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ETFS Physical Swiss Gold Shares (SGOL) breaks $70m assets under management
• ETFS Physical Swiss Gold Shares (SGOL) trading volumes show robust
positive momentum exceeding management expectations during first week of trading.
• Strong inflows validate investor appetite for physically-backed gold stored
in Switzerland.
• ETF Securities combined assets in SIVR and SGOL are now over $180.5m
September 16, 2009 – ETF Securities USA LLC (ETFS) announced today that the
assets under management of the ETFS Physical Swiss Gold Shares (SGOL) now exceeds
$70m as of September 16, 2009 after experiencing high trading volumes since launch. Total
assets under management in SGOL and ETFS Physical Silver (SIVR) now stand at $180.5m
as at September 16, 2009.
ETFS Physical Swiss Gold Shares (SGOL) began trading on the NYSE ARCA on September
9th, 2009 and we believe the inflows and trading volumes seen since inception indicate an
increasingly bullish sentiment by investors towards Gold.
The objective of the newly listed shares is to reflect the performance of the price of Gold bullion, less the Trust’s operating expenses. The Trust is open ended and is designed for investors who want a cost-effective(1) and convenient(2) way to invest in Gold as well as diversify their Gold holdings.
The highlights of the new offering are:
• Gold stored in Switzerland: ETFS Physical Swiss Gold Shares (SGOL) will custody
all of its physical gold bullion in secure LBMA approved vaults in Zurich, Switzerland
offering diversification benefits across issuer, custodian and geographies.
• Physically-backed: ETFS Physical Swiss Gold Shares (SGOL) are backed by
allocated physical gold bullion that meets London Bullion Market Association (LBMA)
“good delivery”(4)standards.
• Low cost : ETFS Physical Swiss Gold Shares (SGOL) expense ratio of 0.39% is
the lowest priced physically-backed gold product offered in the US ETF
market(3)
Transparent: Gold bars underlying ETFS Physical Swiss Gold Shares (SGOL) will
undergo a bi-annual inspection performed by an independent external auditor. All
Gold bar identification numbers will be published on www.etfsecurities.com
Commenting on the new product launch Fred Jheon, Head of Product and Business Development said: “We are very pleased to achieve another milestone and continue our aggressive push into the US exchange traded products market and offer ETFS Physical Swiss Gold shares (Ticker: SGOL) to investors. SGOL is now the lowest cost physically-backed gold product and represents an efficient way to gain exposure and diversify into physical gold vaulted in Switzerland. And as we build the business, we will continue to look at innovative and pragmatic ways to offer investors exciting new products.”
Commenting on the positive flows in assets, William Rhind, Head of Sales & Marketing for ETFS Marketing LLC, commented: “The launch of ETFS Physical Swiss Gold Shares (SGOL –“Swiss Gold”) represents another historic landmark for ETF Securities. We are very excited to be able to offer the first physical Gold ETF in the US market to be backed by gold stored in Switzerland. SGOL builds on the initial success of our first product, ETFS Physical Silver (SIVR). We’re delighted with the response we’ve had from investors so far. The feedback we’ve received from clients on the cost effective nature of the product and Swiss Gold custody has been extremely encouraging.
ETFS Physical Silver Shares are issued by the ETFS Silver Trust. And ETFS Physical Swiss Gold Shares are issued by the ETFS Gold Trust.
For more information on the new issue or ETF Securities please contact the US marketing
agent, ETFS Marketing on 212-918-4954 or visit our website: www.etfsecurities.com
Source: ETF Securities
Emerging Global Advisors Lists Emerging Global Shares Dow Jones Emerging Markets Financials Titans Index Fund ETF on NYSE Arca
September 16, 2009--NYSE Euronext announced that its wholly-owned subsidiary, NYSE Arca, today began trading the Emerging
Global Shares Dow Jones Emerging Markets Financials Titans Index Fund
(Ticker: EFN). The ETF is sponsored by Emerging Global Advisors.
The fund seeks to achieve its investment objective of total return by
investing in the constituent securities of the Dow Jones Emerging
Markets Financials Titans Index (the “Underlying Index”). The
Underlying Index is a stock market index comprised of 30 leading
“Emerging Markets” companies that Dow Jones Indexes deems to be part of
the “Financials” sector of the global economy, which generally includes
companies whose businesses involve banking, insurance, real estate, and
financial services.
