| A | . .1MTX Glossary: FUNDS - Mutual Funds - Exchange Traded Funds (ETFs) FUNDS Glossary Mutual Funds - Exchange Traded Funds (ETFs) . Absolute Return Strategy An absolute return strategy, an investment plan that seeks to provide a consistent return regardless of market direction. Accrued Interest Interest income that has been earned but not yet paid in cash. Active Strategies The strategies have two forms - security selection or market timing. Security selection is the buying and selling of securities to ear a return above a market index such as the S & P 500 Index for U.S. Stocks. Market timing is based on shifting asset class weights to earn a return above that available from maintaining the asset class exposure of the policy asset mix. Additional Auto-Invest Program Investment This indicates the smallest permissible additional investment a fund will accept in an existing automatic-investment plan account. Additional Investment This indicates the smallest permissible additional purchase a fund will accept in an existing account. Additional IRA Investment This indicates the smallest permissible additional purchase a fund will accept in an existing IRA account. If the minimum is zero, then $0 will appear. Advisor The organization employed by a mutual fund to give professional advice on the fund's investments and to supervise the management of its assets. Alpha A measure of the difference between a fund's actual returns and its expected performance, given its level of risk as measured by beta. A positive alpha figure indicates the fund has performed better than its beta would predict. In contrast, a negative alpha indicates the fund's underperformance, given the expectations established by the fund's beta. All MPT statistics (alpha, beta, and R-squared) are based on a least-squares regression of the fund's return over Treasury bills (called excess return) and the excess returns of the fund's benchmark index. Alpha can be used to directly measure the value added or subtracted by a fund's manager. Alpha depends on two factors: 1) the assumption that market risk, as measured by beta, is the only risk measure necessary and 2) the strength of the linear relationship between the fund and the index, as it has been measured by R-squared. In addition, a negative alpha can sometimes result from the expenses that are present in a fund's returns, but not in the returns of the comparison index. Example: A fund has an alpha of 0.86, a beta of 0.96 and an R-squared of 97. The high R-squared lends further credibility to the accuracy of the fund's alpha and beta. The alpha of 0.86 indicates that the fund produced a return 0.86% higher than its beta would predict. (See also Beta) American Depository Receipts (ADRs) If you see the letters ADR after a company name, this means it is an American Depository Receipt. ADRs represent shares of foreign companies traded in U.S. dollars on U.S. exchanges. They can be treated just like shares of domestic stock-you can buy or sell them through a broker, for example. However, ADRs aren't actually shares of stock, they are tradable receipts for actual shares on deposit at a bank. The purpose of the ADR is to make investing abroad both simpler and less costly for the average individual, who has neither the expertise of a foreign-stock mutual fund manager nor the buying power to trade in the volumes necessary to reduce the cost of foreign-stock transactions. Annual Returns Annual total returns are calculated on a calendar-year and year-to-date basis. Total return includes both capital appreciation and dividends. The year-to-date return is updated daily. For mutual funds, return includes both income (in the form of dividends or interest payments) and capital gains or losses (the increase or decrease in the value of a security). See also Trailing Return. Annual Turnover Percentage of value of stocks in a portfolio that are sold and replaced with new stocks each year. Turnover in indexing should be low. Asia/Pacific ex-Japan An International-Stock Funds category: At least 75% of stocks invested in Pacific countries, with less than 10% of stocks invested in Japan. Ask Price Lowest price any seller is willing to accept for a security at a given time. Asked or Offering Price The price at which a mutual fund's shares can be purchased. The asked or offering price is based on the current net asset value (NAV) per share plus any sales charge. Asset In business and accounting by asset is meant economic resources controlled by an entity as a result of past transactions or events and from which future economic benefits may be obtained. »...more Asset Allocation Fund A fund that spreads its portfolio among a wide variety of investments, including domestic and foreign stocks and bonds, government securities, gold bullion and real estate stocks. Some of these funds keep the proportions allocated between different sectors relatively constant, while others alter the mix as market conditions change. Asset Class Breakdown Percentage of holdings in different types of investments, ie. large stocks, international, bond, etc. Asset Mix The percentage of an investment fund's assets allocated to major asset classes (for example 60% equities, 5% real estate and 35% fixed income). Authorized Participant Often called a