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PowerShares Listed Private Equity Portfolio (PSP) Goes Global
September 30, 2009--Invesco PowerShares, a leading provider of exchange-traded funds (ETFs), announced today that the PowerShares Listed Private Equity Portfolio (PSP) will begin tracking the Global Listed Private Equity Index, and be renamed the PowerShares Global Listed Private Equity Portfolio. The fund will continue to be offered on the NYSE Arca under the existing ticker symbol PSP. The fund had previously tracked the Red Rocks Capital Listed Private Equity Index.
“The universe of publicly-listed private equity opportunities outside the United States is quite significant, and we are pleased to be broadening the scope of PSP to provide investors with a global exposure to this asset class,” said Ben Fulton, executive vice president global product development at Invesco PowerShares. “We are delighted to continue our partnership with Red Rocks Capital LLC, one of the world’s leading experts in private equity.”
“The PowerShares Global Listed Private Equity Portfolio (PSP) addresses the needs of investors building asset allocation models that seek to include the attributes of private equity, with the added benefit of daily liquidity provided by the ETF structure,” added Fulton.
“Private equity is an essential asset class as both emerging and developed economies require capital for growth, re-capitalization and innovative technologies,” said Mark Sunderhuse, founder and managing director at Red Rocks Capital LLC. “The Global Listed Private Equity Index represents private equity investments on a global scale. The direct holdings underlying the publicly traded securities within the Index provide exposure to more than 1,000 privately held businesses diversified by industry, geography, stage of investment, vintage year and capital structure.”
As of Sept. 30, 2009, the PowerShares Listed Private Equity Portfolio will normally invest at least 90% of its total assets in securities, which may include ADRs and GDRs that comprise the Global Listed Private Equity Index. The index is designed to track the performance of a global group of private equity firms which are publicly traded on nationally recognized exchanges worldwide. The Index contains between 40 and 60 companies that invest in and lend capital to privately held businesses, representing a means of diversified exposure to private equity firms. The securities of the Index are selected and rebalanced quarterly per modified market capitalization weights.
Deutsche Bank to Expand Holdings of Two Commodity-Linked Exchange Traded Funds
PowerShares DB Commodity Index Tracking Fund and PowerShares DB Agriculture Fund will add 15 additional commodities by October 30, 2009
September 30, 2009--Deutsche Bank today announced it will increase the number of commodities tracked by the PowerShares DB Commodity Index Tracking Fund (NYSE:DBC) and the PowerShares DB Agriculture Fund (NYSE:DBA). The additional commodities will diversify the funds’ exposures, reduce the funds’ holdings in Chicago Corn and Wheat, and satisfy position limits imposed by the Commodity Futures Trading Commission (CFTC) in those two commodities.
The changes are summarized as follows:
PowerShares DB Commodity Index Tracking Fund (NYSE: DBC)
In addition to the six commodities it currently tracks, DBC will add Brent Crude, Copper Grade A, Natural Gas, RBOB Gasoline, Silver, Soybeans, Sugar, and Zinc.
PowerShares DB Agriculture Fund (NYSE: DBA)
In addition to the four commodities it currently tracks, DBA will add Cocoa, Coffee, Cotton, Feeder Cattle, Kansas Wheat, Lean Hogs, and Live Cattle.
View filing for :
PowerShares DB Commodity Index Tracking Fund (DBC) View filing for PowerShares DB Agriculture Fund (DBA)
STARBOARD files with SEC
The FMX Growth Allocation Fund seeks capital appreciation without regard to current income.
The FMX Total Return Fund seeks total return through a combination of capital appreciation and current income.
PRINCIPAL INVESTMENT STRATEGY
The Advisor seeks to achieve each Fund’s investment objective by investing primarily in no-load, institutional, and exchange-traded funds (“Portfolio Funds”). As of Wednesday, September 30th, 2009, the investment objectives for all Direxion Leveraged Index Funds have changed.
