Americas ETP News
If your looking for specific news, using the search function will narrow down the results
SEC Staff Issues Summary Report of Commission Staff's Examinations of Each Nationally Recognized Statistical Rating Organization
September 30, 2011-- The staff of the Securities and Exchange Commission today issued a report summarizing the staff's observations and concerns arising from the examinations of ten credit rating agencies registered with the SEC as Nationally Recognized Statistical Rating Organizations ("NRSROs") and subject to Commission oversight.
The report notes that despite changes by some of the examined credit rating agencies to improve their operations, Commission staff identified concerns at each of the NRSROs. These concerns included apparent failures in some instances to follow ratings methodologies and procedures, to make timely and accurate disclosures, to establish effective internal control structures for the rating process and to adequately manage conflicts of interest. The report notes that the staff made various recommendations to the NRSROs to address the staff’s concerns and that in some cases the NRSROs have already taken steps to address such concerns.
“This report demonstrates the SEC’s enhanced oversight of credit rating agencies,” said Carlo V. di Florio, Director of the SEC’s Office of Compliance Inspections and Examinations (OCIE). “We have recruited experts and strengthened the overall monitoring and examination process to better protect investors, ensure market integrity, and facilitate capital formation.”
view the 2011 Summary Report of Commission Staff's Examinations of Each Nationally Recognized Statistical Rating Organization
Source: SEC.gov
CFTC Requests Public Comment on an Application by Eurex Clearing AG for Registration as a Derivatives Clearing Organization
September 29, 2011--The Commodity Futures Trading Commission (CFTC) is asking for public comment on an application by Eurex Clearing AG for registration as a derivatives clearing organization.
Commission staff intends to complete its review of the application on or before March 31, 2012.
Comments should be submitted on or before October 31, 2011.
Comments may be submitted electronically through the CFTC’s Comments Online process. The application documents and all comments received are available on the CFTC’s website.
Source: CFTC.gov
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
September 29, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Friday, September 30, 2011:
U.S. Silver Corporation. (TSXVN:USA) will be removed from the index as well as the S&P/TSX Venture Select Index. The company will graduate to trade on TSX under the same ticker symbol.
Parex Resources Inc. (TSXVN:PXT) 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 & Poor's
United States Commodity Funds files with the SEC
September 29, 2011--United States Commodity Funds has filed a Form S-1 registration statement with the SEC for the United States Natural Gas Double Inverse Fund.
view filing
Source: SEC.gov
Global X files with the SEC
September 29, 2011--Global X has filed a third amended and restated application for exemptive relief with the SEC.
view filing
Source: SEC.gov
Direct Edge to introduce Market Making program, pending SEC approval
September 29, 2011--Overview:
Direct Edge will introduce a Market Making program on both EDGA and EDGX Exchanges, pending Securities and Exchange Commission (SEC) approval.
How to Register:
Follow the steps below to become an Exchange Market Maker on EDGA and/or EDGX:
Complete and submit the EDGA Exchange, Inc. and EDGX Exchange, Inc. Market Maker Registration Application to Direct Edge Member Services.
Complete and submit your most recent FOCUS report, and most recent annual audited financial statements to Direct Edge Member Services.
Update FINRA’s Web CRD® for registration of at least one Market Maker Authorized Trader (MMAT). Maintain a current list of MMATs who are permitted to enter orders on behalf of the Applicant and provide
read more
Source: New Edge
Van Eck Global reduces expense cap for Market Vectors Brazil Small-Cap ETF
September 29, 2011--New York-based investment manager Van Eck Global announced that it is lowering the expense cap on its Market Vectors Brazil Small-Cap ETF (NYSE Arca: BRF), effective today. BRF’s expense cap is being reduced from 62 basis points (bps) to 59 bps. Van Eck expects that, as a result of this, investors in BRF will pay lower fees.
The Market Vectors Brazil Small-Cap ETF (BRF) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Market Vectors Brazil Small-Cap Index. The Index provides exposure to publicly traded small capitalization companies that are domiciled and primarily listed on an exchange in Brazil or that generate at least 50 percent of their revenues in Brazil. As of September 28, BRF had approximately $620 million in investor assets under management.
