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US Commodity Funds May Launch Argus Oil ETF
November 4, 2009-The company that manages the world's largest exchange- traded fund for oil may launch an ETF tied to the Argus sour crude index.
"Absolutely, if that's what people find useful," John Hyland, chief investment officer for United States Commodity Funds, told Dow Jones Newswires on the sidelines of a conference in New York. Hyland's firm manages the United States Oil Fund (USO) and the United States Natural Gas Fund (UNG). Each is the largest single-commodity ETF in its market.
London-based Argus Media got a major boost for its index when it announced last week that Saudi Aramco, the state oil company of Saudi Arabia, the world's biggest oil exporter, would begin using the benchmark to price oil sold in the U.S. Many oil market participants believe other major exporters could soon follow.
FaithShares files with SEC
November 4, 2009--Faithshares has filed an amended application for exemptive relief with the SEC
The Initial Funds that will be offered by the Trust are:
FaithShares Baptist Values Fund,
FaithShares Catholic Values Fund,
FaithShares Christian Values Fund,
FaithShares Lutheran Values Fund,
and FaithShares Methodist Values Fund
The index provider for the Initial Funds’ Underlying Indexes is FTSE/KLD Research and Analytics, Inc. (“FTSE/KLD”).
Focus Shares files with the SEC
November 4, 2009--Focus Shares has filed an amended appliction for exemptive relief with the SEC.
The new funds are:
Progressive Capital Preservation 2015 Target Date Index
Progressive Capital Preservation 2020 Target Date Index
Progressive Capital Preservation 2025 Target Date Index
Progressive Capital Preservation 2030 Target Date Index
Progressive Capital Preservation 2035 Target Date Index
Progressive Capital Preservation 2040 Target Date Index
Goldman benefits from trading bonanza
November 4, 2009-Traders at Goldman Sachs recorded only one daily loss in the third quarter, highlighting the trading bonanza sweeping Wall Street as central banks continue to pump billions of dollars into the financial system.
The performance – revealed on Wednesday in a regulatory filing – compares with two losing trading days in the previous quarter and confirms that the authorities’ drive to revive markets after the crisis is yielding huge windfalls for some banks.
NSX Releases October 2009 ETF/ETN Data Report
November 4, 2009--National Stock Exchange, Inc. (NSX®) announced that assets in U.S. listed Exchange-Traded Funds (ETF) and Exchange-Traded Notes (ETN) totaled approximately $707.4 billion at October 2009 month-end, an increase of approximately 44% over October 2008 month-end when assets totaled $493 billion.
October 2009 net cash inflows from all ETFs/ETNs totaled approximately $8.8 billion, bringing the year-to-date total net inflow to over $72 billion. At the end of October 2009, the number of listed products totaled 880 -- 401 of which have attracted over $100 million in assets.
This data is included in the full NSX October 2009 Month-End ETF/ETN Data Report released by the Exchange, which has become a key industry source for ETF/ETN data. These Data Reports are published following the end of each calendar month.
In addition, NSX recently enhanced its reports showing expanded and historical ETF data for Assets Under Management, Notional Volume, Share Volume and Net Cash Flows, broken out by various categories. To view the full reports go to: http://www.nsx.com/content/market-data.NSX also publishes a product-by-product breakdown of the 880 products on which the data is based. The complete list can be accessed at: http://www.nsx.com/content/etf-product-list.
The NSX monthly statistics include shares of open-end exchange-traded products, encompassing U.S. listed shares of investment companies, grantor trusts, ETNs and commodity pools.
NSX is the cost-effective provider of exchange services, committed to aligning its interests with those of its customers. Founded in 1885, NSX has been a driving force for change in the world of securities exchanges and continues to lead the way in exchange innovation. For more information on NSX, visit www.nsx.com.
ELX Connects with TNS
November 4, 2009--Global Trading firms can now access ELX Futures, L.P. (ELX Futures) via Transaction Network Services’ (NYSE:TNS) Secure Trading Extranet, after a connection to the new fully regulated electronics futures exchange was established this month.
ELX Futures was launched in July by 13 leading global financial institutions, including JP Morgan, Bank of America, Credit Suisse, BGC Partners and Goldman Sachs, among others. As a certified connectivity partner, TNS will provide fast, secure and reliable connectivity services between ELX and organisations trading on the exchange.
