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Emerging Markets Week in Review
January 26, 2010-Last week the Dow Jones Emerging Markets Composite Index experienced its worst weekly decline since October 2009, falling 4.76%, as markets around the world reacted negatively to lower commodities prices and uncertainty about the proposed changes to banking regulations in the U.S.
Crude oil fell to $74.09 per barrel, putting pressure on Energy and Materials stocks which were down 5.71% and 7.12%, respectively.
Consumer Goods and Financials, down 2.87% and 2.94% respectively, were the least negative of any sectors. Looking ahead to this week, markets will continue to digest the moves by the Obama administration to curb risky practices of major banks.
Old Mutual selects BNY Mellon to provide ETF services
January 25, 2010--Old Mutual Global Index Trackers US has selected BNY Mellon Asset Servicing to provide exchange-traded fund services for its five new ETFs.
The five ETFs are: GlobalShares FTSE All-World Fund, GlobalShares FTSE Emerging Markets Fund, GlobalShares All-Cap Asia Pacific ex Japan Fund, GlobalShares All-World ex US Fund, and GlobalShares FTSE Developed Countries ex US Fund.
The services provided by BNY Mellon include custody, fund accounting, fund administration, transfer agency services and ETF services.
BMO launches its third wave of ETFs
India, China funds are among the nine newest offerings, and more are on the drawing board.
January 25, 2010--
The third wave of exchange-traded funds sponsored by BMO Financial Group opened for trading today on the Toronto Stock Exchange.
With the newest nine on stream, BMO now sponsors 22 ETFs, up from the original four launched in June 2009 and nine ETFs added in October.
The family of BMO ETFs began the week with an estimated $200 million in assets. Though it has expanded twice in less than eight months since it began, more funds are likely to be added later this year.
All of today's new ETFs are passively managed funds that are designed to replicate an index, net of fees and expenses. But in most cases BMO has discretion to change the market benchmark. (The table below lists the indexes that the ETFs will track initially.)
| The newest BMO ETFs | ||||
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| ETF | Index to be replicated | Fee % | ||
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| BMO China Equity Hedged To CAD | No index specified | 0.65 | ||
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| BMO India Equity Hedged To CAD | No index specified | 0.65 | ||
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| BMO Nasdaq 100 Equity Hedged to CAD Index | NASDAQ-100 Index Hedged to CAD | 0.35 | ||
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| BMO Equal Weight Utilities Index | Dow Jones Canada Select Equal Weight Utilities Index | 0.55 | ||
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| BMO Global Infrastructure Index | Dow Jones Brookfield Global Infrastructure Index | 0.55 | ||
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| BMO Junior Gold Index | Dow Jones North America Select Junior Gold Index | 0.55 | ||
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| BMO Aggregate Bond Index | DEX Universe Bond Index | 0.28 | ||
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| BMO Long Corporate Bond Index | DEX Long Term Corporate Bond Index | 0.30 | ||
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| BMO Mid Corporate Bond Index | DEX Mid Term Corporate Bond Index | 0.30 | ||
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| Source: BMO Financial Group | ||||
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ETF Secs' US platinum, palladium inflows jump
January 25, 2010--Holdings of ETF Securities' U.S.-based platinum exchange-traded fund (PPLTiv.P) rose 10 percent on Friday, while those of its U.S. palladium product (PALLiv.P) climbed by a third, the company said on Monday.
The inflows reflect sales made two or three days prior to the recorded date at which the metal is received by the custodian, ETF Securities added.
ISE Expands Options Education Program with Launch of FX Options Website
First Online Trader Community Exclusively Dedicated to FX Options
January 25, 2010--– The International Securities Exchange (ISE) today announced the launch of
www.fxoptions.com, the first online trader community exclusively dedicated to FX options. In partnership with
leading content providers, including Market News International (MNI), LearningMarkets.com, Trading Central,
Livevol and OptionSource.net, the new website provides FX options traders with access to breaking news, trade
alerts, trading and educational tools, as well as market commentary and analysis.
“We are very pleased to launch this unique online community for FX options traders,” said Bruce Goldberg, Chief
Marketing Officer at ISE. “The website meets the demands of new and experienced FX options traders alike by
providing a single point of access to extensive information about the FX market, including live educational
webinars, a virtual trading platform and trading recommendations from FX options experts.”
