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U.S. International Reserve Position
February 23, 2010--The Treasury Department today released U.S. reserve assets data for the latest week. As indicated in this table, U.S. reserve assets totaled $128,061 million as of the end of that week, compared to $129,053 million as of the end of the prior week.
I. Official reserve assets and other foreign currency assets (approximate market value, in US millions)
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February 19, 2010 |
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A. Official reserve assets (in US millions unless otherwise specified) 1 |
Euro |
Yen |
Total |
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(1) Foreign currency reserves (in convertible foreign currencies) |
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128,061 |
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(a) Securities |
9,544 |
14,131 |
23,675 |
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of which: issuer headquartered in reporting country but located abroad |
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0 |
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(b) total currency and deposits with: |
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(i) other national central banks, BIS and IMF |
14,097 |
6,920 |
21,017 |
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ii) banks headquartered in the reporting country |
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0 |
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of which: located abroad |
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0 |
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(iii) banks headquartered outside the reporting country |
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0 |
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of which: located in the reporting country |
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0 |
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(2) IMF reserve position 2 |
11,170 |
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(3) SDRs 2 |
56,226 |
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(4) gold (including gold deposits and, if appropriate, gold swapped) 3 |
11,041 |
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--volume in millions of fine troy ounces |
261.499 |
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(5) other reserve assets (specify) |
4,932 |
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--financial derivatives |
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--loans to nonbank nonresidents |
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--other (foreign currency assets invested through reverse repurchase agreements) |
4,932 |
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B. Other foreign currency assets (specify) |
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--securities not included in official reserve assets |
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--deposits not included in official reserve assets |
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--loans not included in official reserve assets |
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--financial derivatives not included in official reserve assets |
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--gold not included in official reserve assets |
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--other |
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Treasury Issues Debt Management Guidance on the Supplementary Financing Program
February 23, 2010--The U.S. Department of Treasury today issued the following statement on the Supplementary Financing Program (SFP):
"Treasury anticipates that the balance in the Treasury's Supplementary Financing Account will increase from its current level of $5 billion to $200 billion. This will restore the SFP back to the level maintained between February and September 2009.
This action will be completed over the next two months in the form of eight $25 billion, 56-day SFP bills. Starting tomorrow, SFP auctions will be held each Wednesday at 11:30 a.m. EST, unless otherwise noted."
NYSE LIFFE U.S. Announces New MSCI Futures Incentive Program
February 23, 2010--Our portfolio of futures based on MSCI indices represents the cornerstone of NYSE LIFFE U.S.’ equity product offering and provides highly efficient, versatile tools through which investors can
gain or hedge exposure to global equity markets in a single transaction. Over 90% of U.S. asset managers’ international portfolios are benchmarked against MSCI indices and these indices are an integral part of the investment process around the world. NYSE LIFFE U.S. currently offers
futures contracts on MSCI Emerging Markets (EM), MSCI EAFE, and MSCI USA Indices and
plans to introduce additional MSCI index-linked futures contracts in 2010 to offer even greater
comprehensive trading and investment opportunities to our global clients.
MSCI index-linked futures listed on NYSE Liffe U.S. are growing rapidly because they offer a compelling combination of consistently tight bid/offer spreads and institutional market depth
thanks to the continued support of our diverse pool of committed Designated Market Makers.
Fostering liquidity across correlated liquidity pools ETFs on the MSCI EAFE, EM and USA Indices are among the most actively traded ETFs in the world, with over $100bn AUM and participation from a diverse global customer base.
We have created the FIP program and offer reduced pricing to users of NYSE Arca and NYSE Liffe U.S. markets in an effort to foster greater visibility for our newly listed futures products. The Program also aims to enhance the synergies for ETF and futures traders who seek to engage our market without additional cost burdens. The FIP Program provides rebates to market participants who trade MSCI index-linked ETFs on NYSE Arca in conjunction with the corresponding NYSE LIFFE U.S. Futures on MSCI indices. Program participants trading in excess of a specified number of shares per month of certain MSCI index-linked ETFs on NYSE ARCA will be eligible to receive rebates on the corresponding volume transacted in NYSE LIFFE U.S. futures.
