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Brazil Mid-Cap ETF to Start NYSE Trading June 22, Global X
June 16, 2010--The Brazil Mid-Cap Exchange Traded Fund will start trading on the New York Stock Exchange on June 22, said the chief executive officer of Global X Management Company LLC, the asset manager overseeing the fund.
The ETF, which includes Natura Cosmeticos SA, Brazil’s biggest cosmetics maker, and Cyrela Brazil Realty SA Empreendimentos e Participacoes, the country’s largest homebuilder, will trade under the ticker BRAZ. The ETF, which tracks the Solactive Brazil Mid Cap Index, is the first to invest exclusively in companies with market values of $2 billion to $10 billion, Bruno del Ama, the CEO of New York-based Global X, said in a phone interview from Madrid.
“What you want when you invest in Brazil is to participate in the economy’s development and the country’s growth,” del Ama said. “We’re going to give investors access to local, well- established, less risky companies.”
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Source: Business Week
CBOE Holdings, Inc., Parent of Chicago Board Options Exchange, Lists on the NASDAQ Stock Market
June 16, 2010--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ), the world's largest exchange company, announced that CBOE Holdings, Inc. (Nasdaq:CBOE), parent of the Chicago Board Options Exchange, the largest U.S. options exchange and creator of listed options, began trading on Tuesday, June 15 on The NASDAQ Stock Market (NASDAQ). CBOE Holdings will trade under the ticker symbol CBOE.
"We are pleased to welcome the CBOE to The NASDAQ Stock Market, the market of choice for public companies from a variety of sectors," said Bruce Aust, Executive Vice President, Corporate Client Group, NASDAQ OMX. "NASDAQ is thrilled to have the largest U.S. options exchange – which pioneered trading in exchange-traded options in 1973 – among our listed companies."
NASDAQ IPOs have raised roughly $2.6 billion in proceeds year to date. Notable NASDAQ IPOs for 2010 include companies QuinStreet (Nasdaq:QNST), which raised over $150,000,000 in proceeds, Mitel Networks, Inc. (Nasdaq:MITL), and SS&C Technologies (Nasdaq:SSNC).
Source: NASDAQ OMX
Frank Announces House Offer on Financial Stability; Orderly Liquidation Authority; Payment, Clearing, and Settlement Supervision
June 16, 2010--Chairman Frank, on behalf of the House conferees, released the House offer on the titles listed below. The issues will be subject to debate when the House-Senate Conference Committee convenes tomorrow.
The issues for tomorrow’s offer:
Title 2: Orderly liquidation authority
Title 8: Payment, clearing, and settlement supervision
Title 1: Financial stability
Title 2: Orderly Liquidation Authority
The House proposes to accept Title II of the Base Text with the following amendments:
Strike Senate provision containing the definition of “financial company” and related text and replace with House provision (replace Senate bill § 201(a)(11), Page 130, line 19 – Page 132, line 8, with House bill § 1602(9), Page 328, line 7 – Page 330, line 3, and strike Senate bill §§ 201(a)(14)-(15), Page 132, line 21 – Page 133, line 3, and 201(b), Page 133, lines 6-20)).
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Source: House Financial Services Committee
U.S. Commodity Futures Trading Commission and Alberta Securities Commission Sign Memorandum of Understanding to Enhance Supervision of Cross-Border Clearing Organizations
June 16, 2010-- Leaders of the U.S. Commodity Futures Trading Commission (CFTC) and Alberta Securities Commission (ASC) signed a new Memorandum of Understanding (MOU), which took effect on June 10, 2010, to enhance cooperation and the exchange of information relating to the supervision of cross-border clearing organizations.
The MOU will help to ensure the sound oversight of clearinghouses providing services in both the United States and Alberta, Canada, and also will help to promote financial integrity and appropriate customer protection in the global derivatives markets.
The MOU was signed by CFTC Chairman Gary Gensler and ASC Chair and Chief Executive Officer Bill Rice.---
Source: CFTC.gov
CFTC Denies OCC Rule Amendment
June 15, 2010-- The Commodity Futures Trading commission (CFTC) today issued a Notice of Non-Approval of a rule amendment submitted by the Options Clearing Corporation (OCC).
The OCC rule amendment would have treated foreign currency contracts where the exercise price is fixed at a nominal amount, such as one cent, as securities options, provided that the CFTC took the position that such contracts may be traded and cleared as such. The CFTC found that the contracts are the economic and functional equivalents of foreign currency futures contracts and are not bona fide options.
