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Treasury Surpasses $4 Billion Milestone in Recovery Act Funds to Create Jobs, Provide Affordable Housing
December 22, 2009--As part of the Obama Administration's effort to strengthen communities and ease pressures on the housing market, the U.S. Department of the Treasury today announced that the American Recovery and Reinvestment Act (Recovery Act) has now provided more than $4 billion in funding to spur the development of affordable housing around the country.
To date, 50 state and territorial housing authorities have received payments in lieu of tax credits to stimulate the construction and completion of affordable housing projects, including awards in this round made to Arizona, Delaware, Georgia, Hawaii, Indiana, Michigan, Minnesota, New Mexico, Ohio, Pennsylvania, and Utah with Texas being a first time recipient.
"The Recovery Act has created innovative partnerships between federal and state governments to provide a much needed boost to local economies," said Treasury Deputy Secretary Neal Wolin. "By uniting with state housing authorities, Treasury has made available more than $4 billion to jump start housing development in communities around the country. That investment has already resulted in hundreds of new construction jobs and new housing units for families in need of affordable alternatives."
In May 2009, the Treasury Department launched an innovative program under section 1602 of the Recovery Act to provide payments in lieu of tax credits to state housing agencies to jump start the development or renovation of qualified affordable housing for families across the country. Upon receiving notice of these allocations, state housing authorities manage a competitive process to disburse funds to qualified developers. This is an ongoing program open to additional state applications.
Wisdom Tree files with the SEC
December 22, 2009--Wisdom tree has filed a registration with the SEC.
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SummerHaven launches commodity futures index
December 22, 2009--SummerHaven Index Management, LLC announces the launch of the SummerHaven Dynamic Commodity Index ("SDCI") - an innovative approach to commodity investing that uses fundamental signals about underlying physical markets to create an active benchmark for commodity futures investors.
The index builds on academic research by professors from Yale University and the University of Tokyo. The SDCI tracks the performance of a fully collateralized portfolio of 14 commodity futures, selected each month from a universe of 27 eligible commodities based on observable price signals, subject to a diversification requirement across major commodity sectors.
The SDCI is composed of commodity futures contracts for which active and liquid contracts are traded on futures exchanges in major industrialized countries. The commodities are denominated in U.S. dollars. The commodity sectors for the Index include precious metals, industrial metals, energy and agricultural products including livestock, softs, and grains.
The First Long-Only Active Benchmark for Commodity Investors
The SDCI was designed as an active commodity benchmark index with the investor in mind. The index construction embeds active re-balancing instead of passive weights because not all commodities are expected to contribute equally to the overall performance of a commodities portfolio. The SDCI focuses on a subset of the commodity universe based on a periodic evaluation of fundamental signals, while at the same time maintaining a diversified exposure to the global commodity complex. Professor K. Geert Rouwenhorst of the Yale School of Management commented "Over the past decade commodities have gained acceptance by investors as an important element of the investment universe. As the asset class has matured, investor interest has naturally shifted towards active management. The SDCI design incorporates research ideas from two academic studies, Facts and Fantasies about Commodity Futures and the Fundamentals of Commodities Futures Returns, into a practical and implementable investment benchmark for investors."
The SDCI is the first commodity index designed by SummerHaven Index Management. SummerHaven Index Management, LLC is the owner of the Index
World Trade Organization ruling may help open Chinese market to U.S. media
The WTO appellate body upholds an August panel decision that Beijing broke international rules in restricting market access to foreign films, DVDs and other cultural products.
December 22, 2009--The World Trade Organization issued an expected but nonetheless important ruling Monday that takes the U.S. a step closer to opening up China's potentially lucrative market for its movies, music and books.
In a ruling hailed by Hollywood in particular, the WTO appellate body upheld an August panel decision that China broke international rules in restricting market access to foreign films, DVDs and other cultural products.
Tri party Repurchase Agreement (Repo) Infrastructure Reform Task Force Releases Progress Report
December 22, 2009-The Payments Risk Committee (PRC) today announced the publication of a progress report on the work of the Tri party Repurchase Agreement (Repo) Infrastructure Reform Task Force.
In the interest of transparency and to make the Task Force's ideas available to a broader audience, the progress report summarizes the Task Force's progress to date, including draft recommendations and proposals under consideration. The Task Force is continuing this work and plans to release additional proposals in 2010. The report includes the following draft recommendations:
proposals in 2010. The report includes the following draft recommendations:
Implement multiple operational improvements,
Strengthen collateral margining practices,
Enhance liquidity risk management practices,
Identify sound practices for contingency planning by tri-party repo cash investors for a possible dealer default,
Improve the transparency of the tri-party repo market.
The objective of the Tri-party Repurchase Agreement Infrastructure Reform Task Force is to develop a set of recommendations for improving and mitigating risks related to the infrastructure supporting tri-party repo transactions, given the important role such transactions play in supporting the liquidity and efficiency of U.S. securities markets.
The Task Force continues to meet regularly, since its creation in September 2009 by the Payments Risk Committee (PRC), to discuss enhancements to the policies, procedures, and systems supporting the tri-party repo market. The Task Force includes major tri-party repo market participants, service providers, industry groups, and others. The Federal Reserve Bank of New York provides support and input on technical and policy issues, as appropriate.
