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Barclays’ iShares Readies Muni ETFs that Liquidate at Maturity
October 26, 2009--Barclays Global Investors plans to launch a family of municipal bond exchange-traded funds designed to behave more like munis themselves by liquidating at maturity.
Through its iShares brand, Barclays earlier this month filed registrations with the Securities and Exchange Commission for six ETFs, each with a target maturity between 2012 and 2017.
These funds would work the same way as other muni ETFs with one critical exception: whereas most ETFs continue indefinitely, these would unwind at their target maturity and return the cash to shareholders.
In this respect, the six ETFs would bear some resemblance to unit investment trusts, which typically hold a basket of bonds and repay shareholders as the debt matures.
CFTC’s Agricultural Advisory Committee to Meet October 29, 2009
Committee to discuss convergence in agricultural commodity markets.
October 26, 2009--The Commodity Futures Trading Commission (CFTC) will convene a meeting of its Agricultural Advisory Committee (AAC) on Thursday, October 29, 2009, to obtain the views of agricultural futures market experts, national farm organizations, major commodity and agribusiness groups and the farm banking community. The major topic for discussion will be the issue of convergence as it relates to the Chicago Board of Trade’s (CBOT) Wheat futures contract.
The meeting will be chaired by CFTC Commissioner Michael V. Dunn, who serves as Chairman of the Committee.
At this meeting, the AAC will be receiving a report and recommendations from its Subcommittee on Convergence in Agricultural Commodity Markets and reviewing CBOT’s proposal to implement variable storage rates on its wheat futures contract. “Convergence in the CBOT Wheat contract has been a concern of mine for some time, and I am hopeful that this meeting will help the AAC members and the Commission better understand the problem of convergence and the various solutions proposed,” said Commissioner Dunn.
The AAC meeting is open to the public and will be webcast via the internet. Also, audio of the meeting will be available via a listen-only conference call.
Links to reports, presentations, and statements are attached to the meeting agenda in the Related Links section on the CFTC’s website
Treasury Surpasses $3 Billion in Recovery Act Funds for States to Provide Affordable Housing
California to Receive $284 Million in Payments in Lieu of Tax Credits;
To Date, 45 State Housing Agencies Receive Funds
October 23, 2009--As part of the Obama Administration's efforts to strengthen communities and ease pressures on the housing market, the U.S. Department of the Treasury today announced $284 million in American Recovery and Reinvestment Act (Recovery Act) funding to spur the development of affordable housing in California. To date, 45 state housing authorities have been awarded a total of $3.1 billion in payments in lieu of tax credits for affordable housing projects.
This innovative Recovery Act program allows the federal government to partner with states to support local developers and helps ensure that housing developers can access the financing necessary to build affordable housing," said Treasury Deputy Secretary Neal Wolin. "We have worked quickly to make available more than $3 billion to state housing agencies, and we expect to see continued efforts at the state level, so that these funds can be delivered to the communities that need it most."
In May 2009, the Treasury Department launched an innovative program 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 agencies manage a competitive process to disburse funds to qualified developers. This is an ongoing program open to additional state applications through 2010.
The following is a complete list of funds awarded to states under the program to date. For more information on the award to California, please contact Alice Scott, Public Affairs Director of the California Tax Credit Allocation Committee, ascott@treasurer.ca.gov, (916) 651-9411.
Designated State Housing Credit Agency
NASDAQ OMX and BM&FBOVESPA Agree on Terms for a Commercial Partnership
Will Extend Exclusivity Period by 60 days to Finalize Definitive Agreements; In discussions on Technology Cooperation
October 23, 2009--The NASDAQ OMX Group, Inc.
(Nasdaq:NDAQ) and BM&FBOVESPA announced today that the two companies
have entered into non-binding memoranda of understanding on terms for a
commercial partnership including trade order routing, distribution of
products and services for public companies, and global distribution of
market data. Additionally, NASDAQ OMX and BM&F BOVESPA will continue
discussions around cooperation on technology opportunities.
The parties have extended their current exclusivity agreement until
December 31, 2009 in order to facilitate the negotiation of definitive
agreements for the partnership.
The current partnership is comprised of the following:
-- Development of an order routing system between the United States and Brazil, through which U.S. brokers connected to the system can enter orders to buy and sell stocks traded in the BM&FBOVESPA MegaBolsa system via introduction of a Brazilian broker, and for Brazilian brokers connected to the system to enter orders to buy and sell stocks traded in the NASDAQ Stock Market via introduction of a U.S. broker;
-- Development of a commercial agreement for NASDAQ OMX to perform non-exclusive, international electronic distribution of market data related to the prices of stocks and financial assets traded on BM&FBOVESPA markets, and for the latter to perform non-exclusive distribution of market data related to the prices of stocks and financial assets traded on NASDAQ OMX markets,
-- Development of a commercial agreement for BM&FBOVESPA to offer to Brazilian public companies products and services developed by NASDAQ OMX for support and facilitation of activities performed by these companies, including investor relations activities, structuring and assistance to boards of directors, communications with the market and market analysts.
-- Discussions continue regarding opportunities for cooperation in
technology.
