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First Fully-Electronic Interest Rate Swap Trade Executed and Cleared in U.S.
November 19, 2010--Tradeweb, a leading global provider of fixed income and derivatives markets, today announced the completion of the first interest rate swap trade by a client to be electronically executed and cleared in the U.S.
The U.S. dollar-denominated swap transaction was executed on the Tradeweb platform between a U.S.-based asset manager and Deutsche Bank, with Deutsche Bank acting as the clearing member. The trade was then cleared by CME Clearing, and is the first transaction which could be considered swap execution facility (SEF)-ready under the expected regulatory framework soon to be defined and finalized by the CFTC and SEC.
"This trade is an evolutionary step forward for the derivatives markets," said Lee Olesky, CEO of Tradeweb. "As more clients adopt the central clearing model in anticipation of new regulatory requirements, we are happy to lead the way in providing what we anticipate will be a SEF-ready derivatives marketplace."
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Source: Tradeweb
SEC Proposes Rules on Security-Based Swap Reporting
November 19, 2010--The Securities and Exchange Commission today voted unanimously to propose new rules entailing how security-based swap transactions should be reported and publicly disseminated.
The rules are proposed under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which generally authorizes the SEC to regulate security-based swaps. The proposed rules (Regulation SBSR) represent an important step in the SEC's continuing effort to increase the transparency of the security-based swap market and fulfill mandates under the Dodd-Frank Act.
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Source: SEC.gov
SEC Proposes Rules to Outline Obligations of Security-Based Swap Repositories
November 19, 2010--The Securities and Exchange Commission today voted unanimously to propose new rules that would require security-based swap data repositories (SDRs) to register with the SEC. The proposed rules also lay out other requirements with which SDRs must comply.
Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act generally authorizes the SEC to regulate security-based swaps. The SEC's proposal aims to increase accountability and transparency in the security-based swap market, and ensure these repositories retain and maintain complete records of security-based swap transactions that can be accessed by regulators.
"The need for these repositories stems from the opaque nature of the swaps market — a market where transaction-level data has not been widely available or required to be recorded," said SEC Chairman Mary L. Schapiro. "These repositories have a crucial role to play in the development of a healthy and robust security-based swap market."
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Source: SEC.gov
SEC Proposes Rules to Improve Oversight of Investment Advisers
November 19, 2010--The Securities and Exchange Commission today voted to propose new rules to strengthen the SEC's oversight of investment advisers and fill key gaps in the regulatory landscape.
The SEC's proposed rules would implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act that, among other things:
Facilitate registration of advisers to hedge funds and other private funds with the SEC.
Implement the Dodd-Frank Act's mandate to require reporting by certain advisers that are exempt from SEC registration.
Increase the asset threshold for advisers to register with the SEC.
Define "venture capital fund" and provide clarity regarding certain exemptions to investment adviser registration.
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Source: SEC.gov
ETF Securities USA LLC files with the SEC
November 19, 2010--ETF Securities USA LLC has filed a pre-effective amendment, Form S-1 with the SEC for
ETFS White Metals Basket Trust.
view filing
Source: SEC.gov
State Street files with the SEC
November 19, 2010--State Street has filed a post effective amendment, registration statement with the SEC for
SPDR Barclays Capital Emerging Markets Local Bond ETF.
view filing
Source: SEC.gov
State Street filed withe the SEC
November 19, 2010--State Street has filed a post effective amedment, registration statementwith the sec for SPDR S&P Emerging Markets Dividend ETF.
view filing
Source: SEC.gov
Neuberger Berman files for exemptive relief with the SEC
November 19, 2010--Neuberger Berman has filed for exemptive relief with the SEC.
view filing
Source: SEC.gov
CalPERS shifts $500m into internally-run environmental index strategy
Fund changes tack from exclusion of big polluters via external mandates
November 18, 2010--CalPERS, the $220.1bn (€162bn) US pensions giant has made a major change of tack in its environmental investment in listed companies by switching from an exclusion-based
strategy to a $500m internally managed investment in environmentally friendly companies using the 380 companies in HSBC’s Global Climate Change Benchmark Index as its universe.
CalPERS’s previous policy, started in 2006, was to exclude big polluters via environmental screens implemented by external fund managers; a strategy which appeared to have dragged on performance. The Californian fund said the new allocation would target companies that work to improve the environment and mitigate the adverse impact of climate change. Rob Feckner, spokesman at CalPERS, said: “Until now, we’ve invested in external managers.
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Source: Responsible Investor
FRBNY Road map that opens up shadow banking
November 18, 2010--The Fed now estimates that in early 2008 shadow banking was $20,000bn in size, dwarfing the $11,000bn traditional banking system. And though this shadow system has now shrunk to a “mere” $16,000bn, this remains bigger than traditional banking, at some $13,000bn. Little wonder, then, that so few people immediately appreciated the significance of the seizing up of shadow banking in 2007.
view the Federal Reserve Bank of New York Staff Report-Shadow Banking
Source: Online News
