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MIT Enterprise Forum Partners With NASDAQ OMX to Present "The Tough Get Growing" Global Broadcast
An Exclusive Featured Event of Global Entrepreneurship Week
November 6, 2009--The MIT Enterprise
Forum, Inc., in partnership with NASDAQ OMX, announced today their
partnership in presenting a global broadcast program that will help to
promote and celebrate entrepreneurship worldwide. The broadcast, titled
"The Tough Get Growing: How to Succeed in a Down Economy," is one of a
handful of featured events of Global Entrepreneurship Week and will be
promoted to millions of participants in over 75 countries. Any group or
organization taking part in the week's festivities will be invited to
participate as a viewing site for the broadcast, which takes place live
from the MIT campus in Cambridge, MA on Monday, November 16.
Moderated by Kauffman Foundation Vice President Bo Fishback, and with
welcoming remarks from MIT President Susan Hockfield, "The Tough Get
Growing" is a panel discussion focusing on the experiences and lessons
learned from technology entrepreneurs as they grew their companies from
start-up to success story. These real world "stories from the trenches"
and best practices will help to educate our global audience on how to
make it through today's economic environment.
The partnership between the MIT Enterprise Forum, Inc. and The NASDAQ OMX Educational Foundation, Inc., fulfills the mission of both groups as they strive to connect and educate entrepreneurs and help to foster innovation and commercialization. Groups may participate in the broadcast at no cost, live via webcast, or by holding a delayed viewing at a later date (webcast or DVD copy).
If you are interested in learning how to become a viewing site, please visit: http://enterpriseforum.mit.edu/network/broadcasts/participate.html
To inquire how you can become involved with this program, please email mitef@mit.edu or call +1-617-253-0015.
Websites:
MIT Enterprise Forum, Inc. - www.mitenterpriseforum.org
NASDAQ OMX Educational Foundation, Inc.- http://nasdaqomx.com/whoweare/educationalinitiative/
Global Entrepreneurship Week -http://unleashingideas.org/
DB Index Research -- Weekly ETF reports -- US
November 5, 2009--Highlights
ETF Volume
US ETF turnover rose by 9.1% to US$66.7bn in the previous week. Turnover in the S&P 500 SPDR ("Spider") was US$21.6bn. The PowerShares QQQ Nasdaq 100 had turnover of US$4.4bn followed by the iShares MSCI Emerging Markets with turnover of US$3.4bn.
There were six new ETFs launched in the last week. ALPS Fund Services Inc and IndexIQ Advisors LLC each launched 2 new ETFs while UBS Securities and OOK Advisors each launched one new ETF. All these ETFs are listed on NYSE Arca.
In the previous week, average daily turnover in the Large Cap, US Sector Leveraged and global regional products was US$27.9bn (6.3%), US$10.1bn (8.6%), US$9.3bn (10.9%) and US$5.1bn (14.6%) respectively.
Among the Emerging country ETFs, iShares MSCI Brazil ETF turnover was US$1,601m followed by iShares FTSE/Xinhua China ETF with turnover of US$932m. In non-US developed market flows, iShares MSCI Japan had turnover of US$253m. In non-domestic regional flows, emerging market turnover was US$3.8bn and developed markets regional flows EAFE had turnover of US$1.1bn.
Assets under Management (AUM)
Total assets under management for equity based ETFs declined by 3.8% in the previous week, AUM were US$538.8bn.
To request a copy of the report click here
SEC Throws Weight at Hedge Funds
November 5, 2009-The government has been sniffing around hedge funds for years and now, like a dog that's found where the bone is buried, it has started digging.
Last month, authorities charged six in a vast insider trading ring involving New York hedge fund Galleon Group. Last Friday, the Securities and Exchange Commission charged the former executives of two San Francisco funds with another insider trading conspiracy. And on Tuesday, Alexander Trabulse, a Colma hedge fund manager who authorities say bilked investors out of $8.3 million, pleaded guilty to mail fraud charges.
For years, the SEC has been talking about hedge funds, and for the last year the SEC has focused more on insider trading in particular, and now we're starting to see the fruits of that initiative," said Jahan Raissi, a partner at Shartsis Friese in San Francisco.
