Americas ETP News Older Than 1 year-If your looking for specific news, using the search function will narrow down the results
Van Eck files with the SEC
April 27, 2011--Van Eck has filed a post-effective amendment, registration statement with the SEC for the Market Vectors Business Development Company/Specialty Finance ETF.
view filing
Federal Open Market Committee Statement
April 27, 2011--Information received since the Federal Open Market Committee met in March indicates that the economic recovery is proceeding at a moderate pace and overall conditions in the labor market are improving gradually. Household spending and business investment in equipment and software continue to expand. However, investment in nonresidential structures is still weak, and the housing sector continues to be depressed. Commodity prices have risen significantly since last summer, and concerns about global supplies of crude oil have contributed to a further increase in oil prices since the Committee met in March. Inflation has picked up in recent months, but longer-term inflation expectations have remained stable and measures of underlying inflation are still subdued.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The unemployment rate remains elevated, and measures of underlying inflation continue to be somewhat low, relative to levels that the Committee judges to be consistent, over the longer run, with its dual mandate. Increases in the prices of energy and other commodities have pushed up inflation in recent months. The Committee expects these effects to be transitory, but it will pay close attention to the evolution of inflation and inflation expectations. The Committee continues to anticipate a gradual return to higher levels of resource utilization in a context of price stability.
To promote a stronger pace of economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate, the Committee decided today to continue expanding its holdings of securities as announced in November. In particular, the Committee is maintaining its existing policy of reinvesting principal payments from its securities holdings and will complete purchases of $600 billion of longer-term Treasury securities by the end of the current quarter. The Committee will regularly review the size and composition of its securities holdings in light of incoming information and is prepared to adjust those holdings as needed to best foster maximum employment and price stability.
The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels for the federal funds rate for an extended period.
The Committee will continue to monitor the economic outlook and financial developments and will employ its policy tools as necessary to support the economic recovery and to help ensure that inflation, over time, is at levels consistent with its mandate.
Voting for the FOMC monetary policy action were: Ben S. Bernanke, Chairman; William C. Dudley, Vice Chairman; Elizabeth A. Duke; Charles L. Evans; Richard W. Fisher; Narayana Kocherlakota; Charles I. Plosser; Sarah Bloom Raskin; Daniel K. Tarullo; and Janet L. Yellen.
-The Federal Reserve Board and the Federal Open Market Committee Release Table summarizing the economic projections made by Federal Reserve Board members and Federal Reserve Bank
April 27, 2011--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached table summarizing the economic projections made by Federal Reserve Board members and Federal Reserve Bank presidents for the April 26-27 meeting of the Committee.
The table will be incorporated into a summary of economic projections released on May 18 with the minutes of the April 26-27 meeting. Summaries of economic projections are released on an approximately quarterly schedule.
SEC Proposes Product Definitions for Swaps
April 27, 2011--The Securities and Exchange Commission today voted unanimously to propose rules further defining the terms “swap,” “security-based swap,” and “security-based swap agreement.”
a
The Commission also proposed rules regarding “mixed swaps” and books and records for “security-based swap agreements.”
The rules were proposed jointly with the Commodity Futures Trading Commission (CFTC) and stem from the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“The proposed definitions balance several policy and legal issues in a way I believe is practical, takes into account the specific nature of derivatives contracts, and is consistent with existing securities regulations,” said SEC Chairman Mary L. Schapiro. “The proposal seeks to provide guidance in rules and interpretations by using clear and objective criteria that should clarify whether a particular instrument is a swap regulated by the CFTC, a security-based swap regulated by the SEC, or a mixed swap regulated by both agencies.”
Public comments on the rule proposal should be received within 60 days after it is published in the Federal Register.
ProShares files with the SEC
April 27, 2011--ProShares has filed a 424B2 Prospectus Supplement No. 4 for ProShares Ultra Silver
ProShares UltraShort Silver and
ProShares UltraShort Yen
US GDP data weigh on markets
April 27, 2011--Shares in Procter & Gamble and Starbucks were hit after the companies released disappointing earnings results, while the wider markets traded in narrow range, shifting in and out of positive territory after data showing that rate of growth in the US economy had slowed during the first three months of 2011.
Procter & Gamble was down 0.8% to USD 63.49 after the world's largest consumer goods company reported weak sales growth of less than 1% in developed markets and said it had underestimated commodity inflation in "a very difficult operating environment".
The group also cut its forecasts for sales and earnings growth in the current quarter.