Joseph Noviello of BGC Partners, and Technology Architect for ELX Futures, said: “Connecting to TNS allows ELX Futures to offer its customers more choice and provides them with a rapid connectivity option to the futures market. A key factor in ELX’s strategy is to provide resilient, low latency, cost effective access from anywhere around the world, and TNS’ Secure Trading Extranet will be a vital component of this.
“This deal also allows easy access to ELX for TNS’ extensive global financial community and we believe this will help ELX achieve faster rates of international growth over the coming months. TNS also offers ELX an immediate distribution channel, as well as boasting extensive experience with FIX order flow.”
In addition to FIX trading, TNS’ Secure Trading Extranet will also enable participants to trade using ELX’s proprietary interface.
John Owens, Vice President, Exchanges and ECNs at TNS’ Financial Services Division, said: “ELX is a new and exciting futures exchange with a fantastic pedigree and we are very proud to be one of its first approved connectivity providers. We look forward to supporting ELX and its customers as they grow with TNS’ scalable, resilient, secure and cost effective connectivity services.”
“We also expect to see a great deal of interest from our current global financial customers trading via the TNS Secure Trading Extranet as we can easily set up new connections to ELX in just three days.”
TNS’ Secure Trading Extranet connects over 1,500 financial community end-points, representing buy-side and sell-side institutions, market data and software vendors, exchanges and alternative trading venues. It boasts over 115 points of presence and provides services to clients in over 28 countries across America, Europe and the Asia Pacific region, with its reach extending to many more countries.
For further information about TNS log onto www.tnsfinancial.com
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
November 4, 2009--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Wednesday, November 4, 2009:
The shares of Sabina Gold & Silver Corp. (TSXVN:SBB) will be removed form the index.
The company will graduate to trade on the TSX under the same ticker symbol.
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.
Introducing the Dow Jones Brookfield Global Infrastructure Composite Yield Index
November 4, 2009--Dow Jones Indexes, and Brookfield Asset Management Inc. (NYSE: BAM, TSX: BAM.A, Euronext: BAMA), today announced the launch of an index that measures the highest-yielding stocks in the Dow Jones Brookfield Global Infrastructure Composite Index.
“We’ve seen continued interest in infrastructure assets as a growing investment niche, along with the need for accurate measurement tools. The new Dow Jones Brookfield Global Infrastructure Composite Yield Index takes a yield-oriented approach to measuring the performance of infrastructure companies. This focus makes the index a suitable benchmark for clients and market participants seeking the extra benefit of strong dividends in their infrastructure portfolios,” said Michael A. Petronella, president, Dow Jones Indexes.
“The appeal of global infrastructure securities lies in predictable and growing cash flows. The strength of these cash flows results in strong dividend components, which are particularly attractive to investors given the recent volatility in broader equity markets,” said Craig Noble, managing director of Brookfield’s global infrastructure securities platform.
The index universe is defined as all stocks in the Dow Jones Brookfield Global Infrastructure Composite Index. Companies are ranked in descending order by indicated annual yield, and the top 70% of the stocks are selected as index components. The index is weighted by float-adjusted market capitalization. The weight of individual components is capped at 10% on a quarterly basis.
The Dow Jones Brookfield Global Infrastructure Indexes measure the performance of companies that exhibit strong infrastructure characteristics. The index family includes a composite index, regional indexes for the Americas, Europe, the Asia-Pacific and Global ex-U.S., and eight sector indexes for airports, communications, diversified, oil and gas storage and transportation, ports, toll roads, electricity transmission and distribution and water. Also included is the Dow Jones Brookfield Infrastructure MLP Index, which tracks master limited partnerships.
The Dow Jones Brookfield Global Infrastructure Composite Yield Index is reviewed semi-annually in March and September. Index composition and weighting adjustments are also made on an as-needed basis to account for corporate actions such as delistings, bankruptcies, mergers or takeovers. Daily historical data for the Dow Jones Brookfield Global Infrastructure Composite Yield Index is available back to December 31, 20021.
For more information on the Dow Jones Brookfield Global Infrastructure Indexes, please visit http://www.djindexes.com.
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee of the Securities Industry and Financial Markets Association
November 4, 2009--Dear Mr. Secretary:
Since the Committee met in early August, the contraction in economic activity appears to have drawn to a close and financial conditions have continued to improve. Aggressive fiscal and monetary policies have played a critical role in helping to begin the process of normalization in key financial markets and the real economy. That normalization is highlighted in part by a return to pre-crisis spread levels in money and credit markets and the recently reported 3½% annualized gain in third-quarter GDP.