Raissi is getting a first-hand view. Client Chen Tang is at the center of the SEC's most recent insider trading case. Tang, former CFO at San Francisco private equity fund Friedman Fleischer & Lowe, is accused of using inside information about market moving positions his fund was taking in mattress company Tempur-Pedic International to trade and pass tips to his friends and relatives.
Deutsche Bank Dollar Bullish ETF Runs Out of Shares
November 5, 2009--The PowerShares DB US Dollar Index Bullish Fund ran out of shares and trading of the security was halted for about 45 minutes amid increased bets that the currency will rebound.
The exchange-traded fund that’s managed by Deutsche Bank AG and distributed by Invesco PowerShares Capital Management LLC had 6.6 million authorized units as of the close of trading Nov. 3, according to a filing with the U.S. Securities and Exchange Commission today. Its owners are seeking permission from the SEC, Financial Industry Regulatory Authority and National Futures Association to register another 100 million.
Fund.com and Weston Capital Management Agree on Share Purchase Transaction
Hedge Fund Expertise and Exchange Traded Fund (ETF) Platform are to be Combined
November 5, 2009-Fund.com, Inc. announced today that it has entered into a letter of intent with Weston Capital Management LLC ("Weston") and its majority shareholders for the acquisition of an equity interest from an institutional shareholder and its founder. The letter of intent also provides for Fund.com to contribute capital into Weston, an alternative investment group managing approximately $1 billion.
The investment in Weston is expected to enhance the growth of Fund.com’s exchange traded fund subsidiary, AdvisorShares, an investment company that enables leading portfolio managers to launch branded proprietary ETFs on a turn-key basis. AdvisorShares is the originator of the Dent Tactical ETF, presently the largest actively managed ETF. Following completion of the transaction, Fund.com and Weston intend to develop a series of Weston- branded exchange traded funds.
Chairman Joseph J. Bianco of Fund.com said, "We believe that AdvisorShares and Weston are highly complementary businesses because Weston will gain a larger target market through the distribution of exchange-traded products, while AdvisorShares will benefit from the fund distribution experience of Weston, which we anticipate will increase its ETFs assets under management."
"In addition, AdvisorShares gains access to Weston Capital’s investment manager ’seeding’ business - a venture that partners with fund managers by providing seed capital for new fund products. AdvisorShares and Weston may ’seed’ new actively managed ETF products, which could assist in the growth of assets under management and related fee income," he said.
"We are delighted to become partners with Albert Hallac and Weston Capital," said Greg Webster, CEO of Fund.com. "They have the institutional relationships and knowledge that perfectly complements our prior investments in the exchange-traded fund platform."
Upon completion of Fund.com’s investment in Weston Capital, Albert Hallac will continue to head Weston Capital and maintain responsibility for both the day-to-day management and the strategic direction of the firm. Joseph J. Bianco, Chairman of Fund.com, will join as Chairman of Weston Capital.
"It is a very exciting time for Weston as we expand our resources and leverage our expertise in close concert with our new partners," said Albert Hallac, CEO of Weston Capital. "AdvisorShares exchange-traded fund platform places us in the center of the world’s fastest growing asset management category, which is exchange traded funds, or ETFs."
Fed sees rates near zero for ‘extended period’
November 5, 2009--The US Federal Reserve on Wednesday expressed growing confidence that an economic recovery was building, even as it stuck to its commitment to keep borrowing costs near zero for “an extended period.”
As expected, the central bank closed out a two-day meeting with a decision to keep benchmark overnight interest rates in a range of zero to 0.25 percent. The vote was unanimous. In a statement, the Fed said the US economy had “continued to pick up” since its last meeting in September, but it expressed concern the recovery was likely to be muted.
“Household spending appears to be expanding but remains constrained by ongoing job losses, sluggish income growth, lower housing wealth, and tight credit,” it said. While still emphasizing risks, the Fed was a bit more upbeat than in September, when it had simply said spending was “stabilizing.”
The Fed cut interest rates to near zero last December and has pumped more than $1 trillion into the economy to tame a severe financial crisis and the deepest recession since the 1930s. Now that the economy is starting to recover, financial markets are increasingly wondering when the Fed and other central banks around the globe will begin to remove the extraordinary economic support they have provided.