Source: NYSE Euronext
SEC Announces New Division of Risk, Strategy, and Financial Innovation
Professor Henry Hu Named First Director
September 16, 2009--Securities and Exchange Commission Chairman Mary L. Schapiro today announced that University of Texas School of Law Professor Henry T. C. Hu has been named Director of the newly-established Division of Risk, Strategy, and Financial Innovation
The new division combines the Office of Economic Analysis, the Office of Risk Assessment, and other functions to provide the Commission with sophisticated analysis that integrates economic, financial, and legal disciplines. The division's responsibilities cover three broad areas: risk and economic analysis; strategic research; and financial innovation.
"This new division will enhance our capabilities and help identify developing risks and trends in the financial markets," said Chairman Schapiro. "By combining economic, financial, and legal analysis in a single group, this new unit will foster a fresh approach to exchanging ideas and upgrading agency expertise."
Chairman Schapiro continued, "I am pleased Professor Hu agreed to accept this leadership role. His vast understanding of the complexities of the markets will be put to good use on behalf of investors as he leads this new division. I welcome Henry to the SEC, and look forward to benefitting from his insightful counsel."
Professor Hu said, "I am honored that Chairman Schapiro has asked me to be the director of this new division at this seminal time. The derivatives revolution, the rise of hedge funds and institutional investors, technological change, and other factors have transformed both capital markets and corporate governance. I look forward to working with the Commission and to using an interdisciplinary approach that is informed by law and modern finance and economics, as well as developments in real world products and practices on Wall Street and Main Street."
read more
Source: SEC.gov
OOK, Inc. files with the SEC
September 16, 2009--OOK, INC. has filed a Preliminary Prospectus with the SEC.
view filing
Source: SEC.gov
TXF FUNDS, INC. files prospectus with the SEC.
September 16, 2009--TXF Funds have filed for a prospectus with the SEC.
VIEW FILING
Source: Sec.gov
ShariahShares Exchange-Traded Fund files with SEC
September 16, 2009-ShariahShares has filed an amended application for exemptive relief with the SEC.
The Initial Index Funds are the ShariahShares FTSE USA Fund and the ShariahShares FTSE Developed ex-US Fund.
The ShariahShares FTSE USA Fund will seek investment results that correspond, before fees and expenses, generally to the price and yield performance of the FTSE Shariah USA Index. The FTSE Shariah USA Index is market capitalization weighted and comprises of large and mid cap U.S. stocks. As of August 31, 2009, the FTSE Shariah USA Index consisted of approximately 241 stocks.8
The ShariahShares FTSE Developed ex-US Fund will seek investment results that correspond, before fees and expenses, generally to the price and yield performance of the FTSE Shariah Developed ex US Index. The FTSE Shariah Developed ex US Index is market capitalization weighted and represents the developed stock markets outside of the United States. It comprises 25 of the 48 countries in the standard FTSE GEIS Index Series, not including Frontier Markets. The countries included are: Australia, Austria, Belgium/Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Hong
view filing
Source: SEC.gov
Invesco PowerShares files with SEC
September 16, 2009- InvescoPoweshares has filed a prospectus with the SEC.
The fund is:
PowerShares Build America Bond Portfolio.
The investment objective of the Fund is to replicate as closely as possible, before fees and expenses, the price and yield of the Build America Bond Index.
PowerShares Capital Management LLC is the Advisor.
view filing
Source: Sec.gov
BNY Mellon Asset Servicing Selected to Provide Services For ETF Securities
Physical Swiss Gold Shares
New ETF Aimed at Providing Investors with Low-Cost Exposure to Gold
September 16, 2009--BNY Mellon Asset Servicing, the
global leader in securities servicing, announced today that it has been
selected by ETF Securities to provide comprehensive exchange-traded funds
(ETF) services for the ETF Securities (ETFS) Physical Swiss Gold Shares (NYSE
ARCA: SGOL), which has been designed to reflect the price of gold bullion.
The services include trustee services, fund accounting, fund administration,
ETF services and transfer agency.
