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New Species: How Market Participants Have Evolved in Financial Ecosystems"
Speech of Commissioner Bart Chilton to the American Public Gas Association Winter Conference, Fort Myers, Florida
February 1, 2011--Introduction
Thank you for the opportunity to be with you today. In October of 2007, I met with and spoke with APGA's board in Memphis. Laura Campbell, who was with APGA at the time, took me to Memphis Light, Gas & Water and I met with traders there. The speech I gave in Memphis was my first as a Commissioner and I found the experience to be very useful. So, thanks for the great working relationship. Thanks also to your Executive Vice President Dave Schryver who I’ve worked with over the years and who represents you well in Washington.
The Importance of Markets
Futures markets are an important component of our nation's economy. These markets impact just about everyone in our country because they help discover prices for everything from a home mortgage to a gallon of gas, milk or importantly here in Florida, orange juice. For commercial businesses, they have provided important risk management tools.
The markets have also served as a vehicle for speculators, not only an important, but critical, component of these markets. So, these markets are vital to consumers and businesses and are a key part of the economic engine of our democracy. They need to remain so, but markets have morphed over the years and market participants have evolved and there are actually new species of market participants. Today I want to discuss how these new species are impacting markets and ask the question: how do we ensure that these markets remain viable and how do we ensure they are efficient and effective and devoid of fraud, abuse and manipulation?
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Source: CFTC.gov
Emerging Markets Week in Review -1/24/2011 - 1/28/2011
January 31, 2011-The Dow Jones Emerging Markets Sector Titans Composite Index fell 2.09% last week, the largest weekly decline since November. Technology and Telecom were the best performing sectors for the week, declining 0.55% and 0.87% respectively. Materials and Industrials were down the most, falling 3.23% and 2.98% respectively.
Concerns over civilian protests in Egypt rattled markets and pushed oil prices higher. Investors continue to closely watch moves by central banks as many developing economies deal with recent spikes in food prices.
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Source: Emerging Global Advisors
Market Vectors® Egypt Index ETF Creation Orders Suspended
January 31, 2011--Due to events in Egypt which have forced its stock
exchange to close for an undetermined period, New York-based asset manager Van Eck Global will
exercise its right to suspend creation orders of Market Vectors Egypt Index ETF (Ticker: EGPT).
This follows the firm’s normal policy of suspending creation orders when the underlying market is closed for an
extended period thereby helping to prevent the costs of creation activity to be borne by existing
shareholders.
Redemption orders for the Market Vectors Egypt Index ETF will continue to be accepted as described in the prospectus.
The Fund expects to resume normal operations once the Egyptian Stock Exchange reopens.
Source: Van Eck
SEC Releases Money Market Fund Portfolio and "Shadow NAV" Information to the Public
January 31, 2011--The Securities and Exchange Commission today announced that investors can for the first time access detailed information that money market funds file with the Commission — including information about a fund's investments and the market-based price of its portfolio known as its "shadow NAV" (net asset value) or mark-to-market valuation.
The information is available on the SEC's website and will be updated monthly.
As part of its overhaul of money market fund regulation, the Commission last year adopted a rule requiring money market funds to file information about their holdings and portfolio valuations.
"While the Commission uses this information in its real-time oversight of money market funds, we also believe that public disclosure can provide investors and market analysts with useful insight for their evaluation of these funds," said SEC Chairman Mary L. Schapiro.
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Source: SEC.gov
Invesco PowerShares Announces Distributions for PowerShares KBW Yield-Weighted ETFs
January 31, 2011--Invesco PowerShares Capital Management LLC, a leading global
provider of exchange-traded funds (ETFs) with more than $54 billion in franchise assets, recently
announced the distribution amount for two recently listed ETFs, the PowerShares KBW High Dividend
Yield Financial Portfolio (KBWD),
and the PowerShares KBW Premium Yield Equity REIT Portfolio
(KBWY). Both funds utilize a dividend yield-weighted index methodology.
