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"Whistling"
Remarks of Commissioner Bart Chilton to Taxpayers Against Fraud (TAF), New York, New York
March 30, 2011--Introduction
It is good to be with all of you this afternoon. I appreciate that we are able to join together through the magic of technology. I know many of you aren't located in the cities where most of our financial regulatory work occurs: Washington, New York and Chicago. That makes it all the more refreshing to be able to talk with folks in many parts of the country. That is, in addition to those of you in the cities I named.
When I hear about groups doing good work, whose mission it is to work every day for a noble cause, I get a little Pollyannaish myself. That is, I want to look for the good and positive things that can be done. I know you all strive to do good work and I commend you for it, not that you need to hear it from a government regulator. We do, however, share some common goals. I like to think that people in government are in that group seeking good, although on the whole, we don't hit the mark as often as we should.
Regulatory Challenges
Today, I want to focus on just one issue. To be candid, it is a pleasure to talk about a single issue. We have over 40 rulemakings going on at the CFTC. Our brethren regulator, the Securities and Exchange Commission, has many more. We've all been very busy trying to come up to speed on issues, review and publish proposals, consider comments, and then if we feel comfortable—like we got it right—go final on rules and regulations. Talking about the logistics of the process is easy, however. Moving through it is another matter.
read more
Source: CFTC.gov
Alexion Pharmaceuticals, Inc. to Join the NASDAQ-100 Index Beginning April 4, 2011
March 29, 2011--Alexion Pharmaceuticals, Inc. (Nasdaq:ALXN) will become a component of the NASDAQ-100 Index® (Nasdaq:NDX), the NASDAQ-100 Equal Weighted Index (Nasdaq:NDXE) and the NASDAQ-100 Ex-Tech Sector Index (Nasdaq:NDXX) prior to market open on Monday, April 4, 2011.
Alexion Pharmaceuticals, Inc. will replace Genzyme Corporation (Nasdaq:GENZ).
Source: NASDAQ OMX
Component Changes Made To Dow Jones Telecommunications Titans 30 Index
March 29, 2011--Dow Jones Indexes, a leading global index provider, today announced that Qwest Communications International Inc. (United States, Telecommunications, Q) will be removed from the Dow Jones Telecommunications Titans 30 Index.
Qwest Communications International Inc. (United States, Telecommunications, Q) will be replaced by CenturyLink Inc. (United States, Telecommunications, CTL) in the Dow Jones Telecommunications Titans 30 Index due to its acquisition by CenturyLink Inc.
The changes in the Dow Jones Telecommunications Titans 30 Index will be effective as of the open of trading on Friday, April 1, 2011.
Further information on the Dow Jones Telecommunications Titans 30 Index can be found on www.djindexes.com.
Source: Dow Jones Indexes
BATS takes on New York with new platform
March 29, 2011--BATS Global Markets, operator of the third-largest US stock exchange, has confirmed it will launch a market for primary listings in the fourth quarter, opening a new front in its challenge to the dominance of the New York Stock Exchange and Nasdaq.
The company said it had submitted draft rules to the Securities and Exchange Commission, the US regulator, and expected to make a formal filing and public comment shortly.
read more
Source: FT.com
Bats Global Markets to Launch U.S. Primary Listings Business in Q4
Technology, Pricing, Issuer Support Will Be Key Differentiators
March 29, 2011--BATS Global Markets (BATS), a global operator of securities and derivatives markets, today confirmed its plans to launch a primary listings market in the U.S. in the fourth quarter of 2011.
The company has submitted draft rules to the SEC and anticipates formally filing them for notice and public comment shortly. The new listings venue will create a competitive alternative to the incumbent exchanges which offer listings services for companies considering the IPO process.
“We believe there is a need for an alternative listing venue in today’s market, which has only been heightened in recent weeks as legacy exchanges weigh different merger and acquisition strategies,” said Joe Ratterman, president and chief executive of BATS Global Markets.