specialist, this sophisticated professional trading firm helps create (trade stocks for an ETF) and redeem (trade an ETF for stocks) ETFs. Automatic Investment Plan A plan offered by most mutual funds where as little as $50 a month is automatically deducted from an investor’s bank account and invested in the mutual fund of their choice. This indicates the smallest amount with which one may enter a fund's automatic-investment plan—an arrangement where the fund takes money on a monthly, quarterly, semiannual, or annual basis from the shareholder's checking account. Often, the normal minimum initial purchase requirements are waived in lieu of this systematic investment plan. The systematic investment amount is the minimum amount required for subsequent regular investments in an automatic investment plan. Studies indicate that regular automatic investment, also known as dollar-cost averaging, is perhaps the most successful investment plan for long-term investors. Automatic Reinvestment A service that most mutual funds offer whereby a shareholder's income dividends and capital gains distributions are automatically reinvested in additional shares. Average Credit Quality Average credit quality gives a snapshot of the portfolio's overall credit quality. It is an average of each bond's credit rating, adjusted for its relative weighting in the portfolio. For corporate-bond and municipal-bond funds, Morningstar also shows the percentage of fixed-income securities that fall within each credit-quality rating, as assigned by Standard & Poor's or Moody's. Because it's rare to find individual bonds in a portfolio with a rating below B, the average credit quality of bond funds in Morningstar's database for example ranges from AAA (highest) to B (lowest). U.S. government bonds carry the highest credit rating, while bonds issued by speculative or bankrupt companies usually carry the lowest credit ratings. Anything at or below BB is considered a high-yield or "junk" bond. Average Duration Duration is a time measure of a bond's interest-rate sensitivity, based on the weighted average of the time periods over which a bond's cash flows accrue to the bondholder. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond's price. (A bond's cash flows consist of coupon payments and repayment of capital.) A bond's duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, for which maturity and duration are equal. Average Market Cap The average market capitalization (market cap) of a fund's equity portfolio gives you a measure of the size of the companies in which the fund invests. (Market capitalization is calculated by multiplying the number of a company's shares outstanding by its price per share.) . . ADVERTISEMENT ^ top Sources: www.finance.gov.ab.ca; finance.Yahoo.com; MFEA.com; Morningstar.com; SEC.gov; Wikipedia.org; Others; .1MTX 2007 ADVERTISEMENT | A | FUNDS Families Glossary: FUNDS - Mutual Funds & Exchange Traded Funds (ETFs)... Mutual Funds Absolute Return Strategy - Accrued Interest - Active Strategies - Asset - Asset Mix Funds Families USA AARP Funds Absolute Strategies Acadian Funds Accessor Activa Adams Harkness Funds Adelante Funds Advance Capital I Advisor Series Trust AdvisorOne Funds Adelante Funds Advance Capital I Advisor Series Trust AdvisorOne Funds Advisors Inner Circle Fund Advisors Inner Circle II Aegis Value AFBA Five Star Fund AIG AIM Investments AIP Alternative Strategies Funds Akros Capital Al Frank Alger Allegiant AllianceBernstein Allianz Funds Allied Asset Alpine Alsin Capital Management Amana American Beacon American Century Investments American Funds American Growth American Heritage American Independence American Money Management American Performance American Trust Ameristock Ameritor AMF AMIDEX Analytic Funds Ancora Appleton Group Funds Aquila Archer Funds Ariel Armstrong Associates Arrivato Funds Artisan Ascentia Capital Partners Ashport Funds AssetMark Aston Funds Atlantic Whitehall Atlas Austin Funds Auxier Funds Aviemore Funds AXA Enterprise Azzad Fund ADVERTISEMENT Absolute Return Strategy - Accrued Interest - Active Strategies - Asset - Asset Mix Absolute Return Strategy - Accrued Interest - Active Strategies - Asset - Asset Mix .1MTX 2007
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Thursday, 24 March 2011, 15:15 GMT
BlackRock iShares Receives Approval for Active ETFs
Shishir Nigam submits:
BlackRock iShares, one of the key players in the ETF industry, which filed to launch actively-managed ETFs, has finally received exemptive relief from the SEC. According to the exemption granted, the application was initially filed in Nov 2008 and was subsequently amended in May 2009, June 2010 and Nov 2010.
In the latest amendment, iShares specified that it is planning for the launch of two actively-managed ETFs for a start ? the iShares Active Fixed Income Fund and the iShares Active Equity Fund. Both funds will be advised by BlackRock Fund Advisors:
1. iShares Active Fixed Income Fund ? The objective of this fund will be to provide a combination of income and capital growth and it will use quantitative models to allocate assets amongst various sectors. Interestingly, the filing indicates that this fund will get its exposure by investing 80% of its assets in other ETFs advised by BFA
Complete Story »

