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Fed rethinking move allowing banks to trade physical commodities
June 21, 2013--The U.S. Federal Reserve is "reviewing" a landmark 2003 decision that first allowed regulated banks to trade in physical commodity markets, it said on Friday, a move that may send new shockwaves through Wall Street.
The one-sentence statement suggests the Fed is taking a much deeper, wide-ranging look at how banks operate in commodity markets than previously believed, amid intensifying scrutiny of everything from electricity trading to metals warehouses.
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Source: Reuters
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices
A Deletion From The S&P/TSX SmallCap Index
July 19, 2013--S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The shareholders of Sprott Resource Lending Corp. (TSX:SIL) have agreed to a Plan of Arrangement with Sprott Inc. (TSX:SII).
Sprott Resource Lending shareholders will receive one-half share of Sprott Inc. and $CDN0.15 cash for each share held. Sprott Resource Lending Corp. will be removed from the S&P/TSX SmallCap Index after the close of trading on Friday, July 26, 2013.
Source: S&P Dow Jones Canadian Index Services
CFTC.gov Commitments of Traders Reports Update
July 19, 2013--The updated current reports for the week of July 16, 2013 are now available.
view updates
Source: CFTC.gov
ConvergeEx: Money Entering U.S. Equity ETFs At Rate of $2B Per Day
July 19, 2013--We've reported earlier this week on the surge of new money flowing into ETFs focused on U.S. equities. But to give you an idea just how fast these funds are attracting money, here a few figures from ConvergEx Group to ponder:
Over the first 12 trading days of July, money has flowed into ETFs which focus on U.S. equities at a run rate of $2 billion a day.
That’s almost four times the pace of money flows into U.S. stocks for the first half of 2013.
The SPDR S&P 500 ETF (SPY), which tracks the well-known U.S. stock index, has raked in $12 billion in fresh investment over these first days of July, or an average of $1 billion a day.
view more SEC, European Regulators Establish Supervisory Cooperation Arrangements Related to the Asset Management Industry view more
CFTC's Division of Clearing and Risk Issues Extension of Time-Limited No-Action Relief from Required Clearing for Swaps Entered into by Certain Cooperatives view more US STOCKS-Dow, S&P 500 end at record highs on earnings, Bernanke view more Direxion Indexed Managed Futures Strategy Fund Surpasses $100 Million In Assets Under Management read more Market Vectors Fixed Income ETFs Achieve NAIC Designations view more Federal Reserve Chairman Ben S. Bernanke: Semiannual Monetary Policy Report To The Congress-Before The Committee On Financial Services, U.S. House Of Representatives, Washington, D.C.
The Economic Outlook
Housing has contributed significantly to recent gains in economic activity. Home sales, house prices, and residential construction have moved up over the past year, supported by low mortgage rates and improved confidence in both the housing market and the economy. Rising housing construction and home sales are adding to job growth, and substantial increases in home prices are bolstering household finances and consumer spending while reducing the number of homeowners with underwater mortgages. Housing activity and prices seem likely to continue to recover, notwithstanding the recent increases in mortgage rates, but it will be important to monitor developments in this sector carefully.
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Source: Barron's
July 19, 2013--The Securities and Exchange Commission today announced that it has established supervisory arrangements with financial regulators of the member states of the European Union (EU) and the European Economic Area (EEA) as part of long-term strategy to improve the oversight of certain entities in the asset management industry that operate across national borders.
The memoranda of understanding (MOUs) signed this week provide a framework for supervisory cooperation and exchange of information between SEC and the EU/EEA member state national regulators in the area of asset management. These MOUs were negotiated between the SEC staff and staff of the European Securities and Markets Authority (ESMA). ESMA negotiated the MOUs required under the EU Alternative Investment Fund Managers Directive on behalf of the EU/EEA member-states' national regulators.
Source: SEC.gov
July 19, 2013--The Division of Clearing and Risk (DCR) of the Commodity Futures Trading Commission (Commission) today announced the issuance of a time-limited, no-action letter granting relief from required clearing under section 2(h)(1)(A) of the Commodity Exchange Act and part 50 of the Commission's regulations for certain swaps entered into by qualifying cooperatives.
The no-action letter provides that DCR will not recommend an enforcement action for a cooperative’s failure to clear a swap if the cooperative and the swap meet certain conditions set forth in the no-action letter.
Source: CFTC.gov
Morgan Stanley's stock soars after strong results
Shares of eBay, Intel fall after disappointing forecasts
Bernanke soothes markets again in congressional testimony
Dow up 0.5 pct, S&P 500 up 0.5 pct, Nasdaq up 0.04 pct
July 18, 2013--The Dow and the S&P 500 closed at record highs on Thursday after Morgan Stanley and others reported better-than-expected earnings and Federal Reserve Chairman Ben Bernanke's comments further reassured markets.
Shares of Morgan Stanley jumped 4.4 percent to $27.70, its highest close since April 2011, after the bank posted a 42 percent increase in quarterly profit as stock trading revenue soared. Earlier, Morgan Stanley's stock hit a session high of $27.95, its highest intraday level since April 2011. The S&P financial index climbed 1.3 percent.
Source: Reuters
Growth Since Inception 16 Months Ago Demonstrates Increasing Interest in Achieving Diversification Through Managed Futures
July 18, 2013--Direxion, a leader in alternative investment solutions, announces that the Direxion Indexed Managed Futures Strategy Fund (DXMAX) has obtained more than $100 million in assets under management since its inception in February 2012, further strengthening the firm as a premier provider of alternative investment strategies.
The Direxion Indexed Managed Futures Strategy Fund offers a rules-based approach to managed futures investing. It seeks investment results, before fees and expenses, which are comparable to the performance of the Auspice Managed Futures ER Index, a long/short managed futures index. The Fund provides exposure to 21 futures markets, including commodities, interest rates and currencies, in a cost-efficient way that does not have additional underlying manager or incentive fees. Unlike other managed futures funds, it does not invest in equity futures, a feature which provides additional diversification.
Source: Direxion
July 18, 2013--Six Market Vectors fixed income exchange-traded funds (ETFs) have received risk-based capital ratings from the Securities Valuation Office (SVO) of the National Association of Insurance Commissioners (NAIC), it was announced.
Ratings assess credit quality of fixed income securities and can allow for favorable risk-based capital treatment when a fund is added to portfolios of state regulated insurance companies.
Source: Insurancenewsnet.com
Chairman Bernanke presented identical remarks before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate on July 18, 2013
July 17, 2013--Chairman Hensarling, Ranking Member Waters, and other members of the Committee, I am pleased to present the Federal Reserve's semiannual Monetary Policy Report to the Congress. I will discuss current economic conditions and the outlook and then turn to monetary policy.
I'll finish with a short summary of our ongoing work on regulatory reform.
The economic recovery has continued at a moderate pace in recent quarters despite the strong headwinds created by federal fiscal policy.
Source: FRB
