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CFTC Releases List of Areas of Rulemaking for Over-the-Counter Derivatives
July 21, 2010-- The Commodity Futures Trading Commission (CFTC) today released the list of 30 areas of rulemaking to implement the Wall Street Reform and Consumer Protection Act. Some of these areas will require only one rule, while others may require more. The CFTC is required to complete these rules generally in 360 days, though some are required to be completed within 90, 180 or 270 days.
“The CFTC, working along with the SEC and other regulators, will have a full and busy rule-writing agenda over the coming year,” CFTC Chairman Gary Gensler said. “The financial reform bill presents new responsibilities and authorities for the agency. The Commission looks forward to taking on these new responsibilities to lower risk, promote transparency and protect the American public.
“We have begun preparing for the task of writing rules for the swaps marketplace by identifying 30 topic areas where we have determined rule-writing to be necessary. Teams of staff within the agency have been assigned to each rule-writing area and will see the process through, from analyzing the statute’s requirements, to broad consultation, to recommending proposed rulemakings to publishing final rules.”
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Source: CFTC,gov
CFTC Chairman Gensler Comments on Enactment of Wall Street Reform and Consumer Protection Act
July 21, 2010- Commodity Futures Trading Commission (CFTC) Chairman Gary Gensler today commented on the President’s signing of the Wall Street Reform and Consumer Protection Act.
Chairman Gensler said:
“The Wall Street reform bill will – for the first time – bring comprehensive regulation to the over-the-counter derivatives marketplace.
Derivatives dealers will be subject to robust oversight. Standardized derivatives will be required to trade on open platforms and be submitted for clearing to central counterparties. The Commission looks forward to implementing the Dodd-Frank bill to lower risk, promote transparency and protect the American public.”
Source: CFTC.gov
Barclays Capital Launches First Exchange Traded Note Linked Inversely to a Volatility Index
July 20, 2010--Barclays Capital today announced the listing of the Barclays ETN+ Inverse S&P 500® VIX Short-Term FuturesTM ETN on the NYSE Arca stock exchange under the ticker symbol XXV. The ETN is designed to provide investors with a cost-effective way to implement a ‘short’ view on volatility in the U.S. equities markets.
“Investors are increasingly looking for diversified ways to access equity market volatility,” said Philippe El-Asmar, Head of Investor Solutions at Barclays Capital. “We are pleased to provide them with the first exchange traded product that allows them to express a bearish view on volatility.”
This new ETN is linked to the inverse performance of the S&P 500® VIX Short-Term FuturesTM Index Excess Return (the “Index”). The Index is designed to reflect the returns that are potentially available through an unleveraged investment in short-term futures contracts on the CBOE Volatility Index® (the “VIX Futures”). VIX Futures reflect the implied volatility of the S&P 500® Index, which provides an indication of the pattern of stock price movement in the US equities market. This new ETN is an uncollateralized debt obligation of Barclays Bank PLC with a 10-year maturity.
The prospectus can be found by visiting EDGAR on the U.S. Securities and Exchange Commission (SEC) website at: http://www.sec.gov/Archives/edgar/data/312070/000119312510160327/d424b2.htm
Source: Barclays Capital
U.S. International Reserve Position
July 20, 2010--The Treasury Department today released U.S. reserve assets data for the latest week. As indicated in this table, U.S. reserve assets totaled $128,602 million as of the end of that week, compared to $126,723 million as of the end of the prior week.
I. Official reserve assets and other foreign currency assets (approximate market value, in US millions)
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July 16, 2010 |
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A. Official reserve assets (in US millions unless otherwise specified) 1 |
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128,602 |
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(1) Foreign currency reserves (in convertible foreign currencies) |
Euro |
Yen |
Total |
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(a) Securities |
9,148 |
15,050 |
24,198 |
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of which: issuer headquartered in reporting country but located abroad |
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0 |
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(b) total currency and deposits with: |
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(i) other national central banks, BIS and IMF |
13,531 |
7,375 |
20,907 |
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ii) banks headquartered in the reporting country |
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0 |
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of which: located abroad |
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0 |
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(iii) banks headquartered outside the reporting country |
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0 |
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of which: located in the reporting country |
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0 |
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(2) IMF reserve position 2 |
11,898 |
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(3) SDRs 2 |
55,806 |
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(4) gold (including gold deposits and, if appropriate, gold swapped) 3 |
11,041 |
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--volume in millions of fine troy ounces |
261.499 |
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(5) other reserve assets (specify) |
4,752 |
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--financial derivatives |
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--loans to nonbank nonresidents |
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--other (foreign currency assets invested through reverse repurchase agreements) |
4,752 |
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B. Other foreign currency assets (specify) |
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--securities not included in official reserve assets |
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--deposits not included in official reserve assets |
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--loans not included in official reserve assets |
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--financial derivatives not included in official reserve assets |
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--gold not included in official reserve assets |
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--other |
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Source: U.S. Department of the Treasury
87% Increase In Fund Launches That Permit Use Of Derivatives
July 20, 2010--Analysis of new fund launches from independent financial research company Defaqto reveals an 87%
increase in the number of funds launched that permit the use of derivatives.
