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Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
October 1, 2010--Standard & Poor's Canadian Index Operations announces the following index changes:
The unitholders of Pembina Pipeline Income Fund (TSX:PIF.UN) have approved the conversion of the company to a corporate structure through a Plan of Arrangement.
The units will be exchanged on a 1-for-1 basis for Pembina Pipeline Corporation (TSX:PPL). As a result of the conversion, Pembina Pipeline Income Fund will be removed from the S&P/TSX Income Trust and Capped Energy Trust Indices. Pembina Pipeline Corporation will be added to the S&P/TSX Equity, Capped Equity and Equity Completion Indices. The conversion is effective after the close of Monday, October 4, 2010. The name and ticker change, with no change in capitalization, will be effective in the S&P/TSX Composite, Capped Composite and the S&P/TSX Completion indices.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Standard & Poors
Statement by CFTC Chairman Gensler and SEC Chairman Schapiro on the Joint Report Regarding the Market Events of May 6th
October 1, 2010-- The staffs of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) today released a joint report presenting their findings regarding the market events of May 6, 2010. The report will be presented to the Joint CFTC-SEC Advisory Committee on Emerging Regulatory Issues. Twelve days after May 6th, the staffs of the Commissions released a preliminary report on the events of that day.
CFTC Chairman Gary Gensler SEC and Chairman Mary L. Schapiro issued the following statement in connection with the report:
“We appreciate the incredible effort of all the professionals at both agencies who have worked tirelessly, scouring the data, interviewing market participants and reconstructing the events of May 6th. This report identifies what happened and reaffirms the importance of a number of the actions we have taken since that day. We now must consider what other investor-focused measures are needed to ensure that our markets are fair, efficient and resilient, now and for years to come.”
view the Staff Findings Regarding the Market Events of May 6, 2010-joint report
Source: CFTC.gov
Claymore has filed with the SEC
October 1, 2010--Claymore has filed an application for exemptive relief with the SEC.
view filing
Source: SEC.gov
Russell files with the SEC
October 1, 2010--Russell has filed a pre-effective amendment No. 3, registration statement with the SEC for20 ETFs.
Russell One World Large Cap ETF(OWL)
Russell One World Large Cap Growth ETF (OWLG)
Russell One World Large Cap Value ETF (OWLV)
Russell One World Small Cap ETF (OWS)
Russell One World Small Cap Growth ETF (OWSG)
Russell One World Small Cap Value ETF (OWSV)
Russell One World All Cap ETF (OWA)
Russell One World All Cap Growth ETF (OWAG)
Russell One World All Cap Value ETF (OWAV)
Russell One World ex-U.S. Large Cap ETF (OXL)
Russell One World ex-U.S. Large Cap Growth ETF (OXLG)
Russell One World ex-U.S. Large Cap Value ETF (OXLV)
Russell One World ex-U.S. Small Cap ETF (OXS)
Russell One World ex-U.S. Small Cap Growth ETF (OXSG)
Russell One World ex-U.S. Small Cap Value ETF (OXSV)
Russell One World ex-U.S. All Cap ETF (OXA)
Russell One World ex-U.S. All Cap Growth ETF (OXAG)
Russell One World ex-U.S. All Cap Value ETF (OXAV)
Russell Developed ex-U.S. Large Cap ETF [TICKER]
Russell Emerging Markets Large Cap ETF [TICKER]
Principal U.S. Listing Exchange for each ETF: NYSE Arca, Inc.
view filing
Source: SEC.gov
ISE Reports Monthly Volume for September 2010
October 1, 2010--The International Securities Exchange (ISE) today reported average daily volume of 2.6 million contracts in September 2010.
Average daily trading volume for all options contracts decreased 30.4% to 2.6 million contracts in September as compared to 3.7 million contracts during the same period in 2009.
Total options volume for
the month decreased 30.4% to 54.5 million contracts from 78.3 million contracts in the same year-ago
period.
On a year-to-date basis, average daily trading volume of all options decreased 24.9% to 3.0 million contracts traded. Total year-to-date options volume through September 2010 decreased 24.9% to 564.8 million contracts from 752.1 million contracts in the same period last year.
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Source: The International Securities Exchange (ISE)
ETF Fund Flows: Preliminary 3Q 2010 ETF Net Cash Flows Estimates-Morgan Stanley
October 1, 2010--We estimate that net cash inflows into US-listed
ETFs were $32.9 billion during the third quarter of 2010. This report contains our estimates and
analysis of 3Q 2010 ETF flows for the US market. Once official data has been released, we will publish our more comprehensive review of the data.
Net inflows into US-listed ETFs were $32.9 billion during the third quarter of 2010, which brings yearto-
date net inflows to $72.7 billion. The $32.9 billion in net cash inflows was above the average quarterly rate of $25.3 billion over the past six years.
Total US-listed ETF assets are now over $888 billion, which represents an increase of 14% year to date.
The largest net cash inflows went into ETFs tracking emerging market and fixed income indices. These asset classes had net cash inflows of $14.6 and $10.0 billion, respectively, in 3Q 2010. US dividend-focused ETFs also generated interest with net cash inflows of almost $3 billion.
BlackRock had the largest net cash inflows of providers in 3Q 2010. They had net cash inflows of $10.1 billion and a market share of 46.3%. Vanguard also saw strong net cash inflows of $9.7 billion and their market share is now 14.2%.
There were 53 new ETFs launched in the US during 3Q 2010, bringing total issuance this year to 153. However, 31 ETFs have liquidated, resulting in net new issuance of 122. As of September 30, 2010, there were 34 issuers with 959 ETFs listed in the US.
Almost $11 billion in the total market cap of ETFs is from ETFs issued over the past year. The most successful of these (by total assets) tracks an index of small-cap gold mining stocks. Newer ETFs tracking fixed income indices and physical commodities have also been among the most successful launches.
request report
Source: ETF Research-Morgan Stanley
Proposed Requirements for Derivatives Clearing Organizations, Designated Contract Markets, and Swap Execution Facilities Regarding the Mitigation of Conflicts of Interest
Dissenting Statement of Commissioner Jill E. Sommers
October 1, 2010--The Commission is voting today on a proposal to implement two sections of the Dodd-Frank Act regarding the governance of CFTC regulated trading venues and clearinghouses that trade or clear swaps and how to mitigate conflicts of interest that may arise in connection with ownership interests that certain entities may have in these registrants. Specifically, Section 725(d) of the Act directs the Commission to:
adopt rules mitigating conflicts of interest in connection with the conduct of business by a swap dealer or a major swap participant with at [DCO], [DCM], or a [SEF] that clears or trades swaps in which the swap dealer or major swap participant has a material debt or material equity investment.
Section 726 of the Act provides that the Commission shall adopt rules which “may” include numerical limits on the degree of control or voting rights that certain enumerated entities may possess with respect to DCOs, DCMs and SEFs if the Commission determines, after a review:
that such rules are necessary or appropriate to improve the governance of, or to mitigate systemic risk, promote competition, or mitigate conflicts of interest in connection with a swap dealer or major swap participant’s conduct of business with, a [DCO], [DCM], or [SEF] that clears or posts swaps or makes swaps available for trading and in which such swap dealer or major swap participant has a material debt or equity investment.
I recognize that these provisions direct the Commission to adopt strong governance rules to mitigate conflicts of interest in connection with the interaction between swap dealers and major swap participants and DCOs, DCMs and SEFs in which they have a material debt or equity investment. In my opinion, however, the voting equity restrictions being proposed are not necessary or appropriate to mitigate the perceived conflicts and in fact, may do more harm than good to the emerging marketplace for trading and clearing swaps.
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Source: CFTC.gov
CFTC.gov Commitments of Traders Reports Update
October 1, 2010--The CFTC.gov Commitments of Traders Reports has been updated for the week of September 28, 2010 and is now available.
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Source: CFTC.gov
OCC Announces Total Contract Volume Down 4% in September; Year-To-Date Average Daily Volume Up 6%
October 1, 2010--The Options Clearing Corporation (OCC) announced today that total OCC cleared volume in September reached 303,851,940 contracts, representing a 4% decrease over the September 2009 volume of 316,624,143 contracts. OCC's year-to-date average daily volume is up 6% compared to 2009 with 15,332,099 contracts and year-to-date total volume is up 6% with 2,882,434,696 contracts.
Options: Exchange-listed options trading volume reached 302,075,193 contracts in September, a 4% decrease from September 2009. Index options trading rose 7% from the previous September. Year-to-date average daily contract volume for exchange-listed options is up 5% compared to the same period last year with 15,233,031 contracts.
Futures: OCC cleared 1,776,747 futures contracts in September, a 2% decrease from September 2009. Equity futures volume was 359,068 contracts, a 14% decrease over the same month last year. Index and other futures volume rose 2% over the previous September with 1,417,251 contracts. Year-to-date average daily contract volume for futures cleared by OCC is up 177% compared to 2009.
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Source: Options Clearing Corporation (OCC)
Financial Stability Oversight Council Holds Inaugural Meeting
October 1, 2010--Convening today for its first meeting, the Financial Stability Oversight Council took a number of important steps to fulfill its mandate under Dodd-Frank Wall Street Reform and Consumer Protection Act. As established under the Dodd-Frank Act, the Council will provide, for the first time, comprehensive monitoring to ensure the stability of our nation's financial system.
The Council is charged with identifying threats to the financial stability of the United States; promoting market discipline; and responding to emerging risks to the stability of the United States financial system.
The Council approved today each of the documents and resolutions put forward. These include: (1) the Council's Bylaws; (2) the Council's Transparency Policy; (3) an Advance Notice of Proposed Rulemaking (ANPR) on designating nonbank financial companies for heightened supervision;
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Source: U.S. Department of the Treasury