“In addition, market conditions have become increasingly favorable to companies looking to gain access to the capital markets so we’re excited to launch our listings business later this year,” he said.
The listings program will reflect the BATS philosophy with:
•Simple and competitive pricing
•Innovative tools and technology
•Leading customer support and education
BATS will release additional information about BATS Listings in the coming months. Companies that are interested in learning more should contact BATS at listings@batstrading.com.
Source: BATS
CFTC Cancels Open Meeting Scheduled for March 30, 2011
March 29, 2011-- The Commodity Futures Trading Commission has cancelled its open meeting on Thirteenth Series of Proposed Rules under the Dodd-Frank Act scheduled for Wednesday, March 30, 2011.
Last Updated: March 29, 2011
Source: CFTC.gov
ALPS files with the SEC
March 29, 2011--ALPS has filed an application for exemptive relief with the SEC for actively-managed ETFs.
view filing
Source: SEC.gov
FQF Trust files with the SEC
March 29, 2011--FQF Trust has filed an amended application for exemptive relief with the SEC.
view filing
Source: SEC.gov
ISDA: SEF Rules Should Provide Greater Choice, Access and Liquidity to OTC Derivatives Market Participants
March 29, 2011--In a paper published today, the International Swaps and Derivatives Association, Inc. (ISDA) outlined its views on the role, impact and optimal structure for Swap Execution Facilities (SEFs*) in the global over-the-counter (OTC) derivatives markets.
Core SEF Principles
ISDA believes that SEFs can play a positive role in the over-the-counter derivatives market by strengthening its infrastructure, helping prevent insider trading and other market abuse, and increasing transparency and access for smaller participants. To achieve this potential and become an effective marketplace, SEFs need to offer derivative users broad choice in trade execution at very low cost. SEFs should be structured to, among other things:
Provide maximum choice in trade execution to market participants;
Provide pre- and post-trade transparency while maintaining liquidity;
Have reasonable, tailored and product specific block trade exemptions that reflect the risk of a transaction instead of a “one size fits all” approach;
view the SWAP EXECUTION FACILITIES: CAN THEY IMPROVE THE STRUCTURE OF OTC DERIVATIVES MARKETS? paper
Source: ISDA
Morgan Stanley ETF Weekly Update
March 29, 2011--Weekly Flows: $39 Million Net Outflows
ETFs Traded $301 Billion Last Week
Launches: 5 New ETFs
Invesco PowerShares Changes Tickers on 10 ETFs
Egypt ETF Resumes Accepting Creation Units
US-Listed ETFs: Estimated Flows by Market Segment
ETF flows ended slightly in the red last week; $39 million net outflows
Net outflows were driven by US Large-Cap ETFs (SPY specifically)
ETF assets stand at more than $1 trillion, up 5% YTD; more than 50% attributed to capital appreciation
13-week flows were mostly positive among asset classes
$21.6 bln net inflows into ETFs over past 13 weeks (International-Developed took in $9.4 bln)
EM Equity ETFs posted meaningful net outflows ($8.5 bln) over the past 13 weeks; over past 4 weeks EM
Equity ETFs have bounced back, generating net inflows of $1.2 bln
US-Listed ETFs: Estimated Largest Flows by Individual ETF
iShares Russell 2000 Fund (IWM) posted net inflows of $2.4 bln last week, the most of any ETF
iShares MSCI Japan Index Fund (EWJ) continued to take in new money; last week EWJ generated net inflows of $518 mln and over the past 13 weeks has exhibited net inflows of $2.9 bln, by far the most of any ETF
SPDR S&P 500 ETF (SPY) was a drag on industry flows last week, posting net outflows of $4.3 bln; SPY has historically exhibited net outflows during the 1st quarter of the year
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume has declined to 25% of listed trading volume (coming off May ’10 highs)
Weekly ETF $ volume declined precipitously last week from the prior week (down 42%)
US Large-Cap ETFs accounted for 39% of weekly ETF volume, down from 46% the prior week
