Americas ETP News
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To bring cases over leveraged, inverse ETFs
April 18, 2012--The Financial Industry Regulatory Authority will bring enforcement cases against certain brokerages for selling exchange-traded funds that were not appropriate for their customers, the Wall Street regulator's enforcement chief said Wednesday.
FINRA enforcement chief Bradley Bennett told Reuters that the cases will be related to unsuitable sales of leveraged and inverse exchange-traded funds. The cases will also involve allegations of improper or inadequate training for brokers who sell ETFs, he said.
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Source: Chicago Tribune
Standard & Poor's Announces Changes In The S&P/TSX Canadian
April 18, 2012--Standard & Poor's will make the following changes in the S&P/TSX Canadian Indices:
NovaGold Resources Inc. (TSX:NG) has announced the implementation schedule for the previously announced spinoff of its copper assets in Alaska.
Shareholders of NovaGold will receive one share of NovaCopper Inc. (TSX:NCQ) for every 6 common shares of NovaGold held.
The S&P/TSX indices that are affected by this spinout are:
S&P/TSX Composite and Capped Composite Index
S&P/TSX Equity and Capped Equity Index
S&P/TSX Completion and Equity Completion Index
S&P/TSX Capped Materials Index
S&P/TSX Composite Equal Weight Index
S&P/TSX Global Mining and Global Gold Index
After the close of trading on Monday, April 30, 2012, the close price of NovaGold will be adjusted downward by 1/6th of the close price of NovaCopper in the when-issued market on TSX. New divisors will be generated for all indices.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poor's
Claymore files with the SEC
April 18, 2012--Claymore has filed a post-effective amendment, registration statement with the SEC for the Guggenheim BulletShares 2016 High Yield Corporate Bond ETF
Guggenheim BulletShares 2017 High Yield Corporate Bond ETF
Guggenheim BulletShares 2018 High Yield Corporate Bond ETF
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Source: SEC.gov
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
