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State Street files with the SEC
September 13, 2010-State Street has filed a post-effective amendment, registration statement with the SEC for
SPDR® S&P® Global Natural Resources ETF.
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SEC Announce Panelists for September 14 Public Roundtable to Discuss Swap and Security-Based Swap Data, Swap and Security-Based Swap Data Repositories and Real Time Reporting
September 13, 2010-- The staffs of the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) today announced the panelists for their September 14, 2010, public roundtable to discuss Swap and Security-Based Swap Data, Swap and Security-Based Swap Data Repositories (SDRs) and Real-Time Reporting.
Note: the Roundtable’s agenda and call-in information may be found in CFTC press release #5886-10 and SEC press release #2010-166 (see related documents).
Emerging Markets Week in Review 9/6/2010 - 9/10/2010
September 13, 2010--The Dow Jones Emerging Markets Sector Titans Composite Index increased 0.71% last week, reaching its highest weekly close since April. Industrials and Technology led the market up, climbing 1.79% and 1.75% respectively. Telecom, the least positive sector for the week, increased 0.18%.
Since hitting a low on May 25, the Composite index is up 16.95%, led by increasingly bullish signs that the emerging markets consumer is leading the global economy in the recovery. In less than four months, the Dow Jones Emerging Markets Consumer Titans Index is up 28.06%.
Latin America: “Commodity dependence” can lead to Sustained Growth, World Bank report argues
September 13, 2010--Traditionally considered a curse for a nation’s development, commodity wealth in Latin America and the Caribbean (LAC) could—on the contrary—represent a foundation for prosperity, according to a new report released today by the World Bank.
The increased demand for minerals and agricultural commodities from Asian markets, especially China, is contributing to a rebound in economic growth as the region leaves behind the global crisis, according to the flagship publication ‘Natural Resources in Latin America and the Caribbean: Beyond Booms and Busts?’
According to the report, in Latin America there has been a substantial shift from exporting commodities to advanced economies to trading instead with emerging economies. For example, the United States’ share as a destination market declined from 44 percent in 1990 to 37 percent in 2008—the latest year for which data is available, while China’s share rose over tenfold during the same period, from 0.8 percent to 10 percent of total commodity exports. China is Brazil’s most important market for commodity exports, accounting for almost a fifth of total commodity exports in 2008.
If properly managed, the windfall from this commodity-led recovery can help LAC seize this growth opportunity by providing governments with greater fiscal space and serving directly as a key source of growth.
BMO Investments Inc. Receives Securityholder Approval for Changes to Its Mutual Funds Line-Up
September 13, 2010--BMO Investments Inc. received securityholder approval to proceed with the changes initially announced on August 3, 2010 to BMO Equity Index Fund, BMO International Index Fund and BMO U.S. Equity Index Fund (collectively, the "Funds").
"Exchange-traded funds (ETFs) continue to be of interest to investors because they offer a new and innovative way to invest," said Hugh McKee, Co-President, BMO Investments Inc. "However, the requirement to purchase ETFs through a brokerage account has been a roadblock for some time, and with these changes BMO now provides customers greater accessibility."
These Funds will now give investors access to some of the benefits that a pure ETF can provide, such as participation in an investment that tracks a defined, passively managed index. It is also expected that the changes will result in lower transaction costs and improved overall performance of the Funds. Furthermore, by reducing the number of portfolio transactions the tax impact for non-registered investors should be reduced.
The following is a summary of the approved changes.
BMO Equity Index Fund
As of close of business on September 17, 2010, the investment objectives of BMO Equity Index Fund will change to allow the fund to provide a return that is similar to the return of one or more exchange-traded funds that invest primarily in Canadian equities. The fund will invest all or a portion of its assets in one or more exchange-traded funds, invest directly in the underlying securities held by the exchange-traded funds and/or use derivatives to provide the fund with a return determined by reference to the exchange-traded funds. The investment strategies for this fund will also be revised to reflect the new objectives. In addition, the fund's name will change to "BMO Canadian Equity ETF Fund".
ETF Research Center Launches Portfolio Builder Tool to Assist Financial Advisors
September 13, 2010-- ETF Research Center, the online portal for financial advisors and individual investors to access AltaVista's analysis of exchange traded funds, launched Portfolio Builder as part of its research offering. The new tool completes the product suite by allowing users to screen, analyze and now build portfolios using ETFs in a disciplined, forward-looking manner.