CFTC to Hold Public Meeting to Examine Futures and Options Trading in the Metals Markets
February 23, 2010--United States Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler today announced that the agency will hold a public meeting on March 25, 2010, to examine the trading of futures and options in the precious and base metals markets.
The meeting will be open to the public and will be webcast via the Internet. In addition, audio of the meeting will be available via a listen-only conference call.
“This month’s meeting will be part of our ongoing look into how the Commission regulates futures and options markets on commodities of finite supply,” Chairman Gensler said. “Our July and August hearings on energy futures and options markets were very informative. We look forward to again hearing from interested members of the public on the important metals markets.”
The meeting participants and a call-in information will be announced in the coming weeks.
What: Open Meeting to Examine Metals Futures and Options Markets
Where: CFTC Hearing Room, 1155 21st Street, NW, Washington, DC
When:Thursday, March 25, 2010
9:00 am EST
Emerging Markets Week in Review-2/15/2010 - 2/19/2010
Febuary 21, 2010--The Dow Jones Emerging Markets Composite Index gained 1.92% last week as commodity prices climbed and concerns about several EU nation's fiscal problems eased.
Consumer Goods gained 3.13% and Technology, the only positive sector YTD, was up 2.89%. Financials and Telecom, the worst performers last week, were up 0.38% and 0.18% respectively. Investors will be watching Fed Chairman Ben Bernanke this week as signs that a recovery in the US will spark increases in interest rates.
Credit Suisse Long/Short Liquid Index (Net) ETN Lists on NYSE Arca
February 22, 2010 –- NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading a new Exchanged Traded Note (ETN) linked to the Credit Suisse Long/Short Liquid Index (Net)(Ticker: CSLS). The ETN is sponsored by Credit Suisse AG.
The ETNs are medium-term notes of Credit Suisse AG, the return on which is linked to the performance of the Credit Suisse Long/Short Liquid Index (Net) (the “Index”), created by Credit Suisse Alternative Capital, Inc., as index sponsor. The level of the Index reflects the return of a dynamic basket of various market measures (the “Market Factors”) and 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 such as the Market Factors.
State Street files with the SEC
February 22, 2010--SPDRs Trust has filed an post-effective amendment, registration statement with the SEC.
view filing
ALPS files with the SEC
February 22, 2010--Alps files a registation statement with the SEC for
Cohen & Steers Global Realty Majors ETF(GRI)
view filing
Standard & Poor's Announces Review Of S&P/TSX 60 130/30 Strategy Index
February 22, 2010--Standard & Poor's Canadian Index Operations announces the following index changes as a result of the quarterly S&P/TSX 60 130/30 Strategy Index Review. These changes will be effective at the open on Monday, March 1, 2010.
Additions
Symbol: CVE
Issue Name: CENOVUS ENERGY INC
CUSIP: 15135U 10 9
Company additions to and deletions from an S&P index do not in any way reflect an opinion on the investment merits of the company.
Legg Mason has filed with the SEC
February 22, 2010--Legg Mason has filed for exemptive relief with the SEC.
read more
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
February 22, 2010--The shareholders of International Royalty Corporation (TSX:IRC) have approved the plan of arrangement with Royal Gold, Inc. (TSX:RGL) whereby the shares of the company will be exchanged for cash and shares of Royal Gold.
International Royalty will be removed from the S&P/TSX SmallCap and Equity SmallCap Indices after the close of Thursday, February 25, 2010.
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.
Trends and Firms in the Prime Services Market, 2010
Prime services providers are entering a growth phase in which the main goal is to increase sales and become the provider of choice.
February 22, 2010--A new report from Aite Group, LLC looks at the prime services business. Based on Aite Group interviews with more than 15 prime services providers, the report sheds light on how these firms view their business, and profiles seven leading prime service providers.
