exposure to
the most liquid exchange-listed companies in rapidly growing markets.”
“It’s exciting for First Trust that our group of ISE index-based ETFs continues to grow and give investors exposure to these high-growth sectors,” said Robert F. Carey, CFA, and Chief Investment Officer of First Trust. “As the ETF market has grown, it’s clear to us that many investors are focusing on efficient ways to access specialized segments of the market. This milestone proves that.”
“We congratulate ISE on passing the $1 billion milestone. We value our relationship with them, and are consistently impressed by their robust index construction in focused industries such as natural gas and clean energy,” said Mark Carroll, Director of Research at Direxion.
Emerging Markets Week in Review-12/13/2010 - 12/17/2010
December 20, 2010--The Dow Jones Emerging Markets Sector Titans Composite Index climbed 0.38% last week as U.S. economic data indicated that the recovery could strenghten in 2011. Materials and Consumer stocks led the market up, increasing 0.72% and 0.54% respectively.
Health Care and Financials were the worst performers, falling 1.22% and 1.10%.
S&P, TSX Group Launch Two New Indices For The Canadian Market
December 20, 2010-- Standard & Poor's, the world's leading index provider, and TSX Group Inc., operator of Toronto Stock Exchange and Montreal Exchange, announced today the launch of the S&P/TSX Equity Income Index and the S&P/TSX Composite Dividend Index, providing Canadian investors with two new innovative ways of measuring higher yielding stocks.
The S&P/TSX Equity Income Index is a strategy index focused on dividend income and comprised of 50 to 75 stocks selected from the S&P/TSX Composite, the headline index and principal broad market measure for the Canadian equity market. All stocks in the S&P/TSX Equity Income Index have a non-zero indicated annual dividend yield and are existing members of the S&P/TSX Composite.
The S&P/TSX Equity Income Index meets the Canadian investing community's desire for a new high yield, high dividend index to replace the S&P/TSX Income Trust Index which will lose most of its constituents on December 31, 2010 as many non-REIT income trusts in Canada are converting to corporate structure. The S&P/TSX Income Trust Index will continue to be calculated and published by Standard & Poor's.
The S&P/TSX Composite Dividend Index aims to provide a broad-based benchmark of Canadian dividend-paying stocks. The Index includes all stocks in the S&P/TSX Composite with positive annual dividend yields as of the latest rebalancing of the S&P/TSX Composite.
"The launch of these two new indices is the direct result of several consultations with the Canadian investment community, including industry leaders in income investing," says Abigail Etches, Director at S&P Indices. "The S&P/TSX Equity Income Index and the S&P/TSX Composite Dividend Index will provide investors with exposure to higher yielding stocks on a consistent basis while staying true to our hallmark of a transparent, rules-based methodology."
For more information about the S&P/TSX Equity Income Index and the S&P/TSX Composite Dividend Index, please visit www.standardandpoors.com/indices.
Banja Luka Stock Exchange Added To Dow Jones FEAS Index Universe
December 20, 2010-- Dow Jones Indexes, a leading global index provider, today announced that Banja Luka Stock Exchange will be added to the Dow Jones FEAS index universe.
The Dow Jones FEAS Indexes measure the performance of companies across the Euro-Asian region. There are three indexes in the family: a composite and two regional sub-indexes.
The Dow Jones FEAS Composite Index currently includes component stocks of 12 out of the 34 members of the Federation of Euro-Asian Stock Exchanges. The exchanges included are Abu Dhabi (UAE), Amman (Jordan), Banja Luka (Bosnia and Herzegovina), Belgrade (Serbia), Istanbul (Turkey), Karachi (Pakistan), Manama (Kingdom of Bahrain), Muscat (Oman), Sarajevo (Bosnia and Herzegovina), Skopje (Republic of Macedonia), Sofia (Bulgaria), and Zagreb (Croatia).
The Dow Jones FEAS Middle East/Caucasus Index currently includes stocks from the following four FEAS member exchanges: Abu Dhabi, Amman, Manama, and Muscat.
The Dow Jones FEAS South East Europe Index measures the performance of companies listed on the following seven FEAS member exchanges: Banja Luka, Belgrade, Istanbul, Sarajevo, Skopje, Sofia, and Zagreb.
The Dow Jones FEAS Indexes are designed to cover 95% of the free-float market capitalization of each country in the respective index. In addition to float-adjusted market capitalization, components are selected based on readily available prices. The indexes are calculated and disseminated in Euro and U.S. dollar, and weighted by float-adjusted market capitalization.
The Dow Jones FEAS Indexes are rebalanced quarterly, including an update of outstanding shares and float factors.
For more information on the Dow Jones FEAS Indexes, please visit http://www.djindexes.com.
SEC Proposes Permanent Rule Requiring Municipal Advisors to Register With Agency
December 20, 2010-- Securities and Exchange Commission has voted to propose a rule creating a new process by which municipal advisors must register with the SEC.
The proposed rule, required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, would supplant a temporary rule the Commission adopted in September. Because the Act required that these advisors register by Oct. 1, 2010, the Commission adopted its earlier temporary rule on an interim basis so that advisors could fulfill the Act's mandates.
Municipal advisors provide advice to state and local governments and other borrowers involved in the issuance of municipal securities or with respect to the investment of governmental monies. Municipal advisors also solicit business from a state or local government for a third party. Subject to certain exemptions, the definition of municipal advisor under the Dodd-Frank Act includes financial advisors, guaranteed investment contract brokers, third-party marketers, placement agents, solicitors, finders, and certain swap advisors that provide municipal advisory services.
Van Eck files with the SEC
December 20, 2010--Van Eck has filed a post-effective amendment, registration statement with the SEC for
Market Vectors Andean Equity ETF.
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iShares files with the SEC
December 20, 2010--iShares has filed a post effective amendment, registration statement with the SEC for
iShares MSCI All Peru Capped Index Fund ETF.
