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U.S. Department of the Treasury Economic Statistics - Monthly Data Update
July 2, 2010--The U.S. Department of the Treasury Economic Statistics - Monthly Data has been updated and is now available.
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Source: U.S. Department of the Treasury
Direxion shares executes reverse share split of four ETFs
July 2, 2010--Direxion, a pioneer in providing alternative investment strategies to sophisticated investors, will execute a 1-for-5 reverse split of the shares of the Direxion Daily Energy Bear 3x Shares (ERY), Direxion Daily Real Estate Bear 3x Shares (DRV), Direxion Daily Small Cap Bear 3x Shares (TZA) and Direxion Daily Technology Bear 3x Shares (TYP) for shareholders of record after the close of the markets on July 7th.
The reverse split for the four ETFs was previously announced on June 17, 2010.
Source: Direxion
Next Agricultural Advisory Committee Meeting to Examine Wheat Convergence and Other Topics
July 2, 2010--Commissioner Michael V. Dunn, Chairman of the Commodity Futures Trading Commission’s Agriculture Advisory Committee (AAC) and Commissioner Jill Sommers visited the Kansas City Board of Trade (DCBT) this week to meet with representatives of the exchange to discuss convergence issues related to KCBT wheat futures contract.
Wheat convergence will again be a topic at the next AAC meeting set to be held on August 5, 2010 at the CFTC’s headquarters in Washington along with the ICE Futures US Cotton futures contract and price reporting issues in livestock futures contracts.
Regarding convergence, the AAC will discuss the effects of the recently implemented variable storage rates on the Chicago Board of Trade’s wheat futures contract, and convergence issues in other wheat contracts, including KCBT’s. Commissioner Dunn has asked the AAC Subcommittee on Convergence to meet prior to the August 5, 2010 meeting date to discuss convergence issues.
Source: CFTC.gov
CFTC.gov Commitments of Traders Reports Update
July 2, 2010--The CFTC.gov Commitments of Traders Reports has been updated for the week of June 29, 2010 and are now available.
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Source: CFTC.gov
Testimony Before the Financial Crisis Inquiry Commission
Testimony of Chairman Gary Gensler Before the Financial Crisis Inquiry Commission
July 1, 2010--Good afternoon Chairman Angelides, Vice Chairman Thomas and members of the Commission. I thank you for inviting me to today’s hearing to discuss the history of derivatives regulation and the role that over-the-counter derivatives played in the financial crisis. I also will address the historic legislation currently being debated in Congress that for the first time will bring much-needed comprehensive regulation to the over-the-counter (OTC) derivatives market.
In 2008, the financial system failed. The financial regulatory system failed. Though there were many causes of the 2008 financial crisis, derivatives played a central role. I know that this Commission is considering many contributing factors to the crisis. For example, to what extent did macroeconomic factors and monetary policy play a role in the crisis? What impact did the housing bubble and lax mortgage origination and underwriting practices have in the lead-up to the crisis?
Though these questions are critical, today’s hearing is on unregulated over-the-counter derivatives. As Chairman of the Commodity Futures Trading Commission (CFTC), a Commission established decades ago to regulate on-exchange derivatives, I have focused my testimony on the role the over-the-counter swaps market played in the financial crisis. These products have a net notional value of approximately $300 trillion in the United States. That is roughly 20 times the size of the American economy.
Past Justifications for Leaving Derivatives out of Regulation
Over-the-counter derivatives, which started to be transacted in the 1980s, have not been regulated in Europe, Asia or North America. Until the reforms being debated this year, I am not aware of any major country that had directly regulated these markets over a nearly 30-year period. I will touch upon five reasons that some have articulated in the past for such a lack of regulation in the over-the-counter derivatives marketplace.
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Source: CFTC.gov
Highland Capital Management, L.P. files with SEC
July 1, 2010--Highland Capital Management, L.P. has filed for exemptive relief with the SEC.
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Source: SEC.gov
Testimony of Chairman Gary Gensler Before the Financial Crisis Inquiry Commission
July 1, 2010--Good afternoon Chairman Angelides, Vice Chairman Thomas and members of the Commission. I thank you for inviting me to today’s hearing to discuss the history of derivatives regulation and the role that over-the-counter derivatives played in the financial crisis. I also will address the historic legislation currently being debated in Congress that for the first time will bring much-needed comprehensive regulation to the over-the-counter (OTC) derivatives market.
In 2008, the financial system failed. The financial regulatory system failed. Though there were many causes of the 2008 financial crisis, derivatives played a central role. I know that this Commission is considering many contributing factors to the crisis. For example, to what extent did macroeconomic factors and monetary policy play a role in the crisis? What impact did the housing bubble and lax mortgage origination and underwriting practices have in the lead-up to the crisis?
Though these questions are critical, today’s hearing is on unregulated over-the-counter derivatives. As Chairman of the Commodity Futures Trading Commission (CFTC), a Commission established decades ago to regulate on-exchange derivatives, I have focused my testimony on the role the over-the-counter swaps market played in the financial crisis. These products have a net notional value of approximately $300 trillion in the United States. That is roughly 20 times the size of the American economy.
Past Justifications for Leaving Derivatives out of Regulation
Over-the-counter derivatives, which started to be transacted in the 1980s, have not been regulated in Europe, Asia or North America. Until the reforms being debated this year, I am not aware of any major country that had directly regulated these markets over a nearly 30-year period. I will touch upon five reasons that some have articulated in the past for such a lack of regulation in the over-the-counter derivatives marketplace.
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Source: CFTC.gov
BNY Mellon ADR Index Monthly Performance Review is Now Available
July 1, 2010--The BNY Mellon ADR Index Monthly Performance Review isnow available.
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Source: BNY Mellon
The Options Industry Council Announces June Trading Volume Down Slightly As First Half Volume Rose 10%
July 1, 2010--The Options Industry Council (OIC) announced today that 309,262,866 total options contracts were traded in June, a 2.03 percent decline compared to June 2009 volume of 315,656,061 contracts. However, year-to-date volume stood at 2,000,877,118 contracts and is up 10.22 percent over the first six months of last year when 1,815,316,203 contracts were traded.
Average daily trading volume of 14,057,403 contracts for June was 2.03 percent lower than 2009’s average daily volume of 14,348,003 contracts. Trading volume for 2010 is averaging 16,136,106 contracts each day compared to the same period last year when 14,639,647 contracts were traded on average each day and represents a 10.22 percent increase.
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Source: Options Industry Council (OIC)
ISE Reports Monthly Volume for June 2010
July 1, 2010--The International Securities Exchange (ISE) today reported average daily
volume of 2.6 million contracts in June 2010.
Average daily trading volume for all options contracts decreased 32.6% to 2.6 million contracts in June as
compared to 3.9 million contracts during the same period in 2009. Total options volume for the month
decreased 32.6% to 58.0 million contracts from 86.0 million contracts in the same year-ago period.
On a year-to-date basis, average daily trading volume of all options decreased 19.7% to 3.3 million
contracts traded. Total year-to-date options volume through June 2010 decreased 19.7% to 405.6 million
contracts from 504.8 million contracts in the same period last year.
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Source: The International Securities Exchange (ISE)