Thursday, 24 March 2011, 12:58 GMT
Research of ETFs
Research of ETFsMichael Krause submits:
Note: The following is Part 1 of a 4 part series entitled Research of ETFs. It walks readers through the inadequacies of existing research methods, argues the benefits of a fundamentally-driven, forward-looking analysis, and illustrates how investors and their financial advisors can put these tools to work in the real world. This unique approach is the basis behind the ETF Analyzer app on Seeking Alpha. The entire Research of ETFs guide can be downloaded here (pdf).
Exchange Traded Funds are part of a larger, secular trend toward index investing. While many financial advisors have embraced ETFs others view them as a threat or are unsure how they can use them to add value for clients. Often, one?s view of ETFs is tied to his or her view on the merits of active versus passive investing.
Actively managed funds' central drawback
But the debate over active versus passive management largely

Complete Story »

Friday, 25 February 2011, 13:45 GMT
Friday's ETF to Watch: Guggenheim Solar ETF
ETF Database submits:
Thanks to oil?s recent surge, a number of tangentially connected industries have benefited from the sharp move higher in crude prices. One such industry is the solar power sector where higher oil prices make solar panels more competitive with traditional fuel sources. Furthermore, during times of great turmoil, many are also reminded of the importance of weaning ourselves off foreign oil and diversifying our energy sources into alternatives, adding to the investment interest in the sector. With this backdrop, one of the most important firms in the industry, First Solar (FSLR) reported earnings last night after the bell, putting the in-focus industry further into the spotlight. First Solar, a Tempe, Arizona-based company, is the world?s largest manufacturer of thin film photovoltaic modules with operations stretching from its home in the U.S. to Europe and the Far East as well. The company has been ramping up production as of late and
Complete Story »

Friday, 11 February 2011, 17:29 GMT
Munis Catch a Bid
Munis Catch a Bid Hickey and Walters (Bespoke) submit:
Complete Story »

Thursday, 10 February 2011, 15:44 GMT
Equal Weight Index Funds and the Sin of Portfolio Management
Kid Dynamite submits:
Josh Brown pointed his readers toward an intelligent WSJ article about the trend toward equal weighted index funds. As a refresher - indices like the S&P 500 are market cap weighted - indexers own shares in proportion to the market caps of the companies. This obviously results in index performance that is dominated by the performance of the larger companies, which have larger component weights.
As a "remedy" to this phenomenon, index providers are starting to roll out "equal weight" versions of these same indices. In the NDX - Nasdaq 100 - for example, which is a modified cap-weighted index, the top handful of components dominate the index (rough weights as of today):
Apple (AAPL): 20%
Google (GOOG): 4.7%
Microsoft (MSFT): 4.1%
Oracle (ORCL): 3.1%
Amazon (AMZN): 2.5% Cisco (CSCO): 2.4%
Intel (INTC): 2%
Teva Pharmaceutical (TEVA): 2%

Research in Motion (RIMM) 2%

That's roughly 47% of

Complete Story »

Tuesday, 11 January 2011, 22:49 GMT
11 Predictions for the ETF Industry in 2011
ETF Database submits:
Last year was a very interesting one for the ETF industry, a stretch filled with both ups and downs. The industry suffered from numerous attacks that concerned investors about the possibility of an ETF collapsing and the role that these securities played in the Flash Crash. Yet many dismissed these claims as fear-mongering, and shrewd investors continued to pile into ETFs as a way to reduce expenses, achieve more diversified exposure, and enhance the overall tax efficiency of their portfolios. In fact, ETF assets recently surged to the $1 trillion level, while the number of fund choices continued to expand as well, hitting the 1,100 mark.
The past year was no doubt one of the most important in the industry?s short history, as the products continued to gain market share in new markets around the world. With 2011 well underway, the new year figures to be full of exciting developments
Complete Story »

