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21 December 2012
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  Top Stories 
  • ICE will acquire NYSE Euronext
    IntercontinentalExchange announced that it is acquiring NYSE Euronext for $33.12 per share. The combined company will operate dual headquarters in Atlanta and New York and maintain the iconic NYSE building in Manhattan. "The acquisition combines two leading exchange groups to create a premier global exchange operator diversified across markets including agricultural and energy commodities, credit derivatives, equities and equity derivatives, foreign exchange and interest rates. With leading clearing capabilities, the combined company will be well positioned to deliver efficiencies while serving customer demand for clearing and risk management globally," ICE said in a news release. CNNMoney (20 Dec.), Financial Times (tiered subscription model) (20 Dec.), The Wall Street Journal (20 Dec.) LinkedInFacebookTwitterEmail this Story
  • Boehner gives up on his "fiscal cliff" plan
    U.S. House Speaker John Boehner was forced to abandon his "fiscal cliff" proposal aimed at extracting more concessions from President Barack Obama when it became clear there wasn't enough support to pass the measure in the Republican-controlled House of Representatives. Boehner's inability to produce enough votes for his own plan raises the level of uncertainty about whether Republican leaders and Obama can reach a deal before the year ends. Reuters (21 Dec.), The Washington Post (20 Dec.), USA Today (21 Dec.) LinkedInFacebookTwitterEmail this Story
Sector SPDRs carve the S&P 500 into nine sector exchange-traded funds (ETFs) that conveniently, efficiently, and affordably provide sector exposure while giving investors the unique ability to customize the S&P 500 to meet specific investment objectives.
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  Market Activity 
  • Asian-Pacific markets fall after vote on U.S. tax cuts is canceled
    Asian-Pacific markets fell Friday after the U.S. House of Representatives called off a vote on a proposal to avert the "fiscal cliff." Japan's Nikkei 225 fell 1%. Hong Kong's Hang Seng Index dropped 0.7%. South Korea's Kospi and Taiwan's Taiex each gave up 1%. Australia's S&P/ASX 200 slid 0.2%. China's Shanghai Composite declined 0.7%. India's Sensex was down 1% at midafternoon. MarketWatch (21 Dec.), The Economic Times (India) (27 Dec.) LinkedInFacebookTwitterEmail this Story
  • Cheap ETFs outperform star hedge fund managers
    The mediocre performance of hedge funds demonstrates that most investors would benefit more from keeping an eye on costs than putting their money in the hands of star hedge fund managers, according to The Economist. "The best way for investors to play the odds is to choose low-cost ETFs or trackers and diversify geographically and across asset classes," the magazine notes. The Economist (22 Dec.) LinkedInFacebookTwitterEmail this Story
CAREERS at CFA Institute
Director, Curriculum Projects - All locations
Director, Society Relations, EMEA
Director, Society Relations, Americas
  • Banks are making risky loans to indebted firms, OCC says
    U.S. banks are lowering lending standards to make more risky leveraged loans to companies with high debt, the Office of the Comptroller of the Currency says in a report. Banks are letting borrowers take on greater debt and approving deals that give lenders limited protection if the borrower doesn't stay current on payments, the regulator says. The Washington Post (20 Dec.) LinkedInFacebookTwitterEmail this Story
  • Europe needs banking union to overcome challenges, IMF says
    The International Monetary Fund says a banking union is necessary in Europe in light of challenges, noting that "the present conjuncture makes management of the situation particularly difficult." The IMF also called for stress testing of banks and sharper separation between sovereign and bank risk. Bloomberg (20 Dec.), Reuters (20 Dec.) LinkedInFacebookTwitterEmail this Story
  • U.S. legislators urge CFTC to act on cross-border rules
    U.S. lawmakers have reinforced complaints abroad and called on the Commodity Futures Trading Commission to decide soon how its rules will apply overseas. "We are very concerned that a lack of coordination between both foreign and domestic regulators could soon lead to a disruption of the derivatives markets," 14 members of the House of Representatives wrote in a letter. Meanwhile, regulations for swaps-trading platforms and safety buffers for uncleared swaps remain unwritten. Reuters (20 Dec.), Financial Times (tiered subscription model) (21 Dec.) LinkedInFacebookTwitterEmail this Story
  • ESMA gets the ball rolling on interoperability guidance
    European clearinghouses can expect interoperability guidance from the European Securities and Markets Authority in the first quarter, based on a recently released consultation paper. ESMA is required by the European Market Infrastructure Regulation to establish rules pertaining to potential links between clearinghouses. Certainty on this front is expected to end a logjam in exchanges' plans. The Trade News (U.K.) (20 Dec.), Reuters (20 Dec.) LinkedInFacebookTwitterEmail this Story
  Financial Products 
  • ALPS launches 4 index ETFs tied to momentum
    ALPS rolled out four exchange-traded funds tracking indexes that are designed to boost yields by using momentum-focused strategies. The Risk-Adjusted Return U.S. Large Cap Index ETF, the Momentum Builder Asia ex-Japan Equities and U.S. Treasuries Index ETF, the Momentum Builder Multi-Asset Index ETF and the Momentum Builder Growth Markets Equities and U.S. Treasuries Index ETF trade on NYSE Arca. (20 Dec.) LinkedInFacebookTwitterEmail this Story
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