Americas ETP News
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CFTC Seeks Public Comment on Proposed Exemptions for Operators of Commodity ETFs
Septmber 8, 2010--– The Commodity Futures Trading Commission (CFTC) announced today the publication in the Federal Register of proposed regulations that would provide certain exemptions to commodity pool operators (CPOs) where units of participation in their commodity pools are both sold in a registered public offering under the Securities Act of 1933 and listed for trading on a national securities exchange.
Under proposed amendments to Regulation 4.12, the registered CPO of such a pool (a Commodity ETF) would be able to claim exemption from certain disclosure, reporting and recordkeeping requirements under CFTC regulations, based in part on substituted compliance with corresponding Federal securities law requirements. Specifically, while they would remain obligated to provide the same disclosure information, make the same periodic reports and keep the same books and records as they are currently required to, they would not have to:
Obtain a signed acknowledgment of receipt for the Disclosure Document, if the Disclosure Document is made readily accessible on the CPO’s Internet website and prospective participants are informed of this fact. Deliver monthly Account Statements, if the required information and certification are readily available on the CPO’s website and the Disclosure Document and selling broker-dealers clearly inform pool participants of that availability. Keep all required books and records at the CPO’s main business address, if the alternate recordkeeper is the pool’s custodian, distributor or similar service provider, and the alternate recordkeeper agrees to provide ready access to pool participants, CFTC representatives and other authorized persons.
Under proposed amendments to Regulation 4.13, where a particular Commodity ETF is required under the Sarbanes-Oxley Act of 2002 and exchange listing requirements to have an audit committee composed of independent directors or trustees, and the independent directors or trustees who comprise the audit committee have that as their only purpose for serving as directors or trustees, the proposed amendments would make exemption from CPO registration available for them.
Exemption under the proposed regulations would be claimed by filing a notice with the National Futures Association.
Source: CFTC.gov
Deutsche Bank Global Equity Index & ETF Research : US ETP Market Weekly Review
September 7, 2010--New Listings and Delistings
There was one new ETF listed during the last week. iShares launched a fund tracking the MSCI New Zealand Investable Market Index, becoming the first fund to offer exclusive exposure to New Zealand’s market in the US. The trading venue of choice was NYSE Arca
Grail Advisors liquidated two of the active funds (RPQ, RFF) offered through a partnership with River Park, although the funds performed well when compared against their benchmarks, they failed to attract the interest of investors in terms of assets (both below $3 mm AUM).
Net Cashflows
Total ETP inflows in the US added up to $2.7 bn during the previous week. Equity and Fixed Income ETPs had inflows of $1.8 bn and $1.0 bn, respectively. Commodity and Currency ETPs, on the other hand, experienced outflows of $44 mm and $47 mm, respectively.
Within Equity ETPs, US Sector ETPs received the largest inflows ($1.5 bn) followed by Mid Cap ETPs, while Leveraged ETPs saw the largest outflows ($334 mm).
The Fixed Income ETPs inflows were led by Corporates ETPs ($792 mm), while Sovereign ETPs recorded the largest outflows ($108 mm).
Commodity ETPs experienced another quiet week in terms of flows ($44 mm overall), most of the flows were around or below $100 mm either way.
Turnover
Avg. Daily Turnover remained at about the same level and totaled $61 bn at the end of the week.
Assets Under Management (AUM)
US ETPs AUM rose by 3.0%, driven by a positive week in the US equity market of 3.75% as measured by the S&P 500 Index, totaling $837 bn. Among all asset classes, Fixed Income has accumulated the largest increase in AUM with $72 bn YTD.
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Source: Deutsche Bank Global Equity Index & ETF Research
NYSE Euronext And APX To Establish NYSE Blue, A Joint Venture Targeting Global Environmental Markets
NYSE Euronext will contribute its ownership in BlueNext in return for a majority interest in the joint venture;
APX, a leading provider of operational infrastructure and services for the environmental and energy markets, will contribute its business in return for a minority interest in the venture;
NYSE Blue will focus on environmental and sustainable energy initiatives, and will further NYSE Euronext’s efforts to increase its presence in environmental markets globally while attracting new partners and customers.
September 7, 2010-- NYSE Euronext (NYX) today announced plans to create NYSE Blue™, , a joint venture that will focus exclusively on environmental and sustainable energy markets.
NYSE Blue will include NYSE Euronext’s existing investment in BlueNext, the world’s leading spot market in carbon credits, and APX, Inc., a leading provider of regulatory infrastructure and services for the environmental and sustainable energy markets. NYSE Euronext will be a majority owner of NYSE Blue and will consolidate its results. Shareholders of APX, which include Goldman Sachs, MissionPoint Capital Partners, and ONSET Ventures, will take a minority stake in NYSE Blue in return for their shares in APX. Subject to customary closing conditions, including APX shareholder approval and regulatory approvals, the APX transaction is expected to close by the end of 2010.
