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Canadian Securities Administrators Seek Comments On Regulation Of Over-The-Counter Derivatives Trade Reporting And Repositories
June 23, 2011--The Canadian Securities Administrators (CSA) today published for comment Consultation Paper 91-402 – Derivatives: Trade Repositories, which sets out a series of recommendations that are designed to improve regulatory oversight of OTC derivatives transactions, while maintaining consistency with international developments.
Under the CSA’s proposed regulatory framework, all OTC derivative transactions entered into by a Canadian counterparty would be required to be reported to an approved trade repository. Canadian regulators would have access to this data to assist them in discharging their regulatory oversight responsibilities.
“The G-20 has made transparency of the OTC derivatives market one of the central pillars of reform and agreed that OTC derivatives transactions should be reported to trade repositories,” said Bill Rice, Chair of the CSA and Chair and CEO of the Alberta Securities Commission. “In response to this G-20 direction, the CSA has developed key recommendations for OTC derivatives regulatory requirements governing trade repository governance and operations, transaction reporting, and information transparency.”
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Source: Canadian Securities Administrators
EGShares Launches “GEMS” Suite Of ETFs ON NYSE ARCA: First Emerging Markets Sector Solution Set- Funds Based on Dow Jones Emerging Markets Sector Titans Indexes
June 23, 2011-- NYSE Euronext (NYX) and Emerging Global Advisors, an asset management company focused exclusively on emerging markets and the sub-advisor to the EGShares family of exchange-traded funds (ETFs), announced today the successful launch of a comprehensive suite of investment solutions for sector investing in emerging market countries on NYSE Arca, NYSE Euronext's fully electronic US market.
The funds, branded as GEMS (Global Emerging Market Sectors), allow investors to pursue emerging markets sector exposures in a manner similar to what is possible in the US and other developed markets. The funds are all based on the Dow Jones Emerging Market Sector Titans Indexes and are composed of leading emerging market companies in each of the 10 Industries defined by the Industry Classification Benchmark (ICB).
"The GEMS launch makes it possible for investors to trade emerging markets sector funds, and we take great pride in being the first exchange to list these innovative products," said Laura Morrison, Senior Vice President of Global Index and Exchange Traded Products Group US. “EGA's decision to list on NYSE Euronext underscores the value of the consultative services, market structure and technology that our platform provides its issuers and the ETF marketplace.”
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Source: NYSE Euronexr
Dow Jones Indexes Licenses Additional Eight Emerging Markets Sector Indexes to Emerging Global Advisors LLC
June 23, 2011-- Dow Jones Indexes, a leading global index provider, today announced that Emerging Global Advisors LLC (EGA) has licensed an additional eight indexes from the Dow Jones Emerging Markets Sector Titans Indexes series for EGShares’ expanding family of exchange-traded funds (ETFs).
EGA, a Ridgewood, N.J.-based asset management company focused exclusively on emerging markets and the advisor to EGShares, has branded the ETFs as GEMS (Global Emerging Market Sectors). The GEMS allow investors to pursue emerging markets sector exposures with the same precision that is possible in U.S. and other developed markets.
With the announcement of its eight new licenses, Dow Jones Emerging Markets Sector Titans Indexes now serve as the basis for a total of 11 GEMS:
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Source: Dow Jones Indexes
Fed holds rates on inflation concerns
June 22, 2011--The US Federal Reserve gave a downbeat assessment of the world’s largest economy on Wednesday, pointing to slower than expected growth and higher inflation
In the most significant change to its policy statement, the rate-setting Federal Open Market Committee stripped out all reference to “subdued” measures of underlying inflation and said the economy was growing “somewhat more slowly than the committee had expected”.
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Source: FT.com
Speech by SEC Commissioner:(1) Rules Implementing Amendments to the Advisers Act of 1940 (Final Rules);(2) Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers
With Less Than $150 Million in Assets Under Management, and Foreign Private Advisers (Final Rules)
by
Commissioner Elisse B. Walter
U.S. Securities and Exchange Commission
Washington, D.C.
June 22, 2011--I would like to thank the staff of the Division of Investment Management, and the other divisions and offices who have worked on the recommendations before us this morning. I know that your names have been mentioned already, but I wanted to make sure to echo the appreciation expressed by my colleagues. I would also like to welcome Craig Lewis, as the new Chief Economist and Director of RiskFin.
