Time for a Change?

You may have noticed that the days are getting longer – but are you ready to spring forward?
No fooling, this year our clocks will “spring forward’ an hour with the arrival of daylight-saving time on March 11, not on April 1 as it normally would (it will also end a week later in the fall, on November 4) – and no, not because Punxatawny Phil managed to avoid seeing his shadow on Groundhog’s Day this year.
The new daylight-saving time dates were part of the Energy Policy Act, which President Bush signed in 2005. The measure is intended to conserve energy by prompting people to turn their lights on an hour later on spring and fall evenings.
Clock Watching
Unfortunately, the change could wreak havoc – well, irritation, anyway – on your personal and professional time management systems. Those VCR and DVR clocks, for example (those of you with the flashing 12:00 need not worry), that have heretofore spared you the pain of resetting the clock manually (those produced after 2005 may be ok). Not to mention all the other household appliances that aren’t equipped with a special DST button (though those would have to have been attended to eventually).
On the professional front, Microsoft cautions that, “Unless certain updates are applied to your computer, it is possible that the time zone settings for your computer’s system clock may be incorrect during this four week period. This depends on where you live and which time zone you have selected.’ The software giant is, however, providing free updates and tools that will update your system automatically (those set for automatic updates should be ok – those updates were being delivered this week).
Nonetheless, to “minimize confusion during the affected date ranges’, Microsoft recommends:
  • Including the time of the meeting in the e-mail request so that invitees can double check the correct meeting time
  • Exercising caution with the appointments and meetings in the extended DST period
  • Printing out your weekly calendars during the extended DST period prior to applying the Windows patch containing the updated time zone definitions and running the Outlook Time Zone Update tool so that you can keep track of which meetings were scheduled before and after you run the tool.
You can find out more about the Microsoft updates at http://support.microsoft.com/gp/dst_topissues#a2
There’s more helpful information at http://www.dstpatch.com/, and at http://www.calconnect.org/dstdocs.html

Rydex Hopes Investors Have a Yen for a New ETF

Shares of the first yen-based exchange traded fund (ETF) have begun trading on the New York Stock Exchange.
According to Rydex Investments, the firm’s new CurrencyShares Japanese Yen Trust (ticker: FXY) tracks the daily price movement of its underlying currency, with shares of the trust representing approximately 10,000 yen.
One of eight currency-based ETFs sponsored by Rydex, CurrencyShares Japanese Yen Trust seeks to provide investors with a convenient and cost-effective way to gain exposure to the currency markets, according to a press release.
Along with the potential diversification benefits of currency as an asset class, the yen-based ETF provides investors with exposure to one of the world’s leading currencies. The Japanese yen, when paired with the U.S. dollar, accounts for approximately 17% of global foreign exchange transactions with an average daily turnover of approximately $296 billion.
Joining the Family
The launch of CurrencyShares Japanese Yen Trust complements Rydex’s existing lineup of currency-based ETFs, which have collectively garnered more than $1 billion in assets in less than a year, according to the firm.
The Bank of New York (NYSE: BK) is the trustee of the trust and JPMorgan Worldwide Securities Services (NYSE: JPM) is the depository for the trust.
More information is available at http://www.rydexfunds.com/pdf/FXY-Prosp.pdf

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