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Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
May 19, 2010--Standard & Poor's Canadian Index Operations announces the following index changes:
* On May 18, 2010, Sears Canada Inc. (TSX:SCC) announced the payment of a special dividend of $3.50 per share. The ex-date for this payment is Thursday, May 27, 2010. It is anticipated that the value of the special dividend will be over 4% of the last traded board-lot price of Sears Canada on Wednesday, May 26, 2010.
* On that date, the last traded board-lot price of Sears Canada will be reduced by $3.50 and the divisors will be adjusted in the S&P/TSX Composite and Capped Composite, the S&P/TSX Completion and Equity Completion, the S&P/TSX Equity and Capped Equity and the S&P/TSX Capped Consumer Discretionary Indices.
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.
DB Index Research -- Weekly ETP Market Review -- US
May 19, 2010--Highlights
Although ambiguity still dominates the global markets due to the uncertain fate of Greece, Spain, Portugal and the Euro, it seems that the 750 Euro billion rescue package offered by Euro leaders brought some relief to the global markets. US ETPs, in particular, experienced an increase in assets of $29 bn, mainly driven by market reversal (the S&P 500 ended the week 2.23% up) and inflows of $10 bn.
New Listings and Delistings
* Two new funds came to market on the previous week, both of which are listed in NYSE Arca. State Street GA launched a fixed income ETF focused on municipal bonds compliant with the Build America Program, while new entrant provider US One Inc. issued an active ETF of ETFs seeking long term performance at a low cost.
Net Cashflows
* Equity, Fixed Income and Commodity ETPs had inflows of $8 bn, $636 mm, and $1.1 bn, respectively. Currency ETPs, on the other hand, experienced outflows of $40 mm.
* In the Equity asset class, Large Cap ETPs had the highest inflows of $5.3 bn followed by Small Cap ETPs, while Emerging Country ETPs experienced the largest outflows of $570 mm.
* Sovereign products contributed the most to the positive cash flows into Fixed Income ETPs.
* Within Commodity ETPs, Gold ETPs became the investor’s preferred choice again, recording inflows of $1.1 bn, followed by Crude Oil ETPs. Meanwhile, Natural Gas ETPs experienced the largest outflows.
* Alternative ETPs, driven by volatility ETNs, saw outflows of $234 mm, which strengthen the idea that high volatility might just be an ephemeral episode.
Turnover
* Turnover remained strong in all asset classes and increased by 11.4% overall, crossing the $100 billion mark totaling $104 bn in average daily value traded.
Assets Under Management (AUM)
* US ETPs AUM recovered 3.6% totaling $830 bn at the end of the week. Equity ETPs account for 74% of the assets with $612 bn, followed by Fixed Income funds with $127 bn and 15% of market share.
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Pax World Lists ESG Shares® North America Sustainability Index ETF on NYSE Arca
May 19, 2010--NYSE Euronext (NYX) announced that its wholly owned subsidiary, NYSE Arca, began trading the ESG Shares® North America Sustainability Index ETF (Ticker: NASI). The ETF is advised by Pax World Management LLC.
The Fund seeks investment returns that closely correspond to the price and yield performance, before fees and expenses, of the FTSE KLD North America SustainabilitySM Index, which is created and maintained by KLD Research & Analytics, Inc. (“KLD”). The Index consists of equity securities of issuers in North America that meet specific environmental, social and governance criteria developed by KLD.
PowerShares files with the SEC
May 19, 2010--PowerShares has filed a prospectus with the SEC for
PowerShares International Corporate Bond Portfolio
(NYSE Arca, Inc. - PICB)
The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of the index called the S&P International Corporate Bond Index.
Total Annual Fund Operating Expenses:0.50%
State Street files with the SEC
May 19, 2010--State Street has filed a post-effective, registration statement with the SEC for
SPDR Barclays Capital International Corporate Bond ETF (IBND)
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Pax World Launches ESG Shares® Bringing Sustainable Investing to the ETF Market
Three New ETFs will be based on FTSE KLD Global Sustainability Indexes and FTSE ET50 Index
May 19, 2010--Pax World Management LLC, investment adviser to Pax World Funds (Pax World) and a leader in the field of Sustainable Investing, announced today the launch of ESG Shares®, the first family of exchange traded funds (ETFs) devoted exclusively to a Sustainable Investing approach. The new ETFs will track indexes that integrate environmental, social and governance (ESG) factors into index design and construction.
