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iShares files with the SEC
March 23, 2012--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares MSCI Frontier 100 Index Fund.
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Precidian files with the SEC
March 23, 2012-Precidian Funds LLC
has filed an amended application for exemptive relief with the SEC.
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Treasury Report: Now is the Key Time to Invest in Infrastructure
March 23, 2012--A new report released today by the U.S. Department of Treasury with the Council of Economic Advisers finds that now is the key time to invest in infrastructure to create middle-class jobs, increase our long-term competiveness, and support a more secure energy future.
The President’s all-of-the-above strategy for American energy and his FY2013 Budget proposes a bold plan to renew and expand America’s infrastructure. The plan includes a $50 billion up-front investment connected to a $476 billion six-year reauthorization of the surface transportation program and the creation of a National Infrastructure Bank.
“This report highlights the need for critical investments in transportation to help ease the burden on middle-class families trying to make ends meet, create jobs where workers would especially benefit, and also strengthen our competitiveness and support business infrastructure over the long term,” said Assistant Secretary for Economic Policy Jan Eberly.
CFTC.gov Commitments of Traders Reports Update
March 23, 2012--The current reports for the week of March 20 2012 are now available.
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Statement: BATS Global Markets Withdraws Initial Public Offering
March 23, 2012--BATS Global Markets, Inc. ("BATS") today announced it has withdrawn its planned initial public offering (IPO), which was scheduled to close on March 28, 2012.
"Although our affected market has reopened, in the wake of today's technical issues, which affected the trading of certain stocks, including that of BATS, we believe withdrawing the IPO is the appropriate action to take for our Company and our shareholders," said Joe Ratterman, chairman, president and CEO of BATS Global Markets.
Buenos Aires Futures and Options Exchange (MATba) And Uruguay’s Stock Exchange (BVM) To Create A New Derivatives Market
March 23, 2012--Mercado a Termino de Buenos Aires – MATba (Buenos Aires Futures and Options Exchange) and Bolsa de Valores de Montevideo- BVM (Uruguay's Stock Exchange) announced that they will create a Futures and Options Exchange in Uruguay.
The new exchange will operate under the name "MATba Rio de la Plata Bolsa de Valores S. A." and will be the first derivatives market in Uruguay. The two exchanges are waiting for Uruguay’s Central Bank approval to start working on the first contracts, which will probably be cattle and agricultural commodities, leaving currencies and other financial products for a second stage. All contracts will be cash settled and traded electronically.
Bats withdraws IPO after errors pummel its stock, halt Apple
March 23, 2012--Bats Global Markets, the six-year-old equity exchange, canceled its initial public offering Friday, stunning Wall Street after errors on its own computer systems derailed trading in the stock and forced a halt in Apple.
“We believe withdrawing the IPO is the appropriate action to take for our company and our shareholders,” chief executive Joe Ratterman said in a statement. Asked whether that meant Bats is no longer going public, Randy Williams, a company spokesman, replied by e-mail, “Yes, that’s correct.”
Claymore files with the SEC
March 22, 2012-Claymore has filed a post-effective amendment, registration statement withe the SEC for the
Guggenheim BulletShares 2018 Corporate Bond ETF
Guggenheim BulletShares 2019 Corporate Bond ETF
Guggenheim BulletShares 2020 Corporate Bond ETF
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Testimony before the U.S. Senate Committee on Banking, Housing, and Urban Affairs, Hearing on International Harmonization of Wall Street Reform: Orderly Liquidation, Derivatives, and the Volcker Rule, Washington, DC
Director, Office of International Affairs Jacqueline H. Mesa
March 22, 2012--Good morning Chairman Johnson, Ranking Member Shelby, and members of the Committee. I am Jacqueline Mesa, the Director of the Office of International Affairs at the Commodity Futures Trading Commission.
Thank you for the opportunity to testify today regarding international aspects of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). This morning, I will provide an overview of global commitments for over-the-counter (“OTC”) derivatives reform, an update on Dodd-Frank Act implementation efforts at the Commodity Futures Trading Commission (“CFTC” or “Commission”), global initiatives to bring financial reform to OTC derivatives, and coordination with international regulators in regulating the swaps market.
G-20 Commitment for OTC Derivatives Reform
The financial crisis generated international consensus on the need to strengthen financial regulation by improving transparency, mitigating systemic risk, and protecting against market abuse. As a result of the widespread recognition that transactions in the OTC derivatives market increased risk and uncertainty in the economy and became a significant contributor to the financial crisis, a series of policy initiatives were undertaken to better regulate the financial markets.
CFTC's Division of Market Oversight Issues Letter to Market Participants Regarding Compliance with Large Trader Reporting System for Physical Commodity Swaps and Swaptions
Division to Provide Temporary and Conditional No-Action Relief for Less than Fully Compliant Reporting
March 22, 2012--The Commodity Futures Trading Commission's (CFTC) Division of Market Oversight today issued a letter to market participants providing temporary and conditional no-action relief for less than fully compliant reporting under the CFTC’s large trader reporting system for physical commodity swaps and swaptions.
