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CSLS Exchange Traded Note Linked to the Credit Suisse Long/Short Liquid Index (Net)
New Product Provides Liquid Index Exposure on NYSE Arca
March 29, 2010--The Credit Suisse Long/Short Liquid Index (Net) ETN (NYSE Arca: CSLS) is designed to correlate to the historical performance of the Credit Suisse Tremont Long/Short Equity Hedge Fund Index by tracking the performance of non-hedge fund, transparent market measures.
Ticker: CSLS
CUSIP: 22542D878
ETN Annual Investor Fee: 0.45%
Index Calculation Fee: 0.50%
Inception Date: February 19, 2010
Shares outstanding: 493,810
Average daily volume: 38,803
High since inception: $20.72
Low since inception: $20.00
More information on the Credit Suisse Long/Short Liquid Index (Net) ETN can be found on: www.credit-suisse.com/notes.
The exchange traded approach offers a variety of advantages to investors, including real-time pricing, intraday liquidity and portfolio transparency -- advantages previously not associated with alternative investments. The Credit Suisse Long/Short Liquid Index (Net) ETN does not invest directly in hedge funds and therefore does not have the risks usually associated with hedge funds such as illiquidity, fraud risk or individual manager risk.
This new ETN seeks to replicate the performance of the Long/Short Equity hedge fund sector as represented by the Credit Suisse Long/Short Liquid Index (Net), an index which is calculated intraday and reflects the return of a dynamic basket of eighteen liquid, investable market factors. These factors are selected and weighted monthly in accordance with an algorithm that aims to track the performance of the Credit Suisse/Tremont Long/Short Equity Hedge Fund Index.
The ETN's investment performance depends on the investment performance of the underlying Credit Suisse Long/Short Liquid Index (Net). There is no guarantee that the ETN or the Credit Suisse Long/Short Liquid Index (Net) will perform the same as the referenced Credit Suisse/Tremont Long/Short Index. The ETN may not suitable for all investors.
ISE to Introduce a Modified Maker/Taker Fee Schedule for Three of the Most Actively
March 29, 2010--– The International Securities Exchange (ISE) today announced that it will
introduce a modified maker/taker fee structure for options on the PowerShares QQQ Exchange Traded Fund
(Nasdaq: QQQQ), Citigroup, Inc. (NYSE: C) and Bank of America Corporation (NYSE: BAC).
Effective April 1, 2010, market makers that meet minimum quoting requirements will receive a $0.10 maker rebate
for posting liquidity in these names. Other highlights of the fee change include the introduction of competitive
maker/taker fees for other market maker, broker dealer and professional customer orders as well as the
elimination of payment for order flow. In addition, ISE will not charge maker fees for customer orders of any size
and will not charge taker fees for customer orders of less than 100 contracts. The rebate-based fee structure
combined with the elimination of payment for order flow will reduce overall costs for market makers, enabling
them to improve the quality of ISE’s markets. ISE’s patented customer priority, pro-rata market structure will
remain in place across all names.
Emerging Markets Week in Review - 3/22/2010 - 3/26/2010
March 29, 2010--The Dow Jones Emerging Markets Composite Index declined 1.13% last week, ending its streak of six consecutive positive weekly gains. Health Care, one of the best performing sectors for the year, was up 1.88% last week.
Utilities was the worst performing sector for the second week in row, down 1.23%. Technology continues to lead all sectors year-to-date, up 9.02%.
Van Eck files with the SEC
March 29, 2010--Van Eck has filed with the SEC for
Market Vectors Latin America Small-Cap Index ETF.
view filing
SEC launches 'Repo 105' probe
March 29, 2010--US regulators on Monday asked more than 20 financial groups whether they engaged in transactions along the lines of “Repo 105” – an accounting device that helped Lehman Brothers conceal its high leverage ratio during the financial crisis.
