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NASDAQ OMX to Acquire FTEN

A Market Leader in Real-Time Risk Management Solutions
Decemeber 15, 2010-The NASDAQ OMX Group, Inc. has agreed to acquire FTEN, Inc. (FTEN), a leading provider of Real-Time Risk Management (RTRM) solutions for the financial securities market. Financial terms of the deal were not disclosed.

FTEN is a market leader in RTRM and is well positioned to grow as the industry is becoming more focused on solutions for effectively managing risk. Market participants are seeking tools that provide real-time, low latency enterprise-wide risk management, market awareness and control. FTEN's technology provides broker-dealers and their clients the ability to manage risk more effectively in real-time, which leads to better utilization of capital as well as improved regulatory compliance.

This acquisition is expected to add a significant product resource to NASDAQ OMX, allowing it to offer an industry-leading service to its clients. NASDAQ OMX will offer FTEN solutions to its global base of broker-dealers and the international exchange community.

Eric Noll, Executive Vice President of Transaction Services at NASDAQ OMX, said: "FTEN's customer base is comprised of some of the leading broker dealers in the global market and its offerings are the most comprehensive in terms of functionality, asset class and market spread. As part of NASDAQ OMX, FTEN will be able to increase its penetration globally, greatly broadening its distribution network beyond the U.S. to a worldwide solution, while expanding its U.S. customer base."

Ted Myerson Chief Executive Officer of FTEN, said: "We recognized early on that demand for pre-trade risk management tools would dramatically increase as the regulatory environment evolved and the need for comprehensive risk controls moved from niche to mainstream. We are proud to have developed a solution that has given us a strong market position. The transaction with NASDAQ OMX gives us the ability to broaden the scope of customers we can reach in the U.S. and tap into its international network of exchange partners."

Source: The NASDAQ OMX Group


Testimony before the Subcommittee on General Farm Commodities and Risk Management, U.S. House Agriculture Committee, Washington, D.C.

Commissioner Bart Chilton
December 15, 2010-Mr. Chairman, Ranking Member Moran, members of the Subcommittee, thank you for the opportunity to be with you today.
In the last decade, we saw the U.S. futures industry grow five-fold when the rest of the world grew three-fold. In several years we saw over $200 billion come into regulated U.S. futures markets. This new money was primarily from speculators, much of which was held by speculators I call "massive passives," those with a known, fairly price-insensitive trading strategy.

Then, in 2008, we saw a huge commodity bubble. Wheat was at $24. Today it is around $8. Crude oil spiked to $147.27 and gas was at $4 per gallon. Then the economy and commodity prices all fell off a cliff. Did the new speculators, including the massive passives, contribute to that price volatility—volatility that had farmers and ranchers, small and large agri-businesses and other businesses alike all paying higher prices than they should?

Researchers at Oxford, MIT, Princeton and Rice all say speculative interests had an impact on prices. Some have said the speculators drove prices. In fairness, some on the other side of the issue say there was no impact whatsoever. My take is somewhere in the middle. Speculators didn't drive prices, but they tagged along and helped to push them to levels, high and then low, that we would not have seen without them.

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Source: CFTC.gov


Horizons BetaPro Launches Canada’s First Volatility Tracking ETFs

December 16, 2010--BetaPro Management Inc. (“BetaPro”), the manager of the Horizons BetaPro family of exchange traded funds, is pleased to announce the launch of two new exchange traded funds (“ETFs”), the Horizons BetaPro S&P 500 VIX Short-Term Futures™ ETF (“HBP Single VIX ETF” or “HUV”) and the Horizons BetaPro S&P 500 VIX Short-Term Futures™ Bull Plus ETF (“HBP Double VIX ETF” or “HVU”) (together, the “VIX ETFs”) which track the performance of the S&P 500 VIX Short-Term Futures™ Index (the “S&P VIX S-T Index”).

These are the first Canadian ETFs tracking the S&P VIX S-T Index, and the HBP Double VIX ETF is the first two-times leveraged ETF tracking the S&P VIX S-T Index to be offered in the world.

