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Claymore files with the SEC
January 13, 2011-- Claymore has filed a post effective amendment, registration statement with the SEC for
Guggenheim BulletShares 2012 High Yield Corporate Bond ETF
Guggenheim BulletShares 2013 High Yield Corporate Bond ETF
Guggenheim BulletShares 2014 High Yield Corporate Bond ETF
Guggenheim BulletShares 2015 High Yield Corporate Bond ETF
view filing
Source: SEC.gov
Volatility Delays Vanguard's Muni Index Fund, ETF Plans
Vanguard delays three muni bond funds
January 13, 2011--Vanguard has decided to indefinitely put off the launch of three new municipal-bond index funds and exchange-traded funds.
Vanguard filed with the Securities and Exchange Commission to withdraw its application to launch mutual fund and ETF shares for Vanguard Short-Term Municipal Bond Index, Vanguard Intermediate-Term Municipal Bond Index, and Vanguard Long-Term Municipal Bond Index.
Vanguard had filed to launch these offerings, which were to track benchmarks in the S&P National AMT-Free Municipal Bond Index series, in June 2010.
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Source: FT.com
US regulator eyes curbs on speculators
January 13, 2011--Sweeping plans to curb speculation in raw materials including oil, gold and wheat have been proposed by US regulators
The plans come amid fears that surging prices for fuel and agricultural commodities could lead to a food crisis and threaten recovery.
The Commodity Futures Trading Commission voted 4-1 to propose “position limits” – caps on investor positions – in 28 commodities.
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Source: CFTC.gov
CFTC to Hold Open Meeting on Tenth Series of Proposed Rules under the Dodd-Frank Act
January 13, 2011--The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Thursday, January 20, 2011, at 9:30 a.m. to consider the issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:
Commodity Options and Agricultural Swaps;
Commodity Pool Operators and Commodity Trading Advisors: Amendments to Compliance Obligations;
Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF (joint with the Securities and Exchange Commission); and Swap Trading Relationship Documentation Relating to Termination Provisions Implicated Under Title II of the Dodd-Frank Act.
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Source: CFTC.gov
Statement, Prior to Notice of Proposed Rulemaking – Position Limits for Derivatives
Commissioner Scott D. O’Malia
January 13, 2011-Introduction
I believe that releasing this proposed rule for comment in its present form while simultaneously implementing a separate “position points” directive is an attempt to set position limits that is inconsistent with the language and purpose of the Dodd-Frank Act. I believe that the proposed rule and the supplemental directive will create uncertainty regarding the regulatory standards for Commission action and enforcement in a way that does not comply with the requirements of the Administrative Procedure Act (APA).
The uncertainty that will result from the publication of both the Commission’s rule proposal and a “position points” directive will stymie the ability of market participants, and specifically large commercial interests, to manage their hedging and investment strategies. Semantics and affirmations of intent will not lessen the real impact of what essentially amounts to an attempt to affect legal rights and obligations. Although the Notice of Proposed Rulemaking is identical to the one presented to the Commission at its December 16, 2010 meeting, the new “position points” directive operates as a Trojan horse by attempting to articulate a requirement of general applicability without providing an opportunity for public notice and comment. Accordingly, I have identified three serious problems with the “position points” directive, and have three recommendations for the Commission.
The Proposed Position Limits Rule and the Trojan Horse
While I believe this proposed rule is significantly improved from the Commission’s pre-Dodd-Frank proposal for imposition of position limits in certain energy contracts,1 it remains flawed by its complexity and unenforceability due to technological hurdles and a lack of reliable data in the near term. These weaknesses will not be resolved by “position points.”
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Source: CFTC.gov
Statement on Support of the Dodd-Frank Rulemaking of Chairman Gary Gensler
January 13, 2011--Statements for the record on each rule: Position Limits
I support the proposed rulemaking to establish position limits for physical commodity derivatives. The CFTC does not set or regulate prices. Rather, the Commission is directed to ensure that commodity markets are fair and orderly to protect the American public.
When the CFTC set position limits in the past, the agency sought to ensure that the markets were made up of a broad group of market participants with a diversity of views. At the core of our obligations is promoting market integrity, which the agency has historically interpreted to include ensuring markets do not become too concentrated.
Position limits help to protect the markets both in times of clear skies and when there is a storm on the horizon. In 1981, the Commission said that “the capacity of any contract market to absorb the establishment and liquidation of large speculative positions in an orderly manner is related to the relative size of such positions, i.e., the capacity of the market is not unlimited.”
Today’s proposal would implement important new authorities in the Dodd-Frank Act to prevent excessive speculation and manipulation in the derivatives markets. The Dodd-Frank Act expanded the scope of the Commission’s mandate to set position limits to include certain swaps. The proposal re-establishes position limits in agriculture, energy and metals markets.