Bloomberg is First Market Data Vendor to Provide NASDAQ Basic Data to Customers
November 5, 2009--The NASDAQ OMX Group,
Inc.(SM) (Nasdaq:NDAQ) today announced that its NASDAQ Basic product
has been integrated onto the BLOOMBERG PROFESSIONAL(R) service. NASDAQ
Basic is a real-time product that provides customers essential quote
and trade data for all U.S. exchange-listed securities in an affordable
and flexible manner. NASDAQ Basic data is based on trading on
NASDAQ(R), the most liquid market for all U.S.-listed equity
securities.
"Bloomberg is the first market data vendor to provide NASDAQ Basic data
to its customers. This addition reinforces Bloomberg's commitment to
providing the best data and analytical tools for our users," said Gary
Kotovets of Bloomberg.
"By integrating a cost-efficient product such as NASDAQ Basic into its network, Bloomberg has shown its willingness to continue adapting to the evolving needs of its customers," stated Randall Hopkins, Senior Vice President, NASDAQ OMX Global Data Products. "NASDAQ Basic is a lower cost alternative to NASDAQ Level 1 and similar products and Bloomberg should be applauded for recognizing their customers' requirements."
NASDAQ Basic provides NASDAQ BBO (the best bid and offer with associated size on NASDAQ); NASDAQ Last Sale (tick-by-tick price and size information for trades executed on NASDAQ and trades reported to the FINRA(TM)/NASDAQ Trade Reporting Facility(TM); and NASDAQ Official Opening and Closing Prices (set by the NASDAQ Opening and Closing Crosses) -- standard reference prices used by indexes, mutual funds and other structured products.
NASDAQ Basic data is based on NASDAQ trading in NASDAQ, NYSE, NYSE Amex and regional exchange-listed securities. NASDAQ Basic can be deployed in a wide variety of investor tools -- such as charts and portfolio trackers -- and can be more quickly accessed by receiving the data directly from NASDAQ.
Information on how to access NASDAQ Basic data for Bloomberg users is
available via NBSC For more
information about NASDAQ Basic and other NASDAQ Data Products, visit
http://www.nasdaqtrader.com/gdp or send an email to
datasales@nasdaqomx.com. Written Testimony of Assistant Secretary for Terrorist Financing David S. Cohen Senate Committee on Homeland Security and Governmental Affairs My colleagues across the Department of the Treasury, including from the Office of Terrorism and Financial Intelligence, Domestic Finance, International Affairs and Tax Policy, have all contributed to Treasury's thinking on how best to require the disclosure of beneficial ownership information in a way that effectively combats the criminal misuse of legal entities while, at the same time, ensuring that we do not unduly complicate the company formation process, which plays such an important role in our nation's economic prosperity. I look forward today to outlining Treasury's approach to this critically important and difficult challenge, explaining the basis for our current thinking, and offering the Administration's views on S. 569, the "Incorporation Transparency and Law Enforcement Assistance Act".
At the outset, it is important to recognize a number of key considerations that have informed our thinking:
First, the ability of criminal and other illicit actors to form corporations in the United States without disclosing their true identity presents a serious vulnerability. It creates a pathway for criminal actors to gain access to the international financial system, and creates significant obstacles in our ability to investigate financial crime. As I will explain, there is ample evidence that criminal organizations and others who threaten our national security exploit this vulnerability.
Second, information on the true beneficial ownership of a legal entity – at the time a business is formed, as ownership changes during its lifespan, and when it seeks to open accounts at financial institutions – is critical to stopping the exploitation of legal entities by criminal actors.
iShares files with SEC iShares files with SEC iShares files with SEC iShares files with SEC Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
The shares of Selkirk Metals Corp. (TSXVN:SLK) will be removed form the index. The company is being delisted from the TSX Venture Exchange following the completion of an Arrangement Agreement whereby the company has been acquired by Imperial Metals Corp.
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. Texas Gets Its Own Exchange Traded Fund: Product Designed to Track the SPADE Texas Index Launched Both the Oklahoma and Texas indexes are modified capitalization-weighted, rebalanced quarterly, and comprised of companies that meet a set of minimum criteria including a $5 share price, a $100 million market cap, and sufficient liquidity. Additional information regarding the index rules, methodology, current constituents, and historical performance can be found at www.spadeindexes.com.