The HBP Single VIX ETF is designed to provide investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to the performance of the S&P VIX S-T Index. Any U.S. dollar gains or losses as a result of the HBP Single VIX ETF’s investments will be hedged back to the Canadian dollar to the best of its ability.

The HBP Double VIX ETF is designed to provide daily investment results, before fees, expenses, distributions, brokerage commissions and other transaction costs, that endeavour to correspond to twice the daily performance of the S&P VIX S-T Index. Any U.S. dollar gains or losses as a result of the HBP Double VIX ETF’s investments will be hedged back to the Canadian dollar to the best of its ability. The HBP Double VIX ETF does not seek to achieve its stated investment objective over a period of time greater than one day.

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Source: BetaPro Management Inc.


Treasury International Capital System

December 15, 2010--The Treasury International Capital System data has been updated and is now available.

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Source: U.S. Department of the Treasury


Advantage Futures Partners with ELX to Offer FCM Services

December 15, 2010--ELX Futures, L.P. (ELX), a leading electronic futures exchange offering a faster, more efficient global alternative to trade U.S. Treasuries and Eurodollar futures contracts, announced today that Advantage Futures LLC, a premier technology-focused futures brokerage firm, will become an authorized Participant and offer Futures Commission Merchant (FCM) services for ELX.

Neal Wolkoff, Chief Executive Officer of ELX Futures, said, “We are pleased to partner with Advantage Futures and welcome their significant customer base to our electronic trading platform. This is an exciting time for ELX and this new FCM relationship further cements our reputation as a competitive alternative in electronic futures trading.”

Joseph Guinan, Chairman and CEO of Advantage Futures, said, “As a leading high-volume clearing firm with a diverse and growing client base, Advantage continues to seek new opportunities for our clients. We received great interest in ELX Futures and we are pleased to partner with ELX to offer clearing and execution services.”

Source: ELX Futures


Agencies Seek Comment on Market Risk and Basel II Advanced Approaches

December 15, 2010--Three federal bank regulatory agencies today announced they are seeking comment on a notice of proposed rulemaking that would revise the market risk capital rules for banking organizations with significant trading activity.

The proposed rule would implement changes approved by the Basel Committee on Banking Supervision to its market risk framework. The Federal Reserve, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) believe the proposed revisions would better capture positions for which the market risk capital rules are appropriate, reduce procyclicality in market risk capital requirements, enhance the rules’ sensitivity to risks that are not adequately captured by the current regulatory measurement methodologies, and increase market discipline through enhanced disclosures.

The Federal Reserve, OCC, and FDIC request comments on the notice within 90 days of its publication in the Federal Register, which is expected soon.

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Source: Office of the Comptroller of the Currency


SEC Proposes Rules for Resource Extraction Issuers Under Dodd-Frank Act

December 15, 2010--The Securities and Exchange Commission today voted to propose rules mandated by the Dodd-Frank Act to require resource extraction issuers to disclose payments made to the U.S. or foreign governments.

Under the proposed rules, any resource extraction issuer would be required to disclose payments made to governments if the issuer:

Is required to file an annual report with the SEC, and

Engages in the commercial development of oil, natural gas, or minerals. The rules would apply to domestic and foreign issuers and to smaller reporting companies that meet the definition of resource extraction issuer.

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Source: SEC.gov


SEC Proposes End-User Requirements Under Dodd-Frank Act for Security-Based Swaps Exempt From Mandatory Clearing

December 15, 2010-- The Securities and Exchange Commission today voted unanimously to propose requirements of end-users when they engage in a security-based swap transaction that is not subject to mandatory clearing.

The proposed rule, required under the Dodd-Frank Act, specifies the steps that end-users must follow to notify the SEC of how they generally meet their financial obligations when engaging in a security-based swap transaction exempt from the mandatory clearing requirement.

The SEC also sought comment on whether to provide an additional exemption for certain financial institutions that would permit those institutions to use the exception to mandatory clearing that is available to end-users.

