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CFTC's Division of Clearing and Risk Issues Limited No-Action Relief from Required Clearing for Swaps Resulting from Multilateral Compression Exercises
March 18, 2013--The Commission's Division of Clearing and Risk (Division) today issued a no-action letter that provides relief from required clearing for a limited set of swaps that are generated as part of a multilateral portfolio compression exercise.
The Division will not recommend that the Commission take enforcement action against any person for failing to clear (1) swaps that are amended in order to reduce notional value as part of a multilateral portfolio compression exercise and (2) new swaps that are entered into to replace the original swaps as a result of a multilateral portfolio compression exercise in order to reduce notional exposures or aggregate outstanding gross notional exposure, provided that the original swaps were executed prior to the date on which the counterparties must begin complying with the clearing requirement (and therefore, not required to be cleared). Both the multilateral portfolio compression exercise and the resulting amended or replacement swaps must meet certain conditions specified in the letter.
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Source: CFTC.gov
CFTC's Division of Market Oversight and Office of Data and Technology Issue Advisory Reminding All Swap Counterparties of April 10 Deadline to Obtain a CICI Identifier
March 15, 2013--The Division of Market Oversight (DMO) and Office of Data and Technology (ODT) of the Commodity Futures Trading Commission (CFTC) today issued an Advisory reminding all swap counterparties of the imminent April 10, 2013, deadline for each counterparty to obtain a legal entity identifier (LEI)m currently known as a CFTC Interim Compliant Identifier or "CICI".
The source for obtaining a CICI is the CICI Utility designated by CFTC, available at www.ciciutility.org. Part 45 of the Commission’s regulations requires use of CICIs in all swap recordkeeping and swap data reporting.
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Source: CFTC.gov
Treasury International Capital Data for January
March 15, 2013--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for January 2013. The next release, which will report on data for February 2013, is scheduled for April 15, 2013.
The sum total in January of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC inflow of $110.9 billion. Of this, net foreign private inflows were $63.5 billion, and net foreign official inflows were $47.4 billion.
Foreign residents increased their holdings of long-term U.S. securities in January – net purchases were $48.2 billion. Net purchases by private foreign investors were negative $14.8 billion, and net purchases by foreign official institutions were $63.0 billion.
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Source: US DEpartment of the Treasury
SEC Issues Guidance Update on Social Media Filings by Investment Companies
March 15, 2013--The Securities and Exchange Commission today published a guidance update from its staff to clarify the obligations of mutual funds and other investment companies to seek review of materials posted on their social media sites
The guidance from the Division of Investment Management is the first in its “IM Guidance Update” series, which will offer the staff’s views on emerging legal issues. The goal of the guidance is to increase transparency and enhance compliance with federal securities laws and regulations.
view the IM Guidance Update: Filing Requirements for Certain Electronic Communications
Source: SEC.gov
Direxion Announces Reverse and Forward Share Splits of 16 ETFs
March 15, 2013 – Direxion, a leader in alternative investment solutions, has announced it will execute reverse share splits for eight of its leveraged exchange-traded funds ("ETFs"), as well as forward share splits for another eight leveraged ETFs.
The total market value of the shares outstanding will not be affected as a result of these splits, except with respect to the redemption of fractional shares, as outlined below.
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Source: Direxion
AdvisorShares files with the SEC
March 15, 2013--This Post-Effective Amendment No. 64 relates to the AdvisorShares Recon Capital Alternative Income ETF.
view filing
Source: SEC.gov
Fidelity's ETF Fee Spurs a Backlash .
March 14, 2013-- Some financial advisers said they would stop using Fidelity Investments' trading platform to buy certain exchange-traded funds because of high fees that kick in when investors sell.
Fidelity on Wednesday announced it would begin offering 65 ETFs from BlackRock Inc.'s BLK +0.27%iShares unit without charging customers a trading commission. The deal expands a previous agreement involving 30 commission-free ETFs.
But the Boston money manager is tacking on an additional fee of $7.95 a trade to investors who sell the ETFs within 30 days and to financial advisers who sell within 60 days.
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Source: The Wall Street Journal
DB-Synthetic Equity & Index Strategy-North America-US ETF Handbook Series-Positioning for a stronger USD with ETFs
March 14, 2013--Dollar investing and Dollar-Hedging made easy
A guide to invest in the USD up-trend and hedge international equity portfolios
The Dollar is Back
In a recent note, our Head of FX research indicated that almost all currencies appeared to have peaked against the dollar, and that the more recent rise in USD/JPY suggests the broad dollar is embarking on a multi-year uptrend.
In addition, he pointed out that superior US growth, Central Bank easing activity outside the US, and China rebalancing away from an investment driven economy towards a more consumer driven one should all help to strengthen the dollar.
International equity portfolios can suffer from Dollar strength
A USD-denominated portfolio of foreign non-USD securities lags the local market returns during Dollar up-trend cycles. Investors that desire clean exposure to the underlying local market returns can hedge their FX risk with a currency overlay in an attempt to neutralize such risk.
ETPs have made currency investing and FX hedging easy
If we are indeed in the early stages of a new 6-10 year up-trend cycle for the Dollar as our FX strategist expects, investors would do well in reevaluating their portfolio allocations and repositioning themselves accordingly. ETPs can offer an easy and efficient way to implement this new trend across major currencies and non-USD denominated equity portfolios.
Dow ends up for 10th day, S&P nears record high
March 14, 2012--The Dow Jones industrial average extended its winning streak to 10 days on Thursday, a string of gains last seen in late 1996, and ended at another record high as investors were encouraged by data showing the labor market's recovery was improving.
The S&P 500 took a late-day run at its record closing high of 1,565.15, but ended just 2 points away. The 30-stock Dow Jones industrial average has been setting record highs since last week, when it rallied on March 5 to initially surpass its previous lifetime closing peak set in October 2007.
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Source: Reuters
Deutsche Bank to Temporarily Suspend New Issuances of Twenty-Six Exchange Traded Notes
March 14, 2012-- Deutsche Bank today announced that due to the postponement of the publication of its 2012 Annual Report and Form 20-F, it will temporarily suspend further issuances of twenty-six Exchange Traded Notes (the "ETNs"), effective after the close of trading on March 29, 2013.
Deutsche Bank expects to resume issuances of these ETNs following the publication of its 2012 Annual Report and Form 20-F in mid-April 2013. The ETN holders‘ option to require Deutsche Bank to repurchase the ETNs will not be affected by this suspension. However, Deutsche Bank will not be issuing new ETNs to the market and will announce to investors its resumption of new ETN issuances in due course.
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Source: Herald Online.com