Soros calls Wall St profits 'gifts' from state
October 23, 2009-The big profits made by some of Wall Street’s leading banks are “hidden gifts” from the state, and taxpayer resentment of such companies is “justified”, George Soros, the fund manager, said in an interview with the Financial Times.
“Those earnings are not the achievement of risk-takers,” Mr Soros said. “These are gifts, hidden gifts, from the government, so I don’t think that those monies should be used to pay bonuses. There’s a resentment which I think is justified."
FaithShares Trust files with the SEC
October 23, 2009-FaithShares Trust has filed an amended request 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.
Van Eck files with the SEC
October 23, 2009-Van Eck has filed a prospectus with the SEC for the following fund:
MARKET VECTORS INDIA SMALL-CAP ETF
Investment Objective
The Fund’s investment objective is to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors India Small-Cap Index (the “India Small-Cap Index”).
Principal Investment Strategies
The Fund will normally invest as least 80% of its total assets in securities of small-capitalization Indian companies.
ETF Securities USA LLC files with SEC for ETFS PALLADIUM
October 21, 2009--ETFS Securities has filed a preliminary prospectus with the SEC for the
ETFS Physical Palladium .
Ticker: PALL
CUSIP:26923A 10 6
Trust Overview
The investment objective of the Trust is for the Shares to reflect the performance of the price of physical palladium, less the expenses of the Trust’s operations
ETF Securities USA LLC files with SEC
October 20, 2009--ETFS Securities has filed a preliminary prospectus with the SEC for the
ETFS Physical Platinum Shares
Exchange symbol:PPLT
CUSIP:26922V 10 1
The ETFS Platinum Trust will issue ETFS Physical Platinum Shares which represent units of fractional undivided beneficial interest in and ownership of the Trust. ETF Securities USA LLC is the sponsor of the Trustt, The Bank of New York Mellon is the trustee of the Trust, and JPMorgan Chase Bank, N.A. is the custodian of the Trust (Custodian). The Trust intends to issue additional Shares on a continuous basis.
Remarks of Chairman Gary Gensler, OTC Derivatives Regulation, George Washington University Law School Symposium
October 23, 2009-Good morning. It is a pleasure to be with you today at one of the defining moments in our nation’s financial history. I’d like to thank Professor Mitchell for that kind introduction and George Washington University Law School for inviting me.
One year ago, the financial system failed the American public. The financial regulatory system failed the American public.
Congress responded swiftly to the crisis and committed more than $700 billion of taxpayer money to rescuing the financial industry – without which the financial system never would have stabilized. The crisis was not isolated to Bear Stearns, Lehman Brothers or AIG. It threatened the savings and livelihoods of every American. Let us recall, the financial bailout was only a means of getting a sinking ship back to port. It is now our responsibility to fix the ship before it can set sail again. We must ensure that this type of failure never threatens our nation again.
I speak to you today as someone who spent half my adult life working on Wall Street. I worked with talented individuals from around the world who operated at the highest levels of professionalism. The industry plays a fundamental role in pricing and allocating capital and risk in our economy. But being talented and working in such a critical industry doesn’t mean that individuals can’t make mistakes or that the system is flawless. The crisis eased only through strenuous effort and some considerable good fortune.
Now we must ensure that the risks generated by the financial sector are never allowed to push us so close to the brink again. Some may accuse us of overreacting and overreaching. But the worst financial crisis in 80 years demands the most comprehensive regulatory reform in generations
DB Index Research -- Weekly ETF Reports -- US
October 22, 2009-Highlights
ETF Volume
US ETF turnover declined by 1.1% to US$58.4bn in the previous week. Turnover in the S&P 500 SPDR ("Spider") was US$19.0bn. The PowerShares QQQ Nasdaq 100 had turnover of US$4.3bn followed by the iShares MSCI Emerging Markets with turnover of US$2.8bn.
There were no new ETFs launched in the last week.
In the previous week, average daily turnover in the Large Cap, US Sector Leveraged and global regional products was US$24.9bn (-0.9%), US$9.0bn (-1.7%), US$8.1bn (-3.5%) and US$4.3bn (3.4%) respectively.
Among the Emerging country ETFs, iShares MSCI Brazil ETF turnover was US$1,197m followed by iShares FTSE/Xinhua China ETF with turnover of US$796m. In non-US developed market flows, iShares MSCI Japan had turnover of US$315m. In non-domestic regional flows, emerging market turnover was US$3.1bn and developed markets regional flows EAFE had turnover of US$1.0bn.
Assets under Management (AUM)
Total assets under management for equity based ETFs rose by 3.4% in the previous week, AUM were US$574.5bn.
To request a copy of the report click here
Agency's First-Ever Web Site Devoted Exclusively to Investor Education
October 22, 2009--The Securities and Exchange Commission today launched its first-ever Web site devoted exclusively to investor education, providing investors with in-depth information and "top tips" on how to invest wisely, plan for the future, and avoid being scammed.
By visiting www.investor.gov, investors can access information in a user-friendly format that is specifically tailored to their needs. The site includes sections specifically for those just getting started investing, for those saving for a child's education, and for those planning for retirement. It also has a detailed "Seniors Care Package" section for senior citizens and caretakers.
