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Deutsche Bank To Redeem All Shares Of Leveraged

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strongtower   Wednesday, 09/02/09 11:55:56 AM
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Deutsche Bank To Redeem All Shares Of Leveraged Oil ETN

By Ian Salisbury, Of DOW JONES NEWSWIRES

NEW YORK -(Dow Jones)- Political pressure to reign in energy "speculators" appears to have claimed its first victim in the ETF industry.

On Tuesday Deutsche Bank said it will redeem all shares of PowerShares DB Crude Oil Double Long Exchange Traded Note (DXO), an ETF-like security that helps investor double bets on the price of oil.

Deutsche Bank had already stopped issuing new shares for the exchange-traded note, prompting existing shares to trade at a steep premium. The move appears to be the first time calls to curb speculation in the energy markets has prompted a fund firm to close a product.

-By Ian Salisbury, Dow Jones Newswires; 212-416-2241; ian.salisbury@ dowjones.com


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