Among the interactive features on the new website is a virtual trading contest with cash prizes, powered by an
optionsXpress (Nasdaq:OXPS) virtual trading platform. Investors can also subscribe to trade alerts and trend
opinions on the most widely traded currencies. In addition to trading tools, video podcasts and a live webinar
series with top industry professionals, www.fxoptions.com provides direct access to FX Options TV, a weekly
online program that focuses on macro-economic events and long-term analysis of the global currency markets.
For more information, visit www.fxoptions.com.
January 2010 Monthly Preliminary Performance Report Dow Jones-UBS Commodity Indexes
January 25, 2010--The Dow Jones-UBS Commodity Index was down -3.08% for the month of January. The Dow Jones-UBS Single Commodity Indexes for Sugar, Platinum and Tin had the strongest gains with month-to-date returns of 6.79%, 5.00%, and 4.78%, respectively.
The three most significant downside performing single commodity indexes were Corn, Soybean Oil and Soybean, which were down -12.00%, -9.98%, and -9.25% respectively, in January.
Dow Jones Indexes Launches Indexes for Utilities and Gold Mining in North America
January 25, 2010--Dow Jones Indexes, a leading global index provider, today launched the Dow Jones North America Select Junior Gold and the Dow Jones Canada Select Equal Weight Utilities Indexes. The Dow Jones North America Select Junior Gold Index measures the performance of gold mining companies in Canada and the U.S.; whereas the Dow Jones Canada Select Equal Weight Utilities Index comprises larger Canadian utilities companies.
Both indexes have been licensed to BMO Financial Group in connection with two new BMO exchange-traded funds (ETFs) that are available today on the Toronto Stock Exchange and will be managed and administered by Jones Heward Investment Counsel Inc., a wholly-owned indirect subsidiary of Bank of Montreal.
"The Dow Jones North America Select Junior Gold Index and the Dow Jones Canada Select Equal Weight Utilities Index are both unique index concepts that represent Dow Jones Indexes' flexible and reliable approach to indexing," said Michael A. Petronella, president, Dow Jones Indexes. "Via the two new BMO ETFs launched by BMO Financial Group, Canadian investors now have further innovative options to diversify their portfolios on a sector and regional level."
The Dow Jones North America Select Junior Gold Index is calculated in Canadian and U.S. dollar and reviewed annually in December. Float factors, shares outstanding and the index weighting scheme are rebalanced quarterly. The index is weighted based on float-adjusted market capitalization with a 15% cap on individual components applied quarterly. The Dow Jones North America Select Junior Gold Index has a minimum component count of seven companies.
The Dow Jones Canada Select Equal Weight Utilities Index is calculated in Canadian and U.S. dollar and reviewed in June and December. The index is equal weighted and has a minimum component count of five companies.
As of January 22, 2010, the Dow Jones North America Select Junior Gold Index and the Dow Jones Canada Select Equal Weight Utilities Index show an annualized performance since inception of 15.67% and 12.91% respectively.
FINRA Issues Guidance to Firms, Brokers on Communications with Public Through Social Networking Web Sites
January 25, 2010--FINRA Issues Guidance to Firms, Brokers on Communications with Public Through Social Networking Web Sites.
The guidance in Regulatory Notice 10-06, which is presented in Q&A format, clarifies the responsibilities of firms to supervise the use of social networking sites to ensure that recommendations are suitable and their customers are not misled. The Notice also addresses the recordkeeping and other responsibilities of firms.
"Social networking sites and blogs raise new regulatory challenges, particularly in the areas of supervision, advertising and books and records requirements," said FINRA Chairman and CEO Rick Ketchum. "Our goal in issuing this Notice is to ensure that firms and brokers use social networking sites in an appropriate manner."
The Notice emphasizes that each firm must develop its own policies and procedures — in the context of its own particular business model and compliance and supervisory programs — designed to ensure that the firm and its personnel are complying with all applicable regulatory requirements when using social networking sites. Some technology providers are developing systems that are intended to enable firms to retain records of communications made through social networking sites. As the Notice states, however, "FINRA does not endorse any particular technology to keep such records, nor are we certain that adequate technology currently exists."
Regulatory Notice 10-06 is a response to the expressed need for guidance explaining how FINRA rules governing communications with the public, recordkeeping and supervision apply to social networking sites. FINRA has previously issued guidance on the application of communications regulations to Internet communications in its Guide to the Internet for Registered Representatives, as well as in numerous podcasts.
