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CFTC Issues Proposed Rule to Require All Registered Introducing Brokers, Commodity Pool Operators, and Commodity Trading Advisors to Become and Remain Members of a Registered Futures Association
November 5, 2013--The Commodity Futures Trading Commission (CFTC or Commission) proposed a rule today to amend its regulations to require that all persons registered with the Commission as introducing brokers (IBs), commodity pool operators (CPOs), and commodity trading advisors (CTAs) become and remain members of at least one registered futures association (RFA).
The Commission is proposing new Section 170.17 to address recent changes to the Commodity Exchange Act (CEA) by the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Commission’s authority to regulate swaps. Currently, under Sections 170.15 and 170.16 of the Commission’s regulations, all registered futures commission merchants (FCMs), swap dealers (SDs) and major swap participants (MSPs) are required to become members of NFA.
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Source: CFTC.gov
NYSE Euronext New ETF Listing-FlexShares Global Quality Real Estate Index Fund
November 4, 2013--NYSE Euronext (NYSE:NYX) is pleased to announce that on Wednesday, November 06, 2013, the following ETF will be listed on NYSE Arca and will begin trading as a new issue:
Security Name: FlexShares Global Quality Real Estate Index Fund.
Short Name: FlexShares GQRE
CUSIP: 33939L787
Trading Symbol: GQRE
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Source: NYSE Euronext
NYSE Euronext New ETF Listing-db X-trackers Harvest CSI 300 China A-Shares Fund
November 4, 2013--NYSE Euronext (NYSE:NYX) is pleased to announce that on Wednesday, November 06, 2013, the following ETF will be listed on NYSE Arca and will begin trading as a new issue:
db X-trackers Harvest CSI 300 China A-Shares Fund
Short name: db-X CSI China ETF
CUSIP: 233051 87 9
Trading Symbol: ASHR
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Source: NYSE Euronext
BlackRock fights 'too big to fail' fears
November 4, 2013--BlackRock and Vanguard have rejected criticisms by US regulators that large asset managers could pose threats to the stability of the global financial system.
"Asset managers have no impact on systemic risk," said BlackRock in its written response to a report by the US Treasury's Office of Financial Research.
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Source: FT.com
Gross Loses World's Largest Mutual Fund Title to Vanguard
November 4, 2013--Bill Gross no longer runs the world's largest mutual fund.
Gross's Pimco Total Return Fund (PTTRX) has shrunk by $37.5 billion since the start of this year, ending last month with $247.9 billion in assets, according to data provided by Pacific Investment Management Co. in Newport Beach, California, and compiled by Bloomberg.
The Vanguard Total Stock Market Index Fund (VTSMX) ended October with $251 billion, Vanguard Group Inc. spokesman John Woerth wrote in an e-mail, taking the top spot.
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Source: Bloomberg
Landmark RQFII ETF to list in New York
November 4, 2013--Deutsche Bank's funds arm and Harvest Global Investments are set to list the first overseas RQFII ETF this week, in what is seen as a breakthrough for the RQFII model.
And others will follow suit..
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Source: Asian Investor
Canada aligns with U.S. on Basel III implementation
November 4, 2013--The Canadian Office of the Superintendent of Financial Institutions has followed the US in Basel III adoption, primarily because it wants Canadian banks to be on a level playing field with American peers.
While Europeans are racking up exemptions, Canadians, like Americans, "went in right from the start on an all-in basis", said Mark Zelmer, deputy superintendent of the office.
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Source: Risk.net
NYSE Experiences Data Malfunction Days Before Twitter IPO
November 4, 2013--NYSE Euronext (NYX) experienced two technical malfunctions during the first 40 minutes of trading, three days before it handles Twitter Inc.'s initial public offering.
All trades processed by the New York Stock Exchange and NYSE MKT were mislabeled on the industry’s main data feed as "sold" during the error, which was resolved at about 10:09 a.m. New York time today. NYSE Euronext also had trouble quoting shares, according to a statement. Bats Global Markets Inc., one of the four major U.S. stock market owners, briefly stopped sending buy and sell orders to NYSE during the error.
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Source: Bloomberg
Vanguard picks ETF ace to run $750 billion bond group
October 4, 2013--Vanguard Group, the No. 1 U.S. mutual fund company, said on Monday that Gregory Davis, a major force behind the launch of bond exchange-traded funds, will become the chief of its fixed-income group, which has $750 billion in assets.
Davis, 43, will replace Robert Auwaerter, who is retiring in March after more than 30 years with Vanguard, where he oversaw exponential growth in bond assets.
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Source: Reuters
CFTC to Offer New Take on Speculation-Limits Rule Judge Rejected
November 4, 2013--The top U.S. derivatives regulator will consider a reworked proposal to limit speculation blamed for price surges in energy, wheat and other commodities after Wall Street groups successfully challenged an earlier version.
The Commodity Futures Trading Commission will meet tomorrow in Washington to vote on releasing the proposal mandated by the 2010 Dodd-Frank Act that overhauled U.S. financial regulation. The CFTC rewrote the plan, which may cap the number of futures contracts a single firm can hold in 28 commodities, after a federal court rejected its previous proposal for failing to justify the reason for imposing position limits.
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Source: Bloomberg