Like the other tools on ETF Research Center, Portfolio Builder takes a forward-looking view based on a fundamental analysis of the underlying constituents in an ETF, rather than relying primarily on past price returns, the most widely used approach to ETF analysis.
"Financial advisors are increasingly adopting ETFs for use in clients' portfolios, but also have greater responsibility selecting and monitoring ETFs compared with traditional mutual funds, where there is a manager making day-to-day decisions on investors' behalf. Portfolio Builder puts advisors back in the driver's seat by helping them construct custom portfolios tailored to whatever investment strategy meets their clients' particular needs," notes Michael Krause, President and founder of AltaVista Research.
Portfolio Builder is now available as part of a Professional level subscription to the ETF Research Center for $99 per month after a one-month free trial, and includes full access to all other tools on the site, which currently covers 538 equity ETFs. Each subscriber can create and maintain up to 20 portfolios. Visit http://www.etfresearchcenter.com
Semi-Annual Changes to the NASDAQ Clean Edge Green Energy Index
September 13, 2010-- The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) and Clean Edge, Inc. announced today the results of the semi-annual evaluation of the NASDAQ(R) Clean Edge(R) Green Energy Index (Nasdaq:CELS), which will become effective prior to market open on Monday, September 20, 2010.
The following three securities will be added to the Index: PowerSecure International, Inc. (Nasdaq:POWR), Tesla Motors, Inc. (Nasdaq:TSLA), and Vicor Corporation (Nasdaq:VICR).
The Index is designed to track the performance of clean-energy companies that are publicly traded in the U.S. The Index includes companies engaged in the manufacturing, development, distribution, and installation of emerging clean-energy technologies such as solar photovoltaics, biofuels and advanced batteries. The five major sub-sectors that the index covers are Renewable Electricity Generation, Renewable Fuels, Energy Storage & Conversion, Energy Intelligence and Advanced Energy-Related Materials. The securities must also meet other eligibility criteria which include minimum requirements for market value, average daily share volume, and price. The NASDAQ(R) Clean Edge(R) Green Energy Index is re-ranked semi-annually in March and September. For more information about the NASDAQ(R) Clean Edge(R) Green Energy Index, including detailed eligibility criteria, visit https://indexes.nasdaqomx.com/.
The NASDAQ Clean Edge Green Energy Index is the basis for the First Trust NASDAQ Clean Edge Green Energy Index Fund (Nasdaq:QCLN), which seeks investment results that correspond generally to the price and yield of the NASDAQ Clean Edge Green Energy Index before fees and expenses.
As a result of the evaluation, the following five securities will be removed from the Index:
Ballard Power Systems, Inc. (Nasdaq:BLDP), Capstone Turbine Corporation (Nasdaq:CPST), Evergreen Solar, Inc. (Nasdaq:ESLR), FuelCell Energy, Inc. (Nasdaq:FCEL), and UQM Technologies, Inc. (AMEX:UQM).
U.S. Banking Agencies Express Support for Basel Agreement
September 13, 2010--The U.S. federal banking agencies support the agreement reached at the September 12, 2010, meeting of the G-10 Governors and Heads of Supervision (GHOS).1 This action, in combination with the agreement reached at the July 26, 2010, meeting of GHOS, sets the stage for key regulatory changes to strengthen the capital and liquidity of internationally active banking organizations in the United States and around the world.
The U.S. federal banking agencies actively supported the efforts of the GHOS and the Basel Committee on Banking Supervision (Basel Committee) to increase the quality, quantity, and international consistency of capital, to strengthen liquidity standards, to discourage excessive leverage and risk taking, and to reduce procyclicality in regulatory requirements. The agreement represents a significant step forward in reducing the incidence and severity of future financial crises, providing for a more stable banking system that is less prone to excessive risk-taking, and better able to absorb losses while continuing to perform its essential function of providing credit to creditworthy households and businesses.
Today's agreement represents a significant strengthening in prudential standards for large and internationally active banks.
view 2010 Banking and Consumer Regulatory Policy
OECD Economic Survey of Canada 2010
September 13, 2010--Household debt is high. Owing to the lowering of interest rates and a still well-functioning financial system, household indebtedness continued to rise throughout the recession and is now near historical highs.