NYSE Blue will provide a broad offering of services and solutions including integrated pre-trade and post-trade platforms, environmental registry services, a front-end solution for accessing the markets and managing environmental portfolios, environmental markets reference data, and the BlueNext trading platform. NYSE Blue will expand globally with a focus on North America and Asia. Upon closing of the transaction, Brian Storms, Chairman and CEO of APX, will become CEO of NYSE Blue.
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Source: NYSE Euronext
SEC Sets Field Hearings on State of Municipal Securities Markets
First Hearing Scheduled for San Francisco September 21
September 7, 2010--The Securities and Exchange Commission announced today that it will launch a series of field hearings to examine the municipal securities markets, starting in San Francisco on September 21. Topics will include disclosure and transparency, credit ratings, and internal controls.
Among participants will be California State Treasurer Bill Lockyer, Washington State Treasurer James McIntire, and Stanley Keller, Independent Consultant and Monitor of the City of San Diego. A panel of investors, both individuals and institutions, will also share their experiences in this market.
"Today's investors hold about $2.8 trillion of municipal debt," SEC Chairman Mary L. Schapiro noted. "This is a critical market that touches every aspect of our lives, from the water that we drink to the roads upon which we drive. But for the market to continue to serve our communities, investors in municipal securities must be confident that they are getting the information necessary for knowledgeable decisions, at the time and in a form that they need it."
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Source: SEC.gov
Teucrium files with the SEC
September 7, 2010--Teucrium Commodity Trust has filed a Amendment No. 1 to Form S-1 for
Teucrium Natural Gas Fund
view filing
Source: SEC.gov
Teucrium files with the SEC
September 7, 2010-Teucrium Commodity Trust has filed a Amendment No. 1
to Form S-1 for
Teucrium WTI Crude Oil Fund.
view filing
Source: SEC.gov
Vanguard files with the SEC
September 7, 2010-Vanguard has filed a post-effective amendment, registration statement with the SEC for
Vanguard S&P 500 Value Index Fund - ETF Shares (VOOV)
Vanguard S&P 500 Growth Index Fund - ETF Shares (VOOG)
Vanguard S&P Mid-Cap 400 Index Fund - ETF Shares (IVOO)
Vanguard S&P Mid-Cap 400 Value Index Fund - ETF Shares (IVOV)
Vanguard S&P Mid-Cap 400 Growth Index Fund - ETF Shares (IVOG)
Vanguard S&P Small-Cap 600 Index Fund - ETF Shares (VIOO)
Vanguard S&P Small-Cap 600 Value Index Fund - ETF Shares (VIOV)
Vanguard S&P Small-Cap 600 Growth Index Fund - ETF Shares (VIOG)
view filing
Source: SEC.gov
Vanguard files with the SEC
September 7, 2010--Vanguard has filed a post-effective amendment, registration statement with the SEC for
Vanguard S&P 500 ETF
view filing
Source: SEC.gov
SEC signals shake-up of equity market rules
September 7, 2010--A wide-ranging overhaul of the rules governing equity markets, including tougher controls on high-frequency traders, is being weighed by the Securities and Exchange Commission in the wake of the May 6 “flash crash”, the agency’s head said.
Mary Schapiro, SEC chairman, on Tuesday sent the clearest signal yet that the regulators intended to shake up the rules governing market participants’ obligations, which pre-date the rapid growth of high-frequency trading. Requirements for high-frequency traders to maintain liquidity in stocks and to avoid aggressively driving prices down are being considered, along with curbs on “quote stuffing” and revised controls to weed out aberrant orders, she said.
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Source: FT.com
CFTC, SEC to Host Public Roundtable to Discuss Swap Data, Swap Data Repositories and Real Time Reporting
September 7, 2010--Staff from the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) will hold a public roundtable on September 14, 2010, to discuss issues related to swap data repository (SDR) registration, functions and responsibilities, the mechanics of data reporting, models for real time public reporting and the effect of transparency on liquidity of block trades and large transaction sizes.
The roundtable will assist both agencies in the rulemaking process to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The roundtable will be held in the Lobby Level Hearing Room at the CFTC’s Headquarters, Three Lafayette Centre, 1155 21st Street, NW, Washington DC. The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public also may listen by telephone and should be prepared to provide their first name, last name and affiliation.
U.S./Canada Toll-Free: (866) 312-4390
International Toll: (404) 537-3379
Conference ID: 98801653
A transcript of the public roundtable discussion will be published on the CFTC’s website. Members of the public wishing to submit their views on the topics addressed at the roundtable may e-mail their submissions to the e-mail addresses provided on the CFTC’s website on the Swap Data Repositories Registration Standards and Core Principle Rulemaking page, Interpretation & Guidance page, Data Recordkeeping & Reporting Requirements page or Real Time Reporting page, or through the comment form or e-mail address for roundtable comments provided on the SEC website.
All submissions provided to either the CFTC or the SEC in any electronic form or on paper will be published on the website of the respective agencies, without review and without removal of personally identifying information.
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Source: CFTC.gov
