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SEC Proposes Rule to Prohibit Conflicts of Interest in Certain Asset-Backed Securities Transactions
September 19, 2011--The Securities and Exchange Commission today voted unanimously to propose a rule intended to prohibit certain material conflicts of interest between those who package and sell asset-backed securities (ABS) and those who invest in them.
The proposal, which is not intended to prohibit traditional securitization practices, implements Section 621 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The proposed rule would prohibit securitization participants of an ABS for a designated time period from engaging in certain transactions that would involve or result in any material conflict of interest. Two criteria to determine whether the transaction involves a material conflict of interest are set out in the rule proposal.
view the Prohibition against Conflicts of Interest in Certain Securitizations-proposed rule
Source: SEC.gov
2011 Carbon Disclosure Project S&P 500 findings: Majority of US companies taking climate change action, despite absence of mandatory rules
For first time in CDP’s ten year history, most US companies reporting climate change strategies
Increasing investor pressure, uncertain fuel prices, extreme weather events, recognition of new revenue and product opportunities -- drive increase in activities
September 19 2011. The 2011 S&P 500 report from the Carbon Disclosure Project (CDP) has found that while national and global policy remains uncertain, most large US companies recognize the opportunity to gain strategic advantage from acting to address climate change.
For the first time since its inception, CDP has found that a majority of the S&P 500 disclosing companies now integrate climate change into core business strategy.
CDP’s report, which analyzed disclosures from 339 of the largest US corporations by market capitalization, is written by global professional services firm PwC and is seen as a bellwether for greenhouse gas emissions reduction activity at corporate America. CDP collects data from companies on behalf of 551 signatory investor institutions, which together manage $71 trillion in assets worldwide.
The report, launched today in New York, found an increase in respondents who have senior executive or board oversight of their company’s climate change programs from 68% in 2010 to 87% this year. There was also a doubling of companies reporting climate change policies as an integral part of corporate business strategy, up from 35% of respondents in 2010 to 65% in 2011. Meanwhile, 64% of respondents are setting greenhouse gas emissions reduction targets, up from 51% in 2010 and 32% in 2008.
view the CDP S&P 500 Report 2011 Strategic Advantage Through Climate Change Action
Source: Carbon Disclosure Project (CDP)
Morgan Stanley-US ETF Weekly Update
September 19, 2011--Weekly Flows: $11.6 Billion Net Inflows
Largest Weekly Net Inflows YTD
ETF Assets Stand at $1.0 Trillion, up 4% YTD
Launches: 4 New ETFs
Javelin Announces ETF Closure
US-Listed ETFs: Estimated Flows by Market Segment
For the fifth consecutive week, ETFs posted net inflows ($23.0 bln over the past 5 weeks)
ETFs posted net inflows of $11.6 bln last week, the largest weekly net inflows YTD
ETF assets stand at $1.0 tln, up 4% YTD; last week’s flows primarily driven by US Equity ETFs
13-week flows were mixed among asset classes; combined $22.4 bln net inflows
Fixed Income ETFs up $9.5 bln; US Sector & Industry ETFs down $2.4 bln
We estimate ETFs have generated net inflows 23 out of 37 weeks in 2011; net inflows of $78.8 bln YTD
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) generated net inflows of $6.3 bln, the most of any ETF
Ironically, while SPY had net inflows, the iShares S&P 500 Index Fund (IVV) posted net outflows of $391 mln;
both ETFs track the same index
3 out of the 10 ETFs to exhibit the largest net outflows last week were US Treasury based, potentially
signaling investors are willing to take more risk by moving away from US Treasuries
US-Listed ETFs: Change in Short Interest
Data Updated: Based on data as of 8/31/11
IWM exhibited the largest increase in USD short interest since last updated
$1.1 billion in additional short interest
Highest level of shares short for IWM since 5/31/11
SPY exhibited the largest decline in USD short interest since last updated
$4.0 billion in reduced short interest
Despite SPY’s lower levels of shares short compared to 8/15/11, SPY’s shares short remain near an all-time
high
request report
Source: Morgan Stanley
Two New ETFs Launched by BlackRock(R) Canada
New iShares(R) ETFs round out its fixed income offering and provide exposure to the S&P/TSX Venture Select Index
September 19, 2011--BlackRock Asset Management Canada Limited (BlackRock Canada), an indirect, wholly-owned subsidiary of BlackRock, Inc. (BlackRock), today announced the launch of two new iShares exchange traded funds (ETFs). The iShares DEX Short Term Corporate Universe + Maple Bond Index Fund (XSH) seeks to provide investors with a regular stream of income, while the iShares S&P/TSX Venture Index Fund (XVX) is the first ETF in Canada to provide exposure exclusively to securities listed on the TSX Venture Exchange.
Both ETFs have closed the initial offering of their units and will begin trading on the Toronto Stock Exchange today.
"As economic conditions remain challenging and markets react with ongoing volatility, investors are placing a clear premium on investments that provide consistent income generation," said Mary Anne Wiley, Managing Director, Head of iShares Distribution at BlackRock Canada.
"XSH is built with an eye to delivering investors the liquidity and flexibility they crave while allowing them to enhance yield through corporate issuers."
read more
Source: BlackRock
CFTC.gov Commitments of Traders Reports Update
September 16, 2011--The current reports for the week of September 13, 2011 are now available.
view updates
Source: CFTC.gov
Treasury International Capital Data For July 2011
September 16, 2011--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for July 2011. The next release, which will report on data for August 2011, is scheduled for October 18, 2011.
Foreign residents increased their holdings of long-term U.S. securities in July — net purchases were $24.6 billion. Net purchases by private foreign investors were $10.4 billion, and net purchases by foreign official institutions were $14.2 billion.
At the same time, U.S. residents increased their holdings of long-term foreign securities, with net purchases of $15.1 billion.
Taking into account transactions in both foreign and U.S. securities, the net foreign purchases of long-term securities were $9.5 billion. After adjustments, such as estimates of unrecorded principal payments to foreigners on U.S. asset-backed securities, are included, the overall net foreign acquisition of long-term securities is estimated to have been negative $17.2 billion in July.
Foreign holdings of all dollar-denominated short-term U.S. securities and other custody liabilities decreased $36.5 billion.
Banks’ own net dollar-denominated liabilities to foreign residents decreased $7.6 billion.
read more
Source: US Department of the Treasury
State Street files with the SEC
September 16, 2011--SSgA Funds Management, Inc., has filed an application for exemptive relief with the SEC.
view filing
Source: SEC.gov
ProShares files with the SEC
September 16, 2011--ProShares has filed a Form S-1 registration statement with the SEC for the ProShares Ultra DJ-UBS Commodity (UCD)
ProShares UltraShort DJ-UBS Commodity (CMD)
ProShares Ultra DJ-UBS Natural Gas (BOIL)
ProShares UltraShort DJ-UBS Natural Gas (KOLD)
ProShares Short Gold (SAU)
ProShares Ultra Euro (ULE)
ProShares Ultra Yen (YCL)
view filing
Source: SEC.gov
AdvisorShares files with the SEC
September 16, 2011--AdvisorShares has filed a post-effective amendment, registration statement with the SEC for the QAM Equity Hedge ETF.
view filing
Source: SEC.gov
State Street files with the SEC
September 16, 2011--SPDR Series Trust has filed a post-effective amendment, registration statement with the SEC for the SPDR Barclays Capital Investment Grade Floating Rate ETF.
view filing
Source: SEC.gov