This marks the second time in the history of BRF that Van Eck has lowered the fund’s expense cap, and BRF is the third ETF in Van Eck’s Market Vectors family to have its expense cap reduced so far this year. In January, the firm announced that the expense cap for Market Vectors Indonesia Index ETF (IDX) was being reduced from 68 bps to 60 bps, and that the expense cap for Market Vectors Poland ETF (PLND) was being reduced from 65 bps to 60 bps.
read more
Source: Van Eck Global
CBOE to Acquire National Stocl Exchange
September 29, 2011--CBOE Stock Exchange (CBSX) announced today that it has entered into a definitive agreement to acquire the National Stock Exchange, Inc. (NSX), an all-electronic stock exchange which is owned primarily by several nationally-known broker-dealers. The acquisition will allow CBSX to expand its footprint in the securities exchange space by wholly owning and operating a second exchange.
Plans call for CBSX to operate NSX as a separate exchange, while consolidating data systems and business operations.
The NSX acquisition, which has been approved by CBSX and NSX boards of directors, is subject to Securities and Exchange Commission (SEC) approval and is expected to be finalized in the fall of 2011.
"The acquisition of NSX is an important milestone, marking a new phase of growth at CBSX," CBSX CEO David Harris said. "Economies of scale should enable us to efficiently operate a second exchange and to grow our customer base by providing additional pricing models to the U.S. equities marketplace."
read more
Source: CBOE
State Street Global Advisors Launches Three New Industry SPDR(R) Exchange Traded Funds
September 29, 2011--State Street Global Advisors (SSgA)*, the asset management business of State Street Corporation, today announced that the SPDR S&P(R) Aerospace & Defense ETF (symbol:XAR), SPDR S&P Health Care Services ETF (symbol:XHS), and SPDR S&P Software & Services ETF (symbol:XSW) began trading on the NYSE Arca on September 29, 2011. The new funds strengthen State Street's marketplace leading industry and sector ETF offering, which now includes 44 SPDRs with $58 billion in assets.
The three new SPDR industry ETFs seek to track the performance of a series of S&P Select Industry Indices, which are designed to measure the performance of Global Industry Classification Standard (GICS(R)) sub-industries, the most detailed level of industry definition. Constituent stocks are members of the S&P Total Market Index, which includes all common equities listed on the NYSE and NASDAQ US exchanges.
"Having pioneered the first sector ETFs in 1998, State Street Global Advisors continues to work closely with investors and advisors to develop new SPDR ETFs that provide precise exposure to a range of industries and sectors," said James Ross, senior managing director and global head of SPDR Exchange Traded Funds at State Street Global Advisors. "By offering diversified, cost-efficient access to the aerospace and defense, health care services, and software and services sub-industries, these three new SPDR ETFs provide investors with an opportunity to gain tactical exposure without taking on the risk of buying an individual stock."
The three new SPDR ETFs include:
ETF Name Ticker Index Description Expense Ratio
--------------------------------- ------ -------------------------------------------------------------------- -------------
SPDR S&P Aerospace & Defense ETF XAR The S&P Aerospace & Defense Select Index is an equal-weighted index 0.35%
that includes 34 manufacturers of civil or military aerospace and
defense equipment, parts or products, including defense electronics
and space equipment.
--------------------------------- ------ -------------------------------------------------------------------- -------------
SPDR S&P Health Care Services ETF XHS The S&P Health Care Services Select Index is an equal-weighted index 0.35%
that includes 57 providers of patient health care services,
including dialysis centers, lab testing services, pharmacy
management services, and companies providing business support
services to health care providers.
--------------------------------- ------ -------------------------------------------------------------------- -------------
SPDR S&P Software & Services ETF XSW The S&P Computer Software Select Index is an equal-weighted index 0.35%
that includes 112 companies engaged in the research, design, support
production, or distribution of products or processes that relate to
software applications, software and internet systems, and
information-based services.
--------------------------------- ------ -------------------------------------------------------------------- -------------
State Street manages more than $266** billion in SPDR ETF assets worldwide (as of June 30, 2011) and is one of the largest ETF providers in the US and globally.
Source: State Street Corporation
US second-quarter growth revised up to 1.3%
September 29, 2011---The US economy grew slightly more than previously reported in the second quarter, helped by consumer spending and export growth that was stronger than earlier estimated, according to a government report on Thursday that pointed to slow growth rather than a recession.
Gross domestic product grew at annual rate of 1.3 percent, the Commerce Department said in its third and final estimate for the quarter, up from the previously estimated 1.0 percent.
read more
Source: The Economic Times
