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SEC Adopts New Measures to Facilitate Director Nominations by Shareholders
August 25, 2010--The Securities and Exchange Commission today adopted changes to the federal proxy and other rules to facilitate the rights of shareholders to nominate directors to a company's board.
The new rules require companies to include the nominees of significant, long-term shareholders in their proxy materials, alongside the nominees of management. This "proxy access" is designed to facilitate the ability of shareholders to exercise their traditional rights under state law to nominate and elect members to company boards of directors.
Under the rules, shareholders will be eligible to have their nominees included in the proxy materials if they own at least 3 percent of the company's shares continuously for at least the prior three years.
"As a matter of fairness and accountability, long-term significant shareholders should have a means of nominating candidates to the boards of the companies that they own," said SEC Chairman Mary L. Schapiro. "Nominating a director candidate is not the same as electing a candidate to the board. I have great faith in the collective wisdom of shareholders to determine which competing candidates will best fulfill the responsibilities of serving as a director. The critical point is that shareholders have the ability to make this choice."
view the FACILITATING SHAREHOLDER DIRECTOR NOMINATIONS
Nuveen files with the SEC
August 25, 2010--Nuveen Diversified Commodity Fund has filed a FORM S-1 with the SEC.
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Van Eck files with the SEC
August 25, 2010--Van Eck as filed a Fifth Amended and Restated Application for exemptive relief with the SEC.
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Business vows to fight US proxy rule
August 25, 2010--US business groups vowed to use “every method available” to fight a rule agreed on Wednesday that will allow shareholders directly to nominate board directors.
The US Chamber of Commerce warned that the new powers would give union pension funds the “ability to hold the board hostage on narrow issues”.
But investor groups welcomed the change as a long-overdue boost to shareholders’ power to hold underperforming boards to account.
The Securities and Exchange Commission on Wednesday approved the contentious “proxy access” proposal on a vote split 3-2, with the two Republican commissioners opposing it.
Deutsche Bank Global Equity Index & ETF Research : US ETP Market Weekly Review
August 25, 2010--New Listings and Delistings
There were no new products listed over the previous week.
Net Cashflows
Total ETP inflows in the US added up to $4.2 bn during the previous week. Equity, Fixed Income, Commodity and Currency ETPs had inflows of $1.9 bn, $1.4 bn, $732 mm and $99 mm, respectively.
Within Equity ETPs, Emerging Markets regional ETPs received the largest inflows ($1.3 bn) followed by Small Cap ETPs, while Large Cap ETPs saw the largest outflows ($663 mm).
The Fixed Income ETPs inflows were led by Sovereign ETPs ($589 mm) and no fixed income sub-segment experienced any outflow.
Commodity ETPs experienced positive flows as Gold ETPs recover ground after a series of weeks recording outflows, gold related inflows totaled $634 mm during last week. On the contrary, broad exposure commodity products experienced the largest outflows ($157 mm) again.
Turnover
Avg. Daily Turnover decreased by 5.1% and positioned itself right below $60 bn at the end of the week.
Assets Under Management (AUM)
US ETPs AUM remained at about the same level, totaling $815 bn at the end of the week. Equity ETPs account for 72% of the assets with $587 bn, followed by Fixed Income funds with $143 bn and 18% of market share.
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ISE Expands Modified Maker/Taker Pricing Program
August 25, 2010--The International Securities Exchange (ISE) announced today that it will expand its modified maker/taker pricing program on September 1 to cover 100 symbols listed on the exchange. With this expansion, symbols comprising over 60% of total ISE volume will be part of its
modified maker/taker pricing structure. Introduced in April, highlights of ISE’s modified maker/taker pricing
program include rebates for market makers who meet market quality thresholds, competitive taker fees
for non-customer orders and no taker fees for retail-sized customer orders. ISE’s patented customer
priority, pro-rata market structure remains in place across all names.
