Americas ETP News
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Opening Statement, Public Meeting on Proposed Rules Under Dodd-Frank Act
February 24, 2011--Commissioner Michael V. Dunn
Thank you all for joining us today for this important meeting regarding the implementation of the Dodd-Frank Act.
I am particularly interested in the proposed interpretive order regarding the Commission’s antidisruptive trading practices authority. In reading the comment letters we received in response to our Advance Notice of Proposed Rulemaking, two things stood out to me. First, there was widespread support for the goal of eliminating disruptive trading practice from our markets. Second, most commentators called for greater clarity to help them understand how we interpret the concept of a “disruptive practice.” I look forward to receiving the public’s comments to see if the proposed interpretive order adequately addresses these concerns.
As I have mentioned in previous open meetings, the CFTC is under serious strain at its current funding level. We lack the staff and technological resources necessary to implement Dodd-Frank and continue to fulfill our pre-Dodd-Frank duties under the Commodity Exchange Act. Our staff’s performance during this difficult time has been truly remarkable, as they have worked long hours to essentially do two very big jobs at once. However, without additional funding, the strain will only become worse in July, when much of Dodd-Frank goes into effect. At that point, in addition to our traditional oversight of the futures industry, we will also be regulating the swaps market – a market that has been estimated to be nine times larger than the futures market.
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Source: CFTC.gov
Opening Statement, Meeting on the Twelfth Series of Proposed Rulemakings under the Dodd-Frank Act
February 24, 2011--Commissioner Jill E. Sommers
Good morning. Thank you Mr. Chairman and thank you to the teams for their hard work on the proposals we consider today.
Before I address the specific proposals, I would like to talk about an issue that has become an increasing concern of mine – that is, our failure to conduct a thorough and meaningful cost-benefit analysis when we issue a proposed rule. The proposals we are voting on today, and the proposals we have voted on over the last several months, contain very short, boilerplate “Cost-Benefit Analysis” sections. The “Cost-Benefit Analysis” section of each proposal states that we have not attempted to quantify the cost of the proposal because Section 15(a) of the Commodity Exchange Act does not require the Commission to quantify the cost. Moreover, the “Cost Benefit Analysis” section of each proposal points out that all the Commission must do is “consider” the costs and benefits, and that we need not determine whether the benefits outweigh the costs.
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Source: CFTC.gov
SPDR files with the SEC
February 23, 2011---SPDR has filed a post-effective amendment, registration statement with the SEC for the SPDR Global Dow ETF (DGT).
view filing
Source: SEC,gov
ETF Securities USA LLC files with the SEC
February 23, 2011--ETF Securities USA LLC has filed a FORM S-1 with the SEC for the ETFS Physical Base Metals Trust.
view filing
Source: SEC.gov
SPDR files with the SEC
February 23, 2011--SPDR has filed a post-effective amendment, registration statement with the SEC SPDR® Barclays Capital Emerging Markets Local Bond ETF (EBND).
view filing
Source: SEC.gov
Teucrium Trading, LLC Adds Crude Oil Fund to Its Single Commodity ETP Fund Offerings
Teucrium Trading, LLC Adds Crude Oil Fund to Its Single Commodity ETP Fund OfferingsWTI Crude Oil Fund (NAGS) begins trading February 23, 2011
February 23, 2011--The Teucrium WTI Crude Oil Fund (NYSE: CRUD), one of two new single energy commodity Exchange Traded Products (ETPs) recently introduced by Teucrium Trading, LLC (Teucrium), began trading today on the New York Stock Exchange Arca.
Like the Teucrium Corn Fund (NYSE: CORN), which was launched in June 2010, and the Teucrium Natural Gas Fund (NYSE: NAGS), which began trading earlier this month, Teucrium’s new crude oil fund is expected to appeal to a broad spectrum of institutional and individual investors seeking portfolio diversification and direct exposure to commodities through an easily traded, transparent and unleveraged New York Stock Exchange Arca-listed security.
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Source: Teucrium Trading, LLC
SPDR files with the SEC
February 23, 2011--SPDR has filed a post-effective amendment, registration statement with the SEC for the SPDR® S&P® Emerging Markets Dividend ETF (EDIV).
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Source: SEC.gov
IndexIQ’s IQ Canada Small Cap ETF (CNDA) Tops $100 Million in Assets
Fund is the first and only ETF dedicated to providing exposure to the small cap segment of the Canadian economy
February 23, 2011--IndexIQ, a leading developer of index-based, liquid alternative investment solutions, today announced that its IQ Canada Small Cap ETF (NYSE Arca: CNDA) has surpassed the $100 million mark in assets under management (AUM).
CNDA, which launched in March 2010, was the first, and is still the only, Exchange-Traded Fund (ETF) dedicated to providing exposure to the dynamic small-cap segment of the Canadian economy, a segment that recently has experienced significant growth, spurred in large part by Canada’s vast natural resources. Canada has the second largest proven reserves of crude oil in the world, is the fourth largest exporter of crude, and also is the world’s second largest exporter of natural gas.1
“Canada is very rich in natural resources and has a strong consumer base, but since it is not included in the MSCI EAFE, many investors are left dramatically underexposed to the country,” said Adam Patti, Chief Executive Officer of IndexIQ. “With CNDA, investors have a means to gain that exposure, and can do so in a way that is not overly concentrated in large multi-national corporations whose performance tends to mirror the broad international markets. CNDA provides a sector allocation tied more closely to the actual local economy (i.e. energy and materials, rather than financials), as compared to the large cap Canada counterparts.”
CNDA is part of IndexIQ’s family of single-country small-cap ETFs, including:
IQ Australia Small Cap ETF (NYSE Arca: KROO), the first Australia small cap ETF;
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Source: INDEX IQ
SPDR has filed with the SEC
February 23, 2011--SPDR has filed a post-effective amendment, registration statement with the SEC for the SPDR S&P Emerging Markets Dividend ETF.
view filing
Source: SEC.gov
SPDR files with the SEC
February 23, 2011--SPDR has filed a post-effective amendment, registration statement with the SEC for the Barclays Capital Emerging Markets Local Bond ETF.
view filing
Source: SEC.gov
