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Another Sad Country Song
May 19, 2011--Statement of Commissioner Bart Chilton Before the CFTC Agricultural Advisory Committee Meeting
May 19, 2011--Miranda Lambert has a great country song out right now—“Time to Get a Gun.” Like a lot of great country songs, it tells a story—this one is somewhat tongue-in-cheek, but there’s a bit of truth in it—when people get so fed up, so pushed to the limit, they can be moved to drastic measures. In our case, that means the threat of more prescriptive rules from Congress, mandating specific position limits, because we’ve been unable (or unwilling) to do it ourselves.
Consumers are hurting, at the gas pump and at the grocery store, and if we don’t use all the authorities we have to ensure 100% that the prices they are paying are fair and accurate, I will not be at all surprised if there is an attempt in Congress to take a line from Miranda Lambert, pull out the big guns and simply impose set speculative limits. And there sure would be a lot of people out there singing a sad song about that.
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Source: CFTC.gov
Invesco PowerShares to List Convertible Securities ETF
May 19, 2011--Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs), announced today the PowerShares Convertible Securities Portfolio is anticipated to begin trading May 26, 2011, on the NYSE Arca under the ticker symbol CVRT. The fund is expected to issue monthly distributions.
"Convertibles are hybrid securities that combine the par value and yield characteristics of a bond with the potential to participate in equity-like returns," said Ben Fulton, Invesco PowerShares managing director of global ETFs. "We are quite pleased to be expanding our fixed-income lineup with a convertible portfolio based on the BofA Merrill Lynch All U.S. Convertibles Index(SM), one of the broadest, most widely used convertible bond benchmarks and truly representative of the overall convertible market."
"The yield on the BofA Merrill Lynch All U.S. Convertibles Index has been higher than the dividend yield on the S&P 500 Index since its inception in December 1994, and it has produced better risk-adjusted returns1," added Fulton. "We believe the PowerShares Convertible Securities Portfolio (CVRT) is a compelling low-cost choice for investors seeking the potential for attractive yields and the relatively low durations represented in this asset class through the benefit-rich ETF structure."
The PowerShares Convertible Securities Portfolio will seek investment results that correspond (before fees and expenses) generally to the price and yield of the BofA Merrill Lynch All U.S. Convertibles Index(SM) (Underlying Index). The Fund will invest at least 80% of its total assets in the component securities that comprise the Underlying Index, which is designed to track the performance of U.S. dollar-denominated investment grade and non-investment grade convertible securities sold into the U.S. market and publicly traded in the United States. The Index constituents are market value-weighted based on the convertible securities prices and outstanding shares, and the Underlying Index is rebalanced daily.
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Invesco PowerShares Capital Management LLC
Russell launches a new category of ETFs
"Investment Discipline" ETFs continue 75 years of Russell innovation
May 19, 2011--Russell Investments announced today the U.S. launch of Russell ETFs with the listing of its first suite of innovative exchange traded funds (ETFs), the Russell Investment Discipline ETFs, on the NYSE Arca. Drawing on Russell's decades of expertise in multi-manager research and index construction, Russell aims to provide next-generation ETFs to help investors construct portfolios and manage risk. The Russell Investment Discipline ETFs are the first family of ETFs designed to offer focused, transparent and consistent exposure to U.S. large-cap equities across six investment disciplines commonly practiced by professional investment managers.
"As we celebrate our 75th year in the financial services industry in May, the launch of Russell ETFs represents another major step forward in Russell's storied history of research and innovation," said Andrew Doman, president and CEO of Russell. "Through a robust offering of ETFs we enhance our steadfast dedication to providing investors with a wide range of innovative products and tailored solutions to help each client reach their individual investment objectives."
In its build-up as an ETF provider, Russell assembled a seasoned team of ETF veterans from across the industry to marshal their ETF expertise in a new venture built upon Russell's leadership position in institutional investment insight. Based in large part in San Francisco, the newly formed Russell ETF team also leveraged investment expertise from across Russell's global network of financial professionals to bring to market the first Investment Discipline ETFs.
"Having been involved in the ETF industry since its inception through my career, I recognized an opportunity, perhaps unique to Russell, to provide sophisticated ETF products that expand beyond traditional market offerings," said James Polisson, managing director of Russell's global ETF business. "Our team is committed to offering truly innovative products and we believe that there is a tremendous opportunity for growth by creating ETFs that provide targeted exposures that have not been readily accessible to investors previously."
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Source: Russell Investments
CFTC.gov Commitments of Traders Reports Update
May 19, 2011--CFTC.gov Commitments of Traders Reports have been updated for the week of May 20, 2011 are now available
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Source: CFTC.gov
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
May 19, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Friday, May 20, 2011:
The shareholders of Copper Canyon Resources Ltd. (TSXVN:CPY) have accepted the plan of arrangement from NovaGold Resources Inc.
Copper Canyon Resources Ltd. will be removed from the S&P/TSX Venture Composite Index after the close of Friday, May 20, 2011.
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
Opening Statement, Meeting of: The Agricultural Advisory Committee
Chairman Gary Gensler
May 19, 2011--Good morning. Thank you Commissioner Dunn for chairing today’s meeting of the Agricultural Advisory Committee and for your leadership.
Though there will be many opportunities to thank and congratulate Commissioner Dunn for his more than six years of service to the Commodity Futures Trading Commission (CFTC) and 25 years of service to the Federal Government, I want to take this opportunity to publicly acknowledge Commissioner Dunn.
Mike is a trusted colleague who works incredibly hard in service to the American public at the CFTC. His significant and thoughtful contributions have strengthened all of our efforts at the Commission to promote transparency and lower risk in the derivatives markets to protect the American public. I am honored to have worked with Mike and to call him my friend.
I also join Commissioner Dunn in thanking my fellow Commissioners and the expert panelists and staff that have joined us this morning.
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Souce: CFTC.gov
Canada's ETF Providers Announce Creation of the Canadian ETF Association
May 19, 2011--New organization will help raise awareness of $40 billion Canadian ETF industry through education and outreach to private and public sector stakeholders
Three of Canada's leading exchange traded fund ("ETF") companies have agreed to collectively launch the Canadian ETF Association (the "CETFA"), an independent national association that will represent and promote the Canadian ETF industry.
The focus of the CETFA is to help educate institutional and retail investors as well as the advisor community on the benefits and uses of ETFs, provide industry statistics and commentary on ETF related issues to the Canadian financial media and advance industry issues with regulators, government agencies and interested third parties.
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Source: Canada NewsWire
First Trust files with the SEC
May 18, 2011--First Trust has filed a registration with the SEC for the First Trust North American Energy Infrastructure Fund.
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Source: SEC.gov
Russell files with the SEC-amended application for exemptive relief
May 19, 2011--Russell has filed an amended application for exemptive relief for actively-managed ETFs.
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Source: SEC.gov
Russell files with the SEC
May 18, 2011--Russell has filed a post-effective amendment, registration statement with the SEC.
view filing
Source: SEC.gov
