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Remarks of Chairman Gary Gensler, Commodity Futures Trading Commission
September 14, 2009--Good morning. It is a pleasure to be with you today. Thank you to the New Republic and International Securities Exchange for hosting this event and inviting me to participate. Also, thank you to Noam Scheiber for asking me to be here.
One year ago, the financial regulatory system failed the American public. There were gaps in our regulatory structure that left the nation unprepared and unable to respond quickly to changing market environments.
The Administration has sent legislation to Capitol Hill to address some of the causes of the financial crisis. It is essential that we take action to bolster consumer protection in financial products, such as mortgage sales practices; establish a plan that would help unwind nonbank entities that are on the brink of collapse; address systemic risk; and regulate financial products and dealers that have for decades gone unregulated. Today I will spend my time with you addressing unregulated over-the-counter derivatives, which is an area of particular importance to the Commodity Futures Trading Commission.
As we move forward with regulatory reform, we do so with the full knowledge of the failures of our financial regulatory system. The last decade, and particularly the last 24 months, has taught us much about the new realities of our financial markets.
We have learned the limits of foresight and the need for candor about the risks we face. We have learned that transparency and accountability are essential. Only through strong, intelligent regulation can we fully protect the American people and keep our economy strong. We have all felt the effects of the failures of our regulatory system. Every single person in this room had to put money into a company that most Americans had never even heard of. $180 billion of the tax dollars that you and I paid went into AIG to keep its collapse from further harming the economy. We must ensure that this never happens again. We cannot afford any more billion-dollar bailouts.
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Source: CFTC.gov
CFTC Advisory Committee To Discuss Energy And Environmental Markets - Committee To provide Views On Emissions Trading Markets And Relevant Energy Issues
Committee to provide views on emissions trading markets and relevant energy issues.
September 14, 2009--The Commodity Futures Trading Commission (CFTC or Commission) will convene the second meeting of its expanded Energy and Environmental Markets Advisory Committee (EEMAC) at 8:00 a.m. EDT, on Wednesday, September 16, 2009, at the CFTC’s New York Regional Office, 140 Broadway, 19th Floor, New York, NY 10005.
The Committee will focus on recent CFTC hearings on position limits and hedge exemptions, regulatory reform and legislative proposals, and carbon and other emissions trading markets.
Bart Chilton, the Committee’s Chair, stated that “As Congress once again takes up the important topic of cap and trade legislation, the issue of regulatory oversight in these markets becomes even more critical. The CFTC has a longstanding history of federal regulation of derivatives trading—from monitoring exchange activity to ensuring financial responsibility to carrying out disciplinary and enforcement actions, and it’s very important to have the federal oversight of the entire market as seamless as possible. These markets will be so big, and their impact so large, that the oversight needs to be done right—from the outset.”
The CFTC’s Division of Market Oversight will present an update on energy and environmental markets, the Office of Legislative Affairs will present an update on current legislation and several Committee members will present their views on specific issues. The Commission has invited staff from other federal agencies to attend as observers.
The meeting is open to the public. The meeting will be webcast via the internet and audio of the hearing will be available via a listen-only conference call. Individuals may also view the hearing via teleconference at the Commission’s headquarters in Washington, D.C., Three Lafayette Centre, 1155 21st Street, N.W.; and the Commission’s Chicago Regional Office, 525 West Monroe Street, Suite 1100.
What: |
Energy and Environmental Markets Advisory Committee Meeting |
Location: |
CFTC New York Regional Office, Hearing Room |
Date: |
September 16, 2009 |
Time: |
8:00 a.m. – 11:00 a.m. EDT |
Viewing/Listening Information: |
The CFTC has made available the following options to access the hearing: 1. Watch a live broadcast of the meeting via Webcast on www.cftc.gov. 2. Call in to a toll-free telephone line to connect to a live audio feed. Call-in participants should be prepared to provide their first name, last name, and affiliation. Conference call information is listed below: Domestic Toll Free: (888) 691-4252 |
Source: CFTC.gov
Van Eck files Amended application with the SEC
September 11, 2009--Market Vectors ETF Trust has filed an amended statement with the SEC.
view filing
Source: SEC.gov
Grail Advisors files with the SEC
September 14, 2009--Grail Advisors, LLC and Grail Advisors ETF Trust file for exemptive relief with the SEC.
view filing
Source: SEC.gov
Two New TIPS Have Begun Trading
September 14, 2009--Allianz Global Investors is pleased to announce that PIMCO now offers three TIPS Exchange-Traded Funds (ETFs), giving investors a choice of short maturity, long maturity and broad TIPS index exposure to help them address their inflation-protection needs.
PIMCO’s two newest offerings, the PIMCO 15+ Year U.S. TIPS Index Fund (LTPZ) and PIMCO Broad U.S. TIPS Index Fund (TIPZ), launched on September 3, 2009, are designed to offer long or broad exposure to the U.S. TIPS curve, and may be especially appealing to investors seeking greater return sensitivity to changes in real yield, or aiming to protect purchasing power in the long run.
Launched on August 20, 2009, the PIMCO 1-5 Year U.S. TIPS Index Fund (STPZ) targets the shorter maturity Treasury Inflation-Protected Securities (TIPS) market. Accordingly, the Fund may offer higher correlation to changes in inflation than longer-maturity TIPS with lower volatility.
for more info visit www.pimcoetfs.com.
Source: Allianz Global Investors
IndexIQ Names Anthony Wilson Vice President & Regional Director for Western Region Sales
September 14, 2009-IndexIQ, a leading developer of index-based alternative investment solutions,
has named Anthony Wilson as Vice President and Regional Director of Sales for
the Western region, it was announced today.
