Americas ETP News
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NYSE Euronext outlines Amex deal
March 21, 2011--NYSE Euronext announced the terms of a deal to sell a majority of its NYSE Amex options market to dealers such as Citadel, Goldman Sachs and Citigroup, which could bolster its efforts to get regulatory approval for its merger with Deutsche Börse.
The plan to sell a stake in Amex was originally announced in 2009, in the hopes of boosting the struggling exchange’s trading volumes. However final terms were delayed as details were hammered out and regulators shifted their focus to broader market structure reforms.
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Source: FT.com
The Federal Reserve on Friday announced it has completed the Comprehensive Capital Analysis and Review (CCAR)
March 18, 2011--The Federal Reserve on Friday announced it has completed the Comprehensive Capital Analysis and Review (CCAR), its cross-institution study of the capital plans of the 19 largest U.S. bank holding companies.
As a result of the CCAR, some firms are expected to increase or restart dividend payments, buy back shares, or repay government capital. The Federal Reserve on Friday will discuss the reviews and its decisions with firms that requested a capital action. All 19 firms will receive more detailed assessments of their capital planning processes next month.
In February 2009, the Federal Reserve advised bank holding companies that safety and soundness considerations required that dividends be substantially reduced or eliminated. Since that time, the Federal Reserve has indicated that increased capital distributions would generally not be considered prudent in the absence of a well-developed capital plan and a capital position that would remain strong even under adverse conditions.
The Federal Reserve's actions on capital distributions come after significant improvement in both economic conditions and the capital positions of financial institutions. From the end of 2008 through 2010, common equity increased by more than $300 billion at the 19 largest U.S. bank holding companies. Moreover, conclusion of the Basel III agreement to increase capital requirements and passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act have substantially clarified the regulatory environment in which these firms will be operating. The return of capital to shareholders under appropriate conditions is a step in the process of improvement in the financial sector and will help to promote banks' long-term access to capital. Such access will support lending to consumers and businesses. The capital plan reviews foster appropriate capital distributions in a measured fashion while still helping to ensure continued increases in firms' capital bases.
read more view the Comprehensive Capital Analysis and Review: Objectives and Overview
Source: Federal Reserve
CFTC.gov Commitments of Traders Reports Update
March 18, 2011---CFTC.gov Commitments of Traders Reports have been updated for the week of March 15, 2011 are now available.
view updates
Source: CFTC.gov
Van Eck files with the SEC
March 18, 2011---Van Eck has filed a post-effective amendment, registration statement with the SEC for the Market Vectors Fixed Income Closed-End Fund ETF.
view filing
Source: SEC.gov
Van Eck files with the SEC
March 18, 2011--Van Eck has filed a post-effective amendment, registration statement with the SEC for the Market Vectors GDP – Emerging Markets Small-Cap Equity ETF.
view filing
Source: SEC.gov
Support Rises in US for Covered Bonds Law
March 18, 2011--Look at a list of the 10 biggest dollar-denominated covered bond deals and one thing stands out: the only US bank present is Bank of America, and it lies at the bottom.Last year, foreign banks sold $30bn of the bonds – an ultra-safe form of securitisation – to US investors, and watchers expect those sales to nearly double in 2011.
Yet only two US banks have ever issued covered bonds and none seems likely to do so this year.
Non-US cover bond issuers dominateThere is a reason, say advocates of covered bonds; the US market does not have the legislative protection the sector enjoys elsewhere. Last week, US legislators set about trying to change this with the launch of a bill in the House of Representatives sponsored by Scott Garrett, a Republican congressman, and Carolyn Maloney, a Democrat.
read more
Source: LoanSafe.org
Federal Reserve completes Comprehensive Capital Analysis and Review
March 18, 2011--The Federal Reserve on Friday announced it has completed the Comprehensive Capital Analysis and Review (CCAR), its cross-institution study of the capital plans of the 19 largest U.S. bank holding companies.
As a result of the CCAR, some firms are expected to increase or restart dividend payments, buy back shares, or repay government capital. The Federal Reserve on Friday will discuss the reviews and its decisions with firms that requested a capital action. All 19 firms will receive more detailed assessments of their capital planning processes next month.
In February 2009, the Federal Reserve advised bank holding companies that safety and soundness considerations required that dividends be substantially reduced or eliminated. Since that time, the Federal Reserve has indicated that increased capital distributions would generally not be considered prudent in the absence of a well-developed capital plan and a capital position that would remain strong even under adverse conditions.
view the Comprehensive Capital Analysis and Review: Objectives and Overview
Source: Federal Open Market Committee
WisdomTree Launches Industry's First Asia Local Debt ETF (ALD)
New Foreign Bond offering builds on success of WisdomTree
Emerging Market Local Debt Fund
ALD Provides One-trade Exposure to Income from the World’s Fastest Growing Region1March 17, 2011--WisdomTree (Pink Sheets:
WSDT - News), an exchange-traded fund (“ETF”) sponsor and asset manager,
announced today the launch of the WisdomTree Asia Local Debt Fund (ALD). ALD is designed to provide exposure to Asian debt denominated in local currencies, excluding Japan, and has an expense ratio of 0.55%.
The Fund currently has $145 million in assets. ALD is an actively managed ETF.
“We are excited to launch the Industry’s first Asia Local Debt ETF and believe the capital surpluses and strong growth and yield potential of the Asian economies make for an attractive fixed income offering,” said Bruce Lavine, WisdomTree President & COO.
“We are also pleased to expand our foreign fixed income product set, following the successful launch of the WisdomTree Emerging Market Local Debt Fund (ELD) which has more than $668 million in assets under management since launching in August of 2010.”
1Source: International Monetary Fund, World Economic Outlook 2010 (Percentage of World GDP as
defined in current US dollars)
Source: WisdomTree
Global X Funds Launches First ETF Focused On Canada's TSX Venture Exchange
March 17, 2011-Global X Funds, the New York based provider of exchange traded funds (ETFs), today launched the Global X S&P/TSX Venture 30 Canada ETF (Ticker: TSXV). This is the first ETF globally targeting companies on Canada’s junior exchange, the TSX Venture, for emerging companies.
TSXV provides investors with a wide range of commodity exposure via exploration and junior mining companies listed on the TSX Venture Exchange. The fund also may benefit from continued demand for commodities from fast-growing emerging market countries combined with the quantitative easing policy in the US. These particular companies have low production costs, making them prime acquisition targets for larger companies that are suffering from depleting commodity reserves (NASDAQ 2010).
"We are pleased to provide the first vehicle that easily tracks the S&P/TSX Venture 30 Index,” said Bruno del Ama, ceo of Global X Funds. “Our innovative product allows investors access to a previously difficult to trade, illiquid market.”
The Global X S&P/TSX Venture 30 Canada ETF tracks the S&P/TSX Venture 30 Index, which seeks to measure the performance of 30 of the largest and most liquid securities listed on the TSX Venture Exchange. As of March 14, 2011, the three largest components of the index were Atac Resources Ltd, Canacol Energy Ltd, and Rainy River Resources Ltd.
Source: Global X
Third Rock from the Sun..The Small World of Financial Markets"
Speech of Commissioner Bart Chilton to the Marcus Evans' 4th Annual Conference on Operational Efficiency in the Energy Trading Market, Houston, TX
March 17, 2011-- Introduction: Timing is Everything
Good morning and thanks for the chance to be with you today. Thanks especially to Katie Walsh for her kind invitation.
Gee, could you have had this conference at a less exciting time for energy markets? What in the world are we going to talk about? Yes, your timing is spot on with energy markets that are being affected by everything from Tripoli to Texas; from Afghanistan to Alaska. Even more recently and sadly, they are being affected by the devastating destruction in Japan. Today, I want to talk about some of those fundamental issues but also about some non-fundamental realities that are affecting financial markets, especially in the energy arena.
Japan and Oil
First of all, on the most recent of many global occurrences affecting markets, the Japanese earthquake, the largest one, started that tsunami which took place on the other side of the globe. As the swell of water travelled thousands of miles across the Pacific, it still had lots of energy. Governments and individuals alike took precautions. Some coastal areas closed in North, South and Central America. Refineries closed. Ports closed.
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Source: CFTC.gov
