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Claymore files with the SEC
January 19, 2010--Claymore has filed for exemptive relief with the SEC.
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EGA Emerging Global Shares Trust files with the SEC
January 19, 2010--EGA Emerging Global Shares Trust has filed a prospectus with the SEC for the following
Emerging Global Shares INDXX India Infrastructure Index Fund
Cusip: 268461845 -NYSE Ticker: INXX
Emerging Global Shares INDXX China Infrastructure Index Fund
CUSIP:268461837 -NYSE Ticker: CHXX
Emerging Global Shares INDXX Brazil Infrastructure Index Fund
Cusip: 268461829 -NYSE Ticker: BRXX
Emerging Global Shares INDXX India Mid Cap Index Fund
Cusip: 268461811 -NYSE Ticker: INMC
Emerging Global Shares INDXX China Mid Cap Index Fund
Cusip: 268461795 -NYSE Ticker:CHMC
Emerging Global Shares INDXX Brazil Mid Cap Index Fund
Cusip: 268461787 -NYSE Ticker:BZMC
iShares files with the SEC
January 19, 2010--iSHares has filed the a post effective amendment, registration statement with the SEC for the following
iShares MSCI Emerging Markets Materials Sector Index Fund
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iShares MSCI Europe Financials Sector Index Fund
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iShares MSCI Far East Financials Sector Index Fund
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iShares MSCI ACWI ex US Financials Sector Index Fund
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iShares MSCI Emerging Markets Financials Sector Index Fund
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Impairment Charge Relating to ISE and Dividend Proposal for Financial Year 2009
January 19, 2010--Deutsche Börse AG is currently performing goodwill and asset impairment tests as required under IAS 36 as part of the preparation of its annual financial statements for the year ended 31 December 2009. In this context, Deutsche Börse expects to book a non-cash impairment charge of around €420 million in 2009. The charge applies to intangible assets other than goodwill on the consolidated balance sheet of Deutsche Börse relating to International Securities Exchange (ISE).
The impairment reflects stagnation in the US equity options market in 2009 and a revenue decline at ISE during the course of the year. The impairment charge fully reflects this development. The impairment charge is partially offset by a reduction in deferred tax liabilities relating to these intangible assets. This reduction is expected to result in a tax credit of around €180 million. Therefore, the impact of the impairment on Deutsche Börse’s consolidated net income (after non-controlling interests) for 2009 is expected to amount to around €200 million. All figures are subject to the finalization of the financial statements for 2009 and the year-end audit. The non-cash impairment charge relating to ISE does not impact key credit metrics such as the interest coverage ratio.
Against the background of the strong cash flow generation from operations despite subdued trading volumes in cash and derivatives markets in 2009, the Executive Board of Deutsche Börse plans to propose a stable dividend per share compared to the previous year for financial year 2009 (2008: €2.10). The dividend proposal is still subject to a resolution of the Supervisory Board of Deutsche Börse
Treasury International Capital Data for November 2009
January 19, 2010-The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for November 2009. The next release, which will report on data for December 2009, is scheduled for February 16, 2010.
Net foreign purchases of long-term securities were $126.8 billion.
Net foreign purchases of long-term U.S. securities were $129.3 billion. Of this, net purchases by private foreign investors were $96.0 billion, and net purchases by foreign official institutions were $33.3 billion.
U.S. residents purchased a net $2.5 billion of long-term foreign securities.
Net foreign acquisition of long-term securities, taking into account adjustments, is estimated to have been $114.5 billion.
Foreign holdings of dollar-denominated short-term U.S. securities, including Treasury bills, and other custody liabilities decreased $27.2 billion. Foreign holdings of Treasury bills decreased $18.9 billion.
Banks' own net dollar-denominated liabilities to foreign residents decreased $60.7 billion.
Monthly net TIC flows were $26.6 billion. Of this, net foreign private flows were $26.8 billion, and net foreign official flows were negative $0.3 billion.
View Treasury International Capital Data for November 2009
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
January 18, 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 18, 2010:
The shares of Colonia Energy Corp. (TSXVN:CLA) will trade under the new name Renegade Petroleum Ltd.
The new ticker symbol will be "RPL" and the new CUSIP number will be 75971G 10 1. The shares of the company will be consolidated on a 1-for-10 basis.
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.
Exchange-Traded Funds : Fixed Income ETF Asset Allocation Model Update-Morgan Stanley
January 15, 2010--Morgan Stanley Smith Barney’s (MSSB) Fixed
Income Strategists maintain four sector-based asset allocation models. This report focuses on recent changes to the moderate asset allocation model.
