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HSBC Exposed U.S. Financial System to Money Laundering, Drug, Terrorist Financing Risks
Senate Subcommittee Holds Hearing and Releases Report
July 16, 2012 --Global banking giant HSBC and its U.S. affiliate exposed the U.S. financial system to a wide array of money laundering, drug trafficking, and terrorist financing risks due to poor anti-money laundering (AML) controls, a Senate Permanent Subcommittee on Investigations probe has found.
“In an age of international terrorism, drug violence in our streets and on our borders, and organized crime, stopping illicit money flows that support those atrocities is a national security imperative,” said Sen. Carl Levin, D-Mich., subcommittee Chairman. “HSBC used its U.S. bank as a gateway into the U.S. financial system for some HSBC affiliates around the world to provide U.S. dollar services to clients while playing fast and loose with U.S. banking rules.
Market Vectors Changing Underlying Indexes of Its Coal ETF (KOL) And Gaming ETF (BJK)
Largest U.S. Coal-Focused ETF and the Only U.S.-Listed Global Gaming Equity ETF Will Track Benchmarks Providing Pure-Play Approach to Indexing and Sophisticated Liquidity Screens
July 16, 2012--Effective on or about September 21, 2012, the Market Vectors Coal ETF (NYSE Arca: KOL) will begin tracking a new benchmark, the Market Vectors Global Coal Index (MVKOL).
At the same time, the Market Vectors Gaming ETF (NYSE Arca: BJK) will also begin tracking a new benchmark, the Market Vectors Global Gaming Index (MVBJK). Both indexes employ the Market Vectors index methodology that focuses on investability. This methodology is shared by the benchmark indexes of several other Market Vector ETFs, including Brazil Small-Cap (BRF), Indonesia (IDX), Junior Gold Miners (GDXJ), Oil Services (OIH), Russia (RSX), Semiconductor (SMH), and Vietnam (VNM).
“We expect that KOL and BJK will become more diversified as a result of these changes,” said Ed Lopez, Marketing Director at Van Eck Global. “They will continue, however, to offer pure play global exposure. Consistent with the Market Vectors index methodology, these indexes have limits on individual holdings which help to avoid overconcentration in a few large holdings.”
ETF War of the Goliaths
July 13, 2012--The battles of the Goliaths that is playing out in the ETF Industry and the impact that they will have on the overall trillion dollar asset management industry certainly has the potential to keep many Business Schools busy writing case studies.
Future growth of the ETF market place within the next 3 years is clearly dependent upon many uncontrollable variables so it should not surprise to anyone that the range of growth estimates is so broad (13-25%), but that does not mean that strategic business decisions will not be made.
CFTC.gov Commitments of Traders Reports Update
July 13, 2012--The current reports for the week of July 10, 2012 are now available.
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First Trust files with the SEC
July 13, 2012--First Trust has filed a post-effective amendment, registration statement with the SEC for the First Trust Global Tactical Asset Allocation and Income Fund.
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Haywire ETN pricing draws regulatory red flag
July 13, 2012--The self-regulatory body for US brokers has issued an investor alert for exchange traded notes, warning of trading imbalances that have warped prices for the products recently.
The alarm from the Financial Industry Regulatory Authority seems to stem from deviations between ETNs’ market price and their indicative, or calculated, value.
SEC Staff Publishes Final Report on Work Plan for Global Accounting Standards
July 13, 2012-- The Securities and Exchange Commission's Office of the Chief Accountant today published its final staff report on the Work Plan related to global accounting standards.
The Commission directed the staff in February 2010 to develop and execute the work plan. The Commission issued a statement at the time indicating that the information obtained through the Work Plan would aid the Commission in evaluating the implications of incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for U.S. companies.
The SEC staff welcomes feedback on the final staff report. Submissions to the Commission may be made either on paper or electronically; please use only one method.
S&P Dow Jones Indices Announces Quarterly Index Reviews
July 13, 2012--S&P Dow Jones Indices Canadian Index Operations announces the following index changes as a result of the quarterly S&P/TSX Preferred
Share Index and S&P/TSX Venture Select Index Reviews. These changes will be effective at the open on Monday, July 23, 2012.
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AdvisorShares files with the SEC
July 13, 2012--AdvisorShares has filed a post-effective amendment, registration statement with the SEC for the Pring Turner Dow Jones Business Cycle ETF.
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CFTC's Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Relief to Certain CPOs and CTAs to Meet Registration and Compliance Obligations
Entities have Until December, 31, 2012, to Comply with Changes to Part 4 of the Commission's Regulations Involving Registration and Compliance Obligations for CPOs and CTAs
July 13, 2012--
The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today announced the issuance of
time-limited no-action relief for commodity pool operators (CPOs) and commodity trading advisors (CTAs) who have been exempt or excluded from registration but, because of recent amendments to Commission Regulations 4.13 and 4.5, now need to register and satisfy compliance obligations.
Haywire ETN pricing draws regulatory red flag
July 13, 2012--The self-regulatory body for US brokers has issued an investor alert for exchange traded notes, warning of trading imbalances that have warped prices for the products recently.
The alarm from the Financial Industry Regulatory Authority seems to stem from deviations between ETNs’ market price and their indicative, or calculated,
Maple and TMX Group Provide Update On Upcoming Milestones
TMX Group shareholders urged to immediately tender their shares to the Maple offer before it expires at 5:00 pm (Eastern) on July 31, 2012
Maple to be renamed TMX Group Limited on August 10, 2012
July 12, 2012--Maple Group Acquisition Corporation ("Maple") and TMX Group Inc. ("TMX Group") today provided an update on upcoming milestones associated with the proposed Maple transaction.
The Maple transaction is an integrated acquisition transaction to acquire 100% of the TMX Group shares involving the first step offer for a minimum of 70% and a maximum of 80% of the outstanding TMX Group Shares followed by a second step share exchange transaction pursuant to a court approved plan of arrangement under which the remaining TMX Group shares will be exchanged for common shares of Maple ("Maple Shares").
CFTC.gov Financial Data for Futures Commission Merchants Update
July 12, 2012--Selected FCM financial data as of May 31, 2012 (from reports filed by July 3, 2012) is now available.
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Vanguard weighs push into banking
July 12, 2012--Vanguard surveying customers about banking
Fund firm currently offers limited banking services
Money fund reforms could spur client moves to bank accounts
July 12, 2012--Vanguard Group is considering offering more banking services, the U.S. mutual fund leader said, at a time when asset managers may need new ways to hold on to clients' cash if proposed rules shrink money market funds.
Options for Vanguard could include starting its own retail bank or partnering with an existing one, Sean Hagerty, head of the company's portfolio review department, said in an interview.
Vanguard already offers some cash-management services like check-writing through a deal with PNC Financial Services Group Inc (PNC.N).
IMF Working paper-Building Blocks for Effective Macroprudential Policies in Latin America: Institutional Considerations
July 12, 2012--Summary: An increasing number of countries-including in Latin America - are reforming their financial stability frameworks in the aftermath of the financial crisis, in order to establish a stronger macroprudential policy function.
This paper analyzes existing arrangements for financial stability in Latin America and examines key issues to consider when designing the institutional foundations for effective macroprudential policies. The paper focuses primarily on eight Latin American countries, where the institutional arrangements for monetary and financial policies can be classified in two distinct groups: the "Pacific" model that includes Chile, Colombia, Peru, Costa Rica, and Mexico, and the "Atlantic" model, comprising Argentina, Brazil, and Uruguay.