"We are pleased to expand our relationship with ETF Securities, which
currently utilizes our asset servicing capabilities for derivatives-based
funds that are distributed in Europe," said Joseph Keenan, managing director
and head of relationship management for BNY Mellon Asset Servicing. "The new
gold-backed fund demonstrates the increasing diversification that investors
can achieve through ETFs."
"BNY Mellon has an excellent reputation for providing customized services for commodity-based exchange-traded products," said Fred Jheon, head of product and business development for ETFS Marketing LLC. "Based on our existing relationship in Europe, we are confident that BNY Mellon will be an excellent partner in the U.S. on our new physically-backed precious metal products. Our new offering, SGOL, has been constructed to provide investors with a low-cost and convenient way to gain exposure to physical gold held in fortified vaults in Switzerland, and we are confident that BNY Mellon has the capabilities to support this type of product."
ETF Securities Ltd is a provider of exchange traded commodities (ETCs) and exchange traded funds (ETFs). ETF Securities is independently owned and is the European market leader in ETCs. The management of ETF Securities pioneered the development ETCs, with the world's first listing of an ETC, Gold Bullion Securities in Australia and London in 2003 and then the world's first entire ETC platform which was listed on the London Stock Exchange in September 2006. ETF Securities has most recently launched the largest platform of thematic sector ETFs in Europe providing exposure to European firsts such as coal, steel, shipping and nuclear power.
BNY Mellon Asset Servicing offers clients worldwide a broad spectrum of specialized asset servicing capabilities, including custody and fund services, securities lending, performance and analytics, and execution services.
BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation.
BNY Mellon is a global financial services company focused on helping clients
manage and service their financial assets, operating in 34 countries and
serving more than 100 markets. The company is a leading provider of financial
services for institutions, corporations and high-net-worth individuals,
providing superior asset management and wealth management, asset servicing,
issuer services, clearing services and treasury services through a worldwide
client-focused team. It has $20.7 trillion in assets under custody and
administration, $926 billion in assets under management, services $11.8
trillion in outstanding debt, and processes global payments averaging $1.8
trillion per day. Additional information is available at bnymellon.com.
Source: BNY Mellon
Opening Statement of Chairman Gary Gensler, Commodity Futures Trading Commission, Meeting of: The Energy and Environmental Markets Advisory Committee
September 16, 2009--Good morning. Thank you Commissioner Chilton for chairing today’s meeting of the Energy and Environmental Markets Advisory Committee. I look forward to a productive discussion of some of the key issues facing the Commodity Futures Trading Commission. I’d also like to join Commissioner Chilton in welcoming all of the EEMAC members. I wish to thank you for all of your advice and contributions.
Energy markets are at the forefront of the CFTC’s regulatory agenda. The top seven energy contracts that we regulate have a notional value of nearly $700 billion. It is essential that this agency continues to police the energy markets for fraud, manipulation and other abuses by promoting market integrity and enhancing transparency.
Earlier this summer, we held three hearings into if the Commission should set position limits in the energy markets. The Congress mandated in our statute that the CFTC set position limits to protect the American public. We do so in the agriculture markets. Working with the exchanges, we did so for energy and metals contracts through June, 2001. In that regard, I understand that a major exchange will release a White Paper on position limits later today. I thank them for their contribution to this dialogue and look forward to reviewing their paper. I believe that we should continue to seriously consider the benefits of position limits. I look forward as well to hearing from EEMAC members on this issue.
We also are working with Congress to ensure that the “trade” part of any “cap-and-trade” legislation is effectively regulated.
read more
Source: CFTC.gov
TREASURY INTERNATIONAL CAPITAL DATA FOR JULY
September 16, 2009--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for July 2009. The next release, which will report on data for August 2009, is scheduled for October 16, 2009.
Net foreign purchases of long-term securities were $15.3 billion.
Net foreign purchases of long-term U.S. securities were $44.0 billion. Of this, net purchases by private foreign investors were $32.1 billion, and net purchases by foreign official institutions were $12.0 billion.
U.S. residents purchased a net $28.8 billion of long-term foreign securities.
Net foreign acquisition of long-term securities, taking into account adjustments, is estimated to have been negative $7.4 billion.
