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Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
November 16, 2010--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Wednesday, November 17, 2010:
Excelsior Energy Limited (TSXV:ELE) will be removed from the index.
The shares of the company have been acquired by Athabasca Oil Sands Corp.
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.
Emerging Markets Week in Review-11/8/2010 - 11/12/2010
November 15, 2010--The Dow Jones Emerging Markets Sector Titans Composite Index fell 3.16% last week on concerns that an uptick in China's CPI will prompt the country's central bank to raise interest rates.
Materials and Consumer stocks were the least negative of the sectors, declining 1.04% and 1.88% respectively. Financials and Energy, the two largest groups in the Composite index, led the market down by falling 4.50% and 3.38% respectively.
U.S. Department of the Treasury Economic Statistics - Monthly Data Update
November 15, 2010--U.S. Department of the Treasury Economic Statistics - Monthly Data has been updated and is now available.
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CFTC.gov Commitments of Traders Reports Update
November 15, 2010--The CFTC.gov Commitments of Traders Reports have benn updated for the week of November 9, 2010 are now available.
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Standard & Poor's Announces Changes in the S&P/TSX Venture Composite Index
November 15, 2010--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Monday, November 15, 2010:
Silvermex Resources Ltd. (TSXV:SMR) will be removed from the index.
The shares of the company have been acquired by Genco Resources Ltd.
Company additions to and deletions from an S&P equity index do not in anyway reflect an opinion on the investment merits of the company.
BlackRock Developing Local ETFs in Chile, Colombia to Attract Investors
November 15, 2010--BlackRock Inc., the world’s largest money manager, plans to offer local exchange-traded funds in Colombia and Chile to expand its business to institutional and retail investors in the South American nations.
Work on the creation of locally-listed, peso-denominated ETFs in Chile will probably begin “in the short term,” said Axel Christensen, BlackRock’s managing director for South America excluding Brazil. iShares, the ETF fund business of New York-based BlackRock, is also in talks with the Colombian stock exchange to list local equity ETFs, he said.
“The opportunity to launch these ETFs in Chile will unfold in the first half of next year as the final details of the ETF regulation are being worked on at the local regulator,” Christensen said in an interview from his office in Santiago today. “In Colombia, we are already in negotiations with the local stock exchange.”
Latin America: Leaders Support National Policies on Innovation as Key to Sustained Prosperity
November 15, 2010--Government and multilateral leaders from the Americas called today for the region to make innovation a matter of national policy in order to protect this key but fledging development tool from political cycles.
Sustained investments in innovation could double Latin America's current projected GDP growth of 5.7 percent as the region resumes its strong pre-crisis growth pattern –the strongest in decades- said World Bank vice president Pamela Cox at the Fourth Americas Competitiveness forum in Atlanta, Georgia.
Latin America's economic recovery is all the more remarkable because the region has emerged from the crisis without systemic damage or dent on its fiscal architecture, thanks to its solid macroeconomic and fiscal frameworks, said Cox.
SEC and UK FSA Hold Meeting of SEC-FSA Strategic Dialogue
November 15, 2010--Securities and Exchange Commission Chairman Mary L. Schapiro today met separately in London with Chairman Adair Turner of the UK Financial Services Authority (FSA) and the Chief Executive of the UK Financial Reporting Council (FRC) Stephen Haddrill to discuss a number of issues of common concern.
During the SEC-FSA meeting, the agencies shared views regarding the oversight of over-the-counter derivatives trading, high-frequency trading, and the May 6 "flash crash" as well as recent regulatory initiatives regarding credit rating agencies and cross-border enforcement information-sharing between the FSA and SEC.
Chairman Schapiro and Lord Turner also restated their agencies' commitment to working together to improve regulation and oversight of their securities markets, particularly with regard to globally active regulated firms with a presence in both countries.
Chairman Schapiro said, "Both the SEC and FSA are in the process of drafting vital new rules for our own markets. Meetings like this with our UK counterparts at the highest levels give the Commission a better understanding of how similar market concerns are viewed in London. Given the international nature of the recent financial crisis, this exchange of views can only improve the regulatory solutions we develop to these challenging problems."
Russell files with the SEC
November 15, 2010--Russell has filed a third amended and restated application for exemptive relief with the SEC.
view filing
SEC Publishes Agenda and Announces Speakers for Small Business Forum
November 12, 2010--The Securities and Exchange Commission today published the agenda and announced the speakers scheduled to appear at its November 18 forum on small business capital formation.
The SEC forum will begin at 9 a.m., ET, at the Commission's Washington, D.C., headquarters. It will include remarks by SEC Chairman Mary L. Schapiro and SEC Commissioner Troy A. Paredes. The agenda includes a panel on selected provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to securities regulation and small business. The agenda also includes presentations by private organizations concerned with small business capital formation. The afternoon agenda consists of breakout groups to develop recommendations to facilitate small business capital formation.