Tuesday, 11 January 2011, 22:39 GMT
Two ETFs to Reap Earnings Growth in Financials
Kevin Grewal submits:
Despite facing new and fresh stress tests, large-cap financial institutions appear to be positioned for earnings-per-share growth in 2011, making the Financial Select Sector SPDR (XLF) and the iShares Dow Jones US Regional Banks Index Fund (IAT) attractive.
According to an article in Barron?s magazine, Credit Suisse (CS) expects large-cap financial institutions like Bank of America (BAC), JP Morgan Chase (JPM), Wells Fargo (WFC), PNC Financial Services (PNC), US Bancorp (USB) and Citigroup (C) to witness earnings-per-share growth of 25 percent. The true driver behind this profitability is expected to be improving credit costs and more active capital management.
Furthermore, the article states that the large-cap financial institutions face headwinds due to the newly implemented Basel proposals, which included stress tests that are expected to determine which financial institutions have healthy enough balance sheets to increase dividends and buy back shares. Healthy organic capital generation should be able to absorb
Complete Story »

Tuesday, 11 January 2011, 18:23 GMT
Three Foreign ETFs to Watch as China Invests in the Eurozone
Jarred Cummans submits:
China has long been considered one of the world?s most important economies, thanks to its massive size, tremendous potential, and impressive growth rates over the last two decades. With a population that is rapidly urbanizing, many predict the Chinese economy will be the largest in the world within just a decade, potentially knocking the U.S. from the number one spot that it has held for so long.
While China?s potential policy shifts and economic potential dominated the headlines for much of last year, the end of 2010 focused on a different corner of the globe as the eurozone struggled with looming debt crises that struck several nations. Countries like Greece and Ireland have already received bailouts, and others such as Spain and Portugal are on the brink of needing international intervention to stay afloat. While many have looked to the EU or the IMF to help these indebted nations, few
Complete Story »

Monday, 10 January 2011, 22:55 GMT
Germany ETF Caught in Mixed Sentiment
Tom Lydon submits:
Germany?s sentiments are all over the map these days, making it a challenge to figure out whether its ETF is worthy of a look right now.
Germany?s economy is known as the bellwether for economic growth and health in Europe, so how it?s doing really matters.
As the largest economy and one of the healthiest exporters in Europe, sentiment is closely monitored but the signals are decidedly mixed. Let?s look at the good and not great:
  • Emese Bartha for The Wall Street Journal reports that consumers sentiment declined in January from December. However, the indicator?s level suggests that consumers still believe Germany will stay on track this year.
  • Jack Ewing for The New York Times reports that the December business climate index rose more than expected. The gain came from optimism among retailers.
  • German investor confidence improved for a second month in December, says Christian Vits at Bloomberg.
  • Bernard Radowitz

Complete Story »

Monday, 10 January 2011, 21:25 GMT
Can Canada ETFs Get Back on Track?
Tom Lydon submits:
Canada?s ETFs have been no strangers to the lackluster growth that has plagued developed markets of late, but that all could end soon.
Generally, the outlook on Canada is a positive one:
  • Canada led all G7 nations in gross domestic product (GDP) growth in the initial stages of recovery from the global financial crisis. That?s largely thanks to stimulus and rising commodity prices.
  • Juliane Beltrame at CB Online reports that growth in the near future is fragile; however, the country does have a positive outlook. The IMF sited several ?key risks? that could restrain the recovery and growth in employment, including an overheated housing market, high household debt and the weak recovery in the United States.
  • Unemployment, though still high, has declined over the last year. After topping out at 8.7%, it?s back down to 7.6%.
  • Alexandre Deslongchamps at Bloomberg

Complete Story »

Monday, 10 January 2011, 19:44 GMT
BulletShares High-Yield Indexes Debut
Michael Johnston submits:
Accretive Asset Management LLC announced last week the launch of a family of high-yield bond indexes that could soon be the basis for a new suite of exchange-traded funds. The BulletShares USD High Yield Corporate Bond Indices are maturity-targeted benchmarks that measure the performance of U.S. dollar denominated non-investment grade bonds. Each index includes junk bonds scheduled to mature in a certain year, meaning that securities seeking to replicate the performance will have a cash flow profile similar to that of an individual held-to-maturity bond.
The new suite consists of 10 indexes, beginning with the BulletShares USD High Yield Corporate Bond 2012 Index and running through a 2021 version. ?We are excited to bring the BulletShares methodology to the high yield sector of the corporate bond market,? said Darrin DeCosta, head of product development for Accretive Asset Management. ?The remarkable success of investment products based on our existing investment grade
Complete Story »

