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Opening Statement, Meeting of the Commodity Futures Trading Commission
April 12, 2011-- This meeting will come to order. This is a public meeting of the Commodity Futures Trading Commission to consider issuance of a proposed rulemaking under the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding margin requirements for uncleared swaps for swap dealers and major swap participants.
The Commission will consider the proposed rulemaking relating to conforming amendments to current CFTC regulations that was advised on today’s meeting agenda at a later meeting.
Before we hear from the staff, I’d like to thank Commissioners Mike Dunn, Jill Sommers, Bart Chilton and Scott O’Malia for all their thoughtful work to implement the Dodd-Frank Act.
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Source: CFTC.gov
CFTC and SEC Staffs to Host Public Roundtable Discussion on Dodd-Frank Implementation
April 12, 2011--The staffs of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) today announced that they intend to hold a two-day joint public roundtable on May 2-3, 2011, to discuss the schedule for implementing final rules for swaps and security-based swaps under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The Dodd-Frank Act gives the CFTC and SEC certain flexibility to set effective dates and a schedule for compliance with rules implementing Title VII of the Act, which involves oversight of swaps and security-based swaps, so that market participants have time to develop the policies, procedures, systems and processes needed to comply with the new regulatory requirements.
Public comments on Title VII have helped inform the Commissions as to what requirements can be met sooner and which ones will take more time. The roundtable is intended to supplement the comments received to date and help inform the Commissions as they proceed with rulemaking. The order in which the Commissions finalize the rules need not determine the order in which the rules become effective or the applicable compliance dates.
The roundtable will provide the public with the opportunity to comment on whether to phase implementation of the new requirements based on factors such as: the type of swap or security-based swap, including by asset class; the type of market participants that engage in such trades; the speed with which market infrastructures can meet the new requirements; and whether registered market infrastructures or participants might be required to have policies and procedures in place ahead of compliance with such policies and procedures by non-registrants.
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Source CFTC.gov
CFTC, FTC Agree to Share Information on Energy Investigations
Agreement Will Foster Cooperation on Investigations into Market Manipulation
April 12, 2011--As part of their ongoing efforts to keep markets that they oversee open and fair for American consumers, the Commodity Futures Trading Commission (CFTC) and Federal Trade Commission (FTC) today announced that they signed an agreement to foster further cooperation between the two agencies by helping them share nonpublic information.
The CFTC and FTC signed a Memorandum of Understanding (MOU) [see related document] that will facilitate sharing of non-public information on investigations being conducted by the agencies, including investigations into the oil and gasoline markets. The agreement will help the FTC enforce its petroleum market manipulation rule, which prohibits fraudulent manipulation of U.S. petroleum markets. Information-sharing also will help the CFTC in exercising its authority to pursue manipulation in the oil markets.
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Source: CFTC.gov
CFTC Issues Notice of Proposed Rulemaking on Swap Data Recordkeeping and Reporting Requirements for Pre-Enactment and Transition Swaps
April 12, 2011-- The Commodity Futures Trading Commission (“CFTC”) today announced that it has proposed rules establishing swap data recordkeeping and reporting requirements for counterparties to pre-enactment swaps (those executed prior to enactment of the Dodd-Frank Act) and transition swaps (those entered into between the enactment date and the future effective date for final rules concerning swap recordkeeping and reporting). A Notice of Proposed Rulemaking, Swap Data Recordkeeping and Reporting Requirements: Pre-Enactment and Transition Swaps, has been submitted to the Federal Register and will be published shortly.
The proposed rule provides clarity concerning what records must be kept and what data must be reported to swap data repositories with respect to these historical swaps. The rule proposes limited recordkeeping requirements for counterparties to historical swaps. For swaps in existence on or after the date of publication of the proposed rule, counterparties would be required to keep records of specified, minimum primary economic terms for the swaps.
The proposed rule is also designed to ensure that data needed by regulators concerning historical swaps is available to regulators through swap data repositories (“SDRs”) beginning on the effective date for swap data reporting.
Source: CFTC.gov
CFTC.gov Financial Data for Futures Commission Merchants Update
April 11, 2011--Selected FCM financial data as of February 28, 2011 (from reports filed by March 31, 2011) is now available.
view updates
Source: CFTC.gov
Morgan Stanley US ETF Weekly Update
April 11, 2011--Weekly Flows: $11.0 Billion Net Inflows
ETFs Traded $290 Billion Last Week
ETF Assets Stand at $1.1 Trillion
Launches: 4 New ETFs
US-Listed ETFs: Estimated Flows by Market Segment
For the second consecutive week ETFs posted large net inflows ($11.0 billon last week)
All market segments (ex-Active) exhibited net inflows last week, led by US Sector & Industry ETFs
ETF assets stand at $1.1 trillion, up 9% YTD
13-week flows were mostly positive among asset classes
$31.0 billion net inflows into ETFs over past 13 weeks (International-Developed took in $9.6 billion)
EM Equity ETFs posted meaningful net outflows ($6.3 billion) over the past 13 weeks, but have exhibited net
inflows for four consecutive weeks ($5.2 billion)
US-Listed ETFs: Estimated Largest Flows by Individual ETF
PowerShares QQQ (QQQ) posted net inflows of $1.2 billion last week, the most of any ETF
Over the last 13 weeks, iShares MSCI Japan Index Fund (EWJ) exhibited the largest net inflows of any ETF
($2.8 billion)
Two oil-related ETFs (XOP, USO) had the most net outflows last week despite WTI oil’s ascent to $112 per
barrel
request report
Source: Morgan Stanley
iShares files with the SEC
April 11, 2011--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares Floating Rate Note Fund.
view filing
Source: SEC.gov
Pimco manager bets against US debt
April 11, 2011--Bill Gross, manager of the world's largest bond fund, is now actively betting against the value of debt issued by the US government.
Pimco’s $236bn Total Return Fund held minus 3 per cent of its assets in government related securities at the end of March, down from zero the month before, according to a report issued by the company on Monday.
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Source: FT.com
Huntington files with the SEC
April 11, 2011--Huntington Stategy Shares has filed a registration statement with the SEC for the Huntington US Equity Rotation Strategy ETF
NYSE Arca Ticker: HUSE
and the
Huntington EcoLogical Strategy ETF
NYSE Arca Ticker: (HECO)
view filing
Source: SEC.gov
ProShares files with the SEC
April 11, 2011--ProShares has filed a post-effective amendment, registration statement with the SEC the Ultra Fixed-Income
ProShares (UJB)Ultra High Yield
(IGU)Ultra Investment Grade Corporate
view filing
Source: SEC.gov