The corporate finance division of the Securities and Exchange Commission wrote to chief financial officers of “close to two dozen” large foreign and domestic banks and insurers, demanding details of repurchase agreement deals.
Finra eyes new rules for ETF products
March 29, 2010--More regulatory steps may be needed to address the explosive growth of new products being offered to investors, such as leveraged exchange-traded funds, the head of the Financial Regulatory Authority said on Monday.
Richard Ketchum, chairman and chief executive of Finra, made clear he does not favor restricting the creation of new securities products. But he said the self-regulating body is taking a close look at the pipeline of new products.
"I'm not a big fan of prohibiting product innovation," Ketchum told the Reuters Global Exchanges and Trading Summit in New York. "But we are looking at the product pipeline, how it's controlled and managed by the firms, and we'll see whether other regulation is necessary."
First Trust files with the SEC
March 26, 2010--First Trust has filed an amended order for exemptive relief.
view filing
Speculative Position Limits and Metals A Brief Regulatory History
Testimony of Dan M. Berkovitz, General Counsel March 25, 2010
March 26, 2010--This testimony provides a brief regulatory history of speculative position limits relating to the metal markets – precious,1 base2 and ferrous.3Futures contracts on both precious metals and base metals are traded primarily by the CME Group in New York at the New York Mercantile Exchange, Inc. (NYMEX) and the Commodity Exchange, Inc. (COMEX) as well as CME Globex. NYSE Liffe US also trades futures contracts on precious metals that were formerly traded at the Chicago Board of Trade (CBOT). 4
NYMEX, COMEX and NYSE Liffe US are the only exchanges that continue to trade metal futures contracts in the U.S.
The precious metal contracts consist of gold, silver, palladium and platinum while the base metals include copper and uranium.6 A ferrous metal contract – steel index futures—is also offered by the CME Group. Physical and cash-settled futures contracts are available on gold, silver and copper while platinum and palladium remain physically-settled contracts.7 The uranium and steel index futures contracts are limited to cash-settlement.
Overview Since its enactment in 1936, the Commodity Exchange Act (CEA) has stated that “excessive speculation” in any commodity traded on a futures exchange “causing sudden or unreasonable fluctuations or unwarranted changes in the price of such commodity is an undue and unnecessary burden on interstate commerce” and has directed the Commodity Futures Trading Commission (CFTC) to establish such limits on trading “as the Commission finds are necessary to diminish, eliminate, or prevent such burden.” The basic statutory mandate in Section 4a of the CEA to establish position limits to prevent such burdens has remained unchanged over the past seven decades. Initially, the Commission’s authority over futures contracts was limited to a number of enumerated agricultural commodities. Since 1974, the Commission has had authority over futures contracts on all commodities including metal commodities. A brief legislative history of the provisions in the CEA relating to position limits from 1936 to 1974 is provided in the Appendix.read more
U.S. Department of the Treasury Economic Statistics - Quarterly Data Update
March 26, 2010--Economic Statistics - Quarterly Data for U.S. Department of the Treasury. This information has recently been updated, and is now available.
view more
SEC Staff Evaluating the Use of Derivatives by Funds
March 25, 2010--The SEC staff is conducting a review to evaluate the use of derivatives by mutual funds, exchange-traded funds (ETFs) and other investment companies. The review will examine whether and what additional protections are necessary for those funds under the Investment Company Act of 1940.
Pending the review's completion, the staff has determined to defer consideration of exemptive requests under the Investment Company Act to permit ETFs that would make significant investments in derivatives. The staff's decision will affect new and pending exemptive requests from certain actively-managed and leveraged ETFs that particularly rely on swaps and other derivative instruments to achieve their investment objectives. The deferral does not affect any existing ETFs or other types of fund applications.
"It's appropriate to engage in a more thorough review of the use of derivatives by ETFs and mutual funds given the questions surrounding the risks associated with the derivative instruments underlying many funds," said SEC Chairman Mary Schapiro.
