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CFTC Approves Notice of Proposed Rulemaking Regarding Regulations on Aggregation for Position Limits for Futures and Swaps
May 18, 2012--The Commodity Futures Trading Commission (CFTC) today approved a notice of proposed rulemaking that would modify the CFTT's aggregation provisions for limits on speculative positions.
The proposed rulemaking would permit any person with a greater than 10 percent ownership or equity interest in an entity to disaggregate the owned entity’s positions, provided there are protections and firewalls in place to ensure trading decisions are made independently of one another.
This proposed rulemaking is in response to a January 19, 2012, petition of the Working Group of Commercial Energy Firms (WGCEF) filed under section 4a(a)(7) of the Commodity Exchange Act (CEA) seeking relief from the aggregation provisions of rule 151.7. The Commission invites the public and interested parties to comment on the proposed rule. The comment period will be open for 30 days after publication in the Federal Register.
view the Federal Register: Aggregation Under Part 151, Position Limits for Futures And Swaps
CFTC Approves Final Rule on Swap Data Recordkeeping and Reporting Requirements for Pre-Dodd-Frank and Transition Swaps
May 18, 2012--The U.S. Commodity Futures Trading Commission (CFTC) today approved a final rule on swap data recordkeeping and reporting requirements for counterparties to pre-enactment swaps, those swaps executed prior to passage of the Dodd-Frank Act, and transition swaps, those entered into between the law's enactment date and the applicable compliance date for swap data recordkeeping and reporting.
The goal of the final rule for these swaps, collectively called historical swaps, is to specify what records must be kept and what data must be reported. The rule is also designed to ensure that historical swap data is available to regulators through swap data repositories (SDRs).
Background:
The Commission’s final rule regarding swap data recordkeeping and reporting for historical swaps further implements the Dodd-Frank Act’s new statutory framework regarding swap data recordkeeping and reporting. Section 723 of the Dodd-Frank Act amends Section 2 of the Commodity Exchange Act (CEA or Act) by adding new Section 2(h)(5), which directs that rules adopted by the Commission pursuant to this section shall provide for the reporting of data relating to swaps entered into before the date of enactment of the Dodd-Frank Act (pre-enactment swaps) and data relating to swaps entered into on or after the date of enactment of the Dodd-Frank Act and prior to the compliance date specified in the Commission’s final swap data reporting rules (transition swaps). The Commission’s final rule establishes recordkeeping and reporting requirements for these swaps, collectively known as historical swaps.
CFTC.gov Commitments of Traders Reports Update
May 18, 2012--The current reports for the week of May 15, 2012 are now available.
iShares files with the SEC
May 18, 2012-iShares has filed a post-effective amendment, registration statement with the SEC for the iShares Latin America Bond Fund.
view filing
First Trust files with the SEC
May 18, 2012--First Trust has filed a amendment no.2, application for exemptive relief with the SEC.
view filing
BM&FBOVESPA registers record financial volume and number of trades in the BOVA11 ETF
May 18, 2012--BM&FBOVESPA registered an all-time record financial volume and number of trades today in the BOVA11 ETF, an index fund that tracks the performance of the BOVESPA Index (Ibovespa). There were 11,767 trades in 7,106,960 units, totaling financial volume of BRL 380.69 million.
The previous record number of trades was 10,154 on May 17, 2012 and the previous record financial volume was BRL 309 million on May 04, 2012.
ETFs are index funds traded on the Exchange like stocks and which replicate the composition of an index. An investor that buys a unit in an ETF is making a simultaneous investment in a share portfolio composed of companies in different sectors of the Brazilian economy, without having the buy the separate shares of the respective index.
CFE to Launch Futures on CBOE NASDAQ-100 Volatility Index (VXN)
May 17, 2012--CBOE Futures Exchange, LLC (CFE) announced today that it plans to launch trading on the CBOE NASDAQ-100 Volatility Index futures contract (ticker symbol VXN, futures symbol VN) beginning on Wednesday, May 23, pending regulatory approval.
VXN, which measures the volatility of the NASDAQ-100 Index, is calculated through the application of CBOE's VIX® methodology to the prices of options on NDX.
Accuvest Global Advisors Partners with First Trust to Launch a New International Strategy Featuring AlphaDEX Country ETFs Accuvest International Opportunities
Featuring AlphaDEX ETFs Will Pair Top-Down Country Selection with Bottom-Up Stock Selection
May 17, 2012--Accuvest Global Advisors ("Accuvest"), a leading investment manager of global/international equity strategies, today announced that they will launch a new model strategy that will combine Accuvest's top-down country selection with First Trust Advisors AlphaDEX methodology.
