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Morgan Stanley Fixed Income ETF Asset Report
October 15, 2010--Morgan Stanley Smith Barney’s (MSSB) Fixed
Income Strategists maintain four sector-based asset allocation models. This report focuses on changes to the moderate asset allocation model.
MSSB’s strategists reduced their allocations to federal agency and mortgage-backed securities
(MBS) by 5% and added 5% to both certificates of deposit (CDs) and non-USD sovereign bonds.
The moderate model now has the following allocations: 40% investment grade credit, 15% federal agencies, 15% CDs, 10% non-USD sovereign debt, and 5% each in preferreds, MBS, TIPS, and high yield bonds.
MSSB’s strategists remain overweight on the corporate credit markets. Although they see the potential for a sell-off between now and year-end, the team believes a number of factors will keep any sell-off both shallow and short-lived.
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Source: ETF Research-Morgan Stanley
U.S. Department of the Treasury Economic Statistics - Monthly Data Update
October 15, 2010--U.S. Department of the Treasury Economic Statistics - Monthly Data has been updated and is now available.
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Source: U.S. Department of the Treasury
CFTC.gov Commitments of Traders Reports Update
October 15, 2010--The CFTC.gov Commitments of Traders Reports has been updated for the week of October 12, 2010 and are now available.
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Source: CFTC.gov
Administration Announces Amtrak Refinancing Plan to Save Taxpayers More Than $160 Million
October 15, 2010-- A refinancing agreement between the U.S. government and Amtrak will save taxpayers approximately $162 million, the U.S. Departments of Transportation and Treasury announced today.
"This announcement is good for taxpayers and important for the future of rail service in America," said U.S. Treasury Secretary Tim Geithner.
"Refinancing these leases will save taxpayers money while continuing the President's vision of improving passenger rail service across the country at a lower cost."
"This is a great opportunity to help Amtrak and save money for the taxpayer," said U.S. Transportation Secretary Ray LaHood. "These savings also represent funds that could be used to support the development of high-speed rail."
Over the years, Amtrak has incurred a large amount of debt paid by the government through an annual appropriation to the railroad. The Passenger Rail Investment and Improvement Act of 2008 (PRIIA) permitted the Treasury Department to study ways to repay or restructure Amtrak's debt that would save money for the taxpayer and the railroad, and to take action on its findings if this would produce substantial savings. Today's action is based on the government's findings.
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Source: U.S. Department of the Treasury
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
October 15, 2010--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Friday, October 15, 2010:
Whitecap Resources Inc. (TSXVN:WCP) will be removed from the index.
The company will graduate to trade on TSX under the same ticker symbol.
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
BATS Global Markets, an innovative global financial markets technology company, today announced the launch of the BATS Y-Exchange (BYX) for trading US equities.
BYX ROLLS OUT FOUR US EQUITIES SYMBOLS FOR LIVE TRADING FRIDAY; ALL SYMBOLS AVAILABLE FOR TRADING BY FRIDAY, OCTOBER 22ND
October 15, 2010--BYX is the second US equities exchange launched by BATS Global Markets, following BATS Exchange (BZX), which went live in August 2008 after converting from an electronic communications network. In addition to BATS Exchange, the third-largest stock market in the US, the company operates BATS Europe and BATS Options.
"With BYX, we are offering market participants a second BATS platform for trading US equities built on our world-class technology with differentiated pricing and routing," said Joe Ratterman, CEO of BATS Global Markets and BATS Exchange. "Industry feedback has exceeded our expectations with more than 100 firms approved as BYX members and over 50 already certified to begin trading."
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Source: BATS Exchange
Forward Funds files with the SEC
October 15, 2010--Forward Funds has filed a post effective amendment, registration statement with the SEC for
Forward Commodity Long/Short Strategy Fund.
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Source: SEC.gov
CFTC Staff to Host Public Roundtable to Discuss Individual Customer Collateral Protection
October 15, 2010--Staff of the Commodity Futures Trading Commission (CFTC) will hold a public roundtable on October 22, 2010, from 1:00 p.m. to 4:00 p.m., to discuss issues related to individual customer collateral protection. The roundtable will assist the CFTC in the rulemaking process to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The roundtable will be held in the Lobby Level Hearing Room at the CFTC’s Headquarters, Three Lafayette Centre, 1155 21st Street, NW, Washington, D.C. The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen by telephone and should be prepared to provide their first name, last name and affiliation.
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Source: CFTC.gov
CFTC/SEC Staffs to Host Joint Public Roundtable to Discuss Issues Related to the Clearing of Credit Default Swaps
October 15, 2010-- The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) staffs will hold a public roundtable on October 22, 2010, from 9:00 am to 12:00 pm, to discuss issues related to the clearing of credit default swaps. The roundtable will assist both agencies in the rulemaking process to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The roundtable will be held in the Lobby Level Hearing Room at the CFTC’s Headquarters, Three Lafayette Centre, 1155 21st Street, NW, Washington, DC. The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen by telephone and should be prepared to provide their first name, last name and affiliation.
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Source: CFTC.gov
Van Eck Launches Market Vectors(R) China ETF (PEK)
Only US Listed ETF Which Seeks to Track Performance of China A-Shares Market
October 14, 2010--- Van Eck Global has launched Market Vectors China ETF (nyse arca:PEK), the first U.S.-listed exchange traded fund (ETF) designed to give investors exposure to China's large and fast-growing A-Shares market, which represents all stocks traded on China's two main exchanges in Shanghai and Shenzhen. PEK seeks to track the performance of the CSI 300 Index, an Index which captured approximately 64 percent of the total market cap of these two exchanges, as of September 30, 2010.
As China's local A-Share market has historically been restricted to the country's domestic investors and Qualified Foreign Institutional Investors, many Emerging Market and BRIC funds are not able to include the A-Share market in their country weighting schemes, leading to a fundamental underweighting of China's true equity market in these funds. For this reason, Van Eck believes that gross domestic product (GDP) -- which reflects the size of a country's economy rather than the size of its available equity market -- may be an important factor to consider when investing in international markets. Since 1996, China's GDP has ranked first among all emerging markets and since June 2010, it has surpassed Japan as the second largest economy in the world (after the U.S.). This illustrates China's growing dominance within the global economy, a position that many market capitalization weighted products do not capture.
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Source: Van Eck Global
