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(June 18, 2008) Not content with its strong position in Latin America, Scotiabank has secured a license to begin conducting business in Turkey. The bank will operate from a representative office in Istanbul.

Scotia says it will roll out the services of its sub-brands, ScotiaMocatta (precious metals trading and finance) and Scotia Waterous (oil and gas mergers and acquisitions).

“We are excited to receive this licence and to begin conducting business in Turkey, a country with a young, dynamic and entrepreneurial population,” said Alberta G. Cefis, executive vice-president and group head, global transaction banking, Scotiabank. “Turkey has established itself as a major player in the region, and we see many long-term growth opportunities for Scotiabank here.”

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MFDA fines, bans B.C. advisor

(June 18, 2008) The Mutual Fund Dealers Association has banned a British Columbia man from the industry over allegations of discretionary trading.

The hearing panel found that Brian Somerset Campbell had traded in client accounts without authorization and accepted portfolio management fees from clients personally, rather than through his firm. He was found to have 68 blank pre-signed trading forms in his possession.

The MFDA also fined Campbell $250,000 and assessed hearing costs of $7,500.

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BetaPro offers four new ETFs

(June 18, 2008) BetaPro Management has launched four new Horizons BetaPro ETFs, following the firm’s now-familiar bull-and-bear pattern. This time around, the underlying investments are S&P 500 and NASDAQ-100 indexes.

The Horizons BetaPro S&P 500 Bull Plus ETF and the Horizons BetaPro NASDAQ-100 Bull Plus ETF each provide investors with 200% direct exposure to the indexes.

The Horizons BetaPro S&P 500 Bear Plus ETF and the Horizons BetaPro NASDAQ-100 Bear Plus ETF each provide investors with 200% inverse exposure to the indexes.

The 200% exposure is calculated prior to the deduction of management fees for all four funds.

“Exposure to the U.S. market is essential for a well-diversified portfolio,” said Howard Atkinson, president of BetaPro. “The S&P 500 and NASDAQ-100 indices are two of the most widely followed U.S. equity benchmarks, and our ETFs tracking them should be adopted very quickly by Canadian investors.”

The company announced on Tuesday that the Horizons BetaPro family of funds had surpassed $1.5 billion in assets under management.

(06/18/08)