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SEC Adopts Rule Defining Swaps-Related Terms for Regulating Derivatives
April 18, 2012--The Securities and Exchange Commission today unanimously adopted a new rule to define a series of terms related to the over-the-counter swaps market.
The rules, written jointly with the Commodity Futures Trading Commission (CFTC), implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that established a comprehensive framework for regulating derivatives.
"Adopting these entity definitions is a foundational step in the establishment of the new regime to regulate trading in this significant market," said SEC Chairman Mary L. Schapiro. “These rules clarify for market participants whether their current activities will subject them to comprehensive oversight in the coming months.”
The final rule will become effective 60 days after the date of publication in the Federal Register.
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Source: SEC.gov
Opening Statement on Commission Meeting for Consideration of Rules Implementing the Dodd-Frank Act
Chairman Gary Gensler
April 18, 2012--Good morning. This meeting will come to order. This is a public meeting of the Commodity Futures Trading Commission (CFTC) to consider final rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). I'd like to welcome members of the public, market participants and members of the media, as well as those listening to the meeting on the phone or watching the webcast.
Today is the 26th open meeting on Dodd-Frank rules. We will consider two final rules:
Entity definitions, which is a joint rule with the Securities and Exchange Commission (SEC); and
Commodity Options
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Source: CFTC.gov
Regulators to Ease a Rule on Derivatives Dealers
April 18, 2012--As federal regulators put the finishing touches on an overhaul of the $700 trillion derivatives market, a major provision has been tempered in the face of industry pressure.
On Wednesday, the Securities and Exchange Commission and the Commodity Futures Trading Commission are expected to approve a rule that would exempt broad swaths of energy companies, hedge funds [cnbc explains] and banks from oversight. Firms would not face scrutiny if they annually arrange less than $8 billion worth of swaps, the derivative contracts tied to interest rates and commodities like oil and gas.
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Source: CNBC.com
NYSE move sparks hope for JP Morgan copper fund
April 18, 2012--JP Morgan's 18-month wait to sell a physically-backed copper ETF could be coming to an end after NYSE Euronext took steps with the US securities regulator to list the fund.
JP Morgan first sought approval to list the fund from the US Securities and Exchange Commission in 2010 and has been waiting since.
However, NYSE Euronext confirmed this week that it has made a filing with the regulator to list the exchnage-traded fund, suggesting the product may now be near the approval stage.
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Source: Efinancial News
CFTC's Division of Swap Dealer and Intermediary Oversight Provides Financial Reporting Guidance to Futures Commission Merchants
April 18, 2012--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) has issued a letter providing guidance to registered futures commission merchants (FCMs).
The letter is intended to assist FCMs in understanding the requirements for preparing and filing financial statements with particular focus on amended financial filings.
view the FCM Guidance for Preparation and Filing of Financial Reports
Source: CFTC.gov
Knight Capital results top estimates
April 18, 2012--Knight Capital Group Inc's (KCG.N) first-quarter earnings beat analysts' expectations, helped by growth at its institutional sales and trading segment.
The electronic trader earned $33.1 million, or 36 cents per share, in the quarter.
Analysts on average expected the Jersey City, New Jersey-based company to earn 30 cents per share, according to Thomson Reuters I/B/E/S.
Knight Capital's revenue from continuing operations rose 3 percent to $349.1 million. Analysts expected $300.5 million.
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Source: Reuters
ALPS ETF Trust to Liquidate One ETF
April 18, 2012--ALPS ETF Trust announced today the scheduled liquidation of the Jefferies | TR/J CRB Wildcatters Exploration & Production Equity ETF (WCAT) (the "Fund"). The Fund will close to new investors on April 27, 2012 and will liquidate on May 2, 2012.
ALPS ETF Trust’s Board of Trustees decision was made after consultation with ALPS Advisors, Inc. the investment advisor to the Fund. The Board considered current market conditions as well as prospects for growth in the Fund’s assets in the foreseeable future. The board determined that it was advisable and in the best interests of the Fund and its shareholders to liquidate the Fund, which is listed for trading on NYSE Arca, Inc. (the “NYSE Arca”). Friday, April 27, 2012, is scheduled to be the last day of trading for the shares of the Fund on NYSE Arca. Beginning immediately through May 1, 2012, the Fund will be in the process of closing down and liquidating its portfolio. The process will result in the Fund not tracking its underlying index and its cash holdings increasing, which may be inconsistent with the Fund’s investment objectives and strategies.
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Source: ALPS
Statement on President Obama's Oil Market Proposal, Washington, DC
April 17, 2012--"I commend the President and certainly welcome additions to our regulatory tool box."
His plan will make those contemplating push'n ‘round our energy markets think again. Anybody who fills up a tank gas knows that some relief from unfair prices is sorely needed. Consumers are saying: ‘I'm tired of Wall Street making a meal outta me at the pump.’
I appreciate the President’s effort to boost our agency’s market surveillance and enforcement efforts through staffing and technology and to increase the penalties on those caught engaging in market manipulation.
It is critically important that we kick-start the bureaucracy and get speculative position limits in place, now. We have been turning procrastination into an art form by not doing what Congress and the President clearly told us to do. They mandated that we curb excessive speculation by implementing limits on the amount of a market any one trader can control. That is one problem: the bureaucracy has been slow, but another major problemo is that Wall Street has taken the government to court to stop the new rules from being put in place.
We continue to see excessive speculation in these markets and what the President has called for can help reduce some of the pump price pain on consumers and businesses alike.”
Source: CFTC.gov
Public float of Russell 3000 shrinks
April 17, 2012--A key measure of the number of publicly tradable shares in US companies is shrinking at the fastest pace since 1994.
The public float of the Russell 3000 index – which accounts for 98 per cent of US stock by market capitalisation – has fallen 4 per cent in the last year, according to data from TrimTabs Investment Research.
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Source: FT.com
State Street Global Advisors Launches SSgA Upromise 529 Plan
April 17, 2012--State Street Global Advisors (SSgA)*, the asset management business of State Street Corporation (NYSE: STT-News), today announced the launch of the SSgA Upromise 529 Plan, marking a new arrangement with the State of Nevada and Upromise Investments, Inc.
Designed to lower costs and simplify investment choices, the SSgA Upromise 529 Plan features innovative investment strategies that will be implemented using State Street's SPDR exchange traded funds (ETFs).
“We’re excited to partner with Nevada and Upromise Investments, Inc. to offer SPDR ETF investments to American families looking to enhance their college savings strategies,” said James Ross, senior managing director and global head of SPDR Exchange Traded Funds at State Street Global Advisors. "The SSgA Upromise 529 Plan combines the benefits of State Street’s institutional asset management with SPDR ETFs to offer advisors and investors innovative college savings solutions at significantly lower costs."
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Source: State Street Global Advisors
