Standard & Poor’s is adding an index for Muslims who want to participate in the markets, while still conforming to Shariah, or Islamic law. The S&P BRIC Shariah Index will include large companies from the BRIC countries–Brazil, Russia, India, and China–that “trade on developed market exchanges,” including the NYSE, Nasdaq, London Stock Exchange, and Hong Kong Stock Exchange, and are Shariah-law compliant, according to an S&P announcement. The compliance screenings exclude businesses that participate in certain types of trading of gold and silver, alcohol, financials, tobacco, pornography, pork, gambling, advertising, and certain media…
…In response to the U.S. Court of Appeals ruling on that firms operating fee-based brokerage accounts must move these assets to either an advisory account or a traditional commission account, FundQuest has created a service specifically designed to assist with the conversion of those fee-based brokerage accounts. Ron Fiske of Pershing, which has $28 billion in such accounts for its broker/dealer customers, said the firm is “mobilizing to help you transition” those accounts.
…The American College launched a new Web site–TheAmericanCollege.edu–designed to serve students, alumni, consumers, and other constituents. The site features an improved keyword search capability; a resource section for consumers to find qualified financial advisors in their area; and podcasts and streaming audio that includes interviews with The American College’s faculty.
…Wolters Kluwer Financial Services announced that its “Practical Guide to NASD Regulation” for broker/dealers is now available through its online store at onlinestore.cch.com.