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ProFunds names Richard Eng COO
May 13, 2011--ProFunds Group, a premier provider of alternative ETFs and mutual funds, announced today that Richard Eng has been named Chief Operations Officer. Mr. Eng, most recently with Legg Mason Capital Management, will oversee fund and investor services, financial administration, and information technology. He reports to Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC and ProFund Advisors LLC.
"With over 15 years of operations and technology experience in the investment management business, Rick is an outstanding addition to our team," said Mr.
Sapir. "Rick's oversight and guidance in many significant areas, including our investment operations, shareholder servicing, and technology strategy will be particularly valuable as we continue to expand our lineup of alternative ETFs and mutual funds." Mr. Eng was most recently with Legg Mason Capital Management as Chief Operating Officer. During his tenure at Legg Mason, he oversaw professionals in the areas of investment operations, client reporting and production, settlements, trading, information technology, and finance.
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Source: CNBC
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
May 13, 2011--Standard & Poor's Canadian Index Operations announces the following index changes:
The shareholders of Plutonic Power Corp. (TSX:PCC) have agreed to the merger with Magma Energy Corp. (TSX:MXY) to form Alterra Power Corp. (TSX:AXY).
Plutonic Power shareholders will receive 2.38 shares of the new Alterra Power for each share held. Plutonic Power will be removed from the S&P/TSX Clean Technology Index after the close of Tuesday, May 17, 2011.
Following the merger with Plutonic Power, the relative weight of Alterra Power Corp. will increase in the S&P/TSX Clean Technology, SmallCap and Equity SmallCap Indices to reflect the issuance of shares as part of the transaction effective at the same date.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poors
Component Changes Made To Dow Jones Emerging Markets Consumer Goods Titans 30 Index
May 13, 2011--Dow Jones Indexes, a leading global index provider, today announced that Wimm-Bill-Dann Foods OJSC ADS (Russia, Food & Beverage, WBDF.RS) will be removed from the Dow Jones Emerging Markets Consumer Goods Titans 30 Index.
Wimm-Bill-Dann Foods OJSC ADS (Russia, Food & Beverage, WBDF.RS) will be replaced by Great Wall Motor Co. Ltd. (China, Automobiles & Parts, 2333.HK) in the Dow Jones Emerging Markets Consumer Goods Titans 30 Index. Wimm-Bill-Dann Foods OJSC ADS is being removed due to its acquisition by PepsiCo Inc. (United States, Food & Beverage, PEP). All changes in the Dow Jones Emerging Markets Consumer Goods Titans 30 Index will be effective before the open of trading on Wednesday, May 18, 2011.
The Dow Jones Emerging Markets Consumer Goods Titans 30 Index measures the stock performance of 30 leading emerging-market companies in the Consumer Goods Industry as defined by the Industry Classification Benchmark (ICB). Stocks are selected to the index based on size, revenue and net profit. The index is weighted by float market capitalization.
Further information on the Dow Jones Emerging Markets Consumer Goods Titans 30 Index can be found on http://www.djindexes.com
Source: Dow Jones Indexes
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
May 13, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Friday, May 13, 2011:
Resource Hunter Capital Corp. (TSXVN:RHC) will trade under the new name Plains Creek Phosphate Corporation.
The new ticker symbol will be "PCP" and the new CUSIP number will be 72650E 10 1. There is no consolidation of capital.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company
Source: Standard & Poors
CFTC.gov Commitments of Traders Reports Update
May 13, 2011--CFTC.gov Commitments of Traders Reports have been updated for the week of May 10, 2011 are now available
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Source: CFTC.gov
SEC Approves BX Venture Market
Smaller Companies to Benefit From BX Venture Market's Quality Regulation and Market Structure
May 12, 2011--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced SEC approval of the BX Venture Market. This new listing market will provide companies that would not otherwise qualify for an exchange listing the opportunity to list and trade their shares in a well regulated and transparent environment.
For companies already trading in the over-the-counter markets, contemplating an initial exchange listing or those delisted from a national securities exchange, the BX Venture Market will provide a new, better-regulated listing alternative. Listing standards for this market will require companies to comply with many of the same corporate governance requirements as are required for listing on other securities exchanges and maintain basic quantitative standards.
Companies and their shareholders will benefit from the high quality of real-time and post-trade market surveillance and a robust portfolio of products and services that will support BX Venture Market listed companies. Trading will be available on NASDAQ OMX's INET platform, the world's most sophisticated trading technology.
"The BX Venture Market is a new listing alternative that supports capital formation for early stage and smaller companies in a transparent and well-regulated environment," said Bob McCooey, Senior Vice President of NASDAQ OMX. "In addition, the BX Venture Market can provide a new exit opportunity for the long-term investments made by venture capitalists who support job creation and ongoing U.S. competitiveness."
The BX Venture Market is expected to launch later this year. For more information, please visit http://www.bxventure.com/.
Source: NASDAQ OMX
Testimony Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs
Chairman Gary Gensler
May 12, 2011--
Good morning Chairman Johnson, Ranking Member Shelby and members of the Committee. I thank you for inviting me to today’s hearing on monitoring systemic risk and promoting financial stability. I am pleased to testify alongside my fellow regulators.
This morning I will provide an update on the status of the Commodity Futures Trading Commission’s (CFTC’s) process to implement the derivatives titles of the Dodd-Frank Wall Street Reform and Consumer Protection Act and discuss the how the CFTC has contributed to the Financial Stability Oversight Council (FSOC). Before I begin, I’d like to thank my fellow Commissioners the hardworking staff of the CFTC for their continued efforts to implement the Dodd-Frank Act.
Dodd-Frank Implementation Status
The CFTC is working deliberatively, efficiently and transparently to implement the Dodd-Frank Act. At this point, we have substantially completed the proposal phase of our rule-writing to implement the Dodd-Frank Act. Since the President signed the Dodd-Frank Act last July, the Commission has promulgated rules covering all of the areas set out by the Act for swaps regulation, with the exception of the Volcker Rule, for which the Act set a different timeline.
With the substantial completion of the proposal phase of rule-writing, the public now has the opportunity to review the whole mosaic of rules. This will allow market participants to evaluate the entire regulatory scheme as a whole.
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Source: CFTC.gov
US banks face new crackdown call
May 12, 2011--Financial institutions must prove they can be wound down without causing systemic risk, leading regulators have urged, signalling a push for further stringent reforms of the financial system.
“I believe we should impose even higher capital charges on systemic entities until they have developed a resolution plan which has been approved as credible by their regulators,” said Sheila Bair, chairman of the Federal Deposit Insurance Corporation, in testimony to the Senate in Washington on Thursday.
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Source: FT.com
Oil demand flattens as prices spike
May 12, 2011--
World demand for oil is flatlining for the first time since 2009 as high prices hit American consumers, the International Energy Agency has said
The evidence that petrol prices close to $4 per gallon are beginning to cut consumption in North America came as Democratic senators and chief executives from the leading oil companies clashed in a sometimes bad-tempered hearing in the US Senate.
Source: FT.com
Tempest rages in gasoline as US prices soar
May 12, 2011--Just as Washington’s political machinery cranks up to investigate high oil prices, the price of wholesale petrol has gone into free fall.
Down 9.3 per cent in the past two days, this week’s sharp drop in gasoline futures follows a steady rise in pump prices towards and – in some parts of the US – beyond $4 a gallon.
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Source: FT.com
