Luxury ETF; hola, FINRA; and debunking some mythinformation

By: Ray Pellecchia

File Under: ETFs / Indexes, NYSE

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New Claymore/Robb Report Global Luxury Index ETF lists on NYSE Group -- NYSE Euronext today announced that the Claymore/Robb Report Global Luxury Index ETF listed on the NYSE under the ticker symbol ROB. This ETF seeks investment results that correspond generally to the performance, before the fund’s fees and expenses, of the Robb Report Global Luxury Index, which is comprised of companies with a core offering of luxury goods and services. (NYSE.com)

NASD, NYSE Member Regulation Combine to Form FINRA -- The Financial Industry Regulatory Authority (FINRA) today announced that it has commenced operations as the largest non-governmental regulatory organization for securities brokers and dealers doing business in the United States. FINRA was created through the consolidation of NASD and the member regulation, enforcement and arbitration operations of the New York Stock Exchange. The consolidation, which was announced on Nov. 28, 2006 and approved by the Securities and Exchange Commission on July 26, 2007, became effective today, July 30, 2007. (FINRA.org)

Some good friends and colleagues are going from NYSE Regulation to FINRA in this move. As someone on the business side, I would never tell a regulator to "knock 'em dead," so I'll just say good luck, my friends.

Cramer: Friday's Sell-Off Is Suspect! (TheStreet.com) -- In this video interview, James Cramer suggests that the Dow Jones' problem with calculating the Dow Jones Industrial Average might have been caused by our Hybrid Market. That's not the case, as Dow Jones itself said here. Cramer said, "I want to understand whether the Hybrid system can handle the volume." It can, and it did. Amid record traffic for the day last Thursday, and for the week in total, our system held up fine.

Dinosaur Trader wrote meyesterday and today about Cramer's comments. I couldn't find on CNBC.com the comments he asked about, but I did see the above similar-sounding piece on TheStreet.com.

And last but not least, the requisite bit of trivia for your Tuesday edification:Today in NYSE History: 31 July 1914 -- The NYSE was closed until 28 November due to the outbreak of World War I. (NYSE.com)

Our history book says of this event: "The outbreak of World War I ushered in one of the greatest crisis periods for the NYSE and the nation. As the war erupted in July 1914, eschanges throughout Europe and the Americas rushed to close their doors. Montreal, Toronto and Madrid closed on July 28; Vienna, Budapest, Brussels, Antwerp, Berlin and Rome on July 29; St. Petersburg and all the South American exchanges on July 30; and London on the morning of July 31. in the words of then-NYSE President H.G.S. Noble, this left New York as 'the only market in the world in which a panic could vent itself.'

"When news of the London closing reached New York, the NYSE Governing Committee met on the morning of July 31 to consider what action to take. After consulting with leading bankers and stockbrokers, just minutes before the scheduled 10 a.m. opening, the committee voted to close the Exchange until further notice. The NYSE remained closed for 4 1/2 months, finally reopening on December 15, but under minimum price restrictions. When price restrictions were finally removed on April 1, 1915, volume and prices soared."

Tags: New York Stock Exchange, Hybrid Market, NYSE, NYSE Euronext, NYX, trading, stock market, ETFs, stock market history, FINRA