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December 21, 2012
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Daily newsletter from NYSSA for investment professionals

  Top Story 
  • NYSE Euronext agrees to be bought by ICE
    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 (12/20), Financial Times (tiered subscription model) (12/20), The Wall Street Journal (12/20) LinkedInFacebookTwitterEmail this Story
  Industry Update 
  • 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 (12/22) LinkedInFacebookTwitterEmail this Story
  • Boehner gives up on his "fiscal cliff" plan
    House Speaker John Boehner, R-Ohio, 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 (12/21), The Washington Post (12/20), USA Today (12/21) LinkedInFacebookTwitterEmail this Story
  • Repo market avoids new regulations
    The Federal Reserve Bank of New York said JPMorgan Chase and Bank of New York Mellon made the changes necessary to reduce risk and allow the repurchase market to function smoothly. The two banks needed to reduce their exposure in the market for which they serve as clearing agents. The Wall Street Journal (12/21) LinkedInFacebookTwitterEmail this Story
  New York Focus 
  • Gov. Cuomo will push for tougher gun control laws in N.Y.
    New York Gov. Andrew Cuomo said his 2013 legislative agenda will include a package of gun-control laws. He said there should be tougher restrictions on semiautomatic rifles. "I don't think legitimate sportsmen are going to say, I need an assault weapon to go hunting," Cuomo said on an Albany radio show. The Wall Street Journal (12/20) LinkedInFacebookTwitterEmail this Story
  People & Personalities 
  • Khuzami reportedly will step down as SEC enforcement chief
    Robert Khuzami, head of the Security and Exchange Commission's enforcement unit since 2009, is planning to leave the agency as soon as January, sources said. Under his watch, the unit's power was expanded, but he was also criticized for reaching high-profile settlements with Goldman Sachs Group, Citigroup and JPMorgan Chase. Bloomberg (12/20), The Wall Street Journal (12/20) LinkedInFacebookTwitterEmail this Story
  On The Economy 
  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. (12/20) LinkedInFacebookTwitterEmail this Story
How we spend our days is, of course, how we spend our lives."
--Annie Dillard,
American author

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