Monday, 10 January 2011, 19:38 GMT
3 ETFs to Watch This Week: FXE, ALUM, SMH
Michael Johnston submits:
Equity markets were range-bound last week, struggling to make significant moves in either direction. Gold took a big tumble early in the week, dropping well below the $1,400 mark as concerns over the health of the global economy subsided. Wall Street also rallied in the middle of the week following a round of positive jobs and non-manufacturing data. Treasuries were flat for the most part as well, with the iShares Barclays 20+ Year Treasury Bond (TLT) finishing the week lower by just 1.8%. Yet, domestic markets took a small hit on Friday following the disappointing unemployment report, which showed a decline in the national unemployment rate ? as a result of people giving up on the search for work ? as fewer jobs were added than expected.
This week, investors will be kept busy with the start of earnings season after the market closes on Monday, and a round of
Complete Story »

Monday, 10 January 2011, 18:16 GMT
Abbott, Cisco Prove the Potential Folly of Stock Picking
Abbott, Cisco Prove the Potential Folly of Stock PickingRoger Nusbaum submits:
There was a peculiar exchange on CNBC the other day between Mark Haines and a guest touting Abbott Labs (ABT) as a value stock. Haines asked why anyone would want to buy such a stinker of a stock, noting that it has lagged badly since the March 2009 low. It is essentially flat since then, versus a 43% lift for the Healthcare Sector SPDR (XLV) and an 88% lift for the S&P 500.
The guest was making a value case for the name, simply concluded that he thinks the market will recognize the value in the name at some point, and that they will be rewarded for the pick. Later in the day, another analyst said he liked Cisco (CSCO) for the valuation. Cisco seemed to be capturing the effect off of the March low, actually outperforming the Tech Sector SPDR (XLK) until a few months ago, when it started
Complete Story »

Monday, 10 January 2011, 18:05 GMT
Risk Chase Slows Down: A Good Time to Review ETFs Across Asset Classes
MyPlanIQ submits:
Making tactical asset allocation decisions based on major asset price trends is an effective way to achieve reasonable returns while reducing risk. Recently, risk assets have been on a tear. It began with the year-end rally, but now most risk assets are showing fatigue. Last week, except for U.S. equities, most risk assets had negative returns. Markets are trading in a sideways fashion.

No one has a crystal ball to predict future movement. What one can do, however, is manage portfolios properly. As we enter the new year with elevated markets in most risk assets, it is a good time to review your portfolios.

It is especially important to look at your portfolio allocation mix and adjust the portfolio risk. An overly aggressive portfolio, if not re-balanced back to a risk level investors are comfortable with, can suffer a big loss in a market downturn. With a risk one cannot

Complete Story »

Sunday, 09 January 2011, 10:51 GMT
A Pivotal Point for Energy and Materials Sector ETFs
MyPlanIQ submits:
The relative performance among sector ETFs stayed roughly this week, with the top sectors in 2010 ? energy (XLE), consumer discretionary (XLY) and materials (XLB) ? retaining their top spots, although the upward momentum we saw in energy and materials did not continue into the new year. One can gain critical insights into how to build portfolios at the sector level by examining the following table:

Assets Class










Consumer Discretionary






























Consumer Staples















Marking a shift in sentiment, the energy sector (XLE) saw its trend score lowered this week. Oil prices fell in response to
Complete Story »

Sunday, 09 January 2011, 9:37 GMT
Country ETFs Sorted by Valuation and Momentum
Geoffrey Ching submits:
A couple of months ago, I outlined a strategy for investing in country ETFs. It ranks stock markets of developed markets and a few major emerging markets by valuation and momentum.
Valuation is often one of the largest factors determining long term returns, while momentum has been more predictive of the short term. By combining both, we are trying to pick countries that have both long term and short term tailwinds.
We used median earnings yield and p/s to compare valuations.
Momentum was compared by calculating an exponentially weighted rate-of-change calculation on ETFs representing each country. While this is my preferred method, comparisons using the previous 12 or 6 month?s returns are very similar.
Over the last month this strategy has performed well with the top 5 countries returning 3.08% and the bottom 5 countries returning only 1.41%.
Methodology: First, the
Complete Story »