In a welcome video on the new site, SEC Chairman Mary Schapiro says, "Investing information is available from thousands of online resources — some good, some not so good. Through Investor.gov, we are adding our own online voice to provide investors with unbiased and factual investing information."
Chairman Schapiro adds, "You'll find resources that can help you analyze your current holdings or even check the background of a registered financial professional."
Investor.gov also offers a section exclusively in Spanish, targeting the millions of Spanish-speaking investors in the United States. The "En Español" portion presents information about what to do if an investor feels that he or she has been a fraud victim, as well as a Spanish-language podcast explaining the history and functions of the SEC.
The site will be further enhanced with additional investor education resources in the coming weeks and months.
"Investor.gov will help you if you are invested in the market, are considering investing, or care for a relative who has retirement savings," said Lori Schock, Director of the SEC's Office of Investor Education and Advocacy. "Investor.gov provides an extensive collection of investor education materials, tools, calculators, checklists, as well as valuable investor alerts."
Toronto Stock Exchange And TSX Venture Exchange Head To China To Promote Canada’s Public Equity Capital Markets
October 22, 2009--Toronto Stock Exchange and TSX Venture Exchange's 2009 Fall Canadian Public Equity Markets China Roadshow kicks off today in Beijing, China. The goal of the Roadshow, which also includes visits to Xi'an on October 26 and Suzhou on October 28, is to highlight how China-based companies can benefit from listing on the Canadian equity exchanges.
"Toronto Stock Exchange and TSX Venture Exchange provide unique opportunities for Chinese companies to access North American capital," said Ungad Chadda, Senior Vice President, Toronto Stock Exchange. "Our exchanges promote a strong growth culture that is ideal for emerging companies and we want to ensure Chinese companies are aware of our strengths."
Toronto Stock Exchange and TSX Venture Exchange are world leaders in resource equities and small-to-mid-cap companies, and are important listing destinations for Chinese companies. As at September 30, 2009, there were 47 Chinese companies listed on the Exchanges with a total market capitalization of C$6.9 billion. Six new Chinese companies have listed so far in 2009.
The Roadshow will include seminars, panel discussions, presentations from Canadian lawyers, auditors and investment bankers, and one-on-one meetings with Chinese companies. For more information, please visit www.tmx.com/china.
SEC to Hold Small Business Capital Formation Forum on November 19 "Since 1982, this annual event has served as an important way for the SEC and its staff to interact with the small business community and exchange ideas about how best to improve small business capital formation," said Gerry Laporte, Chief of the SEC's Office of Small Business Policy.
The all-day forum will begin at 9 a.m. ET, and roundtable sessions will be webcast on the SEC's Web site. During the breakout group sessions in the afternoon, participants will work together to formulate specific policy recommendations. The breakout group sessions will not be webcast, but those who cannot attend in person can still participate through a telephone conference call. Those wishing to participate in a forum breakout group, whether in person or by telephone conference call, need to register online by November 16, 2009.
The SEC is looking for suggestions on specific topics to be discussed at the forum and for recommendations to be considered by the forum breakout groups. Suggestions and recommendations can be e-mailed to the SEC's Office of Small Business Policy at SmallBusiness@sec.gov. Questions about the forum also may be sent to that e-mail address, or call (202) 551-3460 for more information. The Special Master for TARP Executive Compensation Issues First Rulings
1. Reform Pay Practices for Top Executives to Align Compensation With Long-Term Value Creation and Financial Stability
Reject cash bonuses based on short-term performance, as required by statute, in favor of company stock that must be held for the long term
Restructure existing cash "guarantees" into stock that must be held for the long term
2. Significantly Reduces Compensation Across the Board
Average cash compensation down by more than 90 percent
Approved cash salary limited to $500,000 for more than 90 percent of relevant employees
Average total compensation down by more than 50 percent
Exceptions where necessary to retain talent and protect taxpayer interests
3. Require Salaries to Be Paid in Company Stock Held Stock Over the Long Term
Stock is immediately vested, requiring executives to invest their own funds alongside taxpayers
October 22, 2009-- The Securities and Exchange Commission today announced that it will hold its annual forum on small business capital formation on November 19 at its Washington, D.C., headquarters.
The SEC forum will include both roundtable and breakout group sessions that are expected to focus on the economic recovery and the SEC's "accredited investor" definition for private and limited offerings. The roundtable participants and full agenda for the forum will be announced at a later date and posted on the SEC Web site.
October 22, 2009--Today, the Special Master for TARP Executive Compensation Kenneth R. Feinberg released determinations on the compensation packages for the top executives at firms that received exceptional TARP assistance. Under the Emergency Economic Stabilization Act (EESA) as amended in 2009, the Special Master has a mandate to review all forms of compensation for five most senior executive officers and the next 20 most highly compensated employees at the seven firms that received exceptional TARP assistance (AIG, Citigroup, Bank of America, Chrysler, GM, GMAC and Chrysler Financial).
The determinations announced today for the top 25 most highly paid at the seven firms receiving exceptional assistance:
