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Concurring Statement, Commodity Futures Trading Commission Strategic Plan FY 2011-2015
Commissioner Scott D. O’Malia
March 1, 2011--I support the Strategic Plan because the Commission is now committed to reorganizing the CFTC’s technology, data collection and analysis functions into a central group. For the first time, the Commission will focus on its technology needs in an organized manner to enhance its oversight of the futures markets and meet its new statutory responsibilities under the Dodd-Frank Act. As proposed, the new group will serve as the primary data collection point and will improve the CFTC’s cross market surveillance capabilities. It’s my expectation that this group will develop core risk analysis competencies that will provide great value to the Commission and industry as a whole.
This group should be provided its own budget separate from the Commission operations’ funds to specifically advance technology investments, automated surveillance, automation of all forms and compliance applications, and enhanced cross division and cross market analytical tools. While the Strategic Plan indicates that the reorganization of the Commission will be completed in the near future, it is my hope that the new technology and data group will be in place by July 15, 2011, consistent with the implementation date of the Dodd-Frank Act. The CFTC should address its organizational challenges in the same manner and with the same conviction it has demonstrated in implementing the Dodd-Frank Act within the statutory time frame.
If we learned anything from the 2008 financial crisis, it’s that improved transparency and integrated cross divisional analysis is critical. The Commission’s own shortcomings in data collection and cooperation were identified in the March 2009 Promontory Financial Group Market Surveillance Review (the “Promontory Report”), which found that communications between divisions “appears to impede the overall effectiveness of the Commission’s effort to not only detect and prevent, but in certain circumstances, to take enforcement action against market manipulation.” The report found that the lack of cooperation and coordination among the divisions within the Commission limited the CFTC’s effectiveness.
read more
Source: CFTC.gov
Public Citizen
February 28, 2011--Good afternoon. I thank Robert Weissman for that kind introduction as well as Public Citizen for inviting me to speak today.
The 2008 financial crisis left us with many lessons and many challenges to tackle. At the Commodity Futures Trading Commission (CFTC), we swim in the derivatives lane. In July of last year, Congress passed – and the President signed – the Dodd-Frank Wall Street Reform and Consumer Protection Act to, among other things, bring the unregulated over-the-counter derivatives markets under comprehensive regulation. Those derivatives, also known as “swaps,” were not the only cause of the 2008 financial crisis, but they played a significant role.
Markets work best when they are transparent, open and competitive. The American public has benefited from these attributes in the futures and securities markets since the great regulatory reforms of the 1930s. In enacting reforms after this generation’s financial crisis, Congress directed the CFTC and the Securities and Exchange Commission (SEC) to bring similar features to the swaps and securities-based swaps markets. We are in the midst of the rule-writing process to fulfill Congress’s direction.
CFTC Background and Funding Needs
The CFTC is charged with overseeing the commodity futures markets. This includes contracts on agricultural commodities, such as wheat, corn and cotton. It also includes energy and metals commodities, such as crude oil, heating oil, gasoline, copper, gold and silver. Lastly, it includes contracts on financial products, such as interest rates, stock index futures and foreign currency. These markets – and our regulatory oversight – affect tens of thousands of farmers, ranchers, oil producers, corporations and anybody else who wants to hedge a risk and get the benefits of transparent pricing in competitive markets.
read more
Source: CFTC.gov
PAX World files with the SEC
February 28, 2011--PAX World Funds Trust II has filed a post-effective amendment, registration statement with the SEC for the Pax MSCI North America ESG Index ETF (NASI) and
the Pax MSCI EAFE ESG Index ETF (EAPS).
view filing
Source: SEC.gov
FocusShares files with the SEC
February 28, 2011--FocusShares has filed a post-effective amendment, registration statement with the SEC for 15 ETFs. They are the
Focus Morningstar US Market Index ETF
Focus Morningstar Large Cap Index ETF
Focus Morningstar Mid Cap Index ETF
Focus Morningstar Small Cap Index ETF
Focus Morningstar Basic Materials Index ETF
Focus Morningstar Communication Services Index ETF
Focus Morningstar Consumer Cyclical Index ETF
Focus Morningstar Consumer Defensive Index ETF
Focus Morningstar Energy Index ETF
Focus Morningstar Financial Services Index ETF
Focus Morningstar Health Care Index ETF
Focus Morningstar Industrials Index ETF
Focus Morningstar Real Estate Index ETF
Focus Morningstar Technology Index ETF
Focus Morningstar Utilities Index ETF
view filing
Source: SEC.gov
Yorkville files with the SEC
February 28, 2011--Yorkville ETF Advisors have filed an application for exemptive relief with the SEC.