Before joining IndexIQ, Wilson spent nine years as a director and principal in
the Private Client Group at Turner Investment Partners Inc., where he was
responsible for managing and developing business relationships with Registered
Independent Advisors, Wirehouse consultants, multi-family offices, Regional
Consultants and Bank Trust Departments. Prior to that, Wilson held senior sales
positions at several well-known investment firms, including Pacific Income
Advisors and Jurika & Voyles, LLC.
At IndexIQ, Wilson will be responsible for continuing the expansion of the firm`s Western region marketplace presence.
"Anthony brings great experience in communicating the value of unique financial products to the RIA, Financial Advisors, and Family Office marketplaces," said Anthony B. Davidow, Executive Vice President and Head of Distribution at IndexIQ. "His addition to the team further strengthens our presence in the Western region. We look forward to his contributions as we continue to penetrate the market, and continue to introduce unique and innovative alternative investment products."
IndexIQ is the sponsor of index-based alternative investment products, including
the first hedge fund replication Exchange-Traded Fund, the IQ Hedge
Multi-Strategy Tracker ETF (NYSE Arca: QAI); the first Macro and Emerging
Markets hedge fund replication ETF, the IQ Hedge Macro Tracker ETF (NYSE: MCRO);
and the first open-end, no-load hedge fund replication mutual fund, the IQ ALPHA
Hedge Strategy Fund (IQHIX - Institutional Share Class, and IQHOX - Investor
Share Class). IndexIQ products are designed to be liquid, transparent,* tax
efficient, and accessible to a broad range of investors
Source: Online News
Quarterly Changes to the NASDAQ OMX Government Relief Index
September 14, 2009--The NASDAQ OMX Group, Inc.
(Nasdaq:NDAQ) announced today the results of the quarterly evaluation
of the NASDAQ OMX Government Relief Index (Nasdaq:QGRI), which will
become effective with the market open on Monday, September 21, 2009.
The Hartford Financial Services Group, Inc. (NYSE:HIG) will be added to
the Index.
The Index is designed to track the performance of U.S.-listed securities whose issuer is participating in government sponsored relief programs such as the Troubled Asset Relief Program (TARP) or other direct government investment programs or government loans. The Index consists of securities of companies across multiple industry groups including, but not limited to, financial institutions and automobile manufacturers. The NASDAQ OMX Government Relief Index is evaluated on a quarterly basis. For more information about the NASDAQ OMX Government Relief Index, including detail eligibility criteria, visit https://indexes.nasdaqomx.com/.
As a result of the evaluation, no security will be removed from the
Index.
Source: NASDAQ OMX
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices and the S&P/TSX Venture Composite Index
September 11, 2009-Standard & Poor's Canadian Index Operations announces the following index changes:
Fairfax Financial Holdings Limited (TSX:FFH) has announced a proposal to acquire the outstanding shares of Odyssey Re Holdings Corp. that it does not already own. The relative weight of Fairfax Financial will increase in the S&P/TSX Composite and Capped Composite, the S&P/TSX Completion and Equity Completion, the S&P/TSX Equity and Capped Equity and the S&P/TSX Capped Financials indices to reflect the issuance of new shares as part of the transaction, which will be effective after the close of trading on Monday, September 14, 2009.
Standard & Poor's will make the following changes in the S&P/TSX Venture Composite Index after the close of trading on Friday, September 11, 2009:
The shares of Mega Silver Inc. (TSX-V:MSR) will trade under the new name Mega Precious Metals Inc. The new ticker symbol will be "MGP" and the new CUSIP number will be 58516L 10 8. There is no consolidation of capital.
Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.
Source: Online News
SEC To Hold Securities Lending and Short Sale Roundtable
September 11, 2009-The Securities and Exchange Commission will hold a roundtable about securities lending and short sale issues on September 29 and September 30.
The roundtable will feature an in-depth review of securities lending practices and also analyze possible short sale pre borrowing requirements and additional short sale disclosures. Panelists are expected to include investors, corporate issuers, financial services firms, beneficial owner lenders, lending agents, borrowers of securities, self-regulatory organizations, international regulators and the academic community.
The roundtable agenda is available. The list of panelists will be announced at a later date.
The roundtable discussion will be held in the auditorium at SEC headquarters at 100 F Street NE in Washington, D.C. On September 29, the roundtable will focus on securities lending issues and take place from 9:30 a.m. to approximately 4 p.m. On September 30, the roundtable will focus on short sale pre-borrowing and additional short sale disclosures and take place from 9:30 a.m. to approximately 12:30 p.m.
The public is invited to observe the roundtable discussion. Seating will be available on a first-come, first-served basis. The roundtable discussion also will be available via webcast on the SEC Web site.
For additional information about the roundtable, contact the SEC's Division of Trading and Markets at (202) 551-5720.
Additional Materials
Notice of Roundtable Discussion;
Request for Comment
Submit comments
Investors Pull $2.1 Billion out of Leveraged ETFs
September 11, 2009--Investors pulled nearly $2.1 billion out of inverse and leveraged exchange-traded funds in August, the second consecutive month of losses for the funds, which have come under regulatory scrutiny.
Overall, assets in the 755 ETFs in the U.S. rose $20.1 billion in August, up 3.3% from the previous month, to $661 billion, according to a report from State Street Global Advisors. The increase marks the sixth consecutive month of increases for the funds, which trade daily on exchanges like stocks.
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Source: WSJ.com