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BATS Options Goes Live - Kansas City-Based US Equity Options Exchange Begins Rollout Schedule
February 26, 2010--BATS Global Markets, an innovative global financial markets technology company, announces today’s much anticipated launch of the BATS Options exchange for trading US equity options.
BATS Options kicks off with live trading in options on 18 underlying securities, including cash equities and ETFs. The rollout of more than 6,400 underlying symbols will be completed by the 17th of May.
“Today marks a tremendous milestone for BATS with the launch of BATS Options,” said Joe Ratterman, CEO of BATS Global Markets and BATS Exchange. “We look forward to injecting competition into the US options markets just as we have in US and European equities -- with superior technology, pricing leadership and outstanding service.
“Also, of course, we are thankful to our members, investors and supporters in the industry who continue to play such significant roles in helping us to Make Markets Better. Special recognition goes to all of our BATS employees for their tremendous efforts toward a successful launch. I am very pleased to say that, thanks to our outstanding team, BATS was able deliver on its aggressive go-live schedule, well ahead of what most outside observers expected was even possible,” he said.
Jeromee Johnson, vice president, market development, who has spearheaded the options program, said “The response from the industry has been overwhelmingly positive, and we are thrilled to have more than 30 member firms already approved for options trading with more eager to complete the membership process. We are excited about the opportunity in front of us and look forward to bringing greater efficiency to options market participants.”
The complete rollout schedule is available at http://www.batsoptions.com
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
February 26, 2010--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Friday, February 26, 2010:
GuestLogix Inc. (TSXVN:GXI) will be removed from the index.
The company will graduate to TSX where it will trade under the same ticker symbol.
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.
Preliminary Report On Foreign Holdings Of U.S. Securities At End-June 2009
January 26, 2010--The U.S. Department of the Treasury today released preliminary data from a survey of foreign portfolio holdings of U.S. securities at end-June 2009 at (http://www.treas.gov/tic/fpis.html). A revised table on Major Foreign Holders of Treasury Securities, where estimates through end-December 2009 are based in part on survey data, is also available at (http://www.treas.gov/tic/ticsec2.html, on line 1 of Part A).
Final survey results, which will include additional detail as well as possible revisions to the preliminary data, will be reported on April 30, 2010. The survey was undertaken jointly by the U.S. Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System. The next survey will be for end-June 2010 and preliminary data are expected to be released by February 28, 2011.
Complementary surveys measuring U.S. holdings of foreign securities are also carried out annually. Data from the most recent survey, reporting on securities held on year-end 2009, are currently being processed. Preliminary results are expected to be reported by August 31, 2010.
Overall Preliminary Results
The survey measured foreign holdings of U.S. securities as of June 30, 2009, to be $9,693 billion, with $2,246 billion held in U.S. equities, $6,297 billion in U.S. long-term debt securities1 (of which $1,250 billion are holdings of asset-backed securities (ABS) 2 and $5,047 billion are holdings of non-ABS securities), and $1,150 billion held in U.S. short-term debt securities. The previous survey, conducted as of June 30, 2008, measured total foreign holdings of U.S. securities at $10,322 billion, with holdings of $2,969 billion in U.S. equities, $6,494 billion in U.S. long-term debt securities, and $858 billion in U.S. short-term debt securities (see Table 1).
Change of Name for DIAMONDS® Trust, Series 1
February 26, 2010--NYSE Euronext (NYX) announced that effective at the close of business on February 26, 2010, the name of the DIAMONDS Trust, Series 1 has been changed to SPDR®Dow Jones Industrial AverageSM ETF Trust.
The change of name does not affect the investment objective or the trading symbol (DIA) for the Trust.
Background:
PDR Services LLC is the sponsor of the SPDR®Dow Jones Industrial AverageSM ETF Trust (SPDR DJIA Trust: DIA), and is an indirect wholly-owned subsidiary of NYSE Euronext. ALPS Distributors, Inc., a registered broker-dealer, is distributor for the SPDR DJIA Trust. State Street Bank and Trust Company is the trustee for the SPDR DJIA Trust.
T. Rowe Price files with the SEC
February 26, 2010--T. Rowe Price has filed for exemptive relief with the SEC for actively managed ETFs.
Grail Advisors files with the SEC
February 26, 2010--Grail Advisors has filed a post effective amendment, registation statement with the SEC.
U.S. Department of the Treasury Economic Statistics - Monthly Data Update
February 26, 2010--Economic Statistics - Monthly Data for U.S. Department of the Treasury has recently been updated.
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U.S. Department of the Treasury Economic Statistics - Quarterly Data Update
February 26, 2010--Economic Statistics - Quarterly Data for U.S. Department of the Treasury has recently been updated.
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Jefferies files registration statement with the SEC
February 21, 2010--Jefferies has filed a prospectus with the SEC for
Jefferies TR/J CRB Commodity Index ETF
Jefferies Commodity Real Return ETF
view filing
Oil Market Transparency: A Preventative Measure for Extreme Volatility
Remarks by Commissioner Scott D. O’Malia before IEA/IEEJ Forum on Global Oil Market Challenges, Tokyo, Japan
February 26, 2010--It was 26 years ago that I first visited Japan as a student. When I landed in Osaka, I had a walkman and a skateboard. I was an 18-year-old kid from an automotive town in Michigan. I would be lying if I told you that I had visions of becoming a CFTC Commissioner with a goal of improved transparency in the derivatives markets. This trip, I’ve returned -- armed with an iPod and a laptop, and I’m focused on market volatility and transparency. This is a far cry from my priorities when I first arrived as an 18-year-old student and the price of a barrel of oil was near its historic low of $10.42. Things have certainly changed since then.