Extra time granted on US reforms
April 27, 2011--Derivatives dealers and users will have more time to weigh in on financial reforms and the chance to argue for a slow introduction, US officials have said, in the face of persistent complaints about the pace and effects of new market rules.
So-called “over-the-counter” derivatives, those not traded on exchanges, have proved one of the thorniest areas of last year’s Dodd-Frank financial reforms.
WisdomTree Announces First Quarter 2011 Results
Company achieves first GAAP net income quarter
68% growth in AUM and 67% growth in revenues year over year
$1.3 billion in net inflows; 4.7% market share of industry flows
April 27, 2011 – WisdomTree, an exchange-traded fund (“ETF”) sponsor and asset manager, today reported GAAP net income of $0.2 million for the first quarter of 2011 as compared to a GAAP net loss of $3.6 million in the first quarter of 2010 and a GAAP net loss of $0.6 million for the fourth quarter of
2010.
Proforma operating income (which excludes stock-based compensation and depreciation and amortization expenses) was $2.3 million in the first quarter of 2011 as compared to a proforma
loss of $1.0 million in the first quarter of 2010 and proforma income of $1.7 million in the fourth
quarter of 2010.
ETF assets under management (“AUM”) reached a record $11.3 billion, up 68.1% from March 31, 2010 and up 14.1% from December 31, 2010. Net inflows were $1.3 billion in the first quarter which represented 4.7% market share of industry inflows. Revenues increased 66.8% to a record $14.5 million compared to the first quarter of last year and up 8.4% from the fourth quarter of 2010.
Opening Statement, Open Meeting on the Fourteenth Series of Proposed Rulemakings under the Dodd-Frank Act
Commissioner Jill E. Sommers
Wednesday April 27, 2011--Good morning. Thank you Mr. Chairman and thank you to all the teams for their hard work on the proposals we consider today. A number of these proposals are critical lynchpins to the new regulatory structure we are creating. I know the public, the industry, end users, and members of Congress have been anxiously awaiting some of these proposals.
Before moving to the specific proposals before us today, I would like to focus on the Dodd/Frank repeal of certain provisions of the Commodity Exchange Act that were added by the Commodity Futures Modernization Act of 2000 (CFMA) to provide legal certainty for the over-the-counter (OTC) markets, namely Sections 2(d), 2(e), 2(g), 2(h), and 5d. These provisions will be rescinded on July 16th, less than three months from now, even though the new regulatory framework for trading and clearing swaps will most certainly not be operational by that date.
Opening Statement, Public Meeting on Proposed Rules Under Dodd-Frank Act
Commissioner Michael V. Dunn
April 27, 2011--Thank you all for joining us today for this important meeting regarding the implementation of the Dodd-Frank Act.
Today, as we near the end of our meetings regarding proposed rules, we will finally consider our Product Definitions rule – a joint rule with the SEC – which in a perfect world would have been one of the first rules proposed, because meaningful input from those who will be under the new regulatory regime depends upon knowing precisely what constitutes a swap and what does not.
We also will discuss our Conforming Rules, whose purpose is in part to ensure that what is required for swaps is required for futures and vice versa. In a perfect world, conforming rules would be the last proposed and finalized because to do them correctly depends on having a view of all the other rules.
This is not a perfect world and the Commission is doing what it can, when it can, with the resources we have.
In considering the proposed rule for Capital Requirements for Swap Dealers and Major Swap Participants, I will be particularly interested in hearing staff’s thoughts and the public comments on how much this rule will cost not only the industry but the CFTC. I believe this rule is a necessity, but I am interested to hear if or how these proposed capital requirements will affect the cost of transacting swaps. At the very least, these proposed capital rules will increase the burden on current Commission staff and will require the hiring of additional staff.
RiverPark files with the SEC
April 26, 2011--RiverPark Advisors has filed a third amended and restated application for exemptive relief with the SEC for actively-managed funds.
view filing
Commodity ETFs Could See More Scrutiny
April 26, 2011--Has the rapid onslaught of commodity ETFs gone too far? Accusations over speculation and manipulation continue to fly, with ETF/ETN issuers such as U.S. Commodity Funds and Barclays serving as the complicit dealers for big-bank manipulators.
Recent actions by the Commodity Futures Trading Commission (CFTC) reveal that regulators are serious about cracking down on some commodities vehicles. According to an article in today's Wall Street Journal, the CFTC is moving to curb mutual funds that rely on non-U.S. subsidiaries to make speculative bets on commodities and currencies. By using foreign subsidiaries, these mutual funds evade the limits of CFTC regulation. (They are, however, within the