Foreign holdings of dollar-denominated short-term U.S. securities, including Treasury bills, and other custody liabilities decreased $4.5 billion. Foreign holdings of Treasury bills increased $14.4 billion.
Banks' own net dollar-denominated liabilities to foreign residents decreased $85.7 billion.
Monthly net TIC flows were negative $97.5 billion. Of this, net foreign private flows were negative $131.3 billion, and net foreign official flows were $33.8 billion.
Complete data are available on the Treasury website at www.treas.gov/tic
Note: The data for lines 22-32, and especially line 29, include data from a number of institutions previously reporting only quarterly as nonbanks, but which are now reporting monthly as banking entities. This change in reporter classification affects data going back to October 2008.
view the TIC Monthly Reports on Cross-Border Financial Flows(Billions of dollars, not seasonally adjusted)
Source: U.S. Department of the Treasury.
FRC Issues New Report on the Industry
September 15, 2009--Financial Research Corporation (FRC) issued a new report that finds that ETF product comfort levels are high among financial advisors. Advisors at wirehouses and RIAs were most satisfied with ETFs, with 82 percent and 76 percent, respectively,
saying they were “very comfortable” or “somewhat comfortable” with ETF products.
A majority of RIA advisors (57 percent) and wirehouse advisors (56 percent), said they “intend to make net additions in the next 12 months” in ETFs
The survey was conducted in May 2009. More information visit www.frcnet.com.
Source: Online News
CCX To Be Global Exchange Partner Of Carbon Disclosure Project
September 15, 2009--Chicago Climate Exchange® (CCX®), a Climate Exchange plc company, announced today it is partnering with the Carbon Disclosure Project (CDP) on efforts related to emissions disclosure and greenhouse gas management as CDP’s exclusive Global Exchange Partner.
“CDP has done so much to help investors make well informed decisions and to elevate the discussion on the need to manage greenhouse gas emissions from a business perspective,” said CCX Chairman and founder Richard L. Sandor. “Through our new partnership with CDP, we will further efforts to cost-effectively and meaningfully reduce emissions.”
CEO and co-founder of the Carbon Disclosure Project Paul Dickinson said “CCX and the Climate Exchange companies are playing a vital role globally in the development of carbon trading as a mechanism to drive emissions reductions. Through our partnership, we will provide policy makers and the marketplace with new insights into how good measurement, reporting and carbon management not only cuts emissions, but also unlocks the key to significant commercial opportunities for companies and investors alike.”
As CDP’s exclusive Global Exchange Partner, CCX will also join CDP in producing a white paper on managing greenhouse gas emissions and the associated commercial and revenue opportunities for economic entities in China. In 2008, CCX established the Tianjin Climate Exchange (TCX), a joint venture with Chinese National Petroleum Corporation Asset Management Company and the city of Tianjin, and the first integrated environmental emissions reduction, management and trading platform in China.
The Carbon Disclosure Project is an independent not-for-profit organization which holds the largest database of corporate climate change information in the world. The data is obtained from responses to CDP’s annual Information Requests, issued on behalf of institutional investors, purchasing organizations and government bodies.
Sandor also serves as Executive Chairman of Climate Exchange plc. Climate Exchange plc owns CCX, including the CCX-subsidiary Chicago Climate Futures Exchange® (CCFE®), as well as the European Climate Exchange (ECX). Climate Exchange plc is a publicly traded company listed on the AIM division of the London Stock Exchange (CLE.L).
Source: Chicago Climate Exchange
SEC Investor Advisory Committee Forms Subcommittees to Tackle Ambitious Agenda on Behalf of Investors
September 15. 2009 — The Securities and Exchange Commission's newly-formed Investor Advisory Committee today announced that three subcommittees have been formed to address specific categories of regulatory issues as the Committee tackles its wide-ranging agenda. The subcommittees will focus on investor education, investor protection, and shareholder voting and corporate governance.
The SEC's Investor Advisory Committee was formed by SEC Chairman Mary L. Schapiro to give investors a greater voice in the Commission's work. Richard Hisey from AARP Financial and Hye-Won Choi from TIAA-CREF co-chair the Committee in consultation with SEC Commissioner Luis A. Aguilar, who serves as the Committee's sponsor and chief liaison to the Commission.
