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Just the Facts: S&P's $2 Trillion Mistake
July 6, 2011--In a document provided to Treasury on Friday afternoon, Standard and Poor’s (S&P) presented a judgment about the credit rating of the U.S. that was based on a $2 trillion mistake. After Treasury pointed out this error – a basic math error of significant consequence – S&P still chose to proceed with their flawed judgment by simply changing their principal rationale for their credit rating decision from an economic one to a political one.
S&P has said their decision to downgrade the U.S. was based in part on the fact that the Budget Control Act, which will reduce projected deficits by more than $2 trillion over the next 10 years, fell short of their $4 trillion expectation for deficit reduction. Clearly, in that context, S&P considers a $2 trillion change to projected deficits to be very significant. Yet, although S&P's math error understated the deficit reduction in the Budget Control Act by $2 trillion, they found this same sum insignificant in this instance.
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Source: US Department of the Treasury
BNY Mellon ADR Index Monthly Performance Review is Now Available
August 5, 2011--The BNY Mellon ADR Index Monthly Performance Review July 2011 is now available.
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Source: BNY Mellon
CFTC.gov Commitments of Traders Reports Update
August 5, 2011--The current reports for the week of August 2, 2011 are now available.
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Source: CFTC.gov
PowerShares files with the SEC
August 5, 2011--PowerShares has filed a post-effective amendment, registration statement with the for the
PowerShares Bank Portfolio
PowerShares Capital Markets Portfolio
PowerShares Insurance Portfolio
PowerShares Regional Banking Portfolio
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Source: SEC.gov
iShares files with the SEC
August 5, 2011--iShares has filed a post-effective amendment, registration statement with the SEC for the
iShares MSCI Emerging Markets Small Cap Index Fund.
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Source: SEC.gov
Arrow Investment Advisers files with the SEC
July 5, 2011--Arrow Investment Advisers, LLC has filed an
amended application for exemptive relief.
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Source: SEC.gov
S&P cuts US debt rating to double A plus
August 5, 2011--The United States lost its top-notch AAA credit rating from Standard & Poor's on Friday, in a dramatic reversal of fortune for the world's largest economy.
S&P cut the long-term U.S. credit rating by one notch to AA-plus on concerns about growing budget deficits.
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Source: Reuters
Investors pull $75.5bln from US mutual funds, ETFs
August 5, 2011--Investors pulled $75.5 billion from U.S. mutual funds and exchange-traded funds for the week ending August 3, according to a report Friday from Matt Lemieux, a research analyst for Lipper.
The decline came amid spill over from last week's debt ceiling negotiations and the downturn in global equities markets. Equity funds, including ETFs, posted outflows of about $7.5 billion - the largest weekly outflow since mid-August 2010, according to the report. Municipal debt funds saw around $860 million in outflows, offering "proof that there was little confidence in any asset class," Lemieux said.
Source: Dow Jones Newswire
Opening Statement, Inaugural Meeting of the Data Standardization Subcommittee
Commissioner Scott O’Malia, TAC Chair
August 5, 2011--Good Afternoon. I would like to welcome everyone to the inaugural meeting of the Data Standardization Subcommittee of the CFTC’s Technology Advisory Committee.
Thank you for your commitment to serving on this important subcommittee. I often say that technology is going to be the cornerstone of the new market structures mandated by the Dodd-Frank Act.
The data, execution, and reporting mandates of Dodd-Frank place us all in the center of the complex intersection of data, finance and the law, creating an unparalleled opportunity for a public/private partnership. I have asked the individuals in this room to come together with a common goal of reaching a consensus as to how we can standardize the language we use to communicate within the new regulatory landscape. I am confident that we will come up with both innovative and achievable solutions.
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Source: CFTC.gov
Can’t Get it Outta My Head”-Statement Before the CFTC Open Meeting on Dodd-Frank Rulemaking
Commissioner Bart Chilton
August 4, 2011--I’m pleased to support all three of these final rulemakings today. Perhaps the most talked about of the three is the whistleblower rule. This new provision will be an important tool in the Commissions’ enforcement arsenal.
It can give needed incentives for folks—precisely the people we want to hear from, those who have an eye “from the inside” on essential information about nefarious schemes—to come forward, with needed protections.
Frankly, this rule wasn’t too hot when we first proposed it. For example, there it didn’t provide for any kind of notification to the whistleblower if the agency actually used the information and successfully prosecuted—we fixed that. The proposal also had a very broad definition of excluded information—we fixed that. It would have incentivized internal reporting, rather than reporting to federal authorities—we fixed that. In short, the public comments we received surely gave us a lot of guidance on this one and I’m happy the process worked.
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Source: CFTC.gov
