Americas ETP News
If your looking for specific news, using the search function will narrow down the results
SEC Issues Order Raising Performance Fee Rule Dollar Limit to Adjust for Inflation
July 13, 2011--The Securities and Exchange Commission today issued an order that raises, to adjust for inflation, two of the thresholds that determine whether an investment adviser can charge its clients performance fees. The order carries out a requirement of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Rule 205-3 under the Investment Advisers Act allows an investment adviser to charge a client performance fees if the client meets certain criteria, including two tests that have dollar amount thresholds. Under today’s order, an investment adviser will be able to charge performance fees if the client has at least $1 million under the management of the adviser, or if the client has a net worth of more than $2 million. Either of these tests must be met at the time of entering into the advisory contract. The previous thresholds were $750,000 and $1.5 million respectively, and were last revised in 1998.
The Dodd-Frank Act requires that the Commission issue an order to adjust for inflation these dollar amount thresholds by July 21, 2011 and every five years thereafter. The Commission published a notice of its intent to issue the order on May 10, 2011. The Commission also proposed amendments to rule 205-3, which are currently under consideration.
The order will be effective on September 19, 2011, which will be approximately 60 days after its publication in the Federal Register.
view the Order Approving Adjustment for Inflation of the Dollar Amount Tests in Rule 205-3 under the Investment Advisers Act of 1940
Source: SEC.gov
ETSpreads, LLC files with the SEC
July 13, 2011--ETSpreads, LLC has filed an application for exemptive relief with the SEC.
view filing
Source: SEC.gov
Moody’s places US rating on review
July 13, 2011--The US may lose its triple A credit rating, after Moody’s warned that the political deadlock over raising the country’s debt ceiling could lead to a downgrade.
Moody’s on Wednesday placed the US rating on watch for a possible downgrade, pending a decision in Washington on raising the $14.300bn debt ceiling. Failure to do so by August 2 could result in the US Treasury missing a debt payment.
read more
Source: FT.com
CFTC to Hold Open Meeting to Consider Four Final Rule Proposals and One Proposed Rule under the Dodd-Frank Act
July 13, 2011--The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Tuesday, July 19, 2011, at 9:30 a.m. to consider four final rules and one proposed rule under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:
Consideration of Proposed Rule on Customer Clearing Documentation, Timing of Acceptance for Clearing and Clearing Member Risk Management;
Consideration of Final Rule on Process for Review of Swaps for Mandatory Clearing;
Consideration of Final Rule on Part 40, Provisions Common to Registered Entities;
read more
Source: CFTC.gov
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
July 13, 2011--Standard & Poor's Canadian Index Operations announces the following index changes:
On July 13, 2011, OPTI Canada Inc. (TSX:OPC) was halted on TSX prior to the open. The company subsequently announced that it is pursuing a restructuring under CCAA.
If the stock does not trade during the day on Thursday, July 14, 2011, on TSX, OPTI Canada will be removed from the S&P/TSX SmallCap and Equity SmallCap Indices at a price of zero effective after the close of Thursday, July 14, 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: Standard & Poor's
ETF Licensing, Innovative Index Launches, Dow Anniversary Cap Memorable First Half Of 2011 For Dow Jones Indexes
July 12, 2011-- The late-June licensing of eight indexes from the Dow Jones Emerging Markets Sector Titans Indexes series capped an impressive first half of 2011 for Dow Jones Indexes, which also launched a host of innovative indexes and commemorated the Dow Jones Industrial Average’s 115th anniversary.
Among the other first-half 2011 highlights for the global index provider included:
a collaboration with FXCM Inc. to launch the Dow Jones FXCM Dollar Index, which measures the value of the U.S. dollar against a basket of the world’s most liquid currencies;
the licensing, with SAM, of the Dow Jones Sustainability World Enlarged ex All/AE Index and the Dow Jones Sustainability Europe ex All/AE Index, to Blackrock for use with ETFs; and
the winning of three awards for its highly decorated Dow Jones Islamic Market Indexes series:
•“Best Islamic Index Provider” by Islamic Business & Finance;•“Islamic Index Provider of the Year in Asia” by Asia Asset Management; and•“Best Shari’ah Compliant Index Provider of the Year” by Global Finance.
read more
Source: Dow Jones Indexes
Minutes Of The Federal Open Market Committee, June 21-22, 2011
July 12, 2011--The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on June 21-22, 2011. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the June 21-22, 2011 meeting is also included as an addendum to these minutes.
The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report. Summaries of economic projections are released on an approximately quarterly schedule. The descriptions of economic and financial conditions contained in these minutes and in the Summary of Economic Projections are based solely on the information that was available to the Committee at the time of the meeting.
The FOMC minutes can be viewed on the Board's website at http://www.federalreserve.gov/monetarypolicy/fomccalendars.htm.
Source: FBR
NASDAQ OMX Appoints New Head Of U.S. Equities For Transaction Services Business
July 12, 2011-The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ - News) today announced that Michel Finzi has been appointed as Senior Vice President and Head of U.S. Equities of NASDAQ OMX Transaction Services. Mr. Finzi will join NASDAQ OMX later this summer and report to Eric Noll, Executive Vice President of NASDAQ OMX Transaction Services U.S. and U.K.
Mr. Finzi will be responsible for leading the strategic direction, sales efforts and market operations for NASDAQ OMX's three U.S. equity exchanges; The NASDAQ Stock Market, NASDAQ OMX BX and NASDAQ OMX PSX, as well as the sales efforts for the exchange group's two U.S. options exchanges; NASDAQ OMX PHLX and The NASDAQ Options Market. He will also operate and manage NASDAQ's Access Services data center ports and membership, co-location offerings and The FINRA/NASDAQ Trade Reporting FacilityTM. Mr. Finzi will drive innovative product development in equities and other asset classes to create new ways to leverage the exchange group's low-latency INET technology and leadership in operating transparent and liquid markets.
read more
Source: NASDAQ OMX
Authorities could bail out banks again, S&P says
July 12, 2011--Officials fighting the next financial crisis may again bail out banks using the public purse, S&P has said, in an opinion that casts doubt on one of the fundamental tenets of US financial reform.
The rating agency said on Wednesday that the US Treasury, Federal Reserve and Congress might rescue a large financial group rather than allow it to fail like Lehman Brothers. Dodd-Frank, the legislation signed into law a year ago next week, was supposed to prevent bail-outs by allowing the government to seize and wind down safely an ailing “systemically important financial institution”, or Sifi.
read more
Source: FT.com
Reliability of US crop reports questioned
July 12, 2011--Large sums of money in commodity markets are routinely gained and lost thanks to a group of professional insomniacs in Washington.
There, once a month, caffeinated analysts lock themselves into two storeys of the US Department of Agriculture headquarters between midnight and dawn, finishing reports on crop production and world supply and demand, the latest of which were released on Tuesday. The department’s closely watched assessments have recently triggered sharp price moves.
