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Statement at SEC Open Meeting: Product Definitions and Regulation of Mixed Swaps

Commissioner Kathleen L. Casey U.S. Securities and Exchange Commission Washington, D.C.
April 27, 2011--Thank you, Chairman Schapiro. First, I want to join you in thanking the staff, and particularly the staffs of the Divisions of Trading and Markets and Corporation Finance, for their hard work on this release. While Dodd-Frank's rulemaking burden is a challenge for the Commission generally, joint rulemakings such as this one, which has required many months of coordination and negotiation with the CFTC, are particularly challenging. Today's proposal is a testament to the diligence, expertise, and diplomatic skill of our staff, and I commend them again for their efforts.

In thinking about this rulemaking, the overriding objective should be to provide clarity and regulatory certainty to the greatest degree possible to both market participants and regulators. That means, first, that we be clear about what products are regulated as swaps or security based swaps under Dodd-Frank and what products are not. Second, that within the universe of regulated swap products, we are clear about which are swaps regulated by the CFTC and which are security based swaps regulated by the Commission. And third, as to the category of mixed swaps, which are jointly regulated by both the CFTC and the SEC, that we provide clear rules of the road as to how the agencies will regulate these products.

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Source: SEC.gov


SPDR® ETF Family Announces Impact of Receiving Settlement Payment

April 28, 2011--The SPDR® Morgan Stanley Technology ETF today announced that the fund received payment as an authorized claimant from a class action settlement related to Broadcom Corp.

The total amount payable to the fund is listed below. When the fund calculates its net asset value (“NAV”) per share on Friday, April 29, 2011, it is estimated that the fund’s NAV will be impacted by the receipt of the corresponding payment in the amount stated below based on the shares outstanding as of April 28, 2011.

Fund Settlement Payment
Shares Outstanding as
of April 28, 2011
Per Share Amount
SPDR® Morgan
Stanley Technology
ETF
$98,039 3,250,108 $0.0302

State Street manages $260 billion* in SPDR ETF assets worldwide (as of March 31, 2011) and is one of the largest ETF providers in the US and globally.

Source: State Street Global Advisors


ETSpreads, LLC files with the SEC

April 28, 2011--ETFSpreads, LLC has filed an application for exemptive relief with the SEC. Applicants are seeking an order for an exemption from Sections 2(a)(32), 5(a)(1), 17(a) and 22(d) of the 1940 Act and Rule 22c-1 under the 1940 Act to permit the

Exchange Traded Spreads Trust (the “Trust”) to create and operate four (4) actively-managed series of the Trust (the “Initial Funds”) that offer exchange-traded shares (“Shares”) with limited redeemability.

view filing

Source: SEC.gov


Bernanke Says Fed to Keep Stimulus, Further Easing Unlikely

April 28, 2011--Federal Reserve Chairman Ben S. Bernanke signaled the Fed will maintain its record monetary stimulus after ending large-scale bond purchases in June, while the need to contain inflation means further easing is unlikely.

"It’s not clear that we can get substantial improvements in payrolls without some additional inflation risk,” Bernanke said at his first press conference following a meeting of the Federal Open Market Committee. “Ultimately, if -- if inflation persists or if inflation expectations begin to move, then there’s no substitute for action,” Bernanke said. “We would have to respond.”

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Source: Bloomberg


Brazil's boom masks growing vulnerabilities

April 28, 2011--It has been almost 50 years since Astrud Gilberto and Stan Getz recorded the bossa-nova hit “The Girl from Ipanema”. Much has changed in Brazil since they sang of the tanned Rio de Janeiro beauty: “When she walks, she’s like a samba.”

The song has become elevator music and the young girl from Rio’s most famous beach district is now a grandmother. But not all the loveliness has faded. In some ways, those wistful days have returned. Brazil, once more, is enjoying the kind of economic boom it did when the song was first recorded.

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Source: FT.com


Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index

April 28, 2011-Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Thursday, April 28, 2011:

The shareholders of Continental Minerals Corporation (TSXVN:KMK) have approved the Plan of Arrangement whereby the shares of the company will be acquired by Jinchuan Group Ltd. for $CDN2.60 cash per share.

Continental Minerals will be removed from the S&P/TSX Venture Composite Index after the close of Thursday, April 28, 2011.

The shareholders of UNX Energy Corp. (TSXVN:UNX) have accepted the Offer to Purchase from HRT Participacoes em Petroleo S.A. UNX Energy will be removed from the S&P/TSX Venture Composite Index after the close of Thursday, April 28, 2011.

Source: Standard & Poors


Speech By SEC Commissioner Kathleen L. Casey: Removal Of Credit Rating References From Exchange Act Rules

Commissioner Troy A. Paredes
April 27, 2011--Thank you, Chairman Schapiro.
Section 939A of the Dodd-Frank Act contemplates the removal of references to credit ratings in rules and forms under the federal securities laws, including the Securities Exchange Act of 1934. The recommendation before us goes toward giving effect to this provision of Dodd-Frank.

I support the recommendation but do have concerns about its practical impacts, especially the consequences that could flow from the proposed amendments to the Net Capital Rule (Exchange Act Rule 15c3-1). Notwithstanding the benefits that could come from removing the ratings references, there are countervailing considerations that the rulemaking must account for. For example, to what extent might the proposed changes to Rule 15c3-1, if adopted, lead broker-dealers to hold different proprietary positions? What impact could this have on investors and issuers? How might the prospect of being second-guessed influence the haircuts broker-dealers take? If ratings references are removed, might broker-dealers come to rely too much on some other measure or indication of creditworthiness, such as the credit assessment of a third party that is not an NRSRO? In what ways might the proposal, if adopted, affect the activities and competitiveness of smaller broker-dealers?

