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SEC Provides Additional Guidance, Interim Relief and Exemptions for Security-Based Swaps Under Dodd-Frank Act
July 1, 2011 — The Securities and Exchange Commission today provided additional guidance to clarify which U.S. securities laws will apply to security-based swaps starting July 16 -- the effective date of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
That Act created a new regulatory framework for over-the-counter derivatives, authorizing the SEC to regulate security-based swaps and the Commodity Futures Trading Commission to regulate other swaps. Under the Dodd-Frank Act, starting July 16, 2011, security-based swaps are defined as “securities” subject to existing federal securities laws, including the Securities Act of 1933 and the Securities Exchange Act of 1934.
As one part of today’s action, the Commission approved an order granting temporary relief and interpretive guidance to make clear that a substantial number of the requirements of the Exchange Act applicable to securities will not apply to security-based swaps when the revised definition of “security” goes into effect on July 16. Nevertheless, federal securities laws prohibiting fraud and manipulation will continue to apply to security-based swaps after that date. To enhance legal certainty for market participants, the Commission also provided temporary relief from provisions of U.S. securities laws that allow the voiding of contracts made in violation of those laws.
view the EXEMPTIONS FOR SECURITY-BASED SWAPS
Source: SEC.gov
ISE Reports Business Activity for June 2011
July 1, 2011--Dividend trades made up 4.6% of industry volume in June 2011.
ISE is the third largest equity options exchange in June with market share of 18.4%, excluding dividend trades.
The International Securities Exchange (ISE) today reported average daily volume of 2.8 million contracts
in June 2011. This represents an increase of 5.0% compared to June 2010. Total options volume for the
month was 60.9 million contracts. ISE was the third-largest U.S. equity options exchange in June with
market share of 18.4%*. Business highlights for the month of June include:
On June 10, 2011, ISE filed a proposal with the Securities and Exchange Commission (SEC) to restructure the Competitive Market Maker (CMM) trading rights on its options exchange. The new
structure will grant greater flexibility to new and existing CMMs to select the options classes they
would like to quote. Implementation of the new structure is subject to SEC approval.
On June 16, 2011, ISE announced the launch of two new indexes, the ISE Oil Futures SpreadTM Index (Ticker: GZN) and the ISE Natural Gas Futures SpreadTM Index (Ticker: GYY). These new indexes track continuous exposure to oil futures prices and natural gas futures prices, using packaged calendar spread strategies. Also on June 16, UBS launched two exchange-traded notes (ETNs) linked to these indexes under the tickers OILZ and GASZ, respectively.
Aggregate assets under management for the ETFs based on ISE’s proprietary indexes was $1.2 billion as of June 30, 2011.
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Source: International Securities Exchange (ISE)
Wisom Tree files with the SEC-WisdomTree Emerging Market Corporate Bond Fund
July 1, 2011--Wisdom Tree has filed a post-effective amendment, registration statement with the SEC for the WisdomTree Emerging Market Corporate Bond Fund.
view filing
Source: SEC.gov
Wisdom Tree files with the SEC
July 1, 2011--Wisdom Tree has filed a post-effective amendment, registration statement with the SEC for the WisdomTree China Local Debt Fund.
view filing
Source: SEC.gov
State Street files with the SEC
July 1, 2011--State Street has filed a post-effective amendment, registration statement with the SEC for the
SPDR S&P® Small Cap Emerging Asia Pacific ETF
SPDR S&P Small Cap Emerging Europe ETF
SPDR S&P Small Cap Emerging Latin America ETF
SPDR S&P Small Cap Emerging Middle East & Africa ETF
view filing
Source: SEC.gov
State Street files with the SEC
July 1, 2011--State Street has filed a post-effective amendment, registration statement with the SEC for the
SPDR S&P® 1500 Value Tilt ETF
SPDR S&P 1500 Momentum Tilt ETF and the SPDR S&P 1500 Volatility Tilt ETF
view filing
Source: SEC.gov
EGA Emerging Global Shares files with the SEC
July 1, 2011--EGA Emerging Global Shares has filed a post-effective amendment, registration statement with the SEC.
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Source: SEC.gov
Direxion files with the SEC
July 1, 2011--Direxion has filed a post-effective amendment, registration statement with the SEC.
view filing
Source: SEC.gov
Currency war fears reignite in Brazil
July 1, 2011--The Brazilian real has soared to a 12-year high against the dollar, reigniting Brazil’s currency war fears and worsening the economic headache for President Dilma Rousseff.
The real traded at a high of 1.5523 versus the US currency on Friday, its strongest level since just after it was first floated in 1999, as investors sought higher-yielding assets following the easing of the Greek debt crisis.
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Source: FT.com
Surprise as US factory activity rises
July 1, 2011--The pace of growth in US manufacturing picked up for the first time in four months in June, surprising investors and fueling optimism the recent economic slowdown will be temporary.
A separate survey showed that although lower gasoline prices helped temper the gloomy mood among consumers last month, their expectations for the economy remained bleak.
The manufacturing report eased fears that the US economic recovery could remain sluggish, though some economists cautioned it was too soon to tell if economic growth had turned a corner.
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Source: FIN24
