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NASDAQ OMX Announces Debt Refinancing Actions
Commences Tender Offer for 2.50% Convertible Senior Notes -
Announces $1.2 Billion Credit Facility
September 20, 2011--The NASDAQ OMX Group, Inc. ("NASDAQ OMX") (Nasdaq:NDAQ) today announced that it has commenced a cash tender offer (the "Offer") for any and all of the approximately $428 million aggregate principal amount outstanding of its 2.50% Convertible Senior Notes due 2013 (the "Convertible Notes").
Additionally, NASDAQ OMX announced its entry into a $1.2 billion senior unsecured five-year credit facility, which refinances its existing credit facilities due 2013. NASDAQ OMX expects to fund purchases of Convertible Notes tendered in the Offer with cash flow from operations and availability under the revolver in its new credit facility. NASDAQ OMX will not incur additional debt as a result of this transaction.
Lee Shavel, Chief Financial Officer, said, "We are very pleased in this environment to be able to pursue these transactions which reduce our overall borrowing costs, extend the maturity profile of our debt obligations, increase our revolver borrowing capacity and generate positive earnings per share returns."
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Source: NASDAQ OMX
First Block Trades at Index Close Executed in NYSE Liffe U.S. mini MSCI Index Futures
-Tool for Institutions to Manage Large Trade Executions Relative to Benchmark-
September 20, 2011--– NYSE Liffe U.S., the U.S. futures exchange of NYSE Euronext (NYX), today announced the completion of its first block trades priced by reference to the underlying closing index level. Block Trade at Index Close or “BIC” trading totaled 2,755 contracts in mini MSCI Emerging Markets Index futures.
The exchange recently issued guidance with respect to block trades priced at a basis to a prospective closing index level, including how such trades are to be reported to the Exchange. BIC trades provide customers the ability to manage the tracking impact of executing large orders relative to the underlying index level by explicitly tying the transaction price to the closing level of the underlying index.
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Source: NYSE Euronext
Market Value Of U.S. Venture Capital-Financed Companies Rose 10.1% In Q1 2011 From End Of 2010, Dow Jones U.S. Venture Capital Index Indicates
Index’s Performance Tops Dow Jones U.S. Total Stock Market Index’s
Gain of 6.4% Over the Same Time Period
September 20, 2011--The estimated market value of venture capital-financed companies in the U.S. rose 10.1% in 2011’s first quarter from the end of 2010, according to the Dow Jones U.S. Venture Capital Index. The index’s performance topped the Dow Jones U.S. Total Stock Market Index’s total return gain of 6.4% over the same time period.
The return on the Dow Jones U.S. Venture Capital index for the 12-month period ended March 2011 was 32.7%. The largest gains for the quarter and year ended in March 2011 were in software companies.
Venture capitalists invested an estimated $6.5 billion in 661 deals in the first quarter of 2011, a decrease of 23% in dollars and 14% in deals compared with the fourth quarter of 2010, according to Dow Jones VentureSource.
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Source: Dow Jones Indexes
Yorkville files with the SEC
September 19, 2011--Yorkville ETF Advisors, LLC has filed a second amended and restated application for exemptive relief with the SEC.
view filing
Source: SEC.gov
Teucrium Trading, LLC -- First to Launch Single Ag Commodity ETP --Adds Soybeans, Sugar, Wheat ETPs
September 19, 2011--Teucrium Trading, LLC (Teucrium) ( www.teucrium.com ), the first company to introduce a single agricultural commodity Exchange Traded Product ("ETP") in the United States, today announced the launch of three additional single commodity ETPs for the agricultural space --The Teucrium Soybean Fund ; The Teucrium Sugar Fund ; and The Teucrium Wheat Fund .
The funds will trade on the New York Stock Exchange Arca and join the Teucrium Corn Fund,the nation's first pure play agriculture fund, which was successfully launched in June 2010, and the Teucrium Natural Gas Fund and the Teucrium WTI Crude Oil Fund, both launched in February 2011.
"As the global economy and populations in emerging market countries like China, India and Brazil continue to expand faster than developed countries, the demand for and use of corn, soybeans, sugar and wheat is extraordinary, presenting the opportunity for a great investment opportunity," said Sal Gilbertie, President of Teucrium Trading, LLC.
"Until now," said Gilbertie, who has traded commodities for nearly his entire professional career, "there has not been an investment vehicle available to investors who want to invest directly or exclusively in soybeans, wheat or sugar without having to trade futures contracts, something better left to all but the most sophisticated and knowledgeable investors."
