3rd Qtr 2009
                                                ------------
 Total New Listings                                 33
 NYSE Group Switches                                 7
 Initial Public Offerings                           12
 Upgrades from Over-the-Counter                      9
 ETFs, Structured Products & Other Listings          5
 

 
 
 
 Symbol         Company Name
 ------         ------------
 CDCS           CDC Software Corp.
 CAGC           China Agritech Inc.
 CRTP           China Rita Power Corp.
 DEER           Deer Consumer Products Inc.
 GAME           Shanda Games Ltd.
 LIWA           Lihua International Inc.
 RCON           Recon Technology Ltd.
 RINO           RINO International Corp.
 TRIT           Tri-Tech Holdings Inc.
 YONG           Yongye International Inc.
 

Weakening dollar and global recovery have increased demand for gold

The World Gold Council's latest Gold Investment Digest, which covers activity to the end of Q3, noted gold demand rising on continuing dollar weakness and signs of a stronger global economy.

October 23, 2009--The combination of a stronger global economy, an unchanged policy stance by the major central banks, and a continuing dollar weakness increased demand for gold as a store of value in Q3. The gold price ended the third quarter at US$995.75/oz on the London PM fix, having surpassed the symbolic US$1000/oz level two weeks before the close of the quarter, according to World Gold Council's latest Gold Investment Digest.

Gold exchange traded funds continued to grow in popularity over the quarter, reaching another record in tonnage terms. The total volume of gold purchased via the major exchange traded funds increased by 38.5 tonnes in the third quarter, taking total holdings to a record 1732.5 tonnes, the equivalent of US$55.5 billion.

While preliminary reports on third quarter trends in India suggest jewelry demand remained weak, the upcoming wedding and festival season indicated signs of seasonal improvement. Reports from China continued to be upbeat, while consumers in the US market still curbed discretionary purchases as a result of the economic downturn.

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NASDAQ OMX Futures Exchange Announces Partnership With IKON Global Markets

October 22, 2009-The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) announced today that NASDAQ OMX Futures Exchange (NFX), the exchange's U.S. based futures market, has partnered with IKON Global Markets, a leading global Futures Commission Merchant. IKON became the first futures broker to offer client access to NFX's World Currency Futures products (WCF), effective immediately. NFX's WCF products include: the Australian dollar (AD9), British pound (BP9), Canadian dollar (CA9), Colombian Peso (CP9), Euro dollar (EU9), Japanese Yen (JY9), and the Swiss franc (SF9).

As a result of this partnership, customers will be able to utilize the IKON trading application to see live NFX market prices and enter buy/sell orders. NFX offers trading on seven currencies, all of which are retail-sized (approximate notional value is $10,000) and are cash settled in U.S. dollars. WCFs are an exact hedge for World Currency Options (securities options) which trade on NASDAQ OMX PHLX.

"NFX's product development efforts in Dec. 2008 focused mainly on listing new interest-rate swap futures through our partnership with IDCG and since then we have focused on furthering our strategy of leveraging our superior NASDAQ OMX trading technology while bringing new products to market on an efficient futures trading platform," commented Ben Craig, President of NASDAQ OMX Futures Exchange. "Today's announcement with IKON further strengthens our offering of retail FX products in a fully electronic environment. We are delighted to kick-off this collaboration with a global player in the futures industry like IKON," he added.

Diwakar Jagannath, CEO of IKON Global Markets, said, "NASDAQ OMX Futures Exchange has successfully developed and operated the World Currency Options platform with great speed and efficiency and we look forward to collaborating in their success with the World Currency Futures product. We enjoy working with the NFX team to add market depth, liquidity and our capabilities to clients and look forward to our joint efforts to develop new products and bring new participants to the exchange," he added.

NFX is engaged with IKON in collaborative business efforts to deliver broader trading opportunities to the global futures trading community. The NFX, formerly known as the Philadelphia Board of Trade, is a designated contract market under CFTC jurisdiction. It currently lists 10 futures products; including interest rate swap futures, currency futures and sector index futures for trading. Most recently, it began trading Columbian Peso futures.