view filing
Source: SEC.gov
Grail files with the SEC
February 28, 2011--Grail Advisors has filed a post-effective amendment, registration statement with the SEC for Grail Advisors Actively Managed ETFs. The funds are the RP Growth ETF (RPX) and
RP Focused Large Cap Growth ETF (RWG).
view filing
Source: SEC.gov
Rydex files with the SEC
February 28, 2011--Rydex has filed a post-effective amendment, registration statement with the SEC for the Rydex S&P 500 Equal Weight ETF (NYSE Arca, Inc .: RSP)
(formerly, Rydex S&P Equal Weight ETF)
and
Rydex Russell Top 50 ® ETF (NYSE Arca, Inc.: XLG)
view filing
Source: SEC.gov
PowerShares files with the SEC
February 28, 2011--PowerShares has filed a post-effective amendment, registration statement with the SEC for the PowerShares 1-30 Laddered Treasury Portfolio (PLW)
PowerShares Build America Bond Portfolio (BAB)
PowerShares Emerging Markets Sovereign Debt Portfolio (PCY).
PowerShares Fundamental High Yield® Corporate Bond Portfolio(PHB)
PowerShares Insured California Municipal Bond Portfolio(PWZ)
PowerShares Insured National Municipal Bond Portfolio(PZA)
PowerShares Insured New York Municipal Bond Portfolio(PZT)
PowerShares International Corporate Bond Portfolio(PICB)
PowerShares Preferred Portfolio(PGX)
PowerShares VRDO Tax-Free Weekly Portfolio(PVI)
view filing
Source: SEC.gov
Morgan Stanley ETF Weekly Update
February 28, 2011--Weekly Flows: $929 Million Net Inflows
ETFs Traded $340 Billion Last Week
Launches: 8 New ETFs
Vanguard Makes Fee & Name Changes
US-Listed ETFs: Estimated Flows by Market Segment
ETFs had net inflows of $929 mlnlast week; third consecutive week of net inflows
Net inflows were led by US Equity ETFs last week and were somewhat offset by EM Equity ETF outflows
ETF assets stand at more than $1 trillion, up 4% YTD
13-week flows were mostly positive among asset classes
$31.7 billion of net inflows into ETFs over past 13 weeks (majority into US Equity ETFs)
EM Equity ETFs posted meaningful net outflows ($9.0 bln) over the past 13 weeks; EM Equity outflows coincide with market underperformance vs. both US and International-Developed equity markets
US-Listed ETFs: Estimated Largest Flows by Individual ETF
SPDR S&P 500 ETF (SPY) bounced back last week, posting $2.3 blnnet inflows (most of any ETF last week)
US Equity ETFs(including leveraged and inverse) accounted for 9 of 10 top netinflow spots last week
iSharesMSCI Emerging Markets Index Fund (EEM) exhibited the largest net outflows last week and over the past 13 weeks; over the last 13 weeks EEM has posted net outflows of $10.8 bln
request report
Source: Morgan Stanley
Preliminary Report on Foreign Holdings of U.S. Securities at End-June 2010
February 28, 2011--Preliminary data from a survey of foreign portfolio holdings of U.S. securities at end-June 2010 are released today.
A revised table on Major Foreign Holders of Treasury Securities, where estimates through end-December 2010 are based in part on survey data, is also released at(http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/ticsec2.aspx, on line 1 of Part A). Final survey results, which will include additional detail as well as possible revisions to the preliminary data, will be reported on April 29, 2011. The survey was undertaken jointly by the U.S. Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System. The next survey will be for end-June 2011 and preliminary data are expected to be released by February 28, 2012.
Complementary surveys measuring U.S. holdings of foreign securities are also carried out annually. Data from the most recent survey, reporting on securities held on year-end 2010, are currently being processed. Preliminary results are expected to be reported by August 31, 2011.
Overall Preliminary Results
The survey measured foreign holdings of U.S. securities as of June 30, 2010, to be $10,701 billion, with $2,813 billion held in U.S. equities, $6,930 billion in U.S. long-term debt securities1 (of which $1,167 billion are holdings of asset-backed securities (ABS) 2 and $5,763 billion are holdings of non-ABS securities), and $959 billion held in U.S. short-term debt securities. The previous survey, conducted as of June 30, 2009, measured total foreign holdings of U.S. securities at $9,641 billion, with holdings of $2,252 billion in U.S. equities, $6,240 billion in U.S. long-term debt securities, and $1,149 billion in U.S. short-term debt securities.
view the Preliminary Report on Foreign Holdings of U.S. Securities at End-June 2010
Source: US Department of the Treasury