Before us this morning are a pair of companion releases that would implement certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act and take other important action. As the recommendations have been discussed already in detail, and I generally support them, I’ll keep my remarks brief.
The Dodd-Frank Act amended the Advisers Act to repeal the “private adviser exemption,” which advisers to many hedge funds and other funds have relied on to avoid registration with the agency. This was a critical step in bringing important Commission oversight into the private fund industry, and was long overdue.
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Source: CFTC.gov
New Coverage, Analysis Enhance AltaVista Research’s ETF Website
New analytical capabilities and expanded coverage help investors and financial advisors examine and compare exchange traded funds (ETFs) at the ETF Research Center from AltaVista Research.
June 22, 2011--ETF Research Center, the online portal for financial advisors and individual investors to access AltaVista’s analysis of exchange traded funds, announces significant enhancements to the site including new analytical tools and a major increase in coverage, to assist investors who increasingly favor ETFs over actively managed mutual funds.
New analytical tools include examination of recent trends in important valuation metrics such as price-to-earnings, price-to-sales and price-to-book value multiples, as well as additional constituent breakdown data. The analysis of valuation trends complements the existing “snapshot” valuation metrics—updated each trading day—facilitating comparisons and assisting investors in making more informed judgments.
Expanded coverage includes dozens of recently listed ETFs, as well as AltaVista’s first fund of funds, the ALPS Equal Sector Weight ETF (shown here). Beginning in July, the fund of funds will join the nine Select Sector SPDR funds in the monthly ETF Analyzer report, which is available for download free of charge. These additions bring total coverage to more than 660 funds in the U.S. and 47 in Australia.
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Source: AltaVista Research
Deutsche Bank Adds Five ETFs to its db-X Product Suite
June 22, 2011-Deutsche Bank today announced the rebranding of five Exchange Traded Funds (ETFs) to join its recently launched db-X suite of products, doubling the number of ETFs offered under its “db-X” umbrella. The five funds, previously known as the TDX Independence Funds, are now known as the db-X Target Date Funds.
The db-X Target Date Funds are a suite of ETFs that seek to track the Zacks Lifecycle indexes and are designed to provide investors with a single investment to diversify across domestic equities, international equities and fixed income, based on a fixed investment horizon. Each db-X Target Date Fund’s name will continue to correspond to a specified “target” year. The db-X Target Date Funds’ underlying indexes and trading symbols have not changed. Collectively, the db-X Target Date Funds have approximately $134 million in assets as of June 21, 2011.
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Source: Deutsche Bank
Economic Projections of Federal Reserve Board Members and Federal Reserve Bank Presidents, June 2011
June 22, 2011--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached table and charts summarizing the economic projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the June 21-22 meeting of the Committee.
The table will be incorporated into a summary of economic projections released with the minutes of the June 21-22 meeting. Summaries of economic projections are released on an approximately quarterly schedule.
view table
Source: US Federal Reserve
Federal Open Market Committee Statement
June 22, 2011--Information received since the Federal Open Market Committee met in April indicates that the economic recovery is continuing at a moderate pace, though somewhat more slowly than the Committee had expected. Also, recent labor market indicators have been weaker than anticipated. The slower pace of the recovery reflects in part factors that are likely to be temporary, including the damping effect of higher food and energy prices on consumer purchasing power and spending as well as supply chain disruptions associated with the tragic events in Japan.
Household spending and business investment in equipment and software continue to expand. However, investment in nonresidential structures is still weak, and the housing sector continues to be depressed. Inflation has picked up in recent months, mainly reflecting higher prices for some commodities and imported goods, as well as the recent supply chain disruptions. However, longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The unemployment rate remains elevated; however, the Committee expects the pace of recovery to pick up over coming quarters and the unemployment rate to resume its gradual decline toward levels that the Committee judges to be consistent with its dual mandate. Inflation has moved up recently, but the Committee anticipates that inflation will subside to levels at or below those consistent with the Committee's dual mandate as the effects of past energy and other commodity price increases dissipate. However, the Committee will continue to pay close attention to the evolution of inflation and inflation expectations.
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Source: Federal Open Market Committee
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
June 22, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Tuesday, June 21, 2011:
Skana Capital Corp. (TSXVN:SKN) will trade under the new name MENA Hydrocarbons Inc.
The new ticker symbol will be "MNH" and the new CUSIP number will be 586316 10 1. The change is the result of a reverse takeover. 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 & Poor's