Direxion/s Monthly Leveraged Index Funds differ from daily leveraged index funds because they are rebalanced less frequently (12 times per year versus each trading day). While the effects of compounded returns over a multi-month period may still be substantial for the funds that seek monthly objectives, exposure levels will remain constant during intra-month periods. This means that an investor's level of exposure will remain the same from the day the investor purchases shares of a Fund through the end of that calendar month period. Please note, however, that even though an investor's level of exposure remains constant throughout a calendar month period, investors should still actively monitor their investment in the Funds. The Funds are riskier than other investments that do not use leverage because the Funds magnify the performance of the benchmark of an investment.
Grail's ETFs Take 'Active' Approach RP
Growth, RP Focused Large Cap Gronth, RP Technology and RP Financials. New
York-based River Park Advisors, assisted by Wedgewood Partners, will do the
day-to-day stock selection. RiverPark's involvement is notable because the firm's
principals are veterns of the traditional mutual-fund industry, being former executives and managers at Baron Funds. CFTC and SEC Chairmen Issue Update on Harmonization Report
Subject to consideration of the Commissions, a report is expected to be issued on October 15 to address harmonization of futures and securities regulation. It is anticipated that the report will include discussion of the following issues:
• Product listing and approval;
• Exchange/clearinghouse rule approval under rules- versus principles-based approaches;
• Risk-based portfolio margining and bankruptcy/insolvency regimes;
• Linked national market and common clearing versus separate markets and exchange-directed clearing;
• Market manipulation and insider trading rules;
• Customer protection standards applicable to broker-dealers, investment advisors and commodity trading advisors; and
• Cross-border regulatory matters.
In addition, the Chairmen expect that the report will contain recommendations to Congress and the President designed to (1) strengthen their respective enforcement powers; (2) enhance and harmonize customer protection standards; and (3) establish an ongoing coordination and advisory process.
“The CFTC and the SEC have been working very closely to tailor our regulations in the best interest of the American public,” CFTC Chairman Gary Gensler said. “I look forward to reporting to Congress and the President on identifying substantive changes that both agencies can make to close regulatory gaps, address inconsistencies and ensure that any overlap best serves the public.” “We must continue to build upon the progress we are making to reduce regulatory arbitrage, avoid unnecessary duplication and close regulatory gaps,” said SEC Chairman Mary Schapiro. “We are fully committed to continuing on the path toward reform.”
In addition to extensive discussions between the agencies, the two regulatory bodies held their first ever joint public meetings earlier this month. The meetings sought to solicit views from industry participants, experts, and the public on the current regulatory scheme, harmonization of the agencies’ rules and recommendations for changes to statutes and regulations. The agencies also solicited written comments to further assist their deliberations. CFTC Seeks Public Comment on Request From New York Mercantile Exchange Involving Contracts Traded on the Dubai Mercantile Exchange
Comments regarding the request should be submitted within 30 days from date of posting.
Comments may be submitted via email to secretary@cftc.gov. All comments received will be posted on the Commission’s website.
Insights from Dow Jones Indexes-September 2009 Featured Index Family:
Introducing Dow Jones LATixx IndexesSM
Customer Focus:
Industry Perspective: In Development:
Market Commentary:
Excerpt from the Note from the Editor-John A. Prestbo
Editor and Executive Director
Dow Jones Indexes U.S. President Warren G. Harding won
election (and coined a new term) in 1920
with a promise of a “return to normalcy.”
American voters, tired of war and
disillusioned with the outside world,
lapped it up.
I will not go so far as to say that the markets have returned to
“normalcy” so soon after 2008’s meltdown (if you can even
call 2001-2008 “normal”). But players from money managers
and individual investors to industry executives and government
regulators the world over seem to be back at the table, hoping
that maybe—just maybe—the worst is behind us. read the Insights from Dow Jones Indexes issue
International Securities Exchange Announces That Its Portfolio Of First Trust Advisors ETFs Now Exceeds $500 Million In Aggregate Assets Under Management
"First Trust is pleased that the suite of ISE index-based ETFs has reached this important milestone," said Robert F. Carey, CFA and Chief Investment Officer at First Trust. "These products allow us to meet the growing demand for investment vehicles that allow our customers to gain exposure to a broad range of specialty sectors."
