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Fitch affirms US credit rating
August 16, 2011--Fitch Ratings said on Tuesday it affirmed the United States' top-notch credit rating at AAA, giving the world's largest economy a reprieve after it was downgraded by Standard & Poor's little more than a week ago.
Fitch said the outlook for the rating was stable.
"The affirmation of the US 'AAA' sovereign rating reflects the fact that the key pillars of (the) US' exceptional creditworthiness remains intact: its pivotal role in the global financial system and the flexible, diversified and wealthy economy that provides its revenue base," Fitch said.
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Source: FIN24
Treasury International Capital Data For June
August 15, 2011--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for June 2011. The next release, which will report on data for July 2011, is scheduled for September 16, 2011.
Foreign residents decreased their holdings of long-term U.S. securities in June — net sales were $11.5 billion. Net sales by private foreign investors were $23.0 billion, and net purchases by foreign official institutions were $11.5 billion.
At the same time, U.S. residents decreased their holdings of long-term foreign securities, with net sales of $15.2 billion.
Taking into account transactions in both foreign and U.S. securities, the net foreign purchases of long-term securities were $3.7 billion. After adjustments, such as estimates of unrecorded principal payments to foreigners on U.S. asset-backed securities, are included, the overall net foreign acquisition of long-term securities is estimated to have been negative $8.0 billion in June.
Foreign holdings of all dollar-denominated short-term U.S. securities and other custody liabilities decreased $14.7 billion.
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Source: US Department of the Treasury
iShares files with the SEC
August 15, 2011--iShares has filed a post-effective amendment, registration statement with the SEC.
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Source: SEC.gov
BNY Mellon Composite Depositary Receipt Index Tops 1,000 DR Programs
Greater than 300% growth in unsponsored ADR programs driving expanded investment options;
BNY Mellon DR Indices now primary benchmark for 19 ETF funds
August 15, 2011--BNY Mellon, the global leader in investment management and investment services, announced that the BNY Mellon Composite Depositary Receipt IndexSM grew to 1,025 constituent depositary receipts (DRs) for issuers from 49 countries as of June 30, 2011 – an increase in coverage of more than 20% since the index was created in October 2009.
The rise in DRs in the BNY Mellon Composite DR Index is due mainly to the rapid growth of ‘unsponsored’ ADRs. Unsponsored ADRs are issued by one or more depositary banks in response to market demand but without a formal agreement with the underlying issuer, while sponsored ADRs are issued by a single depositary appointed by the issuer. Unsponsored ADRs generally trade over-the-counter (OTC), while sponsored ADRs trade either on the OTC market or on major U.S. stock exchanges.
The BNY Mellon Classic ADR Index (a subset of the Composite DR Index) illustrates the point. On its launch in February 2009, it was comprised of 60 unsponsored and 590 sponsored ADRs. By June 2011, the number of unsponsored programs had quadrupled to 249, while sponsored ADRs rose 20% to 699.
“The growing acceptance and use of unsponsored ADRs allows us to satisfy investors’ diversification demands, and that’s reflected in the greater breadth of country and regional coverage provided by BNY Mellon’s family of DR indices,” said Michael Cole-Fontayn, CEO of BNY Mellon’s Depositary Receipts business.
"Index licenses are up more than 30% year-to-date, and our DR indices are now the primary benchmark for 19 ETF products," said Michael Finck, BNY Mellon's DR head of global service delivery. "As the number of DRs in our indices increase, we're able to offer investors convenient, cost-effective access to even more international investment choices."
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Source: BNY Mellon
Direxion files with the SEC
August 15, 2011--Direxion has filed a post-effective amendment, registration statement with the SEC for the
Direxion Large Cap Insider Sentiment Shares
Direxion All Cap Insider Sentiment Shares
Direxion Large Cap Tactical Advantage Shares
Direxion S&P 1500® Volatility Response Shares
Direxion S&P 600® Volatility Response Shares
Direxion S&P 500® Volatility Response Shares
Direxion S&P Latin America 40 Volatility Response Shares
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Source: SEC.gov
Natixis Asset Management files with the SEC
August 15, 2011--Natixis Asset Management has filed an application for exemptive relief with the SEC.
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Source: SEC.gov
Natixis Asset Management files with the SEC
August 15, 2011--Natixis Asset Management has filed an application for exemptive relief with the SEC for actively-managed ETFs.
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Source: SEC.gov
Van Eck files with the SEC
August 15, 2011--Van Eck has filed a post-effective amendment, registration statement with the SEC for the Market Vectors Mortgage REIT Income ETF.
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Source: SEC.gov
Moore Capital Management Invests in Two Emerging-Market ETFs
August 15, 2011--Moore Capital Management LLC, the hedge fund run by Louis Moore Bacon, bought stakes in two emerging-market exchange-traded funds in the second quarter
The New York-based fund bought 6 million shares of Vanguard MSCI Emerging Markets ETF valued at $292 million as of June 30, and 3.2 million shares of iShares MSCI Emerging Markets Index valued at $152 million, according to a regulatory filing today.
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Source: Bloomberg
Van Eck Global and Merrill Lynch Enter Agreement Regarding Oil Services HOLDRS Trust (OIH) and Five Other HOLDRS
Investors in Six HOLDRS to be Asked to Exchange into Market Vectors ETFs
August 12, 2011--Van Eck Global and Merrill Lynch & Co., a subsidiary of Bank of America Corporation ("Merrill Lynch"), have entered into an agreement relating to Merrill Lynch-sponsored HOLding Depository ReceiptS ("HOLDRS"). Van Eck's Market Vectors ETF Trust plans to offer investors in six HOLDRS -- Oil Services (OIH), Semiconductor (SMH), Pharmaceutical (PPH), Biotech (BBH), Retail (RTH), and Regional Bank (RKH) -- the opportunity to exchange their shares in these funds for shares of new Market
Vectors exchange-traded funds (ETFs). These HOLDRS had approximately $3.65 billion in aggregate assets and a combined 30-day average daily trading volume of approximately 20.07 million shares as of the close of trading on August 11, 2011. Terms of the transaction were not disclosed.
Van Eck's proposed exchange offer is expected to allow participating investors the opportunity for uninterrupted exposure to target industries. The new ETFs are expected to retain the corresponding HOLDRS' ticker symbols. Van Eck expects the exchange offer to be launched early in the fourth quarter of 2011 and the transaction to be consummated later in the fourth quarter of 2011. The exchange offer documents, which are expected to be filed with the Securities Exchange Commission ("SEC") in September 2011, will contain information about the transaction including its mechanics and potential tax implications.
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Source: Van Eck Global