“We have received tremendous support from our member firms for the combination of our pro-rata,
customer priority market structure with modified maker/taker pricing,” said Boris Ilyevsky, Managing
Director of ISE’s options exchange. “The new fee structure has improved ISE’s market quality by
increasing the amount of time ISE is on the National Best Bid and Offer (NBBO). We will continue to monitor the program and will expand where appropriate if further market quality improvements can be achieved.”
ISE’s official Schedule of Fees, all fee notices and the new ISE fee summary are available at
www.ise.com/feenotices. For more information, please contact ISE’s Business Development team at
bizdev@ise.com.
Van Eck Launches Market Vectors(TM) India Small-Cap Index ETF (SCIF)
Seeks to provide exposure to small-cap companies in the world's second-most populous nation and fourth largest economy
August 25, 2010--New York-based asset manager Van Eck Global has launched Market Vectors India Small-Cap Index ETF (NYSE Arca: SCIF), an open-end exchange-traded fund (ETF) to provide investors with exposure to small-cap stocks in India, it was announced today. The fund will seek to track the Market Vectors(TM) India Small-Cap Index, which had a large base of 122 constituents and an average market capitalization of $456M, as of July 31, 2010.
"We are very excited to add SCIF to our growing lineup of emerging market small-cap ETFs," said Jan van Eck, Principal at Van Eck Global. "It continues to be our strong belief that small-cap stocks are an excellent way to gain direct exposure to a country's domestic economy. India, in particular, has exhibited demographic and economic factors that support strong continued domestic growth for years to come."
Since undertaking economic liberalization policies in 1991, India has achieved significant economic growth and has quickly integrated into the global marketplace. The country's gross domestic product (GDP) has remained strong in recent years, with real GDP growth registering 7.3 percent in 2008 and 5.6 percent in 2009, two years in which most Asian economies contracted.
Indian small-cap stocks are supported by one of the world's largest and fastest-growing domestic consumer markets, with a demographic profile that is skewed toward the young. India's rapidly growing middle class is projected to triple in size over the next 15 years, making it twice the size of the entire U.S. population. With sustained foreign direct investment in previous years and continued decreases in unemployment, growing wealth among India's population is expected to fuel demand for discretionary goods, services and homebuilding. In addition, India's government has already invested substantial amounts in the country's much needed infrastructure build-out, which has served as a fiscal stimulus further driving the country's economic growth.
SCIF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors India Small-Cap Index (Ticker: MVSCIFTR), which uses a float-adjusted modified market capitalization-weighting methodology. The top three industry weightings in the Index as of July 31, 2010 were Industrials (27%), Financials (20%) and Materials (14%). The Fund's net expense ratio is 0.85% percent and its gross expense ratio is 0.91% percent.
Like all Market Vectors indices provided by 4asset-management GmbH, MVSCIFTR's constituents and weights are publically available daily at no cost and constituents must meet minimum liquidity levels to be considered for inclusion in the index. Specifically, companies must have a market cap of at least $150 million, a three-month average daily trading volume value of at least $1 million and minimum trading volume of 250,000 shares each month over the last 6 months on a rebalancing date.
ALPS Advisors, Inc. lists Alerian MLP ETF on NYSE Arca
August 25, 2010--NYSE Euronext (NYX) announced today that its wholly-owned subsidiary, NYSE Arca, began trading the Alerian MLP ETF (Ticker: AMLP). The ETF is sponsored by ALPS Advisors, Inc.
The Fund seeks investment results that correspond, before fees and expenses, generally to the price and yield performance of its underlying index, the Alerian MLP Infrastructure Index (the “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 United States energy infrastructure Master Limited Partnership (“MLP”) asset class. The Index is comprised of 25 energy infrastructure MLPs that earn a majority of their cash flow from the transportation and storage of energy commodities.
CBOE Stock Exchange (CBSX) Daily Volume Exceeds 100 Million Shares For The First Time - Record 118.8 Million Shares Change Hands On Tuesday, August 24
August 25, 2010--The CBOE Stock Exchange, LLC (CBSX) today reported that trading volume on Tuesday, August 24 totaled a daily record of 118.8 million shares. This is the first time since CBSX launched in 2007 that daily volume has exceeded 100 million shares in a single day.