First Trust Advisors offers five ETFs based on ISE's proprietary indexes: the First Trust ISE-Revere Natural Gas Index Fund (FCG), the First Trust ISE Global Wind Energy Index Fund (FAN), the First Trust ISE Chindia Index Fund (FNI), the First Trust ISE Water Index Fund (FIW) and the First Trust ISE Global Engineering and Construction Index Fund (FLM). ISE offers options on the First Trust ISE-Revere Natural Gas Index Fund, the First Trust ISE Chindia Index Fund and the First Trust ISE Water Index Fund, as well as on the ISE-Revere Natural Gas Index (FUM) and the ISE Water Index (HHO).
For more information about First Trust Advisors' ETFs, please visit www.ftportfolios.com. For information about ISE's proprietary index portfolio, please visit www.ise.com/index. TRACE Bond Reporting to Now Cover Government Agency Debt-SEC Approval of FINRA Rule Also Expands TRACE to Primary Bond Market
Currently, TRACE reports real time pricing and trade volume information only on corporate bonds trading in the secondary market.
"Transparency is a crucial ingredient for investor participation in a market," said FINRA Chairman and Chief Executive Officer Richard G. Ketchum. "Based on our experience with corporate bonds, this expansion should help all investors, and especially retail investors, to better monitor their executions by putting immediate and accurate sales and pricing information in their hands.
"For regulators, there is a demonstrated need for increased bond market information, particularly as we move forward from financial crisis," Ketchum said. "Enhanced disclosure in these markets will allow proactive oversight and a deeper understanding of market dynamics."
Specific market information that is reported through TRACE includes: prices, trade size, the overall size of markets and market participants. Collecting agency and primary market transaction data will enhance FINRA's ability to better detect fraud, manipulation, unfair pricing and other misconduct that violates the federal securities laws and FINRA rules.
TRACE was established in July 2002 to bring transparency to the corporate bond market. It was fully phased in by February 2005, offering real-time, public dissemination of transaction and price data for all corporate bond trades — including intra-day transaction data and aggregate end-of-day statistics (most active bonds, total volume, advances and declines and new highs and lows).
Retail investors have free access to this data at www.finra.org/marketdata. As part of its effort to demystify the corporate bond market and make it truly accessible to retail investors, FINRA has developed a comprehensive online learning center where retail investors can become familiar with the full range of bond types and bond markets. Smart Bond Investing is available at www.finra.org/smartbonds.
Dimon shakes up JPMorgan top team Banks Tapped to Bolster FDIC Resources The FDIC estimates that the total prepaid assessments collected would be approximately $45 billion. The FDIC Board also voted to adopt a uniform three-basis point increase in assessment rates effective on January 1, 2011, and extend the restoration period from seven to eight years.
Prepayment of assessments will allow the industry to strengthen the cash position of the Deposit Insurance Fund (DIF) immediately, while allowing the capital impact of deposit insurance assessments to be felt gradually over time as the industry improves its own financial position. The banking industry has substantial liquidity to prepay assessments. As of June 30, FDIC-insured institutions held more than $1.3 trillion in liquid balances, or 22 percent more than they did a year ago. Prepaying assessments will put the industry's liquid balances to good use in conserving capital and helping to maintain the capacity of banks to lend while they rebuild the DIF. FDIC analysis indicates that this arrangement is much less likely to impair bank lending than a one-time special assessment.
Public comments are due 30 days after publication in the Federal Register. View the
Deposit Insurance Fund Restoration Plan View the Notice of Proposed Rulemaking (Draft) Broad Improvement in Home Price According to the S&P/Case-Shiller Home Price Indices NASDAQ OMX Announces August 2009 Market Performance Statistics
* The average daily matched volume in all U.S. securities last month
was 1.8 billion shares..
* Matched market share in NYSE-listed securities during August 2009
was 13.5%..
* Matched market share in NASDAQ-listed securities during August
2009 was 30%.
-- NASDAQ's average daily matched share volume in NASDAQ-listed
securities during August was 644 million shares.
NASDAQ OMX BX:
* NASDAQ OMX BX (BX) has experienced unprecedented growth in the
first seven months of operation. BX matched share of U.S. equity
volume in August was 2.6%. In July, matched share on BX was 2.1%.
