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CFTC.gov Commitments of Traders Reports Update
May 13, 2011--CFTC.gov Commitments of Traders Reports have been updated for the week of May 10, 2011 are now available
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Source: CFTC.gov
SEC Approves BX Venture Market
Smaller Companies to Benefit From BX Venture Market's Quality Regulation and Market Structure
May 12, 2011--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) today announced SEC approval of the BX Venture Market. This new listing market will provide companies that would not otherwise qualify for an exchange listing the opportunity to list and trade their shares in a well regulated and transparent environment.
For companies already trading in the over-the-counter markets, contemplating an initial exchange listing or those delisted from a national securities exchange, the BX Venture Market will provide a new, better-regulated listing alternative. Listing standards for this market will require companies to comply with many of the same corporate governance requirements as are required for listing on other securities exchanges and maintain basic quantitative standards.
Companies and their shareholders will benefit from the high quality of real-time and post-trade market surveillance and a robust portfolio of products and services that will support BX Venture Market listed companies. Trading will be available on NASDAQ OMX's INET platform, the world's most sophisticated trading technology.
"The BX Venture Market is a new listing alternative that supports capital formation for early stage and smaller companies in a transparent and well-regulated environment," said Bob McCooey, Senior Vice President of NASDAQ OMX. "In addition, the BX Venture Market can provide a new exit opportunity for the long-term investments made by venture capitalists who support job creation and ongoing U.S. competitiveness."
The BX Venture Market is expected to launch later this year. For more information, please visit http://www.bxventure.com/.
Source: NASDAQ OMX
Testimony Before the U.S. Senate Committee on Banking, Housing, and Urban Affairs
Chairman Gary Gensler
May 12, 2011--
Good morning Chairman Johnson, Ranking Member Shelby and members of the Committee. I thank you for inviting me to today’s hearing on monitoring systemic risk and promoting financial stability. I am pleased to testify alongside my fellow regulators.
This morning I will provide an update on the status of the Commodity Futures Trading Commission’s (CFTC’s) process to implement the derivatives titles of the Dodd-Frank Wall Street Reform and Consumer Protection Act and discuss the how the CFTC has contributed to the Financial Stability Oversight Council (FSOC). Before I begin, I’d like to thank my fellow Commissioners the hardworking staff of the CFTC for their continued efforts to implement the Dodd-Frank Act.
Dodd-Frank Implementation Status
The CFTC is working deliberatively, efficiently and transparently to implement the Dodd-Frank Act. At this point, we have substantially completed the proposal phase of our rule-writing to implement the Dodd-Frank Act. Since the President signed the Dodd-Frank Act last July, the Commission has promulgated rules covering all of the areas set out by the Act for swaps regulation, with the exception of the Volcker Rule, for which the Act set a different timeline.
With the substantial completion of the proposal phase of rule-writing, the public now has the opportunity to review the whole mosaic of rules. This will allow market participants to evaluate the entire regulatory scheme as a whole.
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Source: CFTC.gov
US banks face new crackdown call
May 12, 2011--Financial institutions must prove they can be wound down without causing systemic risk, leading regulators have urged, signalling a push for further stringent reforms of the financial system.
“I believe we should impose even higher capital charges on systemic entities until they have developed a resolution plan which has been approved as credible by their regulators,” said Sheila Bair, chairman of the Federal Deposit Insurance Corporation, in testimony to the Senate in Washington on Thursday.
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Source: FT.com
Oil demand flattens as prices spike
May 12, 2011--
World demand for oil is flatlining for the first time since 2009 as high prices hit American consumers, the International Energy Agency has said
The evidence that petrol prices close to $4 per gallon are beginning to cut consumption in North America came as Democratic senators and chief executives from the leading oil companies clashed in a sometimes bad-tempered hearing in the US Senate.
Source: FT.com
Tempest rages in gasoline as US prices soar
May 12, 2011--Just as Washington’s political machinery cranks up to investigate high oil prices, the price of wholesale petrol has gone into free fall.
Down 9.3 per cent in the past two days, this week’s sharp drop in gasoline futures follows a steady rise in pump prices towards and – in some parts of the US – beyond $4 a gallon.
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Source: FT.com
Tarp shows that US can break political deadlock
May 12, 2011--Not many things have emerged from the quagmire of US Congress recently which have produced a truly pleasant surprise. But could the troubled asset relief programme – better known as Tarp – turn out to be one?
That is the question hanging in the air this week, as the US government kicks off the process of selling the 92 per cent stake in AIG it acquired in 2008, during the crisis. At first glance, this week’s news from AIG does not look particularly encouraging. The share price of the giant insurance group has fallen 40 per cent this year, forcing the Treasury to slash the size of its planned offering.
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Source: FT.com
Alps files with the SEC
May 12, 2011--Alps has filed a post-effective amendment, registration statement with the SEC for the ALERIAN NATURAL GAS MLP ETF.
view filing
Source: SEC.gov
Highland Capital Management, files with the SEC
May 12, 2011--Highland Capital Management, L.P. has filed an amended and restated application for exemptive relief with the SEC.
view filing
Source: SEC.gov
First Trust Advisors L.P. celebrates the FIRST ETF focused on the Global Manufacturing of Automobiles with NASDAQ Opening Bell ceremony and Press Conference, Friday, May 13, 2011
May 12, 2011--First Trust Advisors L.P. (“First Trust”), the fastest growing Exchange-Traded Fund (“ETF”) sponsor among the ten largest sponsors (by assets raised) since 2010, announced today that Eric Anderson, Vice President, ETF Analyst, will ring the opening bell of The NASDAQ Stock Market at 9:30 a.m. Eastern Time on Friday, May 13, 2011, to celebrate the release of the first ETF focused on the global manufacturing of automobiles.
First Trust executives and guests will participate in the event. The bell ringing will recognize the launch of the first automotive ETF in the industry, the First Trust NASDAQ Global Auto Index Fund (NASDAQ: CARZ), which began trading May 10, 2011. The Fund seeks investment results that correspond generally to the price and yield (before the Fund’s fees and expenses) of the NASDAQ OMX Global Auto IndexSM, which is designed to track the performance of the largest and most liquid companies engaged in the manufacturing of automobiles.
First Trust believes the timely release of this automotive ETF recognizes the contributions of the automotive industry to the world economy and the millions of jobs it generates worldwide.
“First Trust’s introduction of the first global ETF focused on the automotive industry presents a new opportunity to invest in the global manufacturing of automobiles,” said Eric Anderson, Vice President, ETF Analyst, First Trust Advisors L.P. “Currently, the Fund's holdings represent nine countries around the world, weighted most heavily by Japan, Germany, the U.S., South Korea and France.”
To view the live webcast of the opening bell, visit the NASDAQ website (http://www.NASDAQ.com) at 9:25 a.m. (Eastern Time) on Friday, May 13, 2011.
Source: First Trust