NASDAQ OMX has a significant presence within the derivatives space globally including the NASDAQ OMX Futures Exchange, Nord Pool ASA, NASDAQ OMX Commodities International Derivatives Clearing Group, an independently operated majority owned NASDAQ OMX company, and its two options markets, The NASDAQ Options Market and NASDAQ OMX PHLX. NASDAQ OMX also has a 20% equity ownership stake in Agora-X.

Senior Supervisors Group Issues Report on Risk Management Practices

October 21, 2009--The Senior Supervisors Group (SSG) that comprises senior financial supervisors from seven countries (United States, Canada, France, Germany, Japan, Switzerland, United Kingdom) today issued a report that evaluates how weaknesses in risk management and internal controls contributed to industry distress during the financial crisis.

The report — Risk Management Lessons from the Global Banking Crisis of 2008 — reviews in detail the funding and liquidity issues central to the recent crisis and explores critical areas of risk management practice in need of improvement across the financial services industry.

The report concludes that despite firms' recent progress in improving risk management practices, underlying weaknesses in governance, incentive structures, information technology infrastructure and internal controls require substantial work to address.

The observations and conclusions in the report reflect the results of two initiatives undertaken by the SSG. These initiatives involved a series of interviews with firms about funding and liquidity challenges and a self-assessment exercise in which firms were asked to benchmark their risk management practices against a series of recommendations and observations taken from industry and supervisory studies published in 2008.

This report represents a joint effort of nine supervisory agencies, including the Securities and Exchange Commission, the Office of the Comptroller of the Currency, and the Federal Reserve in the United States. The other agencies are the Canadian Office of the Superintendent of Financial Institutions, the French Banking Commission, the German Federal Financial Supervisory Authority, the Japanese Financial Services Agency, the Swiss Financial Market Supervisory Authority, and the U.K. Financial Services Authority.

These initiatives were conducted to support the priorities of the Financial Stability Board whose mission is to address vulnerabilities affecting the financial system and to promote global financial stability.

CME Group to accept gold as collateral

October 20, 2009--CME Clearing is introducing an enhancement to the existing Performance Bond Collateral schedule. Effective October 19, 2009, firms will be able to post physical gold to CME Clearing to cover non-segregated (NSEG) Performance Bond requirements. Initially, gold will be able to be posted to JP Morgan Chase Bank in London, England. In the near future, we hope to add additional depositories.

There will be a 15% asset haircut on the market value of all gold deposits. Additionally, gold can be applied to 20% Core, 50% Reserve and 50% of concentration requirement for your particular firm. There will be a firm asset limit of $200 million. These guidelines are subject to change and will be evaluated on a regular basis. Fees for storage, insurance and handling will be assessed by the custodian and passed on to the firms monthly. The total fees that will be charged is subject to change but is currently estimated at 5bps.

CME will send pre-notifications via email to back office managers each month which will reflect the date that these monies will be debited directly from your firm's house account. Prior to posting physical gold as collateral to CME Clearing for house accounts, a clearing firm will need to execute an English law title transfer agreement in the form specified by CME Clearing, which will cover all subsequent deposits of gold.

In order to obtain the title transfer agreement, please contact CME Clearing Financial Unit by phone at (312) 207-2594 or via email at Clearinghousefinancial@cmegroup.com.

The title transfer agreement will ensure that CME Clearing has the control over the collateral that is specified in CME rules, under English law, since the gold will be physically located in London.

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NYSE Euronext To Provide Transparency For Alternative Trading Systems

‘Dark Pool’ Trades ‘Printed’ On FINRA/NYSE Trade Reporting Facility Will Be Published Daily On NYSE.Com – Barclays Capital, GETCO, Goldman Sachs, Knight, UBS To Participate - Other Firms To Join
October 20, 2009--NYSE Euronext (NYX) announced that beginning next month, it will provide a means for participating broker-dealers’ alternative trading systems (ATSs) and off-exchange market centers to create transparency regarding volume and individual “dark pool” activity by allowing the firms to “print” trades on the FINRA/NYSE Trade Reporting Facility (TRF) and display the daily activity of each trading venue on NYSE.com.