Clearing organizations and clearing members began reporting under the system on November 21, 2011. This temporary relief is intended to provide sufficient time for the industry and the CFTC to transition to fully compliant reporting by July 2, 2012.
This no-action is only available to market participants making a good faith effort to comply with the new rules. In addition, parties relying on the no-action relief must submit month-end open interest reports to the Commission that cover the period from March 1, 2012, to June 30, 2012. Parties that wish to rely on the no-action relief must also submit an e-mail to the Division, at submissions@cftc.gov and SwapsLTR@cftc.gov no later than March 30, 2012, that includes information on arrangements being made to come into full compliance with the rules, as well as the expected date of such compliance.
Van Eck files with the SEC
March 22, 2012--Van Eck has filed a post-effective amendment, registration statement with the SEC for the Market Vectors European Currency High Yield Bond ETF.
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Testimony Concerning "International Harmonization of Wall Street Reform: Orderly Liquidation, Derivatives, and the Volcker Rule"
by Commissioner Elisse B. Walter
U.S. Securities and Exchange Commission
Before the Committee on Banking, Housing, and Urban Affairs
United States Senate
March 22, 2012--Chairman Johnson, Ranking Member Shelby, and members of the Committee, thank you for inviting me to testify on behalf of the Securities and Exchange Commission (SEC) about international cooperation in the realm of financial regulation.
Markets are global, and regulators have long been mindful that domestic changes can have an impact outside their own countries. The impact of regulation across borders has become ever more important as business has become increasingly global. As part of our rulemaking efforts to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act), the SEC has been actively engaged in discussions with our counterparts abroad to encourage international coordination of regulatory reforms.
Our international efforts include both informal and formal bilateral discussions and arrangements, and we also work through multilateral organizations, where we have leadership roles in several task forces and working groups.
Invest n Retire Hires Gus Fleites As CEO
March 22nd 2012--Invest n Retire, LLC, (INR) a record keeper for tax-deferred retirement plans has recently announced the appointed of Agustin J. (Gus) Fleites as Chief Executive Officer.
Mr. Fleites, current Managing Director of Boston-based Beta Capital Advisors, LLC brings over 20 years of leadership experience to INR. He has extensive experience both as an investment manager and business leader helping investors apply passive investment strategies to meet their investment needs. At State Street Global Advisors Mr. Fleites established the asset allocation group where he worked closely with defined contribution and other retirement plans, endowments, and foundations developing and managing their investment plans. He was also a director of CitiStreet, a State Street- Citigroup venture and industry leader in defined contribution benefit plan administration services.
Chairman Ben S. Bernanke The European Economic and Financial Situation
Before the Committee on Government Oversight and Reform, U.S. House of Representatives, Washington, D.C.
March 21, 2012--Thank you, Chairman Issa, Ranking Member Cummings, and other members of the Committee for inviting me to testify about the economic and financial situation in Europe and the actions taken by the Federal Reserve in response.
Developments in Europe and Their Effects on the U.S. Economy
For almost two years, developments in Europe have had an important influence on the tenor of global financial markets and on the global economy more generally. The combination of high debts, large deficits, and poor growth prospects in several countries using the euro has raised concerns about fiscal sustainability and, consequently, led to sharply higher sovereign borrowing costs--initially for Greece, but subsequently for other euro-area countries as well. Pessimism about these countries' fiscal and economic situations, in turn, has undermined confidence in the strength of European financial institutions, increasing the cost and difficulty those institutions have faced in obtaining funding and reducing their willingness to supply credit.
The difficulties in the euro area have affected the U.S. economy. The European Union accounts for roughly one-fifth of U.S. exports of goods and services. Not surprisingly, U.S. exports to Europe over the past two years have underperformed our exports to the rest of the world. In addition, weaker demand from Europe has slowed growth in other economies, which has also lowered foreign demand for our products.
Financial strains in Europe have also shown through to our financial markets. During times when financial conditions in Europe were at their most turbulent, investors around the world retreated from riskier assets. In the United States, these pullbacks decreased stock prices, increased the costs of issuing corporate debt, and reduced consumer and business confidence. In addition, U.S. financial institutions that were thought to have substantial exposures to Europe saw their stock prices fall and their credit spreads widen.
US senators press for position limits in oil markets
Bill would require limits in oil markets
Senators say market not reflecting supply/demand
CFTC chairman doesn't understand urgency-Sanders
March 21, 2012--Ramping up pressure on U.S. commodities regulators, a group of U.S. senators on Wednesday unveiled legislation aimed at lowering skyrocketing fuel prices by reining in excessive speculation in oil markets.
The bill would require the Commodity Futures Trading Commission to use its emergency powers to impose position limits in oil futures markets within 14 days of the measure becoming law.