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Source: SEC.gov


SEC Proposes Review Process for Mandatory Clearing of Security-Based Swaps Under Dodd-Frank Act

December 15, 2010--2010 — The Securities and Exchange Commission today voted unanimously to propose rules required under the Dodd-Frank Act that would set out the way in which clearing agencies provide information to the SEC about security-based swaps that the clearing agencies plan to accept for clearing. This information is designed to aid the SEC in determining whether such security-based swaps are, in fact, required to be cleared.

The SEC also proposed rules that would set out the way in which those clearing agencies that are designated as “systemically important” must submit advance notices for changes to their rules, procedures, or operations that could materially affect the nature or level of risk presented at such clearing agencies.

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Source: SEC.gov


US probe into financial crisis splits

December 15, 2010--The bipartisan commission established to probe the causes of the 2008 financial crisis has split along party lines, with its Republican members publishing a report placing the government rather than Wall Street at its heart.

The Financial Crisis Inquiry Commission was set up by the US Congress as a latter-day version of the Pecora commission that examined the causes of the Great Depression. But its descent into bipartisan rancour means those examining the causes of the crisis in the future will confront duelling reports rather than an authoritative single account of what led to it.

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Source: FT.com


SEC Filings


July 11, 2025 RMB Investors Trust files with the SEC
July 11, 2025 Mutual Fund Series Trust files with the SEC
July 11, 2025 Simplify Exchange Traded Funds files with the SEC-Simplify Government Money Market ETF
July 11, 2025 Tortoise Capital Series Trust files with the SEC-Tortoise Global Water Fund
July 11, 2025 EA Series Trust files with the SEC-Towle Value ETF

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Europe ETF News


July 02, 2025 Valour Launches Eight New ETPs on Spotlight Stock Market, Including Bitcoin Cash (BCH), Unus Sed Leo (LEO), OKB (OKB), Polygon (POL), Algorand (ALGO), Filecoin (FIL), Arbitrum (ARB), and Stacks (STX)
June 16, 2025 ESMA's activities in 2024 focused on strengthening the EU capital markets and putting citizens and businesses at the heart of it

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Asia ETF News


July 02, 2025 Fujitsu to develop ETF trading platform based on TSE's CONNEQTOR and provide it to Australian Securities Exchange
June 25, 2025 QFIIs Gain Access to Onshore ETF Options As A-share Market Opening Deepens
June 18, 2025 Mirae Asset Global Investments Launches MIRAE ASSET TIGER CHINA GLOBAL LEADERS TOP3 PLUS ETF, Tracking Solactive-KEDI China Global Leaders TOP3Plus Index

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Global ETP News


July 07, 2025 WTO issues new edition of World Tariff Profiles
July 03, 2025 Flow Traders-Tokenization in Capital Markets: A Market Maker's Perspective
June 14, 2025 Global Economic Prospects-Global Economy Faces Trade-Related Headwinds

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Middle East ETP News


June 19, 2025 GCC: Growth on the Rise, but Smart Spending Will Shape a Thriving Future
June 16, 2025 Saudi Exchange leads market losses across the GCC

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Africa ETF News


July 04, 2025 South Africa: African Development Bank Country Focus Report highlights urgent need for economic transformation as GDP growth remains subdued
July 01, 2025 Africa's Trade Projected to Hit $1.5 Trillion in 2025
June 26, 2025 National stock exchange launched in Somalia
June 24, 2025 East Africa's regional 20 share index
June 16, 2025 African Credit Rating Agency to Launch September 2025

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ESG and Of Interest News


June 30, 2025 OECD-Environment at a Glance Indicators
June 18, 2025 Global Energy Transition Gains Ground, but Security and Capital Challenges Persist
June 17, 2025 Pacific Economic Update: Slowing Growth Highlights Need for More Inclusive Workforce
June 10, 2025 Global Carbon Pricing Mobilizes Over $100 Billion for Public Budgets
June 07, 2025 Accelerating Blue Finance: Instruments, Case Studies, and Pathways to Scale

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White Papers


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