Despite the increase in third-quarter economic activity and the prospect of additional modest growth ahead, it remains unclear to what extent the economy can expand without the aid of aggressive policy support. Monetary and fiscal policy remains full throttle and contributed importantly to the latest quarter's growth spurt. For instance, "cash for clunkers" lifted consumer purchases of motor vehicles, the first-time homebuyers' tax credit is boosting home sales and traditional public sector automatic stabilizers are supporting household income, while on the monetary side, near zero interest rates and asset purchase and liquidity programs are shifting investor risk preference, improving the cost of capital.
With the federal funds rate at its lower nominal bound, the Federal Reserve is continuing its asset purchase program in an effort to further improve financial conditions. The Treasury purchase program begun in March has been completed but the purchase of mortgage backed securities is ongoing and will persist into the first quarter of 2010. These purchases will be a continued source of monetary stimulus.
Minutes of the Meeting of the Treasury Borrowing Advisory Committee Of the Securities Industry and Financial Markets Association
November 4, 2009--The Committee convened in closed session at the Hay-Adams Hotel at 10:32 a.m. All Committee members were present. Deputy Assistant Secretary (DAS) for Federal Finance Matthew Rutherford and Office of Debt Management Director Karthik Ramanathan welcomed the Committee, introduced the new Chairman Matthew Zames and the new Vice Chairman Ashok Varadhan, and then gave them the charge.
The first item on the charge asked the Committee what adjustments to debt issuance Treasury should make in consideration of its financing needs and uncertainty regarding the fiscal outlook.
Given the cumulative deficit over the next three fiscal years of nearly $3.5 trillion according to OMB, Director Ramanathan stated that Treasury will need to remain extremely agile through its debt management approach and actions to confront challenges related to the fiscal and economic outlook.
Director Ramanathan said that market participants should expect between $1.5 trillion and $2 trillion in nominal and inflation linked issuance again this year; at the same time, bill issuance may marginally decline while shorter dated coupons stabilize at current levels. Treasury debt managers will continue to remain aggressive in managing financing needs while minimizing potential market implications.
As an example, Director Ramanathan outlined Treasury's successful strategy in addressing the $1.4 trillion deficit in fiscal year 2009. Noting the $1.9 trillion in nominal coupon issuance this past fiscal year, Director Ramanathan stated that Treasury was able to raise $1.25 trillion in new cash in tenor beyond two years, nearly six times the amount raised in fiscal year 2008, while at the same time meeting unexpected borrowing needs through bills.
TBAC Recommended Financing Tables: Q1
TBAC Recommended Financing Tables: Q4
November 2009 Quarterly Refunding Statement
November 4, 2009 Treasury is announcing the following changes to the issuance calendar:
- Reintroduction of 30-year Treasury Inflation-Protected Securities (TIPS), with the first auction to occur in February 2010.
- Discontinuation of 20-year TIPS auctions, effective immediately.
Details of the November Refunding
We are offering $81.0 billion of Treasury securities to refund approximately $38.5 billion of privately held securities maturing or called on November 15, 2009. This will raise approximately $42.5 billion. The securities are:
- A 3-year note in the amount of $40.0 billion, maturing November 15, 2012;
- A 10-year note in the amount of $25.0 billion, maturing November 15, 2019; and
- A 30-year bond in the amount of $16.0 billion, maturing November 15, 2039.
The 3-year note will be auctioned on a yield basis at 1:00 p.m. EST on Monday, November 9, 2009. The 10-year note will be auctioned on a yield basis at 1:00 p.m. EST on Tuesday, November 10, 2009, and the 30-year bond will be auctioned on a yield basis at 1:00 p.m. EST on Thursday, November 12, 2009. All of these auctions will settle on Monday, November 16, 2009.
Index Data Monthly Report: U.S. Edition
November 4, 2009--Dow Jones Index Data Monthly Report: U.S. Edition now available.
view report
Financial Services Committee Approves Investor Protection Act
November 4, 2009-- Today, the House Financial Services Committee passed H.R. 3817, the Investor Protection Act, by a vote of 41-28. The legislation is part of a broader effort to modernize America’s financial regulatory system and was introduced by Rep. Paul E. Kanjorski (D-PA), Chairman of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises.