"The Committee has identified three important and timely broad subject areas to delve into, and the Commission looks forward to receiving its perspectives," said Chairman Schapiro. "Investor views are integral to the SEC's mission, and the work of these subcommittees will greatly inform the SEC's regulatory agenda."
Commissioner Aguilar added, "The Investor Advisory Committee has decided to form three subcommittees focused on key issues of concern to investors. Investors are engaged in the capital markets in many ways, including as purchasers and shareholders, and these subcommittees will assist the Committee to examine and make recommendations on issues across this spectrum. This is critical work and I look forward to seeing the subcommittees in action."
The three subcommittees are:
An Investor Education Subcommittee
chaired by Dallas Salisbury (President and CEO, Employee Benefit Research Institute) plans to focus on matters related to financial literacy, the efficacy of layered educational resources that may permit investors to access information at varying levels of detail reflecting their needs, the ways that issuers and boards of directors communicate with investors, and the types of technology that can be utilized for education.
An Investor as Purchaser Subcommittee
chaired by Mercer Bullard (Founder and President of Fund Democracy, Inc. and Associate Professor of Law, University of Mississippi School of Law) expects to examine the needs of investors when they purchase specific products (mutual funds, hedge funds, money market funds) and services (brokerage, investment advisory, and financial planning). This subcommittee also will consider the fiduciary duty owed to investors by those who provide investment advice, as well as issues related to pre-sale and other disclosure, intermediary fees and compensation practices, arbitration, and technology.
An Investor as Shareholder
Subcommittee chaired by Stephen Davis (Executive Director of Yale School for Management's Millstein Center for Corporate Governance, and board member of Hermes Equity Ownership Service) intends to review proxy solicitation and disclosure issues, proxy voting and process (including the role of proxy advisory firms), majority voting, Regulation FD, executive compensation practices, the responsibilities of shareholders, international issues, and technology related to shareholder communications and voting.
The SEC's Investor Advisory Committee plans to hold its next meeting in early October.
A new Web page with more information about the work of the SEC's Investor Advisory Committee is available at http://www.sec.gov/spotlight/
investoradvisorycommittee.shtml.
Source: SRC.gov
Lehman creditors challenge transfer to BarCap
September 15, 2009--Representatives of the defunct Lehman Brothers estate asked a US judge to re-open the contract that transferred the bank’s North American assets to Barclays Capital a year ago, claiming that up to $8bn in cash and securities was transferred to BarCap without the court’s knowledge.
Attorneys for Alvarez & Marsal, the turnround firm hired by Lehman’s creditors to maximise the amount of recoverable assets, claimed that in the frenzied week during which Lehman’s US assets were sold to Barclays last year – for $1.75bn – the bankruptcy court was kept in the dark read full story
Source: FT.com
“Moment of Inertia”
Speech of Commissioner Bart Chilton before the Institutional Investors Carbon Forum, the Metropolitan Club, New York, New York
September 15, 2009--Introduction Thank you for the introduction. This is such an exciting time and I really do appreciate the opportunity to be with you today. The topic of this conference is one of the most important things that can be discussed. In fact, I have said that passage and implementation of a green cap and trade legislation—Green CAT—is “the most important thing we have never done.” Needless to say, I’m a big supporter of passage of a thoughtful piece of legislation in this regard. I have also estimated that carbon markets have the potential of being the leading commodity markets traded in the world. Specifically, I have said that within five years of trading, I think they could represent a $2 trillion market. That is good for the futures industry, good for markets, and good for the economic engine of our democracy.
Oh yeah, and it has the benefit of possibly saving the planet. There is always that. You know, avoiding things like rising sea levels that threaten coastlines, resulting in the displacement of hundreds of millions of people; storms and hurricanes that become increasingly powerful—and deadly; serious droughts affecting inland wetlands, causing the loss of massive breeding grounds and filtration systems; and the accompanying increase and spreading of disease. In short, global warming will disrupt ecosystems all over the world, not just those that are in the direct line of fire, so to speak. Those are kind of big bonuses. It is sort of like the pinball machine where the player doesn’t only get the score for one ball, but perhaps triple bonus points. With Green CAT legislation we will see multiple benefits.
read more
Source: CFTC.gov