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Regulation bill to hit Senate floor this week
April 19, 2010--A long-awaited US financial regulation bill is expected to hit the Senate floor as soon as Wednesday as the fight for Barack Obama’s legislative priority enters its final stage.
Chris Dodd, Senate banking committee chairman, on Monday said he was open to altering plans for a $50bn (€37bn, £33bn) fund to pay costs associated with winding down a failing financial institution.
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Source: FT.com
SEC engages in high risk game
April 19, 2010--The contrast between the old US Securities and Exchange Commission and the newly emboldened agency now investigating the financial crisis could not have been starker on Friday.
At 10:30am Washington time, the enforcement division announced a high-stakes civil fraud case against Goldman Sachs alleging it lied to investors about a collateralised debt obligation linked to subprime mortgages.
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Source: FT.com
CFTC Approves Media Derivatives, Inc. Designated Contract Market Application
April 16, 2010--The U.S. Commodity Futures Trading Commission (CFTC) today approved the application of Media Derivatives, Inc. (MDEX) for designation as a contract market. The Commodity Exchange Act requires the Commission to approve such applications if the applicant meets criteria enumerated in the Act.
MDEX also has requested approval from the CFTC of a contract related to motion picture box office receipts. The Commission is still considering that issue. Moreover, given the novel nature of the contracts that MDEX has proposed trading, the CFTC has requested, and MDEX has agreed, that rather than self-certifying such contracts, MDEX must submit all new classes or categories of media-related contracts it lists for approval by the Commission. The Commission has not approved the trading of any futures or options related to box office receipts at this time.
Source: CFTC.gov
SEC Charges Goldman Sachs With Fraud in Structuring and Marketing of CDO Tied to Subprime Mortgages
April 16, 2010-- The Securities and Exchange Commission today charged Goldman, Sachs & Co. and one of its vice presidents for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the U.S. housing market was beginning to falter.
The SEC alleges that Goldman Sachs structured and marketed a synthetic collateralized debt obligation (CDO) that hinged on the performance of subprime residential mortgage-backed securities (RMBS). Goldman Sachs failed to disclose to investors vital information about the CDO, in particular the role that a major hedge fund played in the portfolio selection process and the fact that the hedge fund had taken a short position against the CDO.
Litigation Release No. 21489
Indices Theoretical Portfolios Direxion files with the SEC view filing Goldman accused of subprime fraud
The SEC move came as President Barack Obama made a final push for financial reform in the Senate next week. “Wall Street titans still recklessly speculate with borrowed money,” he told supporters. “We cannot delay action any longer.”
read more SEC heavyweights call for self-funding powers read more
Swank Energy Income Advisors, LP Announces Launch of ETN Tracking the Cushing(R) 30 MLP Index The Cushing® 30 is calculated by Standard & Poor's and reported under the Bloomberg ticker "MLPX". read more CME Group Announces the Launch of Four New European Biofuel Swap Futures Contracts read more
Source: SEC
April 16, 2010--announces the second preview for the Ibovespa theoretical portfolio, which will be valid for the period of May to August, 2010. BM&FBOVESPA also announces the second previews for the other indices.
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Source: BM&FBOVESPA
April 16, 2010--Direxion has filed a registation statement, post-effective amendment with the SEC for
Combined Prospectus for Direxion Auto Shares, Direxion Airline Shares, Direxion Daily Agribusiness Bull 3X Shares, Direxion Daily Agribusiness Bear 3X Shares, Direxion Daily Brazil Bull 3X Shares, Direxion Daily Brazil Bear 3X Shares, Direxion Daily Canada Bull 3X Shares, Direxion Daily Canada Bear 3X Shares, Direxion Daily Commodity Related Bull 3X Shares, Direxion Daily Commodity Related Bear 3X Shares, Direxion Daily Global Infrastructure Bull 3X Shares,
Direxion Daily Global Infrastructure Bear 3X Shares, Direxion Daily Gold Miners Bull 3X Shares, Direxion Daily Gold Miners Bear 3X Shares, Direxion Daily Home Construction Bull 3X Shares, Direxion Daily Home Construction Bear 3X Shares, Direxion Daily Indonesia Bull 3X Shares, Direxion Daily Indonesia Bear 3X Shares, Direxion Daily Malaysia Bull 3X Shares, Direxion Daily Malaysia Bear 3X Shares, Direxion Daily Natural Gas Related Bull 3X Shares, Direxion Daily Natural Gas Related Bear 3X Shares, Direxion Daily Regional Banks Bull 3X Shares, Direxion Daily Regional Banks Bear 3X Shares, Direxion Daily Russia Bull 3X Shares, Direxion Daily Russia Bear 3X Shares, Direxion Daily South Korea Bull 3X Shares, Direxion Daily South Korea Bear 3X Shares, Direxion Daily Taiwan Bull 3X Shares, Direxion Daily Taiwan Bear 3X Shares, Direxion Daily Thailand Bull 3X Shares, Direxion Daily Thailand Bear 3X Shares, Direxion Daily Water Bull 3X Shares, Direxion Daily Water Bear 3X Shares, Direxion Daily Wind Energy Bull 3X Shares and Direxion Daily Wind Energy Bear 3X Shares
Source: SEC.gov
April 16, 2010--US authorities on Friday accused Goldman Sachs of securities fraud that caused investor losses of more than $1bn, in the toughest regulatory crackdown so far on the excesses of the credit-bubble era.
News of the civil action by the Securities and Exchange Commission wiped more than $12bn off the market value of Wall Street’s most prestigious bank, cast doubt over the future of its leadership team and business model, and rocked other banks .
Source: FT.com
April 15, 2010--Mary Schapiro, chairman of the Securities and Exchange Commission, and five of her predecessors on Thursday exhorted Congress to grant self-funding powers to strengthen the agency that missed the Madoff fraud.
“The SEC languishes as one of the few financial regulators still subject to the annual appropriations process,” she said, echoing a call for an overhaul by Charles Schumer, the Democratic member of the Senate banking committee.
Source: FT.com
April 15, 2010--Swank Energy Income Advisors, LP ("Swank Energy"), a wholly-owned subsidiary of Swank Capital, LLC and investment advisor to The Cushing MLP Total Return Fund (NYSE: SRV), today announced that Credit Suisse Securities (USA) LLC has launched an Exchange-Traded Note ("ETN") tracking the Swank Energy sponsored Cushing® 30 MLP Index (the "Cushing® 30"). The ETN is listed on the NYSE Arca under the ticker symbol "MLPN".
The Cushing® 30 is a fundamental based North American energy infrastructure index, comprised of 30 equally weighted publicly traded MLPs. By basing inclusion in the index on fundamental drivers such as cash flow, distribution growth, and balance sheet strength, the Cushing® 30 corrects inherent flaws of market-capitalization weighted indices and provides investors with an index that more accurately reflects the performance of a well-diversified passive MLP portfolio. The fundamental selection processes used to create the Cushing® 30, as well as its design as a predominately static index, creates the benchmark for MLP investors.
Source: Swank Energy Income Advisors, LP
Aprol 15, 2010-- CME Group, the world’s leading and most diverse derivatives marketplace, today announced the launch of trading and clearing services for four new European biofuel swap futures contracts. Trading will be available on the New York trading floor and clearing services through CME ClearPort®, a set of flexible clearing services open to over-the-counter (OTC) market participants to substantially mitigate counterparty risk and provide neutral settlement prices across asset classes.
Trading and clearing are scheduled to begin on April 25 for trade date April 26. These contracts will be listed by NYMEX and subject to the rules and regulations of NYMEX and CME.
Source: CME Group