“In order to maintain a sound economy, we must improve investor protection and confidence,” said Chairman Kanjorski. “The Investor Protection Act aims to achieve these goals while also improving enforcement powers at the U.S. Securities and Exchange Commission and implementing a fiduciary standard for broker-dealers and investment advisers to ensure that customers’ interests are at the forefront of investment recommendations. Our financial system has failed far too many investors for far too long and we must change course. I believe this bill has the capabilities to address many of the problems we continue to face.”
A summary of H.R. 3817 follows:
Protecting Investors and Righting Wrongs. The financial crisis exposed the perils of deregulation. The Investor Protection Act will right these wrongs by reforming the Securities and Exchange Commission (SEC) to strengthen its powers, better protect investors, and efficiently and effectively regulate our securities markets.
Comprehensive Securities Review and Reorganization. The failures to detect the Madoff and Stanford Financial frauds demonstrate deep deficiencies in our existing securities regulatory structure. An expeditious, independent, comprehensive study of the entire securities industry by a high caliber body will identify reforms and force the SEC and other entities to put in place further improvements designed to ensure superior investor protection.
Enhanced SEC Enforcement Powers and Funding. By doubling the authorized funding for the SEC over 5 years and providing dozens of new enforcement powers and regulatory authorities, the SEC will be able to enhance its enforcement programs and gain the tools needed to better protect investors and police today’s markets.
Fiduciary Duty. Every financial intermediary who provides advice will have a fiduciary duty toward their customers. Through a harmonized standard, broker-dealers and investment advisers will have to put customers’ interests first.
Whistleblower Bounties. A whistleblower bounty program will create incentives to identify wrongdoing in our securities markets and reward individuals whose tips lead to successful enforcement actions. With a bounty program, we will effectively have more cops on the beat in our securities markets.
Ending Mandatory Arbitration. Because mandatory arbitration has limited the ability of defrauded investors to seek redress, the SEC will gain the power to bar these clauses in customer contracts.
Closing Loopholes and Fixing Faulty Laws. The Madoff fraud revealed that the Public Company Accounting Oversight Board lacked the powers it needed to examine the auditors of broker-dealers. The $65 billion Ponzi scheme also exposed faults in the Securities Investor Protection Act, the law that returns money to the customers of insolvent fraudulent broker-dealers. The Investor Protection Act closes these loopholes and fixes these shortcomings.
RiskMetrics Group Announces Acquisition of KLD Research & Analytics, Inc.
November 3, 2009--- RiskMetrics Group (NYSE: RMG), a leading provider of risk management and
corporate governance services to the global financial community, today announced it has acquired KLD Research &
Analytics, Inc. Headquartered in Boston, KLD is a leader in environmental, social and governance (ESG) research and
indexes for institutional investors.
Together, RiskMetrics and KLD will offer institutional investors a comprehensive suite of ESG services so they can more
easily incorporate ESG analytics into their investment processes. Specifically, the combined firms will deliver increased
coverage, more robust data, expert insights, and user-friendly tools. These enhanced capabilities will enable more
investors to uncover the ESG risks and opportunities of thousands of companies worldwide.
Led by Peter Kinder, President, and Tim Brennan, Chief Operating Officer, KLD provides ESG research, compliance screening and indices to over 500 investment professionals worldwide. Founded in 1988, KLD published the first research designed to evaluate the risks and opportunities associated with corporate social and environmental performance.
Today, 30 of the top 50 institutional money managers use KLD services to integrate ESG factors into investment decisions.
“Our clients have indicated that ESG performance is a critical benchmark of a corporation’s risks and long-term value,” said Knut Kjaer, President of RiskMetrics Group. “KLD’s ESG capabilities, combined with our financial risk and corporate governance experience, will give investors worldwide a more thorough picture of sustainability and risk across geographic and industry boundaries.”
“RiskMetrics’ commitment to sustainability has made a strong impression on KLD,” said Peter D. Kinder, President of KLD Research & Analytics, Inc. “Both firms have long strived to make ESG analysis an integral part of mainstream investment research. By joining with RiskMetrics, we can serve more global investors than ever before.”
RiskMetrics currently provides sustainability data, compliance screening, climate risk management and advisory services
to more than 400 global institutions.
U.S. International Reserve Position
November 3, 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 $134,266 million as of the end of that week, compared to $134, 832 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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October 30, 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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134,266 |
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(a) Securities |
10,450 |
14,348 |
24,798 |
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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 |
15,194 |
7,000 |
22,194 |
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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 |
12,866 |
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(3) SDRs 2 |
58,036 |
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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) |
5,332 |
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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) |
5,332 |
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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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