“The financial sector has traditionally offered attractive dividend opportunities. We believe that as the industry’s fundamentals continue to improve, portfolios utilizing the KBW yield-weighted methodology can be an excellent way for investors to access certain financial sub sectors," said Ben Fulton, Invesco PowerShares managing director of global ETFs.
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Source: Invesco PowerShares
ELX Announces New 9 Cent One-Tier Fee Schedule for U.S. Treasuries and Eurodollar Futures Contracts
January 31, 2011-- ELX Futures, L.P. (ELX), a leading electronic futures exchange, announced today a new 9 cent one-tier bundled fee schedule for market users trading all U.S. Treasury and Eurodollar futures contracts on ELX, effective February 1, 2011.
The advantage of this new single-tier low price is that it promises to significantly reduce transaction costs for all types of market participants. There are no minimum average daily volume (ADV) requirements and market participants will have the operational simplicity of only one fee tier. The ELX model also has a simple no-cost registration process without traditional membership obligations and no fee surcharges for block trades, EFRPs, errors, give-ups and trade busts.
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Source: ELX Futures
iShares files with the SEC
January 31, 2011--iShares has filed a post effective amendment for the iShares S&P International Preferred Stock Index Fund.
view fiing
Source: SEC.gov
Next ETFs files with the SEC
January 31, 2011--Next ETFs have filed a registration statement with the SEC for the MAXISsm Nikkei 225 Index Fund.
view filing
Source: SEC.gov
PowerShares files with the SEC
January 31, 2011--PowerShares has filed a post effective amendment, registration statement with the SEC for the PowerShares Senior Loan Portfolio (NYSE Arca, Inc. – BKLN).
view filing
Source: SEC.gov
RBS N.V. Launches The RBS US Mid Cap Trendpilot ETN
January 27, 2011--RBS Securities Inc. (RBSSI) today announced the launch of the second Exchange Traded Note (ETNs) issued by The Royal Bank of Scotland N.V. (RBS N.V.) to investors in the United States.
The RBS US Mid Cap TrendpilotTM Exchange Traded Notes (the “ETNs”) are listed on NYSE Arca, Inc. under the ticker “TRNM.”
The RBS US Mid Cap TrendpilotTM Exchange Traded Notes (the “ETNs”) are listed on NYSE Arca, Inc. under the ticker “TRNM.” The ETNs are designed for investors who seek exposure to the RBS US Mid Cap TrendpilotTM Index (USD) TR (the “Index”), which tracks either the performance of the S&P MidCap 400® Total Return Index (the “S&P 400 TR Index”) or the yield on a hypothetical notional investment in 3-month U.S. Treasury bills (the “T-Bill Rate”), depending on the relative performance of the S&P 400 TR Index on a simple historical 200-day moving average basis.
Payment on the ETNs is linked to the performance of the Index, less an investor fee that is deducted daily at an annualized rate of 1.00% if the Index is tracking the S&P 400 TR Index or an annualized rate of 0.50% if the Index is tracking the T-Bill Rate. Investors have the right to require RBS N.V. to repurchase the ETNs on a daily basis, subject to a minimum repurchase requirement. RBS N.V., at its sole discretion, may also redeem the ETNs at any time prior to maturity.
“The RBS US Mid Cap TrendpilotTM ETNs enable investors to gain exposure to the S&P 400® Total Return Index utilizing an objective and transparent trend-following strategy,” said Michael Nelskyla, Head of Structured Retail Distribution, Americas. “This is the second ETN in the TrendpilotTM series and we are excited about this new offering.”
The final pricing supplement can be found on the SEC website at:
http://usmarkets.rbs.com/MediaLibrary/Document/PDF/ProductDocuments/US78009L2097/US78009L2097_EN_Prospectus.pdf
Source: The Royal Bank of Scotland N.V.:
