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CFTC Issues Final Rules for Derivatives Clearing Organizations to Align with International Standards
November 15, 2013--The Commodity Futures Trading Commission (CFTC) today finalized rules to establish additional standards for systemically important derivatives clearing organizations (SIDCOs).
The rules were passed unanimously via Seriatim vote by the Commission.
These rules, together with the existing derivatives clearing organizations rules, establish Commission regulations that are consistent with the Principles for Financial Market Infrastructures (PFMIs) and would allow SIDCOs to continue to be Qualifying Central Counterparties for purposes of international bank capital standards.
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Source: CFTC.gov
NYSE and Nasdaq Plan to Back Up One Another's Data Streams
November 15, 2013--The committees that control consolidated data feeds for Nasdaq OMX Group and NYSE Euronext are looking at ways to strengthen the internal backup systems for their respective streams, according to a person familiar with the situation.
The collaboration would strengthen one of the stock market's common points of failure. The committees, which together include members of all U.S. exchanges, are also discussing other ideas that could stabilize the infrastructure of the financial exchanges.
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Source: Wall Street Journal
CFTC Passes Collateral Rule to Backstop Treasuries in Swap Trade
November 15, 2013--The U.S. Commodity Futures Trading Commission approved a rule aimed at ensuring that Treasuries pledged as collateral for swaps and futures trades can be instantly converted to cash.
With today's vote, the nation's main derivatives regulator toughened safeguards in a market blamed for worsening the 2008 global financial crisis. The four commissioners didn't change language mandating that Treasuries be subject to a "prearranged and highly reliable funding arrangement," according to a copy of the rule on its website.
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Source: Bloomberg
TMX Group Launches Financial Literacy Resource
TMX Capital Markets Learning Centre to Open Toronto Stock Exchange Today
November 15, 2013--TMX Group today announced that it has created a capital markets education tool. The TMX Capital Markets Learning Centre (www.tmx-edu.com) is a free, web-based information portal designed to help Canadians gain a better understanding of the markets.
Representatives from the Government of Canada will join Tom Kloet, CEO, TMX Group, to open trading on Toronto Stock Exchange today to mark the launch.
At the heart of the Centre lies the new TMX Trading Simulator, a unique, risk-free market experience where investors can trade both equities and options in a "real world" environment. With the TMX Trading Simulator, users simply sign-in and create a virtual portfolio and they are ready to employ a variety of trading strategies against actual market data.
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Source: TMX
Tudor Investment Purchases Consumer, Emerging-Market ETFs
November 14, 2013--Tudor Investment Corp., the $13 billion hedge-fund firm run by billionaire Paul Tudor Jones, increased its stake in an exchange-traded fund that tracks retail companies in the third quarter.
The firm bought 3.6 million shares of Consumer Discretionary Select Sector SPDR Fund (XLY), boosting its investment to 4.1 million shares valued at $250 million as of Sept. 30, according to a filing today with the U.S. Securities and Exchange Commission.
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Source: Bloomberg
SEC: Don't Use 'Protected' or 'Guaranteed' in Fund Names
November 14, 2013--The regulatory body is 'heightening its scrutiny' of funds that include the terms
November 14, 2013--The SEC released a guidance update in November that explained the regulatory body's position on the use of the terms "Protected" or "Guaranteed" in mutual fund names.
The short answer? Don't do it.
It's hard to imagine any compliance department worth its salt would let it happen in this day and age, but if it somehow gets through, advisors are forewarned.
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Source: ThinkAdvisor.com
CFTC Staff Issues Advisory on the Applicability of Transaction-Level Requirements in Certain Cross-Border Situations
November 14, 2013--Today, the Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission (CFTC) responded to an inquiry from swap market participants and other interested parties on the applicability of Dodd-Frank Transaction-Level Requirements
to swaps between non-U.S. swap dealers (SDs) (whether an affiliate or not of a U.S. person) and non-U.S. persons if the swap is arranged, negotiated, or executed by personnel or agents of the non-U.S. SD located in the U.S.
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Source: CFTC.gov
CBOE And C2 To List Options On Twitter (TWTR) On November 15
November 14, 2013--The Chicago Board Options Exchange (CBOE) and C2 Options Exchange (C2) announced that they will list options on the stock of Twitter, Inc. (NYSE:TWTR) on Friday, November 15.
The contract specifications and Designated Primary Market Makers (DPMs) for the options are as follows:
Contract Specifications:
Initial strike prices: Will range from 35 to 50, in one-point increments
Position limit: 25,000 contracts
Expiration cycle: March, with introductory expirations in December, January, March and June
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Source: CBOE
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices
A Share Update For The S&P/TSX Composite Index
November 14, 2013--S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
Barrick Gold Corporation (TSX:ABX) has closed a bought deal equity offering of common shares that was announced on October 31, 2013.
After the close of trading on Thursday, November 21, 2013, the relative weight of Barrick Gold will increase in the S&P/TSX Composite and Capped Composite, the S&P/TSX 60 and 60 Capped, the S&P/TSX Capped Materials, the S&P/TSX Global Mining, the S&P/TSX Global Gold and the S&P/TSX Composite Dividend Indices to reflect this issuance of new shares. There will be no weight change for Barrick Gold in the S&P/TSX Composite Equal Weight, the S&P/TSX 60 Equal Weight, the S&P/TSX Composite High Beta, the S&P/TSX 60 130/30 Strategy or the S&P/TSX Equal Weight Global gold Indices.
Source: S&P Dow Jones Indexes
ETF Issuer Solutions Launches Distribution Platform for Alpha Managers
November 14, 2013-- ETF Issuer Solutions Inc. ("ETFis") announced Thursday the launch of its comprehensive exchange traded fund services platform. The firm's technology-driven ETF services model includes the "exemptive relief" and series trust framework required to launch new ETFs and a next-generation fund distributor to manage sales, marketing, and compliance.
William Smalley, President of ETFis, said, "The one-stop ETFis platform reduces barriers to entry for both emerging and established managers, minimizes operating inefficiencies, and allows our investment manager clients to focus on what they do best -generating alpha."
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Source: ETF Issuer Solutions Inc.