Fraser Donaldson, Insight Analyst for Funds at Defaqto said: “The use of derivatives as an investment
tool are growing in prominence which is not overly surprising given the uncertainty in the economic
and financial climate.
The decline in the launch of UK only investment funds is clearly linked to declining demand for the sector with many advisers seeking potentially better returns elsewhere.”
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Source: Defaqto
AdvisorShares Set to Launch First Actively Managed International ETF-WCM/BNY Mellon Focused Growth ADR ETF (AADR)
July 20, 2010--AdvisorShares Investments, LLC, an investment adviser to actively managed exchange traded funds (ETFs), announced that it will begin trading in the industry's first actively managed international ETF, the WCM/BNY Mellon Focused Growth ADR ETF (NYSE:AADR - News) tomorrow, July 21st. AADR is sub-advised by institutional money manager WCM Investment Management (WCM). BNY Mellon is the world's largest depositary for American Depositary Receipts (ADRs) and will provide the primary benchmark to the Fund as well as expertise within the ADR industry to the portfolio management team.
WCM will implement its investment strategy through the use of ADRs which may be attractive to U.S. investors for accessing international markets, but also provide convenience from a trading and settlement perspective.
"WCM Investment Management has experience with this strategy within other investment vehicles which follow this very thoughtful fundamental investment process to construct their portfolios. We are excited to bring investors special access to this unique, first of its kind strategy as well as to this institutional quality investment advisory firm," said Noah Hamman, CEO and Founder of AdvisorShares.
The investment objective of AADR is long-term capital appreciation above international benchmarks such as the BNY Mellon Classic ADR Index and the MSCI EAFE Index. AADR strives to provide a high-quality, large-cap growth portfolio for the non-U.S. universe. The portfolio, which includes developed and emerging markets, is purposely very different from international benchmarks and other international funds. WCM achieves this differentiation by concentration (20-30 holdings) and an emphasis on traditional growth sectors such as technology, healthcare and consumer staples/discretionary. The AADR portfolio management team seeks to invest in businesses that appear likely to benefit from long-lasting global trends (tailwinds), growing competitive advantages (a widening economic moat) and a superior corporate culture (great people). Finally, WCM recognizes the role valuation plays in investment returns and therefore seeks to pay a reasonable price for companies.
WCM Investment Management President and Co-CEO Paul R. Black said, "At WCM, our investment strategy is driven by timeless principles that we believe are poised to outperform extremely inefficient international benchmarks." Black added, "In bringing AADR to market with AdvisorShares, we can now offer our investment philosophy via an exchange traded vehicle which will be available to those institutional as well as retail investors who ordinarily would not have access to our firm."
Source: AdvisorShares
Direxion files Form S-1 with the SEC
July 20, 2010--Direxion has filed a Form S-1 with the SEC for the following
Direxion Daily Gold Bull 3X Shares
Direxion Daily Gold Bear 3X Shares
Direxion Daily Silver Bull 3X Shares
Direxion Daily Silver Bear 3X Shares
Direxion Daily Japanese Yen Bull 3X Shares
Direxion Daily Japanese Yen Bear 3X Shares
Direxion Daily Dollar Bull 3X Shares
Direxion Daily Dollar Bear 3X Shares
Direxion Daily Euro Bull 3X Shares
Direxion Daily Euro Bear 3X Shares
Direxion S&P 500® Dynamic VEQTOR Shares
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Source: SEC.gov
Dreyfus files with the SEC
July 20, 2010--Dreyfus has filed an application for exemptive relief with the SEC.
view filing
Source: SEC.gov
Standard & Poor's Announces Changes In The S&P/TSX Venture Composite Index
July 19, 2010--Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Monday, July 19, 2010:
Brazauro Resources Corporation (TSXVN:BZO) will be removed from the index.
Pursuant to a Plan of Arrangement, the shares of the company will be exchanged for shares of Eldorado Gold Corporation (TSX:ELD).
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
NASDAQ Captures 59 New Listings Including 23 IPOs in the Second Quarter
July 19, 2010--The NASDAQ Stock Market® (Nasdaq:NDAQ) today announced that in the second quarter it captured 59 new listings, including 23 new initial public offerings (IPO), with combined proceeds totaling over $1.98 Billion.
NASDAQ listed nine of the 11 (81 percent) information technology companies that completed an initial public offering on a US market this quarter. Notable companies in this group include Mitel Networks Corporation (Nasdaq:MITL), which raised more than $147 million in proceeds on its first day of trading, Alpha and Omega Semiconductor Limited (Nasdaq:AOSL), and China-based HiSoft Technology International Limited (Nasdaq:HSFT).
Other notable IPOs in the second quarter include CBOE Holdings, Inc. (Nasdaq:CBOE), which raised more than $339 million in proceeds in its initial public offering, Tesla Motors, Inc. (Nasdaq:TSLA), the first IPO out of the automotive industry in more than 54 years, and THL Credit, Inc. (Nasdaq:TCRD).
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Source: NASDAQ OMX