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Source: CFTC.gov
LegalMinds.TV Launches Weekly Securities & Capital Markets Interview Series from the NASDAQ MarketSite Broadcast Studio
January 12, 2011--LegalMinds.TV has announced the launch of a weekly series of video interviews filmed at the NASDAQ MarketSite Broadcast Studio in the heart of Times Square. The "LegalMinds/NASDAQ Securities & Capital Market Series" will feature timely interviews with legal experts on topics relevant to the management and boards of directors of public companies, the investment community and companies interested in accessing the capital markets.
"We're excited to be partnering with NASDAQ," says Bruce Colwin, President & CEO of LegalMinds Media LLC, which produces LegalMinds.TV. "In addition to providing a world-class broadcast operation in the capital of the world's financial market, they recognize the information provided by the legal minds we interview is vital not only to the integrity of public companies, but essential to their growth and success as well."
Upcoming interviews explore topics such as hybrid financing, maximizing the use of a shelf registration, the impact of intellectual property litigation on valuations, share repurchase consideration, and the challenges and opportunities for Chinese companies accessing the U.S. capital markets. Kicking off the series will be David Lynn, Co-chair of Morrison & Foerster's Public Companies and Securities Practice and former Chief Counsel of the Securities and Exchange Commission. Mr. Lynn will be discussing "say-on-pay" and other matters that are likely to have an impact in the current proxy season.
Ed Knight, Executive Vice President, General Counsel and Chief Regulatory Officer of NASDAQ OMX Group Inc., says, "The legal profession plays a significant role in every aspect of our exchange operations. Given the importance of ensuring a transparent regulatory environment while providing leading corporate government practices for NASDAQ-listed companies, we are delighted to partner with LegalMinds, which is focused on educating the legal community on core practices and industry developments."
The interviews are featured on the LegalMinds.TV website (http://legalminds.tv) and will also soon be accessible on SocialStream@NASDAQ (http://social.nasdaqomx.com). In addition, the full-length interviews will be published in LegalMinds digital magazine (http://www.legalmindsmagazine.com).
Source: NASDAQ OMX
New Rydex Equal Weight ETF Begins Trading
Rydex MSCI ACWI Equal Weight (EW) ETF Provides Broad Exposure to the Global Equity Markets; Brings EW Line-Up to 16
January 12, 2011--Rydex MSCI ACWI (All Country World Index) Equal Weight ETF began trading today on the NYSE Arca under the ticker symbol EWAC.
EWAC provides broad exposure to the companies in the MSCI All Country World Equal Weighted Index, which currently consists of 45 country indices representing 24 developed and 21 emerging market countries.
"EWAC is designed for investors who seek to invest broadly across the global equity markets," said Mike Byrum, chief investment officer, quantitative strategies for Rydex. "Compared with a traditional cap-weighted index, the equal weight methodology reduces the bias toward the largest constituents and provides broader diversification across all constituents, thereby potentially reducing concentration risk. Through disciplined quarterly rebalancing, EWAC sells those holdings that have appreciated in price and buys those that have not."
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Source: Marketwire
iShares Reduces Expense Ratios for 34 Foreign ETFs
January 12, 2011--One of the trends we have been predicting for 2011 is lower expense ratios for exchange-traded funds. On Tuesday, Jan. 11, iShares became the first industry player in 2011 to cut its ETF prices for investors, announcing that it has decreased the expense ratios for 34 of its ETFs, effective Jan. 1.
In the case of all but one of the ETFs, the fee reductions are minimal--between 1 and 5 basis points--and affect only ETFs that invest in foreign-domiciled companies. All 34 ETFs track MSCI indexes.
IShares attributed the price reductions to two dynamics affecting the funds: management-fee breakpoints and foreign taxes.
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Source: Morningstar
Russell Investments Buys U.S. One to Establish ETF Business
January 12, 2011--Russell Investments will acquire U.S. One Inc., issuer of the One Fund, in a step to establish its business in the $1 trillion exchange-traded-fund market.
The creator of stock-market indexes bearing its name filed for the acquisition with the U.S. Securities and Exchange Commission today. The One Fund ETF surpassed $10 million in assets under management on Jan. 6. A shareholder vote for approval of the acquisition is scheduled for mid-February.
Russell continues to build the infrastructure for viable and comprehensive ETF offerings,” said Jim Polisson, managing director of Russell’s global ETF business, in a statement today. “By acquiring U.S. One, we can more immediately leverage our proprietary research to extend the options available to investors and include ETFs in our suite of products that we deliver to the marketplace.”
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Source: Bloomberg