CBSX share volume recently has established new records on several trading days: August 20 (90.8 million shares); August 12 (63.7 million shares); and July 23 (59.8 million shares).
Van Eck Associates Corporation Lists Market Vectors India Small-Cap Index ETF on NYSE Arca
August 25, 2010--NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading the Market Vectors India Small-Cap Index ETF (Ticker: SCIF). The ETF is sponsored by Van Eck Associates Corporation.
Market Vectors India Small-Cap Index ETF seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors India 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 publicly traded small-cap companies that are domiciled and primarily listed on an exchange in India or that generate at least 50% of their revenues in India.
Statement From Chairman Schapiro on Financial Accounting Foundation Developments
August 24, 2010--The following is a statement from SEC Chairman Mary L. Schapiro regarding today's announcement by the Board of Trustees of the Financial Accounting Foundation (FAF) that the Financial Accounting Standards Board (FASB) will expand to seven members. In addition, FASB Chairman Robert Herz has decided to retire from the FASB, and current FASB member Leslie Seidman has been appointed Acting Chairman effective October 1.
"I commend the Financial Accounting Foundation for its ongoing efforts to evaluate and improve the effectiveness and efficiency of the structure and operation of the Financial Accounting Standards Board by increasing the size of the Board. The Foundation has determined that this revised structure will facilitate the continuing efforts of the FASB to work with the International Accounting Standards Board on their important convergence work plan. In addition, this should enhance the ability of the FASB to address issues facing the U.S. capital markets and the needs of investors.
Pimco files with the SEC
August 24, 2010--Pimco has filed a post-effective amendment with the SEC for
PIMCO 1-5 Year High Yield Corporate Bond Index Fund (Ticker:HYS)
PIMCO High Yield Corporate Bond Index Fund (Ticker: PHYD)
PIMCO Investment Grade Corporate Bond Index Fund (Ticker: CORP)
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Foreign buyers flock to US Treasuries CFTC Signs SOI with Japan’s Ministry of Economy, Trade and Industry (METI) and Ministry of Agriculture, Forestry and Fisheries (MAFF)
There are three regulators in Japan that have jurisdiction over the derivatives markets: METI, MAFF and the Japan Financial Services Agency (JFSA). METI has oversight over precious metals, base metals, rubber and energy related products, and MAFF has jurisdiction over agricultural commodity trading. The JFSA regulates and supervises the activities of Japan's securities markets and financial futures markets.
The SOI with METI and MAFF follows an earlier SOI between the CFTC, the U.S. Securities and Exchange Commission and the JFSA in 2002. This latest SOI reflects the strong and continued commitment of each authority to combat cross-border fraud by providing the fullest assistance permissible under the laws of the United States and Japan. U.S. Department of the Treasury Economic Statistics - Quarterly Data Update
August 24, 2010--Foreign demand for long-term US Treasury debt has hit record levels as investors worry that weaker growth and deflation looms for the leading western economies
The flows into US and other top-tier government bonds such as Germany and the UK reflect fears that leading global economies are flirting with a period of sub-par growth and disinflation that could emulate Japan’s so-called “lost decade”.
August 24, 2010--The U.S. Commodity Futures Trading Commission (CFTC) today announced that it signed a Statement of Intent (SOI) Concerning Cooperation, Consultation and the Exchange of Information with the Ministry of Economy, Trade and Industry of Japan (METI) and the Ministry of Agriculture, Forestry and Fisheries of Japan (MAFF).
The SOI establishes a framework for information sharing and facilitates cooperation in cross-border investigations of potential violations of commodity futures laws. The SOI is supported by a diplomatic Note Verbale (Note) exchanged by the governments of the United States and Japan. The Note states the views shared by the two governments concerning the cooperation that the CFTC, METI and MAFF intend to provide under the SOI with respect to the way that information obtained under the SOI can be used by each country’s criminal authorities.
August 24, 2010--The U.S. Department of the Treasury Economic Statistics - Quarterly Data has been updated is now available.
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