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Minutes of the Federal Open Market Committee January 24-25, 2012
February 15, 2012--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on January 24-25, 2012. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the January 24-25, 2012 meeting is also included as an addendum to these minutes
The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report. Summaries of economic projections are released on an approximately quarterly schedule. The descriptions of economic and financial conditions contained in these minutes and in the Summary of Economic Projections are based solely on the information that was available to the Committee at the time of the meeting.
view Minutes of the Federal Open Market Committee January 24-25, 2012
Source: FRB
SEC Tightens Rules on Advisory Performance Fee Charges
February 15, 2012--The Securities and Exchange Commission today announced it is tightening its rule on investment advisory performance fees to raise the net worth requirement for investors who pay performance fees, by excluding the value of the investor's home from the net worth calculation.
Under the SEC’s rule, registered investment advisers may charge clients performance fees if the client’s net worth or assets under management by the adviser meet certain dollar thresholds. Investors who meet the net worth or asset threshold are deemed to be “qualified clients,” able to bear the risks associated with performance fee arrangements.
The revised rule will require “qualified clients” to have at least $1 million of assets under management with the adviser, up from $750,000, or a net worth of at least $2 million, up from $1.5 million. These rule changes conform the rule’s dollar thresholds to the levels set by a Commission order in July 2011. The Commission-ordered increase in the thresholds was required by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. In addition, the revised rule will exclude the value of a client’s primary residence and certain property-related debts from the net worth calculation; the change was not required by the Dodd-Frank Act, but is consistent with changes the Commission approved in December to net worth calculations for determining who is an “accredited investor” eligible to invest in certain unregistered securities offerings.
view Final Rule Release No. IA-3372
Source: SEC.gov
State Street files with the SEC
February 15, 2012--State Street has filed a post-effective amendment, registration statement with the SEC for the SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (EMCD)
and
SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (XOVR)
view filing
Soirce: SEC.gov
Advisor Shares files with the SEC
February 15, 2012--AdvisorShares has filed a post-effective amendment No. 45, registration statement with the SEC for the AdvisorShares Global Alpha & Beta ETF.
view filing
Source: SEC.gov
State Street plans OTC derivatives platform
February 15, 2012--State Street, the investment management and custody company, plans to challenge Wall Street banks involved with derivatives trading with the launch of an electronic trading platform for over-the-counter swaps.
The move is a sign that the market for OTC derivatives is set to be contested by “buyside” institutions not hitherto associated with such markets.
read more
Source: FT.com
Banks and brokers rush to lobby CFTC on SEF trading model
Trading Banks and brokers rush to lobby CFTC on SEF trading model
Regulator hit with letter campaign
February 15, 2012--Banks, trading firms and brokers have fired off a torrent of correspondence at the Commodity Futures Trading Commission in a last minute bid to influence which derivatives should be traded on swap execution facilities and electronic markets.
With the comment period for the proposed rule ending this week, organisations including JP Morgan, Isda and the Wholesale Markets Brokers Association have launched scathing attacks on the CFTC's proposed "made available trade" rules, which set out the conditions for mandatory trading of swaps on SEFs.
read more
Source: Credit flux
XTF Capital Corp. Launches Two More ETFs
February 15, 2012--XTF Capital Corp.,a First Asset company, is pleased to announce that two more of its new exchange traded funds have closed their offerings of Common Units and Advisor Units. The funds will commence trading on the Toronto Stock Exchange ("TSX") when the market opens this morning under the following ticker symbols:
Fund:XTF Morningstar Canada Value Index ETF
Common Units: FXM
Advisor Units:FXM.A
Fund Common Units Advisor Units XTF Morningstar Canada Value Index ETF FXM FXM.A
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Source: First Asset and XTF Capital
Horizons Launches Two New Corporate Bond ETFs
February 15, 2012--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. (the "AlphaPro") are pleased to announce the launch of two new innovative corporate debt based ETFs, the Horizons High Yield Bond ETF ("Horizons HYI") and the Horizons U.S. Floating Rate Bond ETF ("Horizons HUF.U") (collectively, the "ETFs").
The ETFs' portfolios will be actively-managed by Natcan Investment Management Inc ("Natcan").
Both ETFs will begin trading on the Toronto Stock Exchange ("TSX") under the below ticker symbols with both a Class E unit and an Advisor Class unit.
read more
Source: Horizons Exchange Traded Funds Inc.
SEC Filing-Select Sector SPDR Trust
February 15, 2012-Select Sector SPDR Trust has filed a post-effective amendment No. 20, registration statement with the SEC.
view filing
Source: SEC.gov
Horizons ETFs Mourns Loss of Robert Reid
February 15, 2012--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") is deeply saddened by the news that Robert Reid , one of the company's founding shareholders and original board directors, has passed away.
Mr. Reid was the President of DGM Bank and Trust Inc. of Barbados , and, through that role, was one of the founding shareholders in Horizons ETFs, under its prior name BetaPro Management Inc. Prior to his role with DGM Bank, Mr. Reid was well known on Bay Street as a former director and Vice-President at Wood Gundy.
Mr. Reid sat on the board of directors of Horizons ETFs until 2008. In this role, he helped guide the growth of Horizons ETFs from its early start-up days to becoming one of Canada's largest ETF providers.
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Source: Horizons ETFs Management (Canada)