Portfolio Allocation Changes and Market Commentary
Changes to Moderate Asset Allocation Model:
The MSSB fixed income strategy team is adding additional asset classes to its model portfolios in order to better represent the diverse investment opportunities available in the fixed income universe. As a result, the team is changing its recommended allocations.
For the moderate model, the allocation to government/agency MBS is being reduced from 30% to 15%. The team continues to recommend taking profits in this asset class as spreads remain narrower than longer-term averages. In addition, they believe that there may be pressure on these securities when the Fed’s purchasing program expires. The team remains Overweight investment grade corporate bonds but is reducing the allocation from 40% to 35% and they are reducing the allocation to non-USD sovereign debt from 10% to 5%. The offsetting positions are an increase in the weighting to preferred stocks from 5% to 15% and an introduction of certificates of deposit and TIPS into the model at 10% and 5% allocations, respectively.
Interest Sensitive:
MSSB’s Fixed Income Strategists are
reducing their overweight position in government/agency MBS
market by 15% and continue to believe that from investors
should take profits in this sector. A strong rebound off of the
all-time high spreads reached in 2008 has resulted in MBS
trading at levels which the team views as unsustainable over
time, especially if longer-term US Treasury yields rise. In
addition, when the Fed’s government/agency MBS purchase
program expires after the first quarter, this sector may
experience negative price pressure, which is a risk that the
market could begin discounting ahead of time..
to request a copy of the report
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
January 15, 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 18, 2010:
The shares of Stonefire Energy Corp. (TSXVN:SFE.A) will be removed from the index.
The company will be delisted subsequent to an arrangement agreement with Angle Energy Inc.
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.
NASDAQ OMX Announces Completion of Refinancing Transactions
January 15, 2010--The NASDAQ OMX Group, Inc.
(Nasdaq:NDAQ) today announced the closing of its $1 billion
underwritten public offering of senior notes and its $950 million
senior unsecured credit facility.
As previously announced, the senior
notes were issued in two separate series consisting of $400 million
aggregate principal amount of 4.00% Senior Notes due 2015 and $600
million aggregate principal amount of 5.55% Senior Notes due 2020. The
new credit facility includes a $700 million funded term loan and a $250
million unfunded revolver.
NASDAQ OMX applied the net proceeds for the senior notes offering, the funded term loan and cash on hand to repay all amounts outstanding under its existing senior secured credit facilities and terminated the associated credit agreement.
The Notes have been offered pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. Banc of America Securities LLC, J.P. Morgan Securities Inc. and Wells Fargo Securities, LLC served as joint book-running managers of the notes offering.
In connection with the new credit facility Bank of America, N.A. serves
as administrative agent, swingline lender, issuing bank and a lender;
Nordea Bank AB (publ.) and Skandinaviska Enskilda Banken AB (publ.)
serve as Nordic lead arrangers and joint bookrunning managers; Banc of
America Securities LLC and J.P. Morgan Securities Inc. serve as U.S.
lead arrangers and joint bookrunning managers; and JPMorgan Chase Bank,
N.A., Nordea Bank AB (publ.) and Skandinaviska Enskilda Banken AB
(publ.) serve as documentation agents and lenders.
Administration Releases December Loan Modification Report, Update on Conversion Drive
January 15, 2010--The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released an update on the Administration's aggressive nationwide campaign to help borrowers in the trial phase of their modified mortgages convert to permanent modifications under the Home Affordable Modification Program (HAMP). The new December data demonstrates that there has been a significant acceleration in the rate at which borrowers are being approved for permanent modifications.
As of December, more than 110,000 permanent modifications have been approved, including 66,000 that borrowers have accepted and 46,000 awaiting only the borrower's signature. Under HAMP, more than 850,000 homeowners have had a median payment reduction exceeding $500.
"Treasury is committed to working with servicers and borrowers to sustain this improved pace," said Chief of Treasury's Homeownership Preservation Office (HPO) Phyllis Caldwell.
HUD Senior Advisor for Mortgage Finance William Apgar echoed this commitment: "HUD will continue to work with our Administration partners and utilize our broad network of housing counseling agencies to increase the number of borrowers receiving sustainable and affordable modifications under HAMP."
Claremont files for Exemptive relief
January 15, 2010--Claremont has filed for exemptive relief with the SEC.
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Claymore ETFs awarded four and five-star ratings
January 15, 2010--Claymore Securities, a provider of exchange-traded funds, has been awarded four and five-star ratings for its ETFs by Morningstar.
Five-star ratings have been awarded to the Claymore/BNY Mellon BRIC ETF and the Claymore/Ocean Tomo Patent ETF.
