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SEC Approves New Rules Regarding Lost Holders of Securities
December 21, 2012--The Securities and Exchange Commission today unanimously approved new rules requiring broker-dealers to conduct searches for holders of securities with whom they have lost contact.
A similar rule already applied to recordkeeping transfer agents, who are the intermediaries between the clearing house and the broker-dealer. The Dodd-Frank Wall Street Reform and Consumer Protection Act tasked the SEC with extending the application of this rule to broker dealers so that broker-dealers have the same obligation.
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Source: SEC.gov
Horizons ETFs announces closure of certain ETFs
December 21, 2012--Horizons Exchange Traded Funds Inc. ("Horizons ETFs") and its affiliate AlphaPro Management Inc. (the "Manager") announced today that they will be terminating three exchange traded funds ("ETFs") effective at the close of business on Friday, March 22, 2013 (the "Termination Date").
The ETFs being terminated (collectively, the "Terminated ETFs") are as follows:
ETF Name:
Horizons Gartman ETF
Tickers: HAG, HAG.A
ETF Name: Horizons Active Income Plus ETF
Tickers: HAP, HAP.A
ETF Name: Horizons Active North American Value ETF
Tickers: HAV, HAV.A
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Source: Horizons Exchange Traded Funds Inc.
Another Japan ETF Sees Soaring Inflows
December 21, 2012--Add the MAXIS Nikkei 225 Index ETF (NKY) to the list of Japan ETFs that are seeing a noticeable uptick in assets under management. After the close of U.S. markets Friday, Precidian Funds, NKY's sponsor, announced the ETF crossed the $200 million in assets under management mark earlier this week.
NKY appears to be benefiting from "investors seeking exposure to Japanese equities which stand to benefit most from a domestic recovery in Japan," said Dan McCabe, CEO of Precidian Funds, in a statement.
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Source: Fox Business News
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices
A Deletion From The S&P/TSX SmallCap Index
December 21, 2012--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The shareholders of Queenston Mining Inc. (TSX:QMI) have accepted the terms of a Plan of Arrangement whereby the company will be acquired by Osisko Mining Corporation (TSX:OSK).
Shareholders of Queenston Mining will receive 0.611 shares of Osisko Mining for every share held. Queenston Mining will be removed from the S&P/TSX SmallCap Index effective after the close of Friday, December 28, 2012.
Source: S&P Dow Jones
CFTC's Division of Market Oversight Provides Additional Information Concerning its Existing No-Action Relief (CFTC Letter No. 12-46) for Reporting Parties Regarding Legal Entity Identifiers and Certain Identifying Information
December 21, 2012--The Commodity Futures Trading Commission's (CFTC) Division of Market Oversight (Division) today is providing additional information pertaining to its existing no-action relief for reporting parties under Parts 20, 45 and 46 of the Commission's regulations (CFTC Letter No. 12-46 or Letter).
The additional information provided today specifies that reporting parties eligible for relief pursuant to CFTC Letter No. 12-46 may, for purposes of this Letter only, meet the Letter’s requirement for a “written opinion of outside legal counsel” through a legal memorandum from outside legal counsel that includes the following attestation:
“We confirm that the rigor of the analysis we provided in our memorandum was no less extensive or involved than if we were to provide the same analysis in the form of a written, legal opinion. We confirm that we consider our memorandum to represent advice for which our firm takes full responsibility. We would, therefore, be obliged to stand behind such advice equally as we would for advice delivered in the form of a legal opinion.”
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Source: CFTC.gov
Getco Co-Founders Slated for Board Seats in Knight Merger
December 21, 2012--The co-founders of Getco LLC will serve as directors of the new company formed by the trading firm's planned takeover of Knight Capital Group Inc., according to a regulatory filing.
Stephen Schuler and Dan Tierney will serve as two of four board members selected by Getco, joining the as-yet-unnamed trading company's board alongside Getco Chief Executive Daniel Coleman and Knight CEO Thomas Joyce, who is slated to become executive chairman.
Getco on Wednesday agreed to acquire Knight for $1.4 billion, a deal that will bring Getco's high-speed, proprietary-trading heft together with Knight's core business of trading shares with online brokerage firms.
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Source: Wall Street Journal
ALPS Announces the Launch of New ETFs by Teaming Up With Goldman Sachs
Four New ETFs Launched Based on Goldman Sachs Proprietary Indices
December 20, 2012--ALPS, A DST Company, announced today the launch of four new exchange-traded funds (ETFs) each of which seeks to track a Goldman Sachs proprietary index.
Three of the new ETFs seek to track Goldman Sachs indices based on the "GS Momentum Builder(R)" framework which seeks to capture momentum exposure to select asset classes or markets with a risk control mechanism. The fourth ETF seeks to track a Goldman Sachs index that reflects a hypothetical portfolio of U.S. stocks that are anticipated to have the highest risk-adjusted returns based on volatility adjusted target prices of a consensus of industry analysts for the stocks in the Russell 1000(R) Index.
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Source: ALPS Distributors, Inc
AdvisorShares Launches New Business Cycle ETF DBIZ
December 19, 2012--AdvisorShares, the leader in actively managed ETFs, rolled out its 17th ETF Wednesday: Pring Turner Business Cycle ETF (DBIZ).
Pring Turner Capital Group of Walnut Creek, Calif., with $147 million in assets under management, is managing the ETF. It's using an investment strategy it says it's used since 2000 for individual investors called the PTCG Conservative Growth Composite.
It invests in foreign and domestic stocks, bonds, commodities and cash "utilizing its proprietary business cycle research," the ETF prospectus states.
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Source: Investors.com
CFTC's Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Relief Regarding the Treatment of Swap Transactions by Persons Engaging in Floor Trader Activities, for Purposes of Making Calculations Under the Swap Dealer Definitio
December 19, 2012--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a time-limited no-action letter that provides relief for persons engaging in floor trader activities.
The relief provided in the letter expires on July 1, 2013. During that limited time period, the Division will not recommend that the Commission take an enforcement action against an entity for failure to include, in its calculation of the aggregate gross notional amount of swaps connected with its swap dealing activity for purposes of Commission Regulation 1.3(ggg)(4), a swap that is submitted for clearing to a registered derivatives clearing organization, provided that: (1) the entity does not have a registered swap dealer affiliate; (2) the entity entered into the swap using proprietary funds for its own account; and (3) the entity complies with the requirements set forth in Commission Regulations 1.3(ggg)(6)(iv)(D)-(H).
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Source: CFTC.gov
CFTC's Division of Market Oversight Issues Time-Limited, No-Action Relief for Swap Dealers and Major Swap Participants From the Reporting Provisions of Part 45 for CDS Clearing-Related Swaps
December 19, 2012--The Commodity Futures Trading Commission's ("Commission") Division of Market Oversight ("Division") today issued a no-action letter providing time-limited relief to Swap Dealers ("SDs") and Major Swap Participants ("MSPs") from the obligation to report swap data under part 45 of the Commission's regulations for cleared credit default swaps ("CDS") that are entered into pursuant to a derivatives clearing
organization’s (“DCO”) rules related to its price submission process for determining end-of-day settlement prices for cleared CDS (“CDS Clearing-Related Swaps”).
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Source: CFTC.gov