According to Scott Sacknoff, president of SPADE Indexes, “There are no two states in this nation whose citizens are as proud of their hometown as those that reside in Texas and Oklahoma. And both are examples of states that put business first. Texas, if an independent nation, would have the twelfth largest GDP in the world, just behind Brazil and Russia, and is consistently rated one of the best states for business and regulation. Likewise, Oklahoma is considered a top state for business and CNN/Money recently ranked it the #1 place to launch a new business and called it, “stable, affordable…with a diverse local economy”. Although both states feature economies heavily dependent on energy, there is remarkable diversification among the business activities of the index constituents. SPADE Indexes is proud to partner with local financial institutions like OOK Advisors and Capital West Securities in bringing these products to market”.
The two regional ETFs offered by Oklahoma City-based OOK Advisors join the Powershares Aerospace & Defense ETF (NYSE: PPA) as exchange traded products that track indexes developed by SPADE Indexes. TXF Funds, Inc. Lists TXF Large Companies ETF on NYSE Arca
Business Formation and Financial Crime:Finding a Legislative Solution
November 5, 2009--I. Introduction
Chairman Lieberman, Ranking Member Collins, distinguished members of the Committee, thank you for inviting me to testify today. I am pleased to have the opportunity to present the Department of the Treasury's views on the global challenge of enhancing access to beneficial ownership information in order to combat the abuse of legal entities by those engaging in financial crime.
I would like to begin by thanking Senator Levin for his leadership on this important and pressing topic, and for raising awareness in the U.S. and globally of an issue that is of paramount importance in our efforts to combat financial crime. I would also like to extend my appreciation to colleagues across the government and private sector, here at home and internationally, who have worked with the Department of the Treasury and invested a tremendous amount of time and energy in attempting to address the challenges of making beneficial ownership information more readily available.
November 5, 2009--iShares has filed a prospectus with the SEC for
the
iSHARES(Reg. TM) MSCI EUROPE FINANCIAL SECTOR INDEX FUND
view filing
November 5, 2009--iShares has filed a prospectus with the SEC for
the
iSHARES MSCI EMERGING MARKETS MATERIALS SECTOR INDEX FUND
read more
November 5, 2009--iShares has filed a prospectus with the SEC for
the
iSHARES MSCI FAR EAST FINANCIAL SECTOR INDEX FUND
view filing
November 5, 2009--iShares has filed a prospectus with the SEC for
the iSHARES MSCI EMERGING MARKETS FINANCIAL SECTOR INDEX FUND
view filing
November 5, 2009--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Thursday, November 5, 2009:
The shares of Tonbridge Power Inc. (TSXVN:TBZ) will trade on a consolidated basis following a 1-for-10 consolidation. The new CUSIP number will be 890219 50 4.
November 4, 2009--SPADE Indexes, a developer of proprietary indexes and benchmarks, today celebrated the launch by OOK Advisors of their TXF 'Texas' ETF (NYSEarca: TXF). The exchanged traded fund is designed to track the SPADE Texas Index (AMEX: TEXAS), developed to benchmark the performance of the largest companies headquartered in the state.
The Texas fund joins the OOK Oklahoma ETF (NYSEarca: OOK), launched last week, as the only state-focused ETFs in the marketplace.
Currently 85 companies represent the top 90% by market capitalization of companies headquartered in Texas and include firms such as: ExxonMobil, Dell, AT&T, and Schlumberger. Year-to-date the index is up 30.4% and the Index has bettered the broader market in each of the past five years.
November 8, 2009--NYSE Euronext (NYX) announced that its wholly-owned subsidiary, NYSE Arca, today began trading the TXF Large Companies ETF(Ticker: TXF). The ETF is sponsored by TXF Funds, Inc. and advised by OOK Advisors, LLC.
TXF Large Companies ETF seeks to track the performance, before fees and expenses, of the SPADE Texas Index, which is a modified market capitalization weighted index comprised of publicly traded companies that have their headquarters in Texas.
