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At Volcker Rule Deadline, a Strong Pushback From Wall St.
February 13, 2012--Wall Street made its broadest assault yet against new regulation on Monday, taking aim at a rule that has come to define the battle over how to police banks in the aftermath of the financial crisis.
Regulators in charge of writing the Volcker Rule, which would ban banks from trading with their own money, were inundated with complaints and suggestions on Monday, the deadline to comment on a draft proposal. More than 200 letters were expected to be filed by the midnight deadline on the rule, which regulators outlined in October.
Chairman's Letter, President's Budget and Performance Plan for Fiscal Year 2013
Chairman Gary Gensler
February 13, 2012
Dear Senators Inouye and Cochran and Representatives Rogers and Dicks:
I am pleased to transmit the Commodity Futures Trading Commission (CFTC) Budget and Performance Estimate for FY 2013.
The CFTC’s budget request strikes a balance between important investments in technology and human capital, both of which are essential to carrying out the agency’s mandate under the Commodity Exchange Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
Congress has mandated that the CFTC oversee both the approximately $37 trillion U.S. futures markets, as well as the $300 trillion U.S. swaps market. It is essential that the derivatives markets – both the futures and swaps markets – work for the benefit of the American public; that they are transparent, open and competitive; and that they do not allow risk to be spread through the economy.
"Heart of the Matter: Resources"
Statement of CFTC Commissioner Bart Chilton on the Administrations FY 2013 Budget
February 13, 2012--I support the President's budget request for Fiscal Year 2013. It goes to the heart of the matter by proposing funding to ensure we have the rudimentary resources to do our job.
When Congress passed the Dodd/Frank Act, it gave our Agency urgently needed authorities to police financial markets in the wake of the 2008 Wall Street collapse. That’s a good thing. But, policing can’t happen without putting more cops on the beat and getting technology up to full speed to oversee a marketplace whose speed and breadth are enormous.
We will move from regulating $5 trillion in trading to hundreds of trillions. To do that, in total, we will have finalized dozens of rules when that process is complete this year. And, all of that occurs at a time when the agency has anywhere from 750 to 1,000 enforcement investigations going on at any one time.
RBC targets ETF market after late start
February 11, 2012--Royal Bank of Canada expects to become a powerhouse in the burgeoning exchange-traded fund market despite its late entry as it moves to harness its reach as Canada's largest bank to target investors hungry for lowfee funds.
Cary Blake, vicepresident and head of ETF at the bank's RBC Global Asset Management unit, said a four-month-old suite of eight fixed-income ETFs
CFTC.gov Commitments of Traders Reports Update
February 10, 2012--The current reports for the week of February 7, 2012 are now available.
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iShares files with the SEC
February 10, 2012--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares Barclays GNMA Bond Fund.
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ETF price war intensifies with new launches
February 10, 2012--A third example of increased price competition from iShares is provided by the launch of SLVP which is based on the MSCI global silver miners index.
SLVP carries a total expense ratio of 39bps and it undercuts SIL, the silver miners ETF run by Global X
iShares files with the SEC-iShares Global ex USD High Yield Corporate Bond Fund
February 10, 2012--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares Global ex USD High Yield Corporate Bond Fund.
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iShares files with the SEC-iShares Global High Yield Corporate Bond Fund
February 10, 2012--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares Global High Yield Corporate Bond Fund.
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Global X files with the SEC
February 10, 2012--Global X has filed a post-efective amendment, registration statement with the SEC for the
Global X SuperIncome ETF
Global X SuperIncome Preferred ETF and
Global X SuperIncome REIT ETF
ProShares files with the SEC
February 10, 2012--ProShares has filed a post-effective amendment, regfistration statement with the SEC for ProShares German Sovereign / Sub-Sovereign Debt ETF.
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CME to Extend Corporate Debt Collateral to Rate Swaps Next Month
February 10, 2012--CME Group Inc., owner of the world's largest futures market, will extend the use of corporate debt it accepts as collateral to interest-rate swaps beginning March 12.
While the Chicago-based company’s clearinghouse already accepts corporate bonds to back futures trades, it will now allow users to post as much as $3 billion in bonds to back rate swaps, said a notice sent to customers yesterday. The bonds will need at least an A rating from a nationally recognized statistical rating organization and be denominated in dollars, among other requirements, CME Group said on its website.
Goldman subprime bet highlights Volcker debate
February 10, 2012--Goldman Sachs Group Inc's purchase of a $6.2 billion portfolio of subprime bonds on Wednesday illustrates the difficulty regulators may have in stopping banks from making bets with their own money.
Goldman purchased the portfolio from the Federal Reserve Bank of New York, which is selling mortgage securities acquired in 2008 through the bailout of American International Group Inc .
France signals nine eurozone states ready to trigger FTT
February 9, 2012--French Finance Minister Francois Baroin signalled Tuesday that nine eurozone governments are ready to press ahead with the introduction of a Paris-inspired financial transactions tax.
Baroin's office said the minister had written to the European Union's current Danish presidency asking for examination of a draft law championed by French President Nicolas Sarkozy to be examined by the summer.
The fact that nine countries are signatories to the letter is highly significant, as it paves the way for a special provision of the EU's Lisbon Treaty that allows at least one third of the EU's member states to trailblaze new laws by themselves.
Commodity Futures Trading Commission Votes to Establish a New Subcommittee of the Technology Advisory Committee (TAC) to focus on High Frequency Trading
New Subcommittee on Automated and High Frequency Trading is Seeking Nominations for Members
February 9, 2012--Commissioner Scott D. O'Malia, the chairman of the Technology Advisory Committee (TAC), announces that the Commission has voted to establish a Subcommittee on Automated and High Frequency Trading tasked with developing recommendations regarding the definition of high frequency trading ("HFT") in the context of the larger universe of automated trading.
This definition of HFT is anticipated to serve as an initial step towards assessing the presence and impact of HFT in CFTC regulated markets for consideration of appropriate regulatory and policy responses.
Since its inaugural meeting, the TAC has focused on one of the most important technological evolutions in trading behavior: automated trading. This shift in terms of speed and volume has challenged the exchanges’ and the Commission’s ability to ensure market integrity and safeguard against market misfires such as flash crashes.
