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SPDR® ETF (Exchange Traded Fund) Family Announces Impact of Receiving Settlement Payments
September 27, 2011--The Financial Select Sector SPDR® Fund (NYSE:XLF), SPDR® S&P 500® ETF Trust (NYSE:SPY) and SPDR® Dow Jones Industrial AverageSM ETF Trust (NYSE:DIA) announced on Tuesday September 27, 2011 that each Fund received a payment as an authorized claimant from a settlement related to Bank of America Corp. and the impact to each Fund’s net asset value (“NAV”) per share would occur on Wednesday, September 28, 2011.
The total amount to be recorded by each Fund is listed below. When the Funds calculate their net asset value (“NAV”) per share on Wednesday, September 28, 2011, it is estimated that each Fund’s NAV will be impacted by the receipt of the corresponding payment in the amount stated below based on the shares outstanding as of September 26, 2011.
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Source: SPDR Exchange Traded Funds
Data point to stagnant US economy
September 27, 2011--The US economy continues to struggle as new data on Tuesday showed stagnant house prices and very weak consumer confidence, although there is still little sign of a spiral towards recession.
House prices were flat from June to July on a seasonally adjusted basis, according to the S&P Case-Shiller home price index, as the impact of foreclosures and unsold properties weighed on the housing market. Analysts had expected prices to edge up by 0.1 per cent as summer is traditionally a period of stronger demand in the housing market.
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Source: FT.com
US inflation expectations lowest for a year
September 27, 2011--Market expectations for US inflation have dropped to their lowest level in a year and are now below the Federal Reserve’s unofficial target, as investors respond to the central bank’s latest attempt to stimulate the economy.
The expected rate of inflation over the next 30 years, as measured by the difference between Treasury Inflation Protected Securities, Tips, and cash government bonds, dropped as low as 1.85 per cent in recent days from 2.73 per cent since last month. The rate was just under 2 per cent on Tuesday.
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Source: FT,com
BlackRock New ETF Landscape Report: US Handbook – Q2 2011
September 27, 2011--Q2 2011 is a comprehensive directory of all 1,288 Exchange Traded Funds (ETFs) and Exchange Traded Products (ETPs) with assets of US$1,100.7 Bn from 48 providers on two exchanges in the United States, as at the end of June 2011.
request report
Source: BlackRock
SEC to Publish for Public Comment Updated Market-Wide Circuit Breaker Proposals to Address Extraordinary Market Volatility
September 27, 2011--The Securities and Exchange Commission today announced that the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) are filing proposals to revise existing market-wide circuit breakers that are designed to address extraordinary volatility across the securities markets. When triggered, these circuit breakers halt trading in all exchange-listed securities throughout the U.S. markets.
The proposals being filed today would update the market-wide circuit breakers by among other things reducing the market decline percentage thresholds necessary to trigger a circuit breaker, shortening the duration of the resulting trading halts, and changing the reference index used to measure a market decline.
If approved by the Commission, the new market-wide circuit breaker rules would replace the existing market-wide circuit breakers, which were originally adopted in October 1988 and have only been triggered on one day in 1997.
“This new market-wide circuit breaker together with the other post-Flash Crash measures is designed to reduce extraordinary volatility in our markets,” said SEC Chairman Mary Schapiro. “We look forward to reviewing the comments, including any views on how the proposed circuit breaker changes might work together with the proposed limit up-limit down mechanism for individual securities.”
The SEC will seek comment on the proposed rule changes, which are subject to Commission approval following a 21-day public comment period.
Market-Wide Circuit Breaker Proposal The proposals would revise the existing market-wide circuit breakers by:
Reducing the market decline percentage thresholds necessary to trigger a circuit breaker from 10, 20, and 30 percent to 7, 13, and 20 percent from the prior day’s closing price.
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Source: SEC.gov
SEC to Publish for Public Comment Updated Market-Wide Circuit Breaker Proposals to Address Extraordinary Market Volatility
September 27, 2011--The Securities and Exchange Commission today announced that the national securities exchanges and the Financial Industry Regulatory Authority (FINRA) are filing proposals to revise existing market-wide circuit breakers that are designed to address extraordinary volatility across the securities markets. When triggered, these circuit breakers halt trading in all exchange-listed securities throughout the U.S. markets.
The proposals being filed today would update the market-wide circuit breakers by among other things reducing the market decline percentage thresholds necessary to trigger a circuit breaker, shortening the duration of the resulting trading halts, and changing the reference index used to measure a market decline.
If approved by the Commission, the new market-wide circuit breaker rules would replace the existing market-wide circuit breakers, which were originally adopted in October 1988 and have only been triggered on one day in 1997.
“This new market-wide circuit breaker together with the other post-Flash Crash measures is designed to reduce extraordinary volatility in our markets,” said SEC Chairman Mary Schapiro. “We look forward to reviewing the comments, including any views on how the proposed circuit breaker changes might work together with the proposed limit up-limit down mechanism for individual securities.”
The SEC will seek comment on the proposed rule changes, which are subject to Commission approval following a 21-day public comment period.
Market-Wide Circuit Breaker Proposal The proposals would revise the existing market-wide circuit breakers by:
Reducing the market decline percentage thresholds necessary to trigger a circuit breaker from 10, 20, and 30 percent to 7, 13, and 20 percent from the prior day’s closing price.
read more
Source: SEC.gov
Northern Trust Names Head of ETF Sales and Servicing
September 27, 2011--Northern Trust announced today the appointment of Marie Dzanis as Senior Vice President and Head of ETF Sales and Servicing. In this role, Dzanis will lead the sales and servicing team for Northern Trust's FlexShares exchange traded funds.
Dzanis will be based at Northern Trust's Chicago headquarters and report to Shundrawn A. Thomas, Managing Director and Global Business Head of the Exchange-Traded Funds Group.
"Marie's in-depth knowledge of exchange traded fund sales and the broader asset management industry will be invaluable for Northern Trust," said Thomas. "Her relationships with financial advisory teams and broker dealers across the United States will advance our business goals."
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Source: Northern Trust
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
September 26, 2011--Standard & Poor's Canadian Index Operations announces the following index changes:
Intact Financial Corporation (TSX:IFC) has completed the acquisition of AXA Canada. The relative weight of Intact Financial Corporation will increase in the S&P/TSX Composite and Capped Composite, the S&P/TSX Equity and Capped Equity, the S&P/TSX Capped Financial, the S&P/TSX Completion and Equity Completion and the S&P/TSX Composite Dividend indices to reflect this issuance of Intact Financial shares.
These changes will be effective after close on Monday, October 3, 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 & Poor's
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
September 26, 2011--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Tuesday, September 27, 2011:
Rainy River Resources Ltd. (TSXVN:RR) 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.
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
S&P may face action over CDO ratings
US SEC considers action against Standard & Poor's for giving top ratings to mortgage-backed investments shortly before they imploded in the financial crisis
September 26, 2011--US regulators have warned credit rating agency Standard & Poor's they are considering taking action over its rating of mortgage-backed investments ahead of the 2008 financial meltdown.
It would be the first time a ratings agency has been called to account by a US regulator since the credit crisis.
S&P's parent company McGraw-Hill confirmed it has received notice that the Securities and Exchange Commission (SEC) is considering action over ratings the agency gave to portfolios of mortgages and other debts known as collateralised debt obligations (CDOs) dating back to the financial crisis.
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Source: Guardian.co.uk
