Americas ETP News
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Core US inflation slowest on record
November 17, 2010--Core consumer prices in the US are rising at their slowest pace since records began, bolstering the case for the Federal Reserve to complete its planned $600bn in asset purchases and extend the programme to buy more.
Excluding volatile food and energy prices, the consumer price index rose by only 0.6 per cent on a year ago according to the Bureau of Labor Statistics,....
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Source: FT.com
Federal Reserve Board requests comment on a proposed rule to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act
November 17, 2010--The Federal Reserve Board on Wednesday requested comment on a proposed rule to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that give banking firms a defined period of time to conform their activities and investments to the so-called Volcker Rule.
The Volcker Rule generally prohibits banking entities from engaging in proprietary trading in securities, derivatives, or certain other financial instruments, and from investing in, sponsoring, or having certain relationships with a hedge fund or private equity fund. The statute generally provides banking entities two years to bring their activities and investments into compliance with the Volcker Rule, and allows the Board to extend this conformance period for specified periods under certain conditions. The Dodd-Frank Act requires that the Board issue rules implementing the Volcker Rule's conformance period.
In developing the proposed rule, the Board consulted with the Department of the Treasury, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Securities and Exchange Commission, and the Commodity Futures Trading Commission.
Comments on the proposal must be submitted within 45 days after publication in the Federal Register, which is expected shortly.
view the CONFORMANCE PERIOD FOR ENTITIES ENGAGED IN PROHIBITED PROPRIETARY TRADING OR PRIVATE EQUITY FUND OR HEDGE FUND ACTIVITIES.
Source: Board of Governors of the Federal Reserve System
Republicans seek reform of Federal Reserve
November 16, 2010--Political opposition to the US Federal Reserve’s new $600bn round of quantitative easing – nicknamed QE2 – is becoming a push by some Republicans for a change in the Fed’s mandate, dropping its goal of maximum employment and making it focus only on inflation.
“It is time that we work to clarify the mandate of the Federal Reserve.
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Source: FT.com
US muni bonds see biggest drop since 2008
November 16, 2010--Municipal bonds had their biggest one-day sell-off yesterday since the height of the financial crisis, prompting some borrowers to delay financing plans.
The yields on triple A 10-year bonds rose 18 bps to 2.93 per cent, the largest one-day rise since October of 2008, according the MMD index, which is owned by Thomson Reuters.
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Source: FT.com
Van Eck files with the SEC
November 16, 2010--Van Eck has filed an application for exemptive with SEC.
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Source: SEC.gov
PowerShares files with the SEC
November 16, 2010--PowerShares has filed a post effective amendment, registration statement with the SEC for
PowerShares KBW Premium Yield Equity REIT Portfolio (KBWY)
PowerShares KBW High Dividend Yield Financial Portfolio (KBWD)
PowerShares KBW International Financial Portfolio (KBWX)
PowerShares KBW Property & Casualty Insurance Portfolio (KBWP)
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Source: SEC.gov
Esposito Securities Expands its ETF Seeding with Capital Commitment
November 16, 2010--Esposito Securities has successfully expanded its foray into seeding ETFs, having recently seeded several ETFs. Esposito's recent seeding activity includes three Advisor Shares products - the Cambria Investment Management, Inc. (NYSE: GTAA), WCM Investment Management (NYSE: AADR), and Mars Hill Partners, LLC (NYSE: GRV).
A commitment to addressing the underserved needs of clients drove Esposito's activity in this sector. The Firm regularly evaluates market opportunities and seeding ETFs proved timely. Recently a White Paper was authored by Esposito regarding the seeding process. "Sprouting an ETF" can be viewed on the Company website at http://www.espositoglobal.com/downloads/EspositoWhitePaper-SeedCapital.pdf
"Esposito Securities has been evaluating the process of seeding ETFs and we are pleased to amplify our activity in this arena. We have assembled a valuation team to assess opportunities to seed a wide variety of ETF products and asset classes and urge issuers to contact Esposito for partnership discussions, as we are committed to expanding our participation". -Mark Esposito
visit www.espositoglobal.com for more information.
Source: Esposito Securities
Treasury International Capital Data for September 2010
November 16, 2010--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for September 2010. The next release, which will report on data for October 2010, is scheduled for December 15, 2010.
Net foreign purchases of long-term securities were $81.0 billion.
Net foreign purchases of long-term U.S. securities were $91.4 billion. Of this, net purchases by private foreign investors were $83.8 billion, and net purchases by foreign official institutions were $7.6 billion. U.S. residents purchased a net $10.4 billion of long-term foreign securities. Net foreign acquisition of long-term securities, taking into account adjustments, is estimated to have been $58.3 billion.
Foreign holdings of dollar-denominated short-term U.S. securities, including Treasury bills, and other custody liabilities decreased $24.9 billion. Foreign holdings of Treasury bills decreased $24.6 billion.
Banks' own net dollar-denominated liabilities to foreign residents increased $48.3 billion.
Monthly net TIC flows were $81.7 billion. Of this, net foreign private flows were $70.4 billion, and net foreign official flows were $11.3 billion.
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Source: U.S. Department of the Treasury
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
November 16, 2010--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Wednesday, November 17, 2010:
Excelsior Energy Limited (TSXV:ELE) will be removed from the index.
The shares of the company have been acquired by Athabasca Oil Sands Corp.
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
Emerging Markets Week in Review-11/8/2010 - 11/12/2010
November 15, 2010--The Dow Jones Emerging Markets Sector Titans Composite Index fell 3.16% last week on concerns that an uptick in China's CPI will prompt the country's central bank to raise interest rates.
Materials and Consumer stocks were the least negative of the sectors, declining 1.04% and 1.88% respectively. Financials and Energy, the two largest groups in the Composite index, led the market down by falling 4.50% and 3.38% respectively.
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Source: Emerging Global Advisors
