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Proposed Requirements for Derivatives Clearing Organizations, Designated Contract Markets, and Swap Execution Facilities Regarding the Mitigation of Conflicts of Interest
Dissenting Statement of Commissioner Jill E. Sommers
October 1, 2010--The Commission is voting today on a proposal to implement two sections of the Dodd-Frank Act regarding the governance of CFTC regulated trading venues and clearinghouses that trade or clear swaps and how to mitigate conflicts of interest that may arise in connection with ownership interests that certain entities may have in these registrants. Specifically, Section 725(d) of the Act directs the Commission to:
adopt rules mitigating conflicts of interest in connection with the conduct of business by a swap dealer or a major swap participant with at [DCO], [DCM], or a [SEF] that clears or trades swaps in which the swap dealer or major swap participant has a material debt or material equity investment.
Section 726 of the Act provides that the Commission shall adopt rules which “may” include numerical limits on the degree of control or voting rights that certain enumerated entities may possess with respect to DCOs, DCMs and SEFs if the Commission determines, after a review:
that such rules are necessary or appropriate to improve the governance of, or to mitigate systemic risk, promote competition, or mitigate conflicts of interest in connection with a swap dealer or major swap participant’s conduct of business with, a [DCO], [DCM], or [SEF] that clears or posts swaps or makes swaps available for trading and in which such swap dealer or major swap participant has a material debt or equity investment.
I recognize that these provisions direct the Commission to adopt strong governance rules to mitigate conflicts of interest in connection with the interaction between swap dealers and major swap participants and DCOs, DCMs and SEFs in which they have a material debt or equity investment. In my opinion, however, the voting equity restrictions being proposed are not necessary or appropriate to mitigate the perceived conflicts and in fact, may do more harm than good to the emerging marketplace for trading and clearing swaps.
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Source: CFTC.gov
CFTC.gov Commitments of Traders Reports Update
October 1, 2010--The CFTC.gov Commitments of Traders Reports has been updated for the week of September 28, 2010 and is now available.
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Source: CFTC.gov
OCC Announces Total Contract Volume Down 4% in September; Year-To-Date Average Daily Volume Up 6%
October 1, 2010--The Options Clearing Corporation (OCC) announced today that total OCC cleared volume in September reached 303,851,940 contracts, representing a 4% decrease over the September 2009 volume of 316,624,143 contracts. OCC's year-to-date average daily volume is up 6% compared to 2009 with 15,332,099 contracts and year-to-date total volume is up 6% with 2,882,434,696 contracts.
Options: Exchange-listed options trading volume reached 302,075,193 contracts in September, a 4% decrease from September 2009. Index options trading rose 7% from the previous September. Year-to-date average daily contract volume for exchange-listed options is up 5% compared to the same period last year with 15,233,031 contracts.
Futures: OCC cleared 1,776,747 futures contracts in September, a 2% decrease from September 2009. Equity futures volume was 359,068 contracts, a 14% decrease over the same month last year. Index and other futures volume rose 2% over the previous September with 1,417,251 contracts. Year-to-date average daily contract volume for futures cleared by OCC is up 177% compared to 2009.
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Source: Options Clearing Corporation (OCC)
Financial Stability Oversight Council Holds Inaugural Meeting
October 1, 2010--Convening today for its first meeting, the Financial Stability Oversight Council took a number of important steps to fulfill its mandate under Dodd-Frank Wall Street Reform and Consumer Protection Act. As established under the Dodd-Frank Act, the Council will provide, for the first time, comprehensive monitoring to ensure the stability of our nation's financial system.
The Council is charged with identifying threats to the financial stability of the United States; promoting market discipline; and responding to emerging risks to the stability of the United States financial system.
The Council approved today each of the documents and resolutions put forward. These include: (1) the Council's Bylaws; (2) the Council's Transparency Policy; (3) an Advance Notice of Proposed Rulemaking (ANPR) on designating nonbank financial companies for heightened supervision;
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Source: U.S. Department of the Treasury
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
October 1, 2010--Standard & Poor's Canadian Index Operations announces the following index changes:
The shareholders of UTS Energy Corporation (TSX:UTS) have approved the Plan of Arrangement whereby the company will be acquired by Total E&P Canada Ltd. UTS Energy will be removed from the S&P/TSX Composite and Capped Composite, the S&P/TSX Equity and Capped Equity,
the S&P/TSX Completion and Equity Completion and the S&P/TSX Capped Energy Indices after the close of trading on Tuesday, October 5, 2010.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poors
Flash crash was sparked by single order
October 1, 2010--The flash crash of May 6 was sparked by a rapidly executed $4.1bn sale of stock index futures by a single institutional investor who was hedging against the risk of a market downturn, a report by leading US regulators said on Friday.
The 104-page report said the order was completed so quickly - in just 20 minutes - that it triggered wild automated selling by computer traders, which wiped out nearly $1,000bn off the value of US shares for a period of several minutes.
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Source: FT.com
iShares files with the SEC
September 30, 2010--iShares has filed a post-effective amendment, registration statement with the SEC for
iShares PHLX SOX Semiconductor Sector Index Fund -Ticker: SOXX
Stock Exchange: NASDAQ.
view filing
Source: SEC.gov
Russel files with the SEC
September 30, 2010--Russell has filed a pre-effective amendment No.2, registration statement with the SEC for 20 ETFs.
Russell One World Large Cap ETF(OWL)
Russell One World Large Cap Growth ETF (OWLG)
Russell One World Large Cap Value ETF (OWLV)
Russell One World Small Cap ETF (OWS)
Russell One World Small Cap Growth ETF (OWSG)
Russell One World Small Cap Value ETF (OWSV)
Russell One World All Cap ETF (OWA)
Russell One World All Cap Growth ETF (OWAG)
Russell One World All Cap Value ETF (OWAV)
Russell One World ex-U.S. Large Cap ETF (OXL)
Russell One World ex-U.S. Large Cap Growth ETF (OXLG)
Russell One World ex-U.S. Large Cap Value ETF (OXLV)
Russell One World ex-U.S. Small Cap ETF (OXS)
Russell One World ex-U.S. Small Cap Growth ETF (OXSG)
Russell One World ex-U.S. Small Cap Value ETF (OXSV)
Russell One World ex-U.S. All Cap ETF (OXA)
Russell One World ex-U.S. All Cap Growth ETF (OXAG)
Russell One World ex-U.S. All Cap Value ETF (OXAV)
Russell Developed ex-U.S. Large Cap ETF [TICKER]
Russell Emerging Markets Large Cap ETF [TICKER]
Principal U.S. Listing Exchange for each ETF: NYSE Arca, Inc.
view filing
Source: SEC.gov
U.S. Department of the Treasury Economic Statistics - Monthly Data Update
September 30, 2010---The U.S. Department of the Treasury Economic Statistics - Monthly Data has been updated and is now available.
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Source: U.S. Department of the Treasury
U.S. Department of the Treasury Economic Statistics - Quarterly Data Update
September 30, 2010--The U.S. Department of the Treasury Economic Statistics - Quarterly Data has been updated is now available.
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Source: U.S. Department of the Treasury