One thing that hasn’t changed since my first visit is the extraordinary hospitality of my Japanese hosts. I sincerely appreciate the invitation from Executive Director Nobuo Tanaka to return to Japan to represent the U.S. Commodity Futures Trading Commission. My remarks today will focus on two areas. First, the regulatory changes and financial reforms that are underway in the United States and, second, the opportunities that exist for the global community to bring greater transparency to the oil markets. A Defining Moment for International Cooperation Today, we find ourselves at a defining moment where the financial reform decisions we make will impact both the financial markets and the energy industry. The decisions we make at this moment must be a product of careful thought and international cooperation. The regulatory decisions we make will need to foster greater transparency and minimize the threat of systemic risk.Commissioner with a goal of improved transparency in the derivatives markets. This trip, I’ve returned -- armed with an iPod and a laptop, and I’m focused on market volatility and transparency. This is a far cry from my priorities when I first arrived as an 18-year-old student and the price of a barrel of oil was near its historic low of $10.42. Things have certainly changed since then.
S&P Releases 2009 Year End Results for Index Versus Active Fund Scorecard for Canada
Majority of Active Canadian Equity Funds Unable to Outperform the S&P/TSX Composite in 2009
February 25, 2010--Few Canadian equity active funds posted higher returns than the S&P/TSX Composite in 2009, according to the latest results for the Standard & Poor's Indices Versus Active Funds Scorecard (SPIVA) for Canada released today. SPIVA is produced by Standard & Poor's, the world's leading index provider.
In 2009, only 39.2% of Canadian equity active funds beat the S&P/TSX Composite Index. In contrast, 52% of active funds in the Canadian Small/Mid Cap Equity category beat the S&P/TSX SmallCap Index.
Similar to domestic funds, there were mixed results for active funds in the categories with exposure to markets outside of Canada. Almost 52% of the International Equity funds outperformed the S&P EPAC LargeMidCap Index, while only 39.7% of U.S. Equity funds were able to outstrip the S&P 500 in 2009.
"Passive investing provides a cost efficient way to access capital markets," says Jasmit Bhandal, director at S&P Indices in Canada. "For many investors the investment process is quite opaque. In contrast, an indexed approach gives you a transparent, rules-driven framework for investing."
As the average holding period for most investors is well beyond three months, a look at SPIVA's long term numbers will be most relevant for Canadians. Across all categories, the majority of active funds have been unable to exceed the returns of their respective benchmark. In three-year and five-year periods, only 12.5% and 7.45%, respectively, of actively-managed Canadian Equity funds have outperformed the S&P/TSX Composite Index.
SPIVA reports the performance of actively managed Canadian mutual funds corrected for survivorship bias, and shows equal- and asset-weighted peer averages.
Survivorship
Many funds might be liquidated or merged during a period of study, which can skew results. However, for investors making an investment decision at the beginning of the period, these funds are part of the opportunity set. A key advantage of the SPIVA report is its correction for survivorship bias. For example, if there are 100 funds in the beginning of a five-year period and at the end of the period 20 have dropped out or merged leaving 80 left, then this would imply 80% survivorship.
Two New Direxion Shares ETFs List on NYSE Arca
February 25, 2010--–- NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading twonew Direxion Shares ETFs.
Name and Ticker Symbol of the Two Direxion Shares ETFs:
Direxion Daily Two Year Treasury Bull 3X Shares- Ticker Symbol “TWOL”
Direxion Daily Two Year Treasury Bear 3X Shares- Ticker Symbol “TWOZ”
The Direxion Daily Two Year Treasury Bull 3X Shares seek daily investment results, before fees and expenses, of 300% of the price performance of the NYSE Current 2-Year U.S. Treasury Index, which is a one-security index comprised of the most recently issued 2-Year Treasury note. The Direxion Daily Two Year Treasury Bear 3X Shares seek daily investment results, before fees and expenses, of 300% of the inverse (or opposite) of the price performance of the same index.
These funds seek a 300% or -300% return, respectively, of an index for a single day. Due to the compounding of daily returns, returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. Investors should monitor their holdings consistent with their strategies, as frequently as daily. The funds’ prospectus describing correlation, leverage and other risks is available at www.direxionfunds.com.
Direxion To Launch Two New 3x Bond ETFs On Thursday
February 25, 2010--Direxion, the leader in triple leveraged exchange traded funds, will debut two new bond ETFs on Thursday that give investors exposure to three times the daily performance of two-year Treasuries
The Direxion Daily 2-Year Treasury Bull 3X Shares ETF will trade under the ticker "TWOL" and track the NYSE Current 2-Year U.S. Treasury Index. The ETF will hold securities with maturity dates of 397 days or less. Management fees for TWOL will be 0.75%.
Advisorshares files with the SEC
February 25, 2010--AdvisorShares has filed a prospectus with the SEC for
PERITUS HIGH YIELD ETF (Ticker: HYLD)
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FQF Trust files with the SEC
February 25, 2010--FQT Trust has filed for exemptive relief with the SEC.
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