“This is an example of NYSE Euronext and the industry working together to develop a positive solution to address the lack of understanding regarding the extent and nature of ‘dark pool’ trading , which has been a concern for regulators and legislators,” said Joseph Mecane, NYSE Euronext’s Executive Vice President and Chief Administrative Officer for U.S. Markets. “We believe this will bring requisite and appropriate sunlight to alternative trading systems and other sources of off-exchange liquidity, and also help standardize the way their trading volumes are reported.”

NYSE Euronext has been discussing the idea with a number of firms that operate ATSs and off-exchange trading venues, and Barclays Capital, GETCO, Goldman Sachs Execution & Clearing, L.P., Knight Equity Markets, L.P. and UBS Investment Bank have volunteered to begin reporting their respective venues’ activity to the FINRA/NYSE TRF in November 2009. Other firms have indicated an interest in NYSE Euronext’s transparency initiative and are establishing the necessary technology to begin participating in the program in the coming weeks.

"This initiative is an important step toward the standardization of trade volume reporting across ATS venues," said Frank Troise, Head of Equities Electronic Product at Barclays Capital. "Industry participants will be able to make more informed order placement decisions and thereby improve their execution quality."

"We need to maintain the right balance between vibrant public price discovery and individual execution preference," said Jon Ross head of GETCO Execution Services. "This initiative is an important first step in collecting the data critical to analyzing and preserving that balance."

“We’re looking forward to the launch of NYSE Euronext’s ATS-transparency initiative,” said Greg Tusar, Head of Electronic Trading in the Americas at Goldman Sachs. “By publishing trading volume on its website, NYSE Euronext has spearheaded an industry-driven solution which provides a public source for evaluating broker-dealer ATS volumes.”

"Knight is pleased to work with NYSE Euronext to increase transparency among off exchange liquidity providers through their FINRA/NYSE Trade Reporting Facility,” said Jamil Nazarali, Managing Director, Knight Equity Markets. "This new facility will enable market participants to better evaluate and compare competing pools of liquidity to make more informed routing decisions."

Charlie Susi, Head of Direct Execution for the Americas at UBS Investment Bank, said, “The way the industry has advertised non-displayed volumes and crossing rates has been highly inconsistent – which makes it very difficult for clients to get a clear picture of liquidity. This initiative is something we're pleased to see, because it will establish better objectivity and clarity. We encourage all of our peers to join us in participating.”

The daily trading activity volume published by the FINRA/NYSE TRF will be based on trades reported to the FINRA/NYSE TRF, which follow FINRA’s trade-reporting rules. Basing the published volume strictly on trade reports will address some of the problems associated with voluntary reporting by ATSs of their own volume, such as counting both sides of a trade, and counting trades that are routed by not executed. Trades reported to FINRA/NYSE TRF will be single-counted and matched-only. All ATS trades are currently reported to an industry TRF, which in turn drives the various “time and sales” market data feeds. This initiative attributes the volumes to the matching destination.

Each trade reporting facility provides a mechanism for the reporting of transactions effected otherwise than on an exchange. While each TRF is affiliated with a registered national securities exchange, each TRF is a FINRA facility and is subject to FINRA's registration as a national securities association.

Preqin Report:

October 19, 2009--Impact of the Financial Crisis on Investor Attitudes to Infrastructure

The majority of investors that had invested in 2009 did so sparingly, with 14% investing in only one fund and just 5% committing to multiple funds.

The economic downturn has forced investors to take stock of their existing portfolios and re-evaluate asset allocations, which has led to a decrease in investor activity in 2009.

65% of investors told us that they had no plans to invest in infrastructure funds in 2009 because they had already fulfilled their target allocations. Due to market conditions many of these investors have not had to make new investments to maintain their allocations to the asset class. 30% of investors had postponed planned infrastructure commitments, choosing to wait until market conditions improve before making their planned investments.

The remaining 5% of investors had completely cancelled planned commitments, citing either market volatility or a change in investment strategy as the reason behind this decision.

View the Preqin Research Report Survey of Institutional Investor Sentiment towards Infrastructure Funds

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