"Although the use of derivatives by funds is not a new phenomenon, we want to be sure our regulatory protections keep up with the increasing complexity of these instruments and how they are used by fund managers," said Andrew Donohue, Director of the SEC's Division of Investment Management. "This is the right time to take a step back and rethink those protections."
U.S. Department of the Treasury Economic Statistics - Monthly Data Update
March 25, 2010--Economic Statistics - Monthly Data for U.S. Department of the Treasury. This information has recently been updated, and is now available.
Secretary of the Treasury Timothy F. Geithner Written Testimony before the House Committee on Appropriations Subcommittee on State, Foreign Operations, and Related Programs on the Fiscal Year 2011 International Programs Budget Request
March 25, 2010--Chairwoman Lowey, Ranking Member Granger, and Members of the Committee, thank you for the opportunity to discuss the President's Fiscal Year 2011 Budget Request for the Department of the Treasury's International Programs. There has been a long history of bipartisan support for American leadership on these programs and that support has brought substantial achievements in reducing poverty, implementing reforms, and fostering economic growth around the world.
As President Obama noted in his State of the Union address, America's destiny is connected to the welfare and security of those beyond our shores. Our strategy for renewing American leadership is guided by four enduring priorities: 1) supporting economic growth at home and abroad; 2) protecting our national security interests; 3) lifting the lives of the poorest; and 4) promoting global solutions to address climate change and other transnational challenges.
The focused investments contained in Treasury's Budget Request support these key goals.
Supporting Economic Growth
At their core, the multilateral development banks (MDBs) are designed to that support private-sector-led growth and integration into the global economy. U.S. investments in these institutions support efforts to develop property rights and the rule of law, strengthen financial systems, and promote strong institutions, which support the broader objective of expanding economic growth--at home and abroad.
CME Group Announces Launch of International Skimmed Milk Powder Derivative Contracts
March 25, 2010--CHICAGO, March 25, 2010 - CME Group, the world's leading and most diverse derivatives marketplace,
today announced the launch of International Skimmed Milk Powder futures and options on futures contracts beginning May 9 for trade date May 10, 2010.
It is the first exchange-listed dairy contract with physical delivery points located around the world. These contracts are listed with, and subject to, the rules and regulations of CME.
Skimmed milk in powder form has become a popular source of protein because it does not require refrigeration, making it easier to transport and store than fluid milk or dairy products containing fat. Delivery points for the electronically traded product include Auckland (New Zealand), Los Angeles, CA (U.S.), Melbourne (Australia), Newark, NJ (U.S.), Rotterdam (Netherlands) and Seattle, WA (U.S.).
S&P, TSX Launch S&P/TSX Clean Technology Index
March 25, 2010--Standard & Poor's, the world's leading index provider and TMX Group Inc., operator of Toronto Stock Exchange (TSX), announced today the launch of the S&P/TSX Clean Technology Index. The S&P/TSX Clean Technology Index measures the performance of companies listed on TSX whose core business is in the development and deployment of green technologies.
"A growing number of investors are interested in the clean technology investing theme," says Jasmit Bhandal, director of S&P Indices in Canada. "This new index provides a gauge for investors to assess the hypothesis that global interest in clean technology will lead to a favourable environment for clean technology companies."
The S&P/TSX Clean Technology Index draws companies from the investable universe of public companies whose activities provide value-added solutions to environmental problems. S&P and TSX chose Jantzi-Sustainalytics, one of the world's leading providers of environmental, social, and governance research and analysis, to develop and maintain the Clean Technology Classification System.
Spinnaker files with the SEC
March 25, 2010--Spinnaker has filed a registration statement with the SEC for
Spinnaker [FAS] Managed Equity ETF Fund
Investment Objective
The Spinnaker [FAS] Managed Equity ETF Fund (the “Fund”) seeks long term capital appreciation through investments in equity securities.
Total Annual Fund Operating Expense: 0.65%