Source: CFTC.gov
CFTC Issues Exemption and Approval of Rule Amendment Related to ETFS Physical Swiss Gold Shares and ETFS Physical Silver Shares
June 15, 2010--The Commodity Futures Trading Commission (CFTC) yesterday issued an exemption pursuant to authority granted under Section 4(c) of the Commodity Exchange Act, permitting options and futures on each of ETFS Physical Swiss Gold Shares and ETFS Physical Silver Shares to be traded and cleared as options on securities and security futures, respectively.
This exemption follows similar exemptions granted with respect to gold and silver ETF products issued by SPDR® (exemptions issued on June 5, 2008) and iShares® (exemptions issued on December 30, 2008). After granting the exemption, the CFTC approved a rule amendment submitted for approval by the Options Clearing Corporation permitting such options and futures to be cleared as options on securities and security futures, respectively.
Source: CFTC.gov
CBOE Becomes Publicly Traded Company-IPO Priced At $29 Per Share
June 15, 2010-- After 37 years, the Chicago Board Options Exchange officially became a publicly traded company on Tuesday. Mayor Richard M. Daley was on hand to ring the bell, ushering in a new era. Hundreds of people cheered as shares of CBOE Holdings Inc. began training.
On its first day of trading, CBOE Holdings Inc. logged a double-digit first-day gain.
In the current market, wherein numerous initial public offerings have been postponed or canceled, CBOE was a success. Volatile stock markets and a tentative economic recovery have made investors wary of riskier investments. Half the companies that have gone public this year have priced below expectations, the highest proportion since at least 1999.
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Source: CBS
AlphaPro Files For 3 New Active ETFs In Canada
June 15, 2010--Horizons AlphaPro, the only company providing actively-managed ETFs in Canada, has filed to launch 3 new actively-managed ETFs and 1 more that is technically an index ETF, but where the index is equally weighted.
The 3 Active ETFs are the AlphaPro Global Dividend ETF, AlphaPro Balanced ETF and AlphaPro Corporate Bond ETF. The index ETF being planned is the AlphaPro S&P/TSX 60 Equal Weight Index ETF.
Horizons AlphaPro currently has six Active ETFs that trade on the Toronto Stock Exchange, each with their own active manager who acts as a sub-advisor to the fund. The three new products being planned are the first to have been announced since AlphaPro’s value, dividend and growth Active ETFs were launched in Feb 2010. Aside from AlphaPro, there is currently no other player providing actively-managed ETFs in the Canadian, hence giving Horizons AlphaPro an effective monopoly in the space.
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Source: Daily Markets
Emerging Markets Week in Review- 6/7/2010 - 6/11/2010
June 14, 2010--The Dow Jones Emerging Markets Composite Index gained 1.01% last week as all sectors except Technology were positive. Utilities and Consumer Services were the best performing groups, up 2.25% and 2.08% respectively while Tech, one of the best performers in 2010, lost 2.09%.
Volatility across global equity markets continues to fall from the surge in late May as investors refocus on regions poised for the strongest economic and corporate profit growth. According to strategists from Deutsche Bank AG, current valuations of emerging market stocks could be a poised for returns of up to 42% over the next 12 months.
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Source: Emerging Global Advisors
Schwab Reduces Fees on Six Proprietary Exchange Traded Funds
June 14, 2010-- Charles Schwab, a marketplace leader of exchange traded funds (ETFs), today announced permanent operating expense ratios (OERs) reductions on six of eight Schwab ETFs™, meaning that no other ETFs offer lower expense ratios in their categories than Schwab ETFs™. The six ETFs reducing OERs include:
* Schwab U.S. Broad Market ETFTM from 0.08% to 0.06%
* Schwab U.S. Large-Cap Growth ETFTM from 0.15% to 0.13%
* Schwab U.S. Large-Cap Value ETFTM from 0.15% to 0.13%
Schwab U.S. Small-Cap ETFTM from 0.15% to 0.13%
Schwab International Equity ETFTM from 0.15% to 0.13%
Schwab Emerging Markets Equity ETFTM from 0.35% to 0.25%
Schwab clients will continue to be able to trade all these ETFs commission free online in their Schwab accounts.
“Schwab is committed to providing investors with the building blocks for a well-diversified portfolio at an exceptionally low-cost. Following these most recent reductions, no other ETFs offer lower expense ratios in their categories than Schwab ETFs™ and we will continue to offer them commission-free online for clients that trade in their Schwab accounts.” said Peter Crawford, senior vice president, Investment Management Services at Charles Schwab. “The combination of low costs and the resources to put together smart investment strategies make ETF investing an unbeatable value at Schwab.”
More information is available at www.schwab.com
Source: Charles Scwab