U.S. ETFs:
* Matched market share in U.S. ETFs during August 2009 was 24.5%,.
U.S. Equity Options:
* NASDAQ OMX exchanges' matched market share of U.S. equity options
was 20% last month, a 5.8% increase over last year.. The NASDAQ OMX Group, Inc. Monthly Volume and Market Share Report is
available at
http://media.globenewswire.com/cache/6948/file/7388.pdf
To download more detailed information on NASDAQ OMX and overall U.S.
market activity, including FINRA/NASDAQ TRF, NASDAQ Reported, NASDAQ
Routed, NASDAQ Handled and Consolidated figures, visit
http://www.nasdaqtrader.com/content/marketstatistics/marketshare/useq.x
ls.
For information about these and other NASDAQ performance statistics,
visit BATS Exchange Unveils BATS 1000 Index - New Index From Third-Largest Us Equities Exchange
September 30, 2009--Starboard has filed a registration statement with the SCE for the FMX Funds.
INVESTMENT OBJECTIVES
The Funds’ investment advisor is FolioMetrix, LLC (“FolioMetrix” or the “Advisor”).
September 30, 2009- All Direxion Leveraged Index Funds have modified their investment objectives, from seeking daily investment results to seeking monthly investment results. In addition, all funds which previously sought to achieve 250% or -250% of the performance of their index on a daily basis will now seek to achieve 200% or -200% of the performance of their index on a monthly basis.
Why Monthly-Leveraged Index Funds?
September 30, 2009--A handful of ETFs set to launch Thursday will be run by traditional, kick-the-tires stock pickers, a group that has
had little involvement in these products. ETFs trade throughout the day on an exchange, and most track market
benchmarks.
Grail Advisors of San Francisco, is introducing the four actively managed ETFs:
September 30, 2009--The Chairmen of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) announced today that they anticipate, in two weeks, the two agencies will issue a report that will address key areas in which their regulatory schemes are different. The Chairmen also expect the report will recommend legislative and regulatory actions to address those differences where appropriate.
On June 17, 2009, the White House released a White Paper on Financial Regulatory Reform calling on the CFTC and SEC to “make recommendations to Congress for changes to statutes and regulations that would harmonize regulation of futures and securities.”
September 30, 2009--The Commodity Futures Trading Commission (Commission) is requesting public comment on a petition submitted by the New York Mercantile Exchange to amend an existing order in connection with contracts traded on the Dubai Mercantile Exchange (DME).
In May 2007, the Commission issued an order under Section 4d of the Commodity Exchange Act permitting DME and clearing member futures commission merchants to hold customer positions and associated funds held in connection with NYMEX’s clearing of specific futures contracts traded on or subject to the rules of the DME with other funds held in the segregated account. The order currently requires the margin calculation to cover two days instead of the typical one day. NYMEX now requests that the Commission amend the order to reduce the coverage to one day.
September 30, 2009--Featured in this months issue:
Brendan Bradley, Global Head of Product Strategy, Eurex
Nicholas Brooks, Head of Research and Investment Strategy, ETF Securities
Employee Profile:
Setting His Own Path: Welcome Tariq Al-Rifai
Dow Jones Global IndexesSM: Adding New Countries to the Mix
Dow Jones U.S. Economic Stimulus IndexSM
September 29, 2009--The International Securities Exchange (ISE) today announced that the First Trust Advisors portfolio of exchange traded funds (ETFs) based on ISE's proprietary indexes has reached over $500 million in aggregate assets under management. ISE's "pure play" indexes serve as benchmarks for the ETFs that target high growth sectors including natural gas, global wind energy, the emerging markets of China and India, global engineering and construction services and the water industry.
"We are very excited that these ETFs, which we developed in close partnership with First Trust Advisors, are continuing to gain traction as effective investment vehicles in the marketplace," said Kris Monaco, Director of New Product Development at ISE. "We remain committed to developing a broad range of innovative investment products that allow customers to trade their views on specialized segments of the market."
