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No stemming red ink: Federal deficit to hit $1.5T
January 27, 2011-- Far from slowing, the government's deficit spending will surge to a record $1.5 trillion flood of red ink this year, congressional budget experts estimated Wednesday, blaming the slow economic recovery and last month's tax-cut law.
The report was sobering new evidence that it will take more than President Barack Obama's proposed freeze on some agencies to stem the nation's extraordinary budget woes. Republicans say they want big budget cuts but so far are light on specifics.
Wednesday's Congressional Budget Office estimates indicate the government will have to borrow 40 cents for every dollar it spends this fiscal year, which ends Sept. 30. Tax revenues are projected to drop to their lowest levels since 1950, when measured against the size of the economy.
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Source: Associated Press
SEC Publishes Staff Study on Investor Access to Information About Investment Professionals
January 27, 2011--The Securities and Exchange Commission today announced that it has published a staff study recommending steps to help investors better access information about investment professionals.
The recommendations of the study, which was required by Section 919B of the Dodd-Frank Wall Street Reform and Consumer Protection Act, must be implemented within 18 months after the study's completion.
Investors must currently search two separate databases for information about broker-dealers and investment advisers. The primary recommendation of the study is to enable investors to simultaneously search both databases using either FINRA's BrokerCheck website or the Investment Adviser Public Disclosure (IAPD) website and receive unified search results.
view Study and Recommendations on Improved
Investor Access to Registration Information About Investment Advisers and Broker-Dealers
Source: SEC.gov
Esposito to seed Pax World ETF
January 27, 2011--Esposito Securities has entered into an agreement to seed the Pax (NYSE Arca: EAPS) MSCI EAFE ESG Index ETF with a total of $2.5mm composed of two creation units totaling 100,000 shares and an initial price of $25.00 per share. This exchange traded fund (ETF) product will be listed under the ticker symbol EAPS on the NYSE Arca. Pax World Management LLC is acting as the adviser for the fund, which is planned to launch January 28, 2011.
"EAPS brings the number of ETFs seeded by Esposito Securities to five. We are fully committed to pursuing additional opportunities, and more aggressively creating ETF activity. Our relationship with Pax underscores that commitment," states Mark Esposito, CEO.
Part of ESG Shares®, the first family of ETFs devoted exclusively to a Sustainable Investing approach, Pax World's new ETF seeks to track the performance of the MSCI EAFE ESG Index, which is created and maintained by MSCI. The Index consists of equity securities of issuers in developed markets in Europe, Australasia and the Far East that meet specific environmental, social and governance (ESG) criteria developed by MSCI ESG Research. The Pax MSCI EAFE ESG Index ETF is the first international ETF based on a sustainability or ESG-based index.
Source: Esposito Securities
Select Sector SPDR® Trust files with the SEC
January 27, 2011--Select Sector SPDR® Trust has filed a post effective amendment, registration statement with the SEC for
The Consumer Discretionary Select Sector SPDR® Fund (XLY)
The Consumer Staples Select Sector SPDR® Fund (XLP)
The Energy Select Sector SPDR® Fund (XLE)
The Financial Select Sector SPDR® Fund (XLF)
The Health Care Select Sector SPDR® Fund (XLV)
The Industrial Select Sector SPDR® Fund (XLI)
The Materials Select Sector SPDR® Fund (XLB)
The Technology Select Sector SPDR® Fund (XLK)
The Utilities Select Sector SPDR® Fund (XLU)
view filing
Source: SEC.gov
Funds Flowing to US from Emerging Markets - Blackstone
January 28, 2011--U.S. private equity company Blackstone (BX.N) said the robust U.S. funding environment should continue through to May and June and expects funds to flow into North America from emerging markets.
The funding environment in the U.S. both in the equity and debt markets is robust. It will certainly continue to May and June. And the market will pause and see," John Studzinski, senior Blackstone managing director, told Reuters Insider.
Source: Reuters
AdvisorShares Set to Launch the Active Bear ETF (NYSE: HDGE)
HDGE May Act as a Hedging Solution to Equity Exposure
January 26, 2011--AdvisorShares Investments, LLC, a sponsor of actively managed Exchange Traded Funds (ETFs), today announced that it will begin trading in the Active Bear ETF (NYSE: HDGE) tomorrow, January 27th. HDGE is sub-advised by portfolio managers John Del Vecchio and Brad Lamensdorf of Ranger Alternative Management, L.P. ("Ranger") a Dallas-based investment manager.
The HDGE Portfolio Management Team will implement a short-only large-cap domestic equity investment strategy by utilizing a bottom-up, fundamental, research driven security selection process. In selecting short positions, the Team seeks to identify securities with low earnings quality or aggressive accounting which may be intended on the part of company management to mask operational deterioration and bolster the reported earnings per share over a short time period. In addition, the portfolio management team seeks to identify earnings driven events that may act as a catalyst to the price decline of a security, such as downwards earnings revisions or reduced forward guidance. Lastly, the HDGE Team employs a variety of technical factors that drive short Beta exposure with the goal of generating alpha in any market environment.
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Source: AdvisorShares
Open Meeting on Twelfth Series of Proposed Rules under the Dodd-Frank Act
January 26, 2011--The Commodity Futures Trading Commission (CFTC) will hold a public meeting to consider the issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
When: Friday, February 11, 2011, 9:30 am (ET)
Where: CFTC’s Hearing Room, 1155 21st, NW, Washington DC
Topic: Twelfth Series of Proposed Rules under the Dodd-Frank Act
Source: CFTC.gov
Central America: Leaders get Prepared for the Region's Economic Integration
January 26, 2011--Hoping to add momentum to Central America’s economic integration, a key group of private sector executives and government officials joined this week the first regional integration training program –an initiative co-sponsored by the World Bank, INCAE Business School and various other partners to promote convergence of trade and other sectors in the region.
The Economic Regional Integration Program (PIER, in Spanish), makes good on several initiatives announced by World Bank President Robert B. Zoellick at the July 2010 Central American Presidential Summit to support the region’s integration bid.
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Source: World Bank
Federal Open Market Committee Statement
January 26, 2011--Information received since the Federal Open Market Committee met in December confirms that the economic recovery is continuing, though at a rate that has been insufficient to bring about a significant improvement in labor market conditions. Growth in household spending picked up late last year, but remains constrained by high unemployment, modest income growth, lower housing wealth, and tight credit. Business spending on equipment and software is rising, while investment in nonresidential structures is still weak.
Employers remain reluctant to add to payrolls. The housing sector continues to be depressed. Although commodity prices have risen, longer-term inflation expectations have remained stable, and measures of underlying inflation have been trending downward.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. Currently, the unemployment rate is elevated, and measures of underlying inflation are somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. Although the Committee anticipates a gradual return to higher levels of resource utilization in a context of price stability, progress toward its objectives has been disappointingly slow.
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Source: Federal Open Market Committee
ProShares files with the SEC
January 26, 2011--ProShares has filed a post effective amendment, registration statement with the SEC for Ultra ProShares Ultra Fixed-Income
TPU-Ultra TIPS and
Short ProShares Short Fixed-Income
TPS UltraShort TIPS
view filing
Source: SEC.gov