The three ESG Shares® ETFs to be launched by Pax World are:
•ESG Shares® North America Sustainability Index ETF (Ticker: NASI), launched today, seeks to track the performance of the FTSE KLD North America Sustainability Index, a broadly diversified, sector-neutral index of American and Canadian companies with superior ESG performance as rated by KLD Research & Analytics, Inc.
•ESG Shares® FTSE Environmental Technologies (ET50) Index ETF (Ticker: ETFY), which Pax World intends to launch on May 21, seeks to track the performance of the FTSE ET50 Index, comprised of the 50 largest pure-play* environmental companies globally by full market capitalization. The companies in the index have a primary business focus in the areas of alternative energy and energy efficiency, water technologies and pollution control and waste technologies and resource management.
•ESG Shares® Europe Asia Pacific Sustainability Index ETF (Ticker: EAPS), which Pax World intends to launch on May 25, seeks to track the performance of the FTSE KLD Europe Asia Pacific Sustainability Index, a broadly diversified, sector-neutral index of companies in Europe and Asia-Pacific with superior ESG performance as rated by KLD Research & Analytics, Inc.
ESG Shares® are at the intersection of two powerful investment trends: The increasing popularity of ETFs, and the fast-growing interest in Sustainable Investing – the integration of environmental, social and governance (ESG ) factors into investment analysis and decision making. According to Pax World, ESG Shares® will offer all the advantages typically associated with ETFs, but with the added value of being driven by a Sustainable Investing methodology.
“We are very excited to be offering the first family of ETFs focused exclusively on sustainability indexes constructed by our partners, KLD Indexes and FTSE,” said Pax World President and CEO Joe Keefe. “Now there are ETF solutions for investors who seek to capture the potential returns associated with superior ESG or sustainability performance.”
“Due to increased demand from retail and institutional investors, we created the North America and Europe Asia Pacific Sustainability indexes to satisfy the need for broadly diversified portfolios of global companies that have demonstrated commitment to high standards of environmental, social and governance performance,” added Head of KLD Indexes at RiskMetrics Group Thomas Kuh. “We are pleased to be working with Pax World, a recognized leader in the field of Sustainable Investing, to bring these innovative ETFs to the marketplace.”
“We are delighted to be working with Pax World on their first group of exchange traded funds devoted exclusively to sustainable investing,” commented FTSE Group Chief Executive Mark Makepeace. “This partnership demonstrates FTSE’s commitment to responsible investment and to provide investors with a greater range of ETFs enabling them to access new market opportunities and diversify portfolios.”
SEC to Publish for Public Comment Stock-by-Stock Circuit Breaker Rule Proposals
May 18, 2010--The Securities and Exchange Commission announced that in response to the market disruption of May 6, the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) are filing proposed rules today under which they would pause trading in certain individual stocks if the price moves 10 percent or more in a five-minute period.
The SEC is seeking comment on the proposed rules.
The markets are proposing these rules in consultation with FINRA and staff of the SEC to provide for uniform market-wide standards for individual securities in the S&P 500® Index that experience a rapid price movement.
These rules reflect a consensus that was achieved among the exchanges and FINRA after SEC Chairman Mary Schapiro convened a meeting of exchange leaders and FINRA at the SEC early last week. That meeting took place within days after the market dropped significantly and after approximately 30 S&P 500 Index stocks fell at least 10 percent in a five-minute period.
Claymore files with the SEC
May 18, 2010--Claymore has filed a post-effective amendment, registration statement with the SEC for
WILSHIRE MICRO-CAP ETF
NYSE ARCA TICKER SYMBOL: WMCR
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Wisdom Tree files with the SEC-12 ETFs
May 18, 2010--Wisdom Tree has filed a post effective amendment, registration statement with the SEC for
WisdomTree Total Dividend Fund (DTD)
WisdomTree Equity Income Fund (DHS)
WisdomTree Dividend ex-Financials Fund (DTN)
WisdomTree LargeCap Dividend Fund (DLN)
WisdomTree MidCap Dividend Fund (DON)
WisdomTree SmallCap Dividend Fund (DES)
WisdomTree Total Earnings Fund (EXT)
WisdomTree Earnings 500 Fund (EPS)
WisdomTree MidCap Earnings Fund (EZM)
WisdomTree SmallCap Earnings Fund (EES)
WisdomTree LargeCap Value Fund (EZY)
WisdomTree LargeCap Growth Fund (ROI)
ETSpreads files with the SEC
May 18, 2010--ETSpreads has filed for exemptive relief with the SEC. The Markit iBoxx TIPS Inflation-Linked 5-10 Index will be the Underlying Index on which the Initial Fund will be based.