Four-star ratings have been awarded to the Claymore/Sabrient Insider ETF and the Claymore/Sabrient Defensive Equity Index ETF.
“When Claymore entered the ETF market in 2006, we sought to partner with innovative index providers,” says William Belden, managing director of Claymore’s ETF division. “We believe in the fresh approaches of our ETF’s underlying indices and their ability to analyse the market. Utilizing unique metrics and methodologies provides investors the potential to outpace broad-based indices."
US ETF Snapshot: December 2009-State Street Global Advisors
January 14, 2010--As of December 31, 819 ETFs in the US — with assets totaling approximately $776BN — were managed by 31 ETF managers.
For the month, ETF industry assets rose $36.4BN, or 4.9%.
For the year, the number of ETFs increased by 72, or 10%. ETF assets increased by $242BN, or 45%.
Asset Classes — Overall
The S&P 500® Index rose 1.9% in December and finished 2009 up 26.5% overall. The MSCI EAFE® Index gained 1.5% for the month in USD terms with a year-to-date return of 32.5%. The Barclays Capital U.S. Treasury Index fell 2.6% (down 3.6% YTD) while the Barclays Capital U.S. Aggregate Index fell 1.6% (up 5.9% YTD). Gold fell to $1,087.50 an ounce, a loss of 7.4% from last month’s close (but up 25% YTD).
The Size and International categories rose the most in absolute terms, up $20.8BN and $5.3BN, respectively. Fixed Income assets topped $100BN for the first time driven by a gain of 2.1% for the month.
DB Index Research -- Weekly ETF Reports -- US
January 14, 2010--Highlights
ETF Volume
US ETF turnover declined by 7.5% to US$42.8bn in the previous week. Turnover in the S&P 500 SPDR ("Spider") was US$13.4bn. The PowerShares QQQ Nasdaq 100 had turnover of US$3.2bn followed by iShares Russell 2000 with turnover of US$3.1bn.
There were eight new ETFs launched in the last week. BlackRock Fund Advisors launched six new Bond ETFs followed by ETF Securities which launched two new Commodity ETFs. All the listings were on NYSE Arca.
In the previous week, average daily turnover in the Large Cap, US Sector, Leveraged and Global Regional products was US$17.9bn (-8.0%), US$7.2bn (-4.0%), US$4.4bn (-12.9%) and US$3.6bn (-7.4%) respectively.
Among the Emerging country ETFs, iShares MSCI Brazil ETF turnover was US$886m followed by iShares FTSE/Xinhua China ETF with turnover of US$673m. In non-US developed market flows, iShares MSCI Japan had turnover of US$235m. In non-domestic regional flows, emerging market turnover was US$2.5bn and developed markets regional flows EAFE had turnover of US$0.9bn.
Assets under Management (AUM)
Total assets under management for equity based ETFs remained at about the same level in the previous week, AUM were US$621.8bn.
To request a copy of the report
FINRA Foundation Issues Seeking Solid Financial Footing for the Next Decade: 10 Tips for 2010
January 14, 2010--The Financial Industry Regulatory Authority (FINRA) Investor Education Foundation today released Seeking Solid Financial Footing for the Next Decade: 10 Tips for 2010, which provides practical advice to help people regain their financial footing. The 10 Tips for 2010 are based on the findings of the FINRA Foundation's National Financial Capability Survey, which showed that many Americans are unprepared for economic upheavals and that far too many people are engaging in financial behaviors that generate excessive expenses and fees.
"The National Financial Capability Survey highlighted many of the financial challenges that American families face. These tips are designed to help people regain their financial footing and start off a new decade on a path to financial security," said John Gannon, President of the FINRA Investor Education Foundation.
10 Tips for 2010 advises Americans to become more financially secure by:
Figuring out how much to save for retirement. Nearly three of every five people who are not yet retired have not done the math to calculate how large their retirement nest egg should be.
Avoiding fees from overdrawing bank accounts. Nearly one-quarter (23 percent) of Americans with checking accounts reported overdrawing their accounts on occasion.
Shopping around for financial products. Of those surveyed, 63 percent said they did not compare credit card offers.
Taking advantage of tax breaks for college savings. Only 33 percent of those saving for a child's college education are using tax-advantaged accounts, such as a 529 plan.
Creating a rainy day fund to cover expenses for three months in the case of sickness, job loss, economic downturn or other emergency. 51 percent of Americans have not set up this vital lifeline.
The National Financial Capability Survey compiled responses from nearly 1500 American adults to reveal in detail how Americans save, borrow and plan for their financial future. The Survey results were released in December 2009
Seeking Solid Financial Footing for the Next Decade: 10 Tips for 2010