By making single commodities available in an ETP structure, Gilbertie said, "Investors not only get exposure to commodities, an increasingly important asset class -- without having to directly trade in futures -- they get the opportunity to diversify their portfolios by investing in an unleveraged, liquid, and transparent security traded on the New York Stock Exchange."
According to Gilbertie, the Teucrium funds were specifically designed with these features to appeal to Registered Investment Advisors, hedge funds, institutional and individual investors who want to invest in commodities through an easily understood and traded investment product backed by a specific pool of assets.
As opposed to many first generation products that hold only a single month futures contract, Gilbertie said the Teucrium Funds have a diversified futures structure and hold contracts in multiple months, significantly reducing the cost of carrying and rolling the futures, and resulting in the potential for better returns.
The funds will be managed by Gilbertie and Kelly Teevan, each of whom has spent most of their professional careers trading commodities.
Source: Teucrium Trading, LLC
Barclays launches additional series of Inverse iPath® Exchange Traded Notes
New ETNs offer investors a 'short' view on volatility of U.S. equity markets
September 19, 2011--Barclays Bank PLC announced today the launch of a new series of iPath ® Exchange Traded Notes (“ETNs”) on the NYSE Arca stock exchange.
The iPath Inverse S&P 500 VIX Short-Term Futures ETN (II) are linked to the inverse performance of the S&P 500 VIX Short-Term Futures Index Excess Return (the “Index”), and offer investors a ‘short’ view on volatility of U.S. equity markets. The ETNs will be listed on the NYSE Arca stock exchange under the ticker symbol IVOP.
The returns on these new ETNs are calculated in a similar manner to those on the existing iPath ® Inverse S&P 500 VIX Short-Term Futures™ ETNs (ticker symbol: XXV) launched on July 16, 2010. The two series of ETNs are both linked to the inverse performance of the Index; however, they have, among other things, different inception dates, issue dates, final valuation dates and maturity dates, and the two series of ETNs are not fungible with one another.
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Source: Barclays
Brent oil benchmark to be overhauled
September 19, 2011-North Sea Crude Oil traders Friday expressed concern that Crude Oil price assessment company Platts is proceeding with revisions to its assessment of dated Brent, the benchmark used to price more than 50% the World's Crude Oil, in early 2012 despite industry worries it is too soon for the market to adequately prepare for the changes.
Platts' move comes after three months of consultation with the industry, during which oil major Royal Dutch Shell PLC (NYSE:RDS-B) publicly criticized the timing of the proposed changes and called for a delay in their implementation. Traders said they were surprised that Platts had ignored the concerns of such a large player in the market, adding that the McGraw-Hill (NYSE:MHP) company's failure to address the concerns raised by Shell and other members of the industry could cause problems in the long-term.
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Source: News Feed Reasercher
Van Eck files with the SEC
September 19, 2011--Van Eck has filed a post-effective amendment no.464, registration statement with the SEC for the Market Vectors Emerging Markets Local Currency Bond ETF
Market Vectors Investment Grade Floating Rate ETF
Market Vectors High-Yield Municipal Index ETF
Market Vectors Intermediate Municipal Index ETF
Market Vectors Long Municipal Index ETF
Market Vectors Pre-Refunded Municipal Index ETF
Market Vectors Short Municipal Index ETF
Market Vectors California Long Municipal Index ETF
Market Vectors Massachusetts Municipal Index ETF
Market Vectors New Jersey Municipal Index ETF
Market Vectors New York Long Municipal Index ETF
Market Vectors Ohio Municipal Index ETF
Market Vectors Pennsylvania Municipal Index ETF
view filing
Source: SEC.gov
Direxion files with the SEC
September 19, 2011--Direxion has filed a post-effective amendment, registration statement with the SEC for the Direxion NASDAQ Volatility Response Shares
Direxion Wireless Communications Shares
Direxion NASDAQ-100(R) Equal Weighted Index Shares
view filing
Source: SEC.gov
SEC Announces Roundtable on Microcap Securities
September 19, 2011--The Securities and Exchange Commission today announced that it will host a public roundtable next month to discuss the unique regulatory issues surrounding the execution, clearance, and settlement of microcap securities.
The roundtable is being sponsored by the SEC’s Microcap Fraud Working Group, a joint initiative of the Division of Enforcement and Office of Compliance Inspections and Examinations. The Working Group is the Commission’s primary resource for issues relating to market participants and trading practices concerning securities primarily quoted on the OTC Bulletin Board (OTCBB) or OTC Quote (previously Pink Sheets).
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Source: SEC.gov