view filing
Claymore files with the SEC for 3 BulletShares ETFs
May 18, 2010--Claymore has filed a registration statement with the SEC for
Claymore BulletShares
2018 Corporate Bond ETF
NYSE Arca ticker symbol: BSCJ
Claymore BulletShares
2019 Corporate Bond ETF
NYSE Arca ticker symbol: BSCK
Claymore BulletShares
2020 Corporate Bond ETF
NYSE Arca ticker symbol: BSCM
Claymore files with the SEC for 7 Claymore BulletShares ETFs
May 18, 2010--Claymore has filed a registration statement with the SEC for
Claymore BulletShares 2011
Corporate Bond ETF
NYSE Arca ticker symbol: BSCB
Claymore BulletShares 2012
Corporate Bond ETF
NYSE Arca ticker symbol: BSCC
Claymore BulletShares 2013
Corporate Bond ETF
NYSE Arca ticker symbol: BSCD
Claymore BulletShares 2014
Corporate Bond ETF
NYSE Arca ticker symbol: BSCE
Claymore BulletShares 2015
Corporate Bond ETF
NYSE Arca ticker symbol: BSCF
Claymore BulletShares 2016
Corporate Bond ETF
NYSE Arca ticker symbol: BSCG
Claymore BulletShares 2017
Corporate Bond ETF
NYSE Arca ticker symbol: BSCH
The American Power Act
May 18, 2010--The American Power Act will transform our economy, set us on the path toward energy independence and improve the quality of the air we breathe. It will create millions of good jobs that cannot be shipped abroad and it will launch America into a position of leadership in the global clean energy economy.
Our approach sets an achievable national pollution reduction target and refunds the money raised right back to American consumers and American businesses. This is not a plan that enriches Wall Street speculators. And this is certainly not a plan to grow the government. It is a plan that creates jobs and sets us on a course toward energy independence and economic resurgence. It is time for Democrats, Republicans and Independents to come together to pass legislation that will create American jobs and achieve energy security, while reducing carbon pollution by 17 percent in 2020 and by over 80 percent in 2050.
This bill is supported by a wide and deep coalition of business leaders, environmentalists, political leaders and others.
CFTC/SEC Staff Release Preliminary Joint Findings on May 6 Unusual Market Events
May 18, 2010-The staffs of the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) today released preliminary findings related to the unusual market events on May 6, 2010.
The Preliminary Findings Regarding the Market Events of May 6, 2010-Report of the Staffs of the CFTC and SEC to the Joint Advisory Committee on Emerging Regulatory Issues report is available online.
Remarks of Chairman Gary Gensler, Over-the-Counter Derivatives Reform, Association for Financial Professionals’, Global Corporate Treasurers Forum, Washington, D.C.
May 18, 2010--Good morning. I thank the Association for Financial Professionals for inviting me to speak this morning on financial regulatory reform and, in particular, the efforts to bring comprehensive regulatory reform to the over-the-counter derivatives marketplace. This marketplace was at the center of the 2008 financial crisis. It is essential that we work to lower risk and increase transparency in the OTC marketplace to protect the American public and lower the risk of a future taxpayer-funded bailout.
Reform of the over-the-counter derivatives marketplace is important to all of the corporations you represent, as well as to your employees and your customers. Regulatory reform will lower risk that a bank’s failure could have significant implications for you, and it will help you to secure better pricing on derivatives as you hedge your commercial risk. This morning I will address the key components of reform and their importance to your respective industries.
Futures
Derivatives have been around for a long time. In fact, they have traded since the Civil War, when grain merchants came together to hedge the risk of changes in the price corn, wheat and other grains on a central exchange. These derivatives are called futures. Many of you may already use the futures marketplace to hedge your business risk.