Pre-registered members of the public may attend the forum without charge. Online registration is available at the SEC small business forum Web page. The forum also will be webcast live at www.sec.gov.
An Important Message about ETFs from the CEO of EGShares
November 12, 2010--There has been a lot of media attention recently about the stability and safety of ETFs. Two reports in particular claim that the underlying structure and the ability to short an ETF can somehow introduce additional, meaningful risks to existing shareholders who hold long positions. These claims are flawed, poorly researched and provide inaccurate and misleading conclusions.
The authors of the two most often quoted studies have a direct personal and financial interest in discrediting the ETF industry.
The conflict of interest in the report from the Kauffman Foundation is simple to understand. Thomas McDowell, Chairman of the Kauffman Foundation, is the CEO of DST Systems, Inc. which provides technology to support the old mutual fund business model and high frequency traders—both direct competitors to ETFs. Harold Bradley, the author of the report, spent 19 years at American Century, a Kansas City-based mutual fund company.
http://www.zerohedge.com/article/conflict-interest-behind-kauffman-etf-report
The conflict of interest in the report from Bogan Associates is also very transparent. Tom and Andrew Bogan run a sell-side research firm in Boston. Tom has worked for Putnam and Lord Abbett. Active managers rely on bottom-up sell side research, so it’s in their self interest to discredit the ETF industry.
http://boganassociates.com/vision.html
We encourage all investors to thoroughly research any investment product or platform before making an investment decision and always consider the source of any published materials. We believe the following clip from Morningstar’s Scott Burns provides a clear and balanced explanation of these reports.
http://www.morningstar.com/cover/videocenter.aspx?id=359416
Global X files with the SEC
November 12, 2010--Global X has filed a post effective amendment, registration statement with the SEC for
Global X FTSE Andean 30 ETF
Global X FTSE ASEAN 40 ETF
Global X S&P/TSX Venture ETF
Global X Next 11 ETF
iShares files with the SEC
November 12, 2010--iShares has filed a third amendedand restated application for exemptive relief with the SEC.
view filing
Rafferty Asset Management to Close the Direxion Daily 2-Year Treasury ETFs
Closing Reflects Insufficient Trading Demand for Short-Term Treasury Fund Products
November 12, 2010--The Board of Trustees of the Direxion Shares ETF Trust, based upon the recommendation of Rafferty Asset Management, LLC, the Trust's adviser, has determined to close the Direxion Daily 2-Year Treasury Bull 3X Shares (TWOL) and the Direxion Daily 2-Year Treasury Bear 3X Shares (TWOZ).
Due to the Funds' low level of assets, Rafferty determined that the Funds could not continue operations in an economically efficient manner. As such, the Board concluded that it would be in the best interests of each Fund and its shareholders to liquidate and terminate the Funds. The shares of the Funds will cease trading on the NYSE Arca, Inc. and close to new investors as of the close of regular trading on Nov. 30, 2010. Customary brokerage charges may apply to any transactions prior to that time.
"Direxion is focused on only offering solutions that provide exposure to tradable sectors and markets," said Dan O'Neill, President and CIO. "We believe in delivering products that directly meet the demands of sophisticated investors who seek to capitalize on changing market conditions. While interest in 2-Year Treasuries has fallen, investors are displaying ongoing interest in our longer-term Treasury 3x ETFs for transparent and magnified exposure to the Treasury markets."
Between the close of trading on Nov. 30, 2010 and Dec. 7, 2010, the Funds will be in the process of liquidating their portfolio assets. Shares of the Funds will not trade on the NYSE Arca, Inc. during this time. Following the close of trading on Nov. 30, 2010 through Dec. 7, 2010, shareholders only may be able to sell their shares to certain broker-dealers and there is no assurance that there will be a market for the Funds during this time period. In addition, the planned liquidation of the Funds will result in the Funds not tracking their underlying indexes and their cash holdings increasing, which may not be consistent with the Funds' investment objectives and strategies.
Shareholders retaining Fund shares on Dec. 7, 2010 will have their Fund shares redeemed automatically at that time and will receive cash in an amount equal to the net asset value of their shares as of 4:00 p.m. Eastern Time on Dec. 7, 2010. Payments to shareholders will include accrued capital gains and dividends, if any. The net asset value as calculated will reflect the costs of closing the applicable Fund.
CFTC to Hold Open Meeting on Fifth Series of Proposed Rules under the Dodd-Frank Act
November 12, 2010-- The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Friday, November 19, 2010, 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:
Swap data repositories;
Real-time public reporting of swap transaction data;
Protection of collateral of counterparties to uncleared swaps, and treatment of securities in a portfolio margining account in a commodity broker bankruptcy; and
Data recordkeeping.
In addition to these proposed rulemakings, the Commission will consider the issuance of an Advance Notice of Proposed Rulemaking involving Protection of Cleared Swaps Customers Before and After Commodity Broker Bankruptcies.