The business of prime brokerage is in a state of transition. The hedge fund industry is seeking to regain its ground, having lost US$400 billion in assets from its 2007 high. Leading prime brokers - Lehman, Bear Stearns, and Merrill Lynch - have either vanished or been absorbed, there's been a re-shuffling of the leader board, and the large investment banks have suffered balance sheet losses. The proliferation of mini-primes over the last few years has produced a variety of firms serving the small end of the prime brokerage market. At this juncture, prime services firms are experiencing the natural progression of the product life cycle; having passed through the introduction phase, they are shifting firmly into the growth phase, where their main goal is to increase sales and become the provider of choice for prospective clients. New players - established firms - are entering the market aggressively.
Invesco PowerShares Capital Management LLC Lists PowerShares CEF Income Composite Portfolio on NYSE Arca
February 19, 2010--NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading the PowerShares CEF Income Composite Portfolio(Ticker: PCEF). The ETF is sponsored by Invesco PowerShares Capital Management LLC and is the first ETF to hold closed end funds.
The Fund seeks investment results that correspond (before fees and expenses) generally to the price and yield performance of the index called the S-Network Composite Closed-End Fund IndexSM, which tracks the overall performance of a global universe of U.S.-listed closed-end funds that are organized under the laws of the United States selected by S-Network Global Indexes LLC.
Approximately 99% of the closed-end funds comprising the S-Network Composite Closed-End Fund IndexSM are listed on either NYSE or NYSE Amex.
Invesco PowerShares Lists Industry’s First ETF Portfolio of Closed-End Funds on the NYSE Arca
ebruary 19, 2010 – Invesco PowerShares, a leading provider of exchange-traded funds (ETFs), announced the PowerShares CEF Income Composite Portfolio began trading today on the NYSE Arca under the ticker symbol PCEF. The PowerShares CEF Income Composite Portfolio is the first ETF designed to provide investors access to a portfolio of closed-end funds. The fund, which will issue monthly distributions, is expected to go ex-dividend on March 15, 2010.
“The addition of the PowerShares CEF Income Composite Portfolio (PCEF) broadens our innovative family of ETFs providing income-based investment solutions. Over the years, we have introduced the industry’s first insured municipal bond ETFs, first taxable municipal bond ETF, first laddered treasury ETF and the first ETF to invest solely in sovereign debt of emerging market countries,” said Ben Fulton, Invesco PowerShares managing director of ETFs. “We believe PCEF provides investors an attractive means to access a broad basket of yield-orientated closed-end funds through the benefit-rich ETF structure.”
The PowerShares CEF Income Composite Portfolio is based on the S-Network Composite Closed-End Fund IndexSM. The fund will normally invest at least 80% of its total assets in securities of funds included in the underlying index. The rules-based index is designed to track the overall performance of a global universe of U.S.-listed closed-end funds. The index currently includes 71 closed-end funds, of which 27 invest primarily in taxable investment-grade fixed-income securities, 15 invest primarily in high-yield fixed-income securities and 29 primarily use an equity option writing (selling) strategy. PCEF is a "fund of funds," as it invests its assets in the common shares of funds included in the underlying index.
Underlying index constituents are selected from a universe of approximately 350 closed-end funds and the index is rebalanced on a quarterly basis. To qualify for the index, a closed-end fund must have a stated investment objective of concentration in one of three sectors: taxable investment-grade fixed income, high-yield fixed income or option income; trade on a recognized U.S. stock exchange; have a minimum capitalization value greater than $100 million; have a total expense ratio of less than 2% per annum; and have an average daily turnover of more than $500,000 per day for the three months prior to the rebalancing date.
For more information on the PowerShares CEF Income Composite Portfolio, please visit www.invescopowershares.com/cef.
Positive analyst note helps to boost large US banks
February 19, 2010--US equities continued the week's rally, shrugging off a sharp initial sell-off in reaction to the Fed's announcement after the market's close on Thursday that it had raised its dicount rate.
The S&P 500 ended higher on the week on a second consecutive occasion for only the first time since December. Investors were comforted by the lower-than-expected consumer price index figures . It was the first month-on-month decline in core CPI since 1982 and suggested that US inflation was under control.