Standard & Poor's Announces Changes in the S&P/TSX Canadian Indices
December 22, 2009--Standard & Poor's Canadian Index Operations announces the following index changes:
The Series E First Preferred Shares of Great-West Lifeco Inc. (TSX:GWO.PR.X) have been called for redemption on Thursday, December 31, 2009, at $26.00 per share.
The shares will be removed from the S&P/TSX Preferred Share Index after the close of Wednesday, December 30, 2009.
The 5.75% First Preferred Shares, Series A, of IGM Financial Inc. (TSX:IGM.PR.A) have been called for redemption on Thursday, December 31, 2009, at $26.00 per share. The shares will be removed from the S&P/TSX Preferred Share Index after the close of Wednesday, December 30, 2009.
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.
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
December 22, 2009-Standard & Poor's Canadian Index Operations announces the following index changes:
The shareholders of Verenex Energy Inc. (TSX:VNX) have accepted the $CDN7.28 cash per share offer from the Libyan Investment Authority (LIA). Verenex will be removed from the S&P/TSX SmallCap and Equity SmallCap indices effective after the close of Thursday, December 24, 2009.
Following the conversion of Cathedral Energy Services Income Trust to a corporate structure, Cathedral Energy Services Ltd. will be added to the S&P/TSX Equity SmallCap Index effective after close on Thursday, December 24, 2009.
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.
U.S. International Reserve Position
December 21, 2009--The Treasury Department today released U.S. reserve assets data for the latest week. As indicated in this table, U.S. reserve assets totaled $133,834 million as of the end of that week, compared to $135,251 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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December 18, 2009 |
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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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133,834 |
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(a) Securities |
10,197 |
14,222 |
24,419 |
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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 |
14,713 |
7,163 |
21,876 |
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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 |
13,521 |
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(3) SDRs 2 |
57,815 |
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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) |
5,163 |
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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) |
5,163 |
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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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PAX World files with the SEC
December 21, 2009-PAX World has filed a registration statement with the SEC for
ESG Shares FTSE KLD North America Sustainability Index Fund
Cusip Number: 70422P107
Trading Symbol: NASI
Total Annual Fund Operating Expenses:0.50%
ESG Shares FTSE KLD Europe Asia Pacific Sustainability Index Fund
Cusip Number:70422P206
Trading Symbol: EAPS
Total Annual Fund Operating Expenses:0.55%
TDX Independence Funds files for exemptive relief
December 18, 2009--TDX Independence Funds has filed a second request for exemptive relief from the SEC.
view filing
AdvisorShares files with the SEC
December 18, 2009--AdvisorShares has filed a request for exemptive relief from the SEC.
view filing
BM&FBOVESPA Launches Stock Index To Measure Returns On Brazilian Financial Sector
December 18, 2009--Beginning on the first trading day of 2010, the BM&FBOVESPA Financial Index will be calculated and disclosed, in real-time.
The Brazilian Securities, Commodities and Futures Exchange will begin, on 4 January 2010, to calculate and disclose the BM&FBOVESPA Financial Index, in real-time. This is the Exchange’s 15th stock index and it will trade under the ticker symbol IFNC.
The IFNC index will measure the returns on stocks from the most representative companies of the Brazilian financial sector. These include banks, financial institutions, asset management firms, leasing companies, credit card issuers, and insurance companies, among others. The index’s theoretical composition will be reevaluated every four months.
The new index will enable the diversification of investment strategies, as well as allow the possibility of launching new financial derivatives, like Exchange Traded Funds (ETFs). Currently, the Exchange offers four ETFs that track the performance of Ibovespa, IBr-X 50, Mid-Large Cap, and Small Cap Index.
Basic Criteria
The index portfolio includes stocks whose added negotiability indexes represent 98% of the total value of all individual negotiability indexes, during the twelve months preceding the reevaluation. They must also have a minimum of 95% trading session presence throughout the period.
The same company can have more than one type of stock included in the portfolio, as long as each stock type meets separately the inclusion criteria. Companies with less than twelve months of listing are eligible only if they have more than six months of trading, and if they have a minimum of 95% trading session presence measured in the six months preceding the reevaluation.
The definitive portfolio will be divulged on January 4th, 2010, together with BM&FBOVESPA’s other indexes.
Dollar bull ETF to issue new shares as dollar gains
U.S dollar ETF to issue 240 mln shares as volume spikes
December 18, 2009--The PowerShares DB US Dollar Index Bullish Fund (UUP.P) is seeking to issue 240 million new shares to keep up with demand from investors betting the U.S. currency will continue to rally.
Volume in the exchange traded fund, which tracks the U.S. dollar, has spiked sharply in recent days.
The fund has rallied nearly 5 percent since late October and has coincided with a bout of strength in the U.S. dollar index .DXY, which has added 4.4 percent over the same time.
Commitments of Traders-December 15, 2009
December 17, 2009-On December 15, 2009 the CFTC published the weekly Commitments of Traders Report
The Commitments of Traders (COT) reports provide a breakdown of each Tuesday’s open interest for market reports in which 20 or more traders hold positions equal to or above the reporting levels established by the CFTC.
Claymore files with the SEC
December 18, 2009--Claymore has filed a prospectus with the SEc for
WILSHIRE 5000 TOTAL MARKET ETF
WILSHIRE 4500 COMPLETION ETF
WILSHIRE US REIT ETF
WILSHIRE 5000 EQUAL-WEIGHTED ETF
