Bats Blaming Market Rules as Calls of Overhaul Grow
January 11, 2013--Bats Global Markets Inc., the stock exchange operator that acknowledged four years of trading errors, blamed the mistakes on regulations it says are too complex.
The rule violations at Bats, which canceled its initial public offering last year after its own computer systems kept the stock from trading, threaten to further erode confidence in U.S. stock exchanges. Operators including NYSE Euronext (NYX) have called for an overhaul of regulations that boosted high-speed trading and the fragmentation of equity markets to 13 stock exchanges and about 50 private broker-run dark pools from three dominant venues in the 1990s.
Money funds moving to publish NAVs daily
January 11, 2013--Large money-market funds in the $2.7 trillion industry are moving to disclose the value of their funds each day, a decision that could impact the battle in Washington over further regulation.
On Friday, Fidelity Investments, Federated Investors Inc. (US:FII) and Charles Schwab Corp. (US:SCHW) became the latest in a growing group of large money market fund operators to take steps to make the move.
United States Commodity Funds files with the SEC-United States Asian Commodities Basket Fund
January 11, 2013--United States Commodity Funds has filed a amendment no. 4 to Form S-1, registration statement with the SEC for the United States Asian Commodities Basket Fund.
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CFTC Extends Public Comment Period on Rulemaking Enhancing Protections Afforded Customers and Customer Funds Held by Future Commission Merchants and Derivatives Clearing Organizations
January 11, 2013--– The Commodity Futures Trading Commission (CFTC) published in the Federal Register on November 14, 2012 a notice of proposed rulemaking that would adopt new regulations and amend existing regulations to require enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer disclosures, and auditing and examination programs for futures commission merchants (FCMs).
Additionally, the proposed customer protection rule addressed certain related issues concerning derivatives clearing organizations (DCOs) and chief compliance officers (CCOs). The comment period was set to close on January 14, 2013.
WisdomTree files with the SEC
January 11, 2013--WisdomTree has filed a post-effective amendment, registration statement with the SEC for the WisdomTree Global Corporate Bond Fund.
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Legg Mason Rises on Report of Interest From Buyout Firms
January 10, 2013--Legg Mason Inc. (LM), the money manager searching for a new chief executive officer, rose the most in four months after a report said two buyout firms have shown an interest in taking it private.
Legg Mason climbed 3.2 percent to $26.84, the biggest gain since Sept. 11, after Reuters said today that two large private- equity investors showed interest in financing a buyout led by the Baltimore-based firm’s largest affiliates. Legg Mason’s board has refused to engage in discussions about a sale, said Reuters, citing unidentified people with knowledge of the matter.
United States Commodity Funds files with the SEC-United States Short Oil Fund
January 10, 2013--United States Commodity Funds has filed a form S-1, registration statement with the SEC for United States Short Oil Fund.
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United States Commodity Funds files with the SEC
January 10, 2013--United States Commodity Funds has filed a form S-1, registration statement with the SEC for the United States 12 Month Natural Gas Fund.
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Dust gathering on active ETF approvals
January 10, 2013--The active exchange traded fund market is opening up for several of the largest mutual fund managers, but the scarcity of launches points to a wait-and-see mentality, some industry observers suggest.
T. Rowe Price is the latest to receive regulatory approval to enter the active ETF market, joining Legg Mason, Federated Investors, Northern Trust and Eaton Vance last week.
iShares files with the SEC-iShares MSCI USA Value Weighted Index Fund
January 10, 2013--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares MSCI USA Value Weighted Index Fund.
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iShares files with the SEC
January 10, 2013--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares MSCI USA Risk Weighted Index Fund.
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Vanguard files with the SEC
January 10, 2013--Vanguard has filed a post-effective amendment, registration statement with the SEC. Effective immediately, Vanguard Emerging Markets Stock Index Fund has begun tracking the FTSE Emerging Transition Index, on an interim basis, in the first phase of a two-phased index change as previously approved by the Fund’s board of trustees.
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Copper users attack SEC on ETF backing
January 10, 2013--A group of copper users has rounded on the Securities and Exchange Commission for its "arbitrary and capricious" decision to approve the first US investment product that would hold physical copper.
The move is likely to pave the way for a formal appeal, potentially further delaying the launch of the product by JPMorgan, which was first publicly proposed in October 2010.
Schwab files with the SEC
January 10, 2012--Charles Schwab has filed a post-effective amendment, registration statement with the SEC.
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United States Commodity Funds LLC Temporarily Suspends Ability of Authorized Purchasers to Purchase New Creation Baskets in United States Short Oil Fund, LP ("DNO")
and United States 12 Month Natural Gas Fund, LP ("UNL")
January 10, 2013--United States Commodity Funds LLC ("USCF"), the general partner of United States Short Oil Fund, LP and United States 12 Month Natural Gas Fund, LP (each a "Fund" and collectively, the "Funds"), has temporarily suspended the ability of the Authorized Participants to purchase new Creation Baskets in the Funds until such time as a new registration statement registering additional units under the Securities Act of 1933 for each Fund has been declared effective by the Securities and Exchange Commission, and the National Futures Association has approved its use.
Each Fund will issue a subsequent Current Report on Form 8-K as well as a press release to announce the effectiveness of such new registration statement and its ability to resume offering Creation Baskets to its Authorized Participants. The ability of Authorized Participants to redeem Redemption Baskets is not affected.