Sunday, 09 January 2011, 8:09 GMT
Risk Aversion Abates in Dividend ETFs
MyPlanIQ submits:
International REITs (RWX) and U.S. REITs (IYR, ICF) continue to retain their top spots in performance trend ranking. They are followed by several U.S. stock dividend ETFs. For more details, please refer to the table below and performance page here.
Assets Class Symbols 01/05
SPDR DJ Wilshire Intl Real Estate RWX 10.69% 13.5% v
iShares Dow Jones US Real Estate IYR 10.4% 10.75% v
SPDR S&P 500 SPY 10.32% 10.45% v
PowerShares HighYield Dividend Achievers PEY 9.46% 10.44% v
Vanguard High Dividend Yield Indx VYM 9.04% 9.83% v
iShares MSCI Emerging Markets Index EEM 9.0% 9.75% v
Vanguard Dividend Appreciation VIG 8.2% 9.46% v
iShares Dow Jones Select Dividend Index DVY 8.17% 9.16% v
PowerShares Intl Dividend Achievers PID 7.18% 9.84% v
SPDR S&P Dividend SDY 7.07% 7.94% v
First Trust Value Line Dividend Index FVD 6.76% 7.75% v
iShares Dow Jones Intl Select

Complete Story »

Sunday, 09 January 2011, 6:59 GMT
CEF Weekly Review: 'Dogs' of the Globe
Joe Eqcome submits:
Outlook : The majority of global equity markets did much better in 2010 than investors might have thought given the surfeit of things to worry about. The Morgan Stanley Capital International (MSCI), ?Word, All? index was up approximately 10% last year. (Click the "financial cartoon".)

Most major global stock markets were up in 2010 with the Asian markets leading the advance. In US dollar terms, the eurozone, with the exception of Germany and Austria, was one of the global regions where there was a preponderance of countries making up the region experiencing losses.
Sovereign Debt Crises Loom: The eurozone is again coming under increased pressure as the sovereign debt crises resurfaced after taking a holiday in December. Investors are targeting Portugal as the next Ireland. Portugal is set to issue a major round of financing next week which will test investors? appetite for its paper.
The recent spate of constructive
Complete Story »

Saturday, 08 January 2011, 3:38 GMT
Financials Among Top Trending ETFs
Financials Among Top Trending ETFsTrade Radar Operator submits:
Back on December 11 I wrote that, to my surprise, the financial sector seemed to be staging a real comeback. At that time I pointed out that the ETF Trend Performance Report indicated that a group of financial ETFs had shown the biggest improvement in trend scores for the week. Feeling some skepticism about the financials I was not surprised to see them pull back the very next week.

After running tonight's Alert HQ process, the Thursday ETF Scorecard shows that the financials have not only rallied since then, they have established strong bullish trends. Six of the top 10 are financial ETFs and there is another one at position 19.

The following ETFs have registered the strongest possible trend score (6 out of 6) indicating solid bullish trends in progress:
FAS Direxion Daily Financial Bull 3X Shares
IYG iShares Dow Jones U.S. Financial Services Index Fund
RKH Merrill Lynch

Complete Story »

Saturday, 08 January 2011, 3:04 GMT
CORN and Other Next-Gen Commodity ETFs
Hard Assets Investor submits:
By Lara Crigger
Newcomer Teucrium Trading made quite a splash on the commodity ETF scene last year with the Teucrium Corn Fund (NYSEArca: CORN), the market?s first pure-play corn futures ETF. The fund, which holds a basket of future contracts across the curve, has already attracted more than $42 million in assets just six months after its launch. In fact, CORN has been so successful that the firm has already filed for five additional funds, including ETFs in natural gas, crude, sugar, soybeans and wheat.
When it comes to commodities, Teucrium co-founder and president Sal Gilbertie is no novice. Gilbertie has worked in the space since 1982; most recently, he was Newedge USA?s head of Renewable Fuels/Energy Derivatives OTC execution desk, and an active market maker and derivatives trader. Prior to that, he was principal and co-founder of Cambial Asset Management and Cambial Financing Dynamics, a boutique investment bank.
Complete Story »

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