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FactorShares files Form S-1 with SEC-FactorShares S&P US Anti-Equity
August 17, 2010-August 17, 2010--FactorShares has filed a pre-effective amendment No.2 to Form S-1 for FactorShares S&P US Anti-Equity.
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Source: SEC.gov
FactorShares files Form S-1 with SEC -FactorShares S&P Crude Oil Premium
August 17, 2010--FactorShares has filed a pre-effective amendment No.2 to Form S-1 for FactorShares S&P Crude Oil Premium.
view filing
Source: SEC.gov
FactorShares files Form S-1 with SEC
August 17, 2010--FactorShares has filed a pre-effective amendment No.2 to Form S-1 for FactorShares S&P Gold Premium.
view filing
Source: SEC.gov
FactorShares files with the SEC
August 17, 2010--FactorShares has filed a pre-effective amendment No.2 to Form S-1 for FactorShares S&P US Equity Anti-USD.
view filing
Source: SEC.gov
FactorShares files with the SEC-FactorShares S&P US Equity Premium
August 17, 2010--FactorShares has filed a pre-effective amendment No.2 to Form S-1 for
FactorShares S&P US Equity Premium-NYSE Arca Symbol: FSE
view filing
Source: SEC.gov
Emerging Markets Week in Review -8/9/2010 - 8/13/2010
August 16, 2010--The Dow Jones Emerging Markets Sector Titans Composite Index declined 3.55% last week as all sectors fell on concerns of a slowing global economic recovery. Consumer Services and Goods declined the least, falling by only 0.99% and 1.69% respectively.
Both sectors continue to lead the emerging markets this year. Materials and Energy, the two worst performers in 2010, dragged the market down, losing 4.18% ad 4.38% respectively.
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Source: Emerging Global Advisors
ISE Recommends SEC Review of Anticompetitive and Discriminatory Fee Practices in the Options Industry
August 16, 2010--The International Securities Exchange (ISE) announced today that it has submitted a comment letter to the Securities and Exchange Commission (SEC) recommending that
the SEC examine certain anticompetitive and discriminatory fee practices at three options exchanges.
The letter expands upon previous comments that ISE submitted in response to the SEC’s proposed amendments to Rule 610 of Regulation NMS that would prohibit an options exchange from imposing unfairly discriminatory terms limiting access to its quotations. ISE’s new comment letter describes high
fees targeted at certain market participants at the Boston Options Exchange (BOX), Chicago Board
Options Exchange (CBOE), and Nasdaq OMX PHLX (PHLX) that harm retail investors by serving as a barrier to competition to interact with retail order flow.
“ISE has always been committed to fostering a fair, efficient marketplace for all types of investors. As fee
schedules in the options industry grow increasingly complex, it is important for the SEC to ensure that
opaque fee practices do not foster unfair discrimination among categories of market participants nor work
against the robust competitive standards the Commission has set for the marketplace,” said Gary Katz,
President and Chief Executive Officer of ISE. “We have identified three instances where other options
exchanges are using their fee schedules to ‘stack the deck’ in favor of firms that seek to trade against
their retail customer order flow and deny these investors the full benefits of market competition for their
orders. As part of their ongoing review of market structure issues, we urge the SEC to examine these
practices and to take the necessary actions to prevent discriminatory fees that harm retail options
investors.
The discriminatory fee practices identified by ISE relate to certain fees applied to orders executed in BOX’s Price Improvement Period (PIP) and in the CBOE’s PIP-equivalent, known as the Automated Improvement Mechanism. Additionally, ISE’s comment letter examines a discriminatory fee levied by
PHLX for participants seeking to interact with Facilitation Orders transacted on the exchange floor.
ISE’s comment letter is available on its website.
Source: International Securities Exchange (ISE)
Three dividend ETFs to fight deflation
Commentary: Biggest funds differ in style, strategy
August 16, 2010-- The subject of dividends is bubbling up again, for a couple of reasons.
First, the 15% tax rate on dividend income is due to expire at the end of this year. Unless Congress takes action, beginning in 2011 dividends will be taxed as ordinary income for the first time since 2003. Desperate for revenue, Congress seems disinclined to step in to prevent this from happening, although pointed mail from voters might help.
Second comes possibly bad news with an opportunity wrapped inside.
The specter of deflation -- broadly falling prices for goods and services -- darkens the horizon as the economic recovery struggles and sputters. Asset managers who think this is a real danger are loading up on high-quality dividend-paying stocks and bonds because the cash flow from those investments would gain purchasing power in a deflationary environment.
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Source: Market Watch
CFTC Issues Letter to CME Group, Inc. Regarding ELX EFF Rule
August 16, 2010--The Commodity Futures Trading Commission (CFTC) on Friday, August 13, 2010, sent a letter to CME Group, Inc. regarding a Chicago Board of Trade (CBOT) self-certified Market Regulation Advisory Notice issued on October 19, 2009.
. In that notice, CBOT stated that its rules do not permit the execution of exchange of futures for futures (EFF) transactions. The notice was issued shortly after the CFTC approved an ELX Futures (ELX) rule authorizing participants on ELX to carry out EFF transactions. The Commission’s August 13 letter supports a previous CFTC staff letter regarding this matter.
CBOT justified its action on the grounds that, in its view, EFF transactions are not supported by CFTC precedent and are prohibited under the Commodity Exchange Act (CEA) and CFTC regulations.
The Commission has reviewed the matter and has found that ELX’s EFF transactions are not wash sales and are consistent with Commission precedent. Further, the Commission has found that ELX’s EFF transactions are neither prohibited nor mandated by Core Principle 9. Thus, ELX’s EFFs are not prohibited by the CEA or Commission regulations. The Commission also has directed staff to separately analyze whether CBOT’s October 19, 2009 notice was consistent with the requirements of CEA Core Principle 18 (antitrust considerations). In that regard, CFTC Division of Market Oversight staff simultaneously sent a separate letter to CBOT addressing the Core Principle 18 analysis. Neither the Commission nor Commission staff has made any determination regarding this analysis.
Source: CFTC.gov
CBOE Stock Exchange (CBSX) Sets Record Daily Volume
August 13, 2010-- The CBOE Stock Exchange, LLC (CBSX) today reported that trading volume on Thursday, August 12 was a record for any day at CBSX. More than 63.7 million shares changed hands, surpassing the previous daily record of 59.8 million shares traded on July 23, 2010.
CBSX, which posted an all-time monthly high volume in July with 598.0 million shares traded, launched in 2007 as a multi-asset trading model for traders looking to reduce transaction costs and latency related to the hedging of options and futures market-making. The Chicago Board Options Exchange (CBOE) and CBSX offer fully automated executions for combined option and stock trades through a single electronic platform.
Source: CBOE