In developing the Regulatory Notice, the FINRA staff was informed by its own experience in applying FNRA rules to electronic communications, by its conversations with experts in social networking technology, and by the work of a Social Networking Task Force composed of compliance and other representatives of 14 firms.
CFTC’s Division of Clearing and Intermediary Oversight Provides Annual Report Guidance to Commodity Pool Operators
January 22, 2010--The Commodity Futures Trading Commission’s Division of Clearing and Intermediary Oversight has issued its annual guidance letter to registered commodity pool operators (CPOs).
The letter is intended to assist CPOs and their public accountants in complying with the Commission’s regulations on the preparation and filing of commodity pool annual financial reports.
The highlights contained in this year’s letter include:
• Recent amendments to Commission regulations pertaining to various reporting issues;
• Annual report filing procedures and due dates;
• Special considerations that apply to filings made for Master/Feeder and Fund of Funds structures;
• Use of International Financial Reporting Standards in lieu of U.S. generally accepted accounting principles;
view the 2009 Annual Report Guidance Letter to Commodity Pool Operators
CFTC Grants ICE Clear Europe Limited Registration as Derivatives Clearing Organization
January 25, 2010--The Commodity Futures Trading Commission issued an Order on Friday, January 22, 2010, granting ICE Clear Europe Limited (ICE Clear Europe) registration as a derivatives clearing organization (DCO) pursuant to Section 5b(b) of the Commodity Exchange Act. ICE Clear Europe is a private limited company organized under the laws of England and Wales.
Pursuant to an order that the Commission issued on July 23, ICE Clear Europe has operated within the United States as a multilateral clearing organization. ICE Clear Europe clears energy-based contracts and credit default swap contracts on European reference entities. As a registered DCO, ICE Clear Europe is authorized to clear futures contracts, options on futures contracts, commodity options and over-the-counter derivative contracts.
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite
January 25, 2010--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Monday, January 25, 2010:
Navasota Resources Ltd. (TSXVN:NAV) will trade under the new name Anglo Aluminum Corp. and the new ticker symbol "ALU". There is no consolidation of capital. The new CUSIP number will be 034860 10 6.
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.
RiskMetrics puts itself up for sale: reports
January 25, 2010--RiskMetrics Group, the New York-listed risk and governance company, has reportedly put itself up for sale with an asking price that could reach $1.3bn, just months after a huge spending spree last year in the ESG research market when it bought KLD and Innovest.
Media reports claim that Evercore Partners, the New York-based boutique M&A investment bank, has been hired to approach a number of media companies and private-equity firms including Bloomberg, McGraw-Hill, Thomson Reuters and MSCI, the index house, about a potential acquisition.
Emerging Markets Week in Review -1/11/2010 - 1/15/2010
January 21, 2010--he Dow Jones Emerging Markets Composite Index slid 2.33% last week, as the Financial sector weighted heavily on the broad market. As China made steps last week to rein in liquidity and investors worried that property prices have been driven too high by speculative demand as this news dragged Financials down by 4.33%.
Technology stocks were the only positive sector last week, up 4.48%, and have been the best performing sector so far in 2010.
In recent weeks, the Obama administration has promised new taxes on U.S. banks in order to recover taxpayer money originally used to rescue the financial system. As Washington turns up the heat on Wall Street, Bob Holderith, Founder and President of Emerging Global Advisors LLC, offers his perspective on how the proposed actions have created investment opportunities overseas. Click here to read Bob's comments
Assets in Canadian ETFs surpass $30 billion
ETFs raise $8.5 billion in net new assets in 2009
January 22, 2010--Investors in Canada continued to embrace exchange-traded funds in 2009, pushing total ETF assets under management above $30 billion, iShares reported on Friday.
The latest data from BlackRock, Inc., which owns the iShares ETF business, shows that Canadian ETFs raised $8.5 billion in net new assets in 2009, up from $7.1 billion in 2008.
This rapid growth contributed to a worldwide trend that saw global ETF assets hit an unprecedented US$1 trillion at the end of December 2009.
First Trust files with SEC for First Trust BICK Index Fund
January 22, 2010--First Trust has files a preliminary Prospectus with the SEC for
First Trust BICK Index Fund
Ticker Symbol:BICK
Exchange:The NASDAQ(R) Stock Market
Investment Objective
The Fund seeks investment results that correspond generally to the price and
yield (before the Fund's fees and expenses) of an equity index called the ISE
BICK (TM) (Brazil, India, China, South Korea) Index (the "Index").
