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Group pushes US House Republicans to get position limits in place
October 18, 2012--A financial reform group is pressing key US House Republicans to enact position limits in commodity markets, despite a court ruling which essentially overturned them.
In a letter sent to four Republicans on the House of Representatives' Committee on Financial Services Thursday, the group wrote that the imposition of position limits "is vital for the proper functioning of the commodities markets," and said the US Commodity Futures Trading Commission was following the intent of Congress when it attempted to put them in place this month.
"Putting aside the court's ruling, we believe there is more than adequate evidence of excessive speculation, and more than adequate evidence that market opacity and excessive speculation have been disruptive to commodity markets and diminished confidence in these markets," the Commodity Markets Oversight Coalition wrote in the letter.
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Source: Platts
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices
A Deletion From The S&P/TSX Venture Composite Index
October 22, 2012--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
On October 18, 2012, the shareholders of Pine Cliff Energy Ltd. (TSXVN:PNE) and Geomark Exploration Ltd. (TSXVN:GME) approved the previously announced business combination whereby Pine Cliff Energy will acquire Geomark Exploration.
Geomark Exploration shareholders will receive 1.5 common share of Pine Cliff Energy for each share held. Geomark Exploration will be removed from the S&P/TSX Venture Composite Index after the close of trading on Monday, October 22, 2012.
Source: S&P Canadian Index Services
Vanguard lists 21 funds on Cofunds
Range of passive funds to be made available to 13,000 Cofunds users
October 18, 2012--Vanguard has struck a deal with Cofunds to list 21 of its funds on the platform.
The listings include Vanguard’s five multi-asset LifeStrategy funds, launched in June 2011, as well as seven single-asset passive funds and nine Ireland-domiciled portfolios.
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Source: FT.Advisor
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices-A Deletion From The S&P/TSX Global Gold And Global Mining Indices
October 18, 2012--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The shareholders of Avion Gold Corporation (TSX:AVR) have accepted the share exchange offer from Endeavour Mining Corporation (TSX:EDV) whereby Avion Gold shareholders will receive 0.365 shares of Endeavour Mining for each share held.
Avion Gold will be removed from the S&P/TSX Global Mining and Global Gold Indices effective after the close of Monday, October 22, 2012. At the same time, the relative weight of Endeavour Mining will increase in the same indices to reflect the issuance of the new shares.
Source: S&P Canadian Index Services
CME to buy rival Kansas City exchange, heading off ICE
October 17, 2012--CME Group Inc (CME.O) on Wednesday agreed to buy the Kansas City Board of Trade for $126 million in cash, cementing CME's dominance in world grain futures markets and keeping rival IntercontinentalExchange (ICE.N) from gaining an important foothold.
It is CME's first exchange purchase in five years since it wrapped up a buying spree that put the Chicago Mercantile Exchange, the Chicago Board of Trade and the energy-focused New York Mercantile Exchange all under its control.
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Source: Reuters
UBS launches ETN with high monthly income potential and leveraged exposure to mortgage REITs
ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN
October 17, 2012--UBS Investment Bank announced that today is the first day of trading on the NYSE
Arca for the ETRACS Monthly Pay 2xLeveraged Mortgage REIT ETN (NYSE: MORL).
MORL is linked to the monthly compounded 2x leveraged performance of the Market Vectors(R) Global Mortgage REITs Index (the “Index”), reduced by investor fees.
MORL Profile
Income Potential Variable monthly coupon linked to 2 times the cash distributions, if any, of the Index constituents, less any withholding taxes
2x Index Yield* 24.82%
Underlying Index Market Vectors(R)Global Mortgage REITs Index
Leverage 2x Leverage with Monthly Reset
Based on 2 times the Index dividend yield calculated as of September 30, 2012 by Market Vectors. Investors are not guaranteed any coupon or distribution.
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Source: UBS
Fink says ETF price war a 'myth'
October 17, 2012--Larry Fink, chief executive of BlackRock, dismissed talk of a price war among exchange traded fund providers as the world's largest fund manager announced third quarter results on Wednesday.
“There is no price war. We have to move on from this myth about a price war,” said Mr Fink.
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Source: FT.com
Vanguard Files Final Prospectus to Broaden Low Cost ETF Line-Up
October 17, 2012--Vanguard Investments Canada Inc. announced today that a final prospectus for five new Canadian-domiciled exchange-traded funds (Vanguard ETFs) has been receipted by the securities regulatory authorities.
Vanguard expects to list the new ETFs on Toronto Stock Exchange (TSX) subject to meeting all regulatory and TSX requirements.
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Source: Vanguard
Invesco Study: ETF Usage Increasing Among RIAs
Risk Management Remains Top of Mind as Advisers Pursue Strategic Mix of Products
October 17, 2012--Registered Investment Advisers (RIAs) expect to see increased usage of Exchange-Traded Funds (ETFs) in client portfolios, while aversion to risk remains high, according to results of an Invesco market research study released today.
RIAs surveyed believe ETFs will make up 24 percent of portfolio allocations over the next 12 months and 33 percent over the next three years, representing a 10 percent increase over results reported in Invesco's survey of RIAs in 2011.
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Source: Invesco PowerShares
Knight CEO: Company forming risk committee
Knight's loss from Aug. 1 trading error came in at $461.1 million
Knight forms new risk committee at board level
Business momentum returning despite difficult climate, CEO says
(Updates with comments from Knight CEO.)
October 17, 2012--Knight Capital Group has formed a new risk committee of directors as the electronic trading firm continues to rebuild following a catastrophic trading error in August, Knight's top executive said Wednesday.
Technology staff at Knight continue to analyze the Aug. 1 trading mishap, which drove a $461.1 million loss for Knight and forced the Jersey City, N.J., firm to seek rescue funding from a group of customers and rivals.
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Source: MarketWatch