The new strategy, branded Accuvest International Opportunities - Featuring AlphaDEX ETFs, will initially be offered on select UMA platforms. David Garff, President of Accuvest Global Advisors said, "We are thrilled about our new partnership with First Trust. Both of our firms use a quantitative methodology to access country markets, ours from a country level and theirs on a company level. Together, our methodologies will offer investors access to the most attractive companies within the most attractive countries." Accuvest has been running their country ranking model over the last 7 years for a global client base as well as both domestic and international investment companies.
BNY Mellon to Provide Investment Services to AdvisorShares Global Echo ETF
Mandate Expands Relationship to 14 Actively Managed ETFs with Assets Exceeding $500 Million
May 17, 2012--BNY Mellon, the global leader in investment management and investment services, has been selected by AdvisorShares to provide exchange-traded-fund (ETF) services, custody, fund accounting and fund administration for the AdvisorShares Global Echo ETF (GIVE).
This mandate expands BNY Mellon's relationship with AdvisorShares, which began in 2009, to include 14 ETFs with assets totaling more than $500 million.
ISE Introduces Weekly FX Options
Euro / U.S. Dollar Option First Currency Pair to List with Weekly Expiration
May 17, 2012--The International Securities Exchange (ISE) today expanded its offering of weekly options to its ISE FX Options® product portfolio. The euro/U.S. dollar option (ticker: EUU) was the first cash-settled FX product to list with a weekly expiration.
Kris Monaco, Head of New Product Development at ISE, said, “We are pleased to expand our weekly options offering to include our FX options product suite. The launch of a weekly option on the euro/U.S. dollar currency pair will provide greater flexibility for investors seeking to hedge short-term currency movements.”
BATS Bats Its Eyes at Rivals
Exchange's Board Considers Listing a Relaunched IPO on NYSE or Nasdaq
May 17, 2012--BATS Global Markets' board is debating whether to list the company on a rival exchange once it revisits plans for an initial public offering, a step that would further undermine its bid to challenge NYSE Euronext and Nasdaq OMX Group Inc. for corporate listings.
BATS's first IPO attempt ended in disaster in March, when the company pulled the offering over what it called a technical glitch on its own exchange. The setback halted BATS's ambitions for its fledgling corporate-listings business, of which BATS was to be the first customer.
First Trust files with the SEC
May 17, 2012--First Trust has filed a registration statement with the SEC for the First Trust Morningstar Diversified Futures Fund.
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One ETF Firm Hints at 12b-1 Fees
May 17, 2012--Exchange-traded funds are not required to pay brokerage firms a 12-b1 fee to be held in an account, but one ETF company appears to be preparing for this.
As the number of ETFs expands and marketing expenses rise, brokerage firms are stepping up pressure on ETF companies to pay them 12b-1 fees. In response, SSgA has begun including 12b-1 language in their prospectus. The fee isn’t being charged yet, but their ability to do so is closer than most might think.
Junk-Debt ETFs Set Markets 'Abuzz' After Record Trades
MAy 17, 2012--The largest trades on record in shares of two exchange-traded funds that invest in junk debt are attracting attention to the four-year-old market that allows anyone from banks to retirees fast and discreet access to speculative-grade bonds and loans.
Shares of an Invesco Ltd. ETF that invests in leveraged loans had a record one-day inflow on May 10 that boosted its shares outstanding by 25 percent, according to data compiled by Bloomberg. The same day, an investor used State Street Corp. (STT)’s ETF of junk bonds to anonymously obtain as much as $780 million of the debt by swapping shares of the fund.
U.S. Institutions Find New Strategic Uses for ETFs
May 17, 2012--Institutional investors that began using exchange-traded
funds (ETFs) for manager transitions, rebalancing, and other tactical applications are increasingly employing
ETFs for strategic purposes, such as gaining long-term exposures to desired asset classes.
The results of a recent study by Greenwich Associates show that 57% of institutional ETF users employ these
products to achieve strategic allocation ranges — a share
that includes 38% of asset managers and more than 60% of institutional funds using ETFs.
Those shares have both grown since last year, when, among ETF users, about 50% of institutional funds and a quarter of asset managers said they used the product to achieve strategic allocation ranges.
