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Global Regulators Joint Statement on OTC Derivatives
December 9, 2011--Leaders and senior representatives of the authorities responsible for regulation of the over-the-counter (OTC) derivatives markets in Canada, the European Union, Hong Kong, Japan, Singapore and the United States met yesterday in Paris.
The meeting included Steven Maijoor, Chair of the European Securities and Markets Authority (ESMA), Jonathan Faull, Director General for Internal Market and Services at the European Commission, Ashley Alder, Chief Executive Officer of the Hong Kong Securities and Futures Commission, Masamichi Kono, Vice-Commissioner of the Japan Financial Services Agency, Teo Swee Lian, Deputy Managing Director (Financial Supervision) of the Monetary Authority of Singapore, Mary Condon, Vice-Chair of the Ontario Securities Commission, Louis Morisset, Superintendent of Securities Markets at l’Autorité des Marchés Financiers du Québec, Gary Gensler, Chairman of the United States Commodity Futures Trading Commission, and Mary Schapiro, Chairman of the United States Securities and Exchange Commission.
Since mid-2011, the authorities have engaged in a series of bilateral technical dialogues on OTC derivatives regulation. The meeting, held at ESMA headquarters in Paris, is the first time the authorities have met as a group to discuss their implementation efforts.
In the meeting, the authorities addressed the cross-border issues related to the implementation of new legislation and rules to govern the OTC derivatives markets in their respective jurisdictions.
At the conclusion of the meeting, the authorities agreed to continue bilateral regulatory dialogues and to meet as a group again in early 2012.
Source: CFTC.gov
Russell files with the SEC
December 9, 2011--Russell has filed a post-effective amendment, registration statement with the SEC for the Russell High Dividend Yield ETF (HDIV)
Russell Small Cap High Dividend Yield ETF (DIVS) and the
Russell International High Dividend Yield ETF (IDIV)
view filing
Source: SEC.gov
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
December 9, 2011--Standard & Poor's Canadian Index Operations announces the following index changes as a result of the Quarterly S&P/TSX Composite Index Review. These changes will be effective at the open on Monday, December 19, 2011:
view changes
Source: Standard & Poor's
Global X Funds Launches First Greece ETF
December 8, 2011 – Global X Funds, the New York based provider of exchange traded funds, today launched the Global X FTSE Greece 20 ETF (NYSE Arca Ticker: GREK), the first ETF listed on the New York Stock Exchange targeting Greece.
“Global X Funds strives to facilitate access to foreign markets. Whether bullish or bearish, this new ETF allows investors to take a viewpoint on the recent news coming out of Greece,” said Bruno del Ama, chief executive officer of Global X Funds.
Since reaching a peak market capitalization of over $220 billion in 2007, the market cap of the Athens Stock Exchange has fallen nearly 90% to under $28 billion as of November 2011 (Bloomberg). While there is no guarantee that the Greek economy will recover to previous levels, current valuations may create an attractive entry point for the long term investor.
The Global X FTSE Greece 20 ETF tracks the FTSE/ATHEX 20 Capped Index which is designed to reflect broad based equity market performance in Greece. The index is comprised of the top 20 companies listed on the Athens Exchange ranked by full market capitalization, providing investors with a comprehensive and transparent way to measure the performance of these companies. As of December 1, 2011, the Underlying Index’s three largest stocks were National Bank of Greece, Coca-Cola HBC, and Greek Organisation of Football Prognostics SA.
Source: Global X
Legg Mason files with the SEC
December 8, 2011--Legg Mason has filed a pre-effective amendment, registration statement with the SEC for the Legg Mason Western Asset Ultra-Short Duration ETF.
view filing
Source: SEC.gov
Krane Funds files with the SEC
December 8, 2011--Krane Funds Advisors LLC., has filled an application for exemptive relief with the SEC.
view filingview filing
Source: SEC.gov
Standard & Poor's Announces Changes in the S&P/TSX Venture Composite Index
December 8, 2011-Standard & Poor's will make the following changes in the S&P/TSX Venture Composite and Select Indices:
The shares of SkyWest Energy Corp. (TSXVN:SKW.V - News) will trade under the new name Marquee Energy Ltd. following the completion of a Plan of Arrangement.
The new ticker symbol will be "MQL" and the new CUSIP number will be 57142R 10 9. There will be no change in the capitalization of the company at this time in either the S&P/TSX Venture Composite Index or the S&P/TSX Venture Select Index. This change is effective after the close of trading on Thursday, December 8, 2011 .
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: S&P Indices
Direxion files with the SEC
December 7, 2011--Direxion has filed a psot-effective amendment, registration statement with the SEC for India Fixed-Income Funds. India Equity Funds and
India Sector Funds
view filing
Source: SEC.gov
CFTC Announces Public Meeting of the Technology Advisory Committee
Committee to Focus on Market Structure, the Role of High Frequency Traders, and Interim Recommendations of the Subcommittee on Data Standardization
December 7, 2011--The Commodity Futures Trading Commission (CFTC) announces that on December 13, 2011, the CFTC’s Technology Advisory Committee (the “TAC”) will hold a public meeting at the Commission’s headquarters in Washington, DC. This year-end meeting will focus on three significant issues facing the futures and swaps industries as the Commission continues to finalize rules under the Dodd-Frank Act. Those issues are: (1) what we can expect to see in the new trading environment of swap execution facilities (SEFs);
(2) defining, classifying, and observing high frequency traders (HFTs) and their impact on the markets; and
(3) and interim recommendations from the Subcommittee on Data Standardization on universal product and legal entity identifiers, standardization of machine-readable legal contracts, semantics, and data storage and retrieval.
The topics covered by the TAC today represent several interesting technology related subjects the Commission will be dealing with next year. It is my hope that we can draw on the extensive market expertise of our members to identify and highlight possible policy solutions in each of the three topic areas,” stated Commissioner Scott D. O’Malia, Chairman of the TAC.
read more
Source: CFTC.gov
CFTC’s Division of Market Oversight Issues Guidebook for Part 20 Reports
December 7, 2011--The Commodity Futures Trading Commission’s Division of Market Oversight today issued a Guidebook for Part 20 Reports providing additional guidance and detailed instructions for submitting large swaps trader reports to the Commission.
On July 22, 2011, the Commission published a new Part 20 of the Commission’s Regulations in the Federal Register that requires large trader reports for physical commodity swaps. Clearing organizations and clearing members were required to begin reporting on cleared swaps on November 21, 2011, and are required to begin reporting on uncleared swaps on January 20, 2012. In addition, the Division requires fully compliant month-end open interest reports to be collected beginning in September 2011 through February 2012 and submitted to the Commission by March 20, 2012.
The Guidebook includes a data dictionary for mapping data elements to a record layout, interim and final reporting formats and record layouts for the submission of reports and 102S filings, and multiple examples for converting and reporting swaps in futures equivalent units.
view the Large Trader Reporting for Physical Commodity Swaps: Division of Market Oversight Guidebook for Part 20 Reports
Source: CFTC.gov