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Source: SEC.gov


Van Eck files with the SEC

April 27, 2011--Van Eck has filed a post-effective amendment, registration statement with the SEC for the Market Vectors Business Development Company/Specialty Finance ETF.

view filing

Source: SEC.gov


Federal Open Market Committee Statement

April 27, 2011--Information received since the Federal Open Market Committee met in March indicates that the economic recovery is proceeding at a moderate pace and overall conditions in the labor market are improving gradually. Household spending and business investment in equipment and software continue to expand. However, investment in nonresidential structures is still weak, and the housing sector continues to be depressed. Commodity prices have risen significantly since last summer, and concerns about global supplies of crude oil have contributed to a further increase in oil prices since the Committee met in March. Inflation has picked up in recent months, but longer-term inflation expectations have remained stable and measures of underlying inflation are still subdued.

Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The unemployment rate remains elevated, and measures of underlying inflation continue to be somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. Increases in the prices of energy and other commodities have pushed up inflation in recent months. The Committee expects these effects to be transitory, but it will pay close attention to the evolution of inflation and inflation expectations. The Committee continues to anticipate a gradual return to higher levels of resource utilization in a context of price stability.

To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to continue expanding its holdings of securities as announced in November. In particular, the Committee is maintaining its existing policy of reinvesting principal payments from its securities holdings and will complete purchases of $600 billion of longer-term Treasury securities by the end of the current quarter. The Committee will regularly review the size and composition of its securities holdings in light of incoming information and is prepared to adjust those holdings as needed to best foster maximum employment and price stability.

The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period.

The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to support the economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate.

Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Richard W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; Daniel K. Tarullo; and Janet L. Yellen.

Source: Federal Reserve


-The Federal Reserve Board and the Federal Open Market Committee Release Table summarizing the economic projections made by Federal Reserve Board members and Federal Reserve Bank

April 27, 2011--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached table summarizing the economic projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the April 26-27 meeting of the Committee.

The table will be incorporated into a summary of economic projections released on May 18 with the minutes of the April 26-27 meeting. Summaries of economic projections are released on an approximately quarterly schedule.

view Economic Projections of Federal Reserve Board Members and Federal Reserve Bank Presidents, April 2011

Source: Federal Reserve Board


SEC Filings


July 03, 2025 ARK ETF Trust files with the SEC-4 ARK Q Defined Innovation ETFs
July 03, 2025 Tidal Trust II files with the SEC-YieldMax(R) SCHD DoubleDiv(TM) ETF
July 03, 2025 iShares Trust files with the SEC-iShares Large Cap 10% Target Buffer Mar ETF
July 03, 2025 iShares Trust files with the SEC-iShares Large Cap 10% Target Buffer Jun ETF
July 03, 2025 iShares Trust files with the SEC-iShares Large Cap 10% Target Buffer Sep ETF

view SEC filings for the Past 7 Days


Europe ETF News


July 02, 2025 Valour Launches Eight New ETPs on Spotlight Stock Market, Including Bitcoin Cash (BCH), Unus Sed Leo (LEO), OKB (OKB), Polygon (POL), Algorand (ALGO), Filecoin (FIL), Arbitrum (ARB), and Stacks (STX)
June 16, 2025 ESMA's activities in 2024 focused on strengthening the EU capital markets and putting citizens and businesses at the heart of it
June 12, 2025 Janus Henderson launches active fixed income ETF
June 12, 2025 ifo Institute Raises Growth Forecast for Germany
June 10, 2025 ESMA publishes latest edition of its newsletter

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Asia ETF News


July 02, 2025 Fujitsu to develop ETF trading platform based on TSE's CONNEQTOR and provide it to Australian Securities Exchange
June 25, 2025 QFIIs Gain Access to Onshore ETF Options As A-share Market Opening Deepens
June 18, 2025 Mirae Asset Global Investments Launches MIRAE ASSET TIGER CHINA GLOBAL LEADERS TOP3 PLUS ETF, Tracking Solactive-KEDI China Global Leaders TOP3Plus Index
June 13, 2025 Post-Adjustment ChiNext Index Attracts Global Assets with Low Valuation and High Growth Potential
June 13, 2025 Unlocking Consumption to Sustain Growth in China -World Bank Economic Update

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Global ETP News


July 03, 2025 Flow Traders-Tokenization in Capital Markets: A Market Maker's Perspective
June 14, 2025 Global Economic Prospects-Global Economy Faces Trade-Related Headwinds
June 12, 2025 Disclosing Public Debt Boosts Investor Confidence, Cuts Borrowing Costs 
June 10, 2025 Global Economy Set for Weakest Run Since 2008 Outside of Recessions

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Middle East ETP News


June 19, 2025 GCC: Growth on the Rise, but Smart Spending Will Shape a Thriving Future
June 16, 2025 Saudi Exchange leads market losses across the GCC

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Africa ETF News


June 24, 2025 East Africa's regional 20 share index
June 16, 2025 African Credit Rating Agency to Launch September 2025

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ESG and Of Interest News


June 18, 2025 Global Energy Transition Gains Ground, but Security and Capital Challenges Persist
June 17, 2025 Pacific Economic Update: Slowing Growth Highlights Need for More Inclusive Workforce
June 10, 2025 Global Carbon Pricing Mobilizes Over $100 Billion for Public Budgets
June 07, 2025 Accelerating Blue Finance: Instruments, Case Studies, and Pathways to Scale
June 03, 2025 The Longevity Dividend

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White Papers


May 30, 2025 IMF Working Paper-Interest Rate Sensitivity Scenarios to Guide Monetary Policy

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