Trend output growth will slow. Over the medium term it will average more than a full percentage point less than over the past decade, underlining the importance of carrying on with structural policy reforms that can boost the economy’s potential rate of growth.
In the financial sector, a proper balance must be reached between regulation and competition. Aspects of the banking culture and context that proved advantageous in the crisis may reflect a lack of competitive pressure.
Budget consolidation is needed. The federal government’s structural deficit is estimated to be near zero, but Ontario’s and Quebec’s are estimated to be much larger. At the federal level and in most provinces, it should be possible to balance budgets by restraining the growth of spending over several years. In some jurisdictions, however, significant revenue increases will be necessary for consolidation to occur over a reasonable time horizon.
view the Overview OECD Economic Surveys:
Canada, September 2010
Rydex files with the SEC
September 13, 2010--Rydex has filed a post-effective amendment, registration statement with the SEC for
DOMESTIC EQUAL WEIGHT ETFS
Rydex Russell MidCap Equal Weight ETF
Rydex Russell 1000(R) Equal Weight ETF
Rydex Russell 2000(R) Equal Weight ETF
INTERNATIONAL EQUAL WEIGHT ETFS
Rydex Russell BRIC Equal Weight ETF
Rydex Russell Greater China Large Cap Equal Weight ETF
Rydex MSCI EAFE Equal Weight ETF
Rydex MSCI Emerging Markets Equal Weight ETF
Rydex MSCI ACWI Equal Weight ETF
First Trust files with the SEC
September 13, 2010--First Trust has filed an amended application for exemptive relief with the SEC.
view filing
AdvisorShares files with the SEC
September 13, 2010--AdvisorShares has filed a post-effective amendment, registration statement with the SEC.
view filing
SEC Approves Rules Expanding Stock-by-Stock Circuit Breakers and Clarifying Process for Breaking Erroneous Trades
September 10, 2010--The Securities and Exchange Commission today approved new rules submitted by the national securities exchanges and FINRA to expand a recently-adopted circuit breaker program to include all stocks in the Russell 1000 Index and certain exchange-traded funds. The SEC also approved new exchange and FINRA rules that clarify the process for breaking erroneous trades.
The circuit breaker pilot program was approved in June in response to the market disruption of May 6 and currently applies to stocks listed in the S&P 500 Index. Trading in a security included in the program is paused for a five-minute period if the security experiences a 10 percent price change over the preceding five minutes. The pause gives the markets an opportunity to attract new trading interest in an affected stock, establish a reasonable market price, and resume trading in a fair and orderly fashion. The circuit breaker program is in effect on a pilot basis through Dec. 10, 2010.
view list of exchange-traded products included in the pilot
CFTC Determines to Not Issue Grandfather Relief for Bilateral Exempt Commodity Swaps at this Time; Commits to Using Available Exemptive Authorities in the Future
September 10, 2010--The Commodity Futures Trading Commission (“CFTC”) today issued a notice that it has determined not to issue grandfather relief at this time to parties that petition the Commission to continue to operate in reliance upon the Commodity Exchange Act’s (“CEA’s”) exempt commodity exemption for bilateral swaps after the deletion of that provision from the CEA by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”).
Effective July 15, 2011, the Dodd-Frank Act will delete various provisions from the CEA that were first established by the Commodity Futures Modernization Act of 2000 to permit the trading of derivative instruments off of regulated markets. Among other such provisions, the Dodd-Frank Act will strike the exempt commodity exemption, which generally provides that bilateral swaps between certain sophisticated counterparties in exempt commodities (i.e., energy and metals products) are exempt from all of the provisions of the CEA, except for the anti-fraud and anti-manipulation provisions.
Although the Dodd-Frank Act authorizes the CFTC to grant grandfather relief to parties seeking to continue their reliance on the exempt commodity exemption after its deletion from the CEA, the CFTC is issuing notice that it will not be granting any such grandfather relief.
Rather than issuing blanket grandfather relief at the present time, the CFTC determined that it is more appropriate to accommodate transitioning issues for bilateral swaps activity in the context of the rulemaking process for Dodd-Frank Act-required regulations. If such activity presents difficulties that cannot be addressed in final regulations, the Commission is committed to use its available exemptive authorities to address such a situation.
CFTC.gov Commitments of Traders Reports Update
September 10, 2010---The CFTC.gov Commitments of Traders Reports for the week of September 7, 2010 are now available.
view update