September 29, 2009--The Financial Industry Regulatory Authority announced today that the Securities and Exchange Commission approved a major expansion of FINRA's Trade Reporting and Compliance Engine (TRACE) to include debt issued by federal government agencies, government corporations and government sponsored enterprises (GSEs), as well as primary market transactions in new issues.
Details about the expansion and its implementation are available in FINRA Regulatory Notice 09-57.
September 29, 2009--Jamie Dimon, chief executive of JPMorgan Chase, on Tuesday carried out a surprise shake-up of its top management team, ousting Bill Winters, co-head of investment banking, and anointing Jes Staley, a veteran banker, as likely heir for the top job.
Under the reshuffle, Mr Staley, who has been at JPMorgan since 1979, will take over the investment bank while Steve Black, the other co-head, becomes executive chairman of the unit for the next 18 months.
September 29, 2009--The Board of Directors of the Federal Deposit Insurance Corporation today adopted a Notice of Proposed Rulemaking (NPR) that would require insured institutions to prepay their estimated quarterly risk-based assessments for the fourth quarter of 2009 and for all of 2010, 2011 and 2012.
FDIC Chairman Sheila C. Bair said, "First and foremost, bank customers should know that their insured deposits have and always will be 100 percent safe, no matter what. This commitment to depositors is absolute. The decision today is really about how and when the industry fulfills its obligation to the insurance fund. It's clear that the American people would prefer to see an end to policies that look to the federal balance sheet as a remedy for every problem. In choosing this path, it should be clear to the public that the industry will not simply tap the shoulder of the increasingly weary taxpayer. This proposal is a vote of confidence for the banking industry's resilience, and it will continue to recover its strength as we work through the significant challenges ahead."
September 29, 2009-Data through July 2009, released today by Standard & Poor’s for its
S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, show that, although
still negative, the annual rate of decline of the 10-City and 20-City Composites improved compared to
last month’s reading. This marks approximately six months of improved readings in these statistics,
beginning in early 2009.
“The rate of annual decline in home price values continues to decelerate and we now seem to be
witnessing some sustained monthly increases across many of the markets” says David M. Blitzer,
Chairman of the Index Committee at Standard & Poor’s. “The two composites and all metro areas are
showing an improvement in the annual rates of return, as seen through a moderation in their annual declines.
September 29, 2009--Thhe NASDAQ OMX Group, Inc.
(Nasdaq:NDAQ) today announced consolidated market performance
statistics for its U.S. exchanges for the month of August 2009.
* The NASDAQ OMX Group, Inc. matched share of total U.S. equity
volume in August 2009 was 21.2%.
-- The NASDAQ Stock Market's (NASDAQ(R)) matched share of U.S.
equity volume was 18.6%, more than any other U.S. exchange.
-- NASDAQ OMX BX matched share of U.S. volume was 2.6%.
The NASDAQ Stock Market:
-- The average daily matched trade count in U.S. equities was 7.2
million..
-- The average daily matched volume in NYSE-listed stocks was 789
million shares, a 4.1% increase from last month.
-- BX's average daily matched volume in U.S. equities in August
was 250 million shares, an increase of 36.8% over the previous
month.
more than any other U.S. exchange.
-- Average daily matched share volume of U.S. ETFs in August was
350 million shares.
.
-- The average daily matched volume of NASDAQ OMX exchanges in
U.S. equity options totaled 2.5 million contracts in August
2009, a 43.5% increase over last year..
-- In August, matched share on The NASDAQ Options Market (NOM) was
3.5%..
-- NASDAQ OMX PHLX (PHLX) matched share was 16.6%.
www.nasdaqtrader.com/marketshare.
September 28, 2009-BATS Exchange, an innovative and technology leading US
securities exchange, today announced the launch of the BATS 1000SM Index, a US-listed securities
benchmark based on the performance of a total of 1000 US-listed securities in 10 defined sectors.
The BATS 1000 Index offers a rare, broad snapshot of the US equities marketplace by tracking the
performance of large-cap, mid-cap and small-cap securities that, unlike other indices, are classified in 10
equally-weighted sectors. The top 100 securities in each sector are ranked by market capitalization and
form the BATS 1000 Index.