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SEC Proposes Rules to Require Issuer Review of Assets Underlying Asset-Backed Securities

October 13, 2010--The Securities and Exchange Commission today issued a proposal to enhance disclosure to investors in the asset-backed securities market.

The SEC’s proposed rules require issuers of asset-backed securities (ABS) to perform a review of the assets underlying the securities and publicly disclose information relating to the review. The proposal also requires an issuer or underwriter of ABS to make publicly available the findings and conclusions of any third-party due diligence report.

“This marks the third Commission proposal to address the ABS issues that came to light during the financial crisis,” said SEC Chairman Mary L. Schapiro. “This proposal will require issuers to provide investors with better information about the loans backing the asset-backed securities.”

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view Proposed Rule Release No. 33-9150

Source: SEC.gov


SEC Adopts Interim Rule to Require Reporting of Security-Based Swaps

October 13, 2010-- The Securities and Exchange Commission today adopted an interim rule that requires certain swaps dealers and other parties to report any security-based swaps entered into prior to the July 21 passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This rule applies only to such swaps whose terms had not expired as of July 21.

Prior to passage of the Dodd-Frank Act, the over-the-counter derivatives market was largely unregulated. The new law fills a number of significant regulatory gaps and gives the SEC important new tools to better protect investors.

The interim rule requires parties to report security-based swap information to the SEC or to a registered security-based swap data repository. Parties also are required to preserve data pertaining to the terms of pre-enactment security-based swaps in support of the reporting requirements.

"This interim final rule provides a means for the Commission to gain a better understanding of the security-based swap markets, including their size and scope," said SEC Chairman Mary L. Schapiro. "Until such time as final rules are adopted, this interim rule clarifies who needs to do security-based swaps reporting, what needs to be reported, and when such reporting needs to occur."

The interim rule becomes effective once it is published in the Federal Register, and the agency will continue seeking public comments to inform its development of a permanent reporting procedure.

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view Interim Rule Release No. 34-63094

Source: SEC.gov


SEC Proposes Rules to Mitigate Conflicts of Interest Involving Security-Based Swaps

October 13, 2010-- The Securities and Exchange Commission today proposed rules intended to mitigate conflicts of interest for security-based swap clearing agencies, security-based swap execution facilities, and national securities exchanges that post security-based swaps or make them available for trading.

Prior to passage of the Dodd-Frank Act, the over-the-counter derivatives market was largely unregulated. The new law fills a number of significant regulatory gaps and gives the SEC important new tools to better protect investors.

"The concern about conflicts of interest stems from the fact that the over-the-counter derivatives markets have a relatively high concentration of market activity through a limited number of dealers who earn significant revenues from their transactions," said SEC Chairman Mary L. Schapiro. "By creating a structure that would promote more independent voices within clearing organizations and trading venues, this proposed rule is intended to make these entities less susceptible to promoting the interests of a few participants."

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Source: SEC.gov


SEC looks at OTC platform ownership limits

October 13, 2010--The prospect of ownership limits being placed on clearing houses, exchanges and other platforms handling over-the-counter derivatives moved a step closer after the US Securities and Exchange Commission voted to proceed with considering a proposal designed to prevent any one group of financial players having too much influence in them.

The move comes two weeks after the Commodity Futures Trading Commission, the US futures watchdog, voted to proceed with almost identical rules.

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Source: FT.com


Moody’s warns on refinancing risks

October 12, 2010--The credit quality of US companies may soon start to deteriorate as they take on debt to carry out share buy-backs and finance mergers and acquisitions, says a report by Moody’s Investors Service.

The credit rating agency is also concerned that companies with relatively low ratings, those at the bottom end of the “junk” or speculative grade category, may have trouble refinancing the large amounts of debt due to mature in coming years. This could lead to an increase in default rates.

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Source: FT.com


Wall Street lifted by Fed’s pledge on liquidity

October 12, 2010--US stocks were steady as gloomy predictions for US and Chinese growth were met by the Federal Reserve’s promise that fresh liquidity to purchase assets such as stocks would arrive “before long”, as its members agreed that inflation was still below levels needed to promote full employment.

The S&P 500 index erased earlier losses to close up 0.4 per cent at 1,169.77. The Nasdaq Composite index was up 0.7 per cent to 2,417.92.

The Dow Jones Industrial Average was 0.1 per cent higher at 11,020.40. All three indices were at their highest levels since May.

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Source: FT.com


Minutes of the Federal Open Market Committee, September 21, 2010

October 12, 2010-The Federal Reserve Board and the Federal Open Market Committee on Tuesday released the attached minutes of the Committee meeting held on September 21, 2010.

view the Minutes of the Federal Open Market Committee-September 21, 2010

Source: Board of Governors of the Federal Reserve System


Greifeld says no repeat of ‘flash crash’

October 12, 2010--The “flash crash” that sent shares plunging in the US five months ago could not happen again in the same way given safeguards since put in place, but the use of trading algorithms had to incorporate more “robustness” in the way they were used, the chief executive of exchange operator Nasdaq OMX, Robert Greifeld, said.

His comments came as the severe markets disruption on May 6, which has led to a loss of investor trust in the way US market structures work, has become a headache for regulators. A report by the Securities and Exchange Commission and Commodity Futures Trading Commission this month blamed a single computer trading algorithm for triggering a 1,000 point fall – and subsequent rebound – in the Dow Jones average.

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Source: FT.com


Presentation on High Frequency Traders and Asset Prices

October 12, 2010--High Frequency and Algorithmic Trading Practices and the Role of Technology in Pre- and Post-Trade Transparency in Implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and in the Flash Crash

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Source: CFTC.gov


“Flash Gordon” Opening Statement before the Technology Advisory Committee

Commissioner Bart Chilton
October 12, 2010--I thank the Technology Advisory members for their participation and Chairman O’Malia and his staff for their work in putting this meeting together. While today’s meeting is not solely about May 6th and the Flash Crash, there is no escaping that we will discuss it. In that regard, it is a most appropriate time to meet, particularly given the release of the Flash Crash staff report and the role that technology, in particular algorithmic, robotic, or flash trading played in the market crash-and-rebound on May 6th.

There was an old comic strip from the 1930’s, Flash Gordon, that was made into a movie, an animated series, and recently (2008-09) into a television series that ran on the Sci Fi channel. A buddy of mine mentioned Flash Gordon to me the other day when we were talking about the Flash Crash. He said, as an aside, that the hero, Flash Gordon, was actually called “Speed” Gordon in Australia when it first came out because the word “flash” had a negative connotation associated with it at the time. Flash, being seen as flashy or showy or even dishonest, he said.

I’m not suggesting that this type of trading is bad. In fact, robotic trading has a lot of advantages – speed, access and better audit trails to name a few. And, I’m not suggesting that robotic trading is in anyway dishonest, or showy. In fact, it is anything but showy because we aren’t necessarily “shown” anything about how exactly how these individual flash, robotic or algorithmic programs execute. They don’t show us and we don’t know unless we ask because the trading programs are proprietary information. I understand that businesses need confidentiality. They need to keep their competitive edge. But, as we have seen, this type of trading can impact markets and lead to problems. So, as regulators and folks concerned about markets, and specifically technology in markets, it seems to me that we need to get a better handle on this trading, in a comprehensive, cross-market fashion. Should this agency have staff specifically dedicated to understanding how these type of programs work?

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Source: CFTC.gov


SEC Filings


September 16, 2025 Thrive Series Trust files with the SEC-Prospera Income ETF
September 16, 2025 iShares Trust files with the SEC-iShares Large Cap 10% Target Buffer Mar ETF
September 16, 2025 iShares Trust files with the SEC-iShares Large Cap 10% Target Buffer Jun ETF
September 16, 2025 iShares Trust files with the SEC-iShares Large Cap 10% Target Buffer Sep ETF
September 16, 2025 iShares Trust files with the SEC-iShares Large Cap 10% Target Buffer Dec ETF

view SEC filings for the Past 7 Days


Europe ETF News


September 16, 2025 Cboe Europe Derivatives to Launch FLEX Options in Europe, Expanding Risk Management Toolkit for European Investors
September 04, 2025 Global X Launches Two High Dividend ETFs, Tracking Solactive European and United Kingdom SuperDividend Indices
September 03, 2025 The T+1 Thursday conundrum pushing instantaneous settlement on traders
September 01, 2025 ETF and ETP Listings on September 1, 2025, new on Xetra and Borse Frankfurt
August 29, 2025 21Shares Launches First ETP Tracking Hyperliquid, the Market Leader in Decentralized Perpetuals

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Asia ETF News


September 16, 2025 Korean Retail Investors Maintain Strong Appetite for Overseas-Listed ETFs in August
September 08, 2025 Samsung Securities Launches Two ETNs Tracking Solactive China Mobility Top 5 Hedged to KRW Index and AI Tech Top 5 Hedged to KRW Index in First Collaboration with Solactive
September 03, 2025 SGX Securities Welcomes The Listing Of SPDR J.P. Morgan Saudi Arabia Aggregate Bond UCITS ETF
September 03, 2025 BTIG Begins Offering Access To Tokyo Stock Exchange's CONNEQTOR Platform
September 03, 2025 Exclusive: US trading firm Jane Street files appeal against India markets regulator

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Global ETP News


September 04, 2025 Infographic-G20 Inflation Tracker: July
September 04, 2025 How Stablecoins and Other Financial Innovations May Reshape the Global Economy
September 04, 2025 Finance Changed, Risks Didn't
September 03, 2025 Ondo Brings Over 100 Tokenized U.S. Stocks and ETFs Onchain, Starting on Ethereum
August 27, 2025 FBS Analysis Highlights How Political Shifts Are Redefining the Next Altcoin Rally

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Middle East ETP News


September 02, 2025 Indxx US Infrastructure Index Licensed by KSM Mutual Funds Ltd. for an Index Tracking Fund
September 01, 2025 Lunate Launches Boreas Solactive Quantum Computing UCITS ETF, the First Thematic ETF to List on ADX, Tracking the Solactive Developed Quantum Computing Index
August 20, 2025 Mideast Stocks: Gulf bourses trade lower ahead of key Fed speech

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Africa ETF News


August 24, 2025 Africa: Nigeria Leads Africa in Stablecoin Adoption With $22bn in Transactions

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ESG and Of Interest News


September 09, 2025 Stablecoins, Tokens, and Global Dominance
August 28, 2025 Collapse of critical Atlantic current is no longer low-likelihood, study finds

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White Papers


September 09, 2025 Physical AI is changing manufacturing - here's what the era of intelligent robotics looks like
September 08, 2025 Economic development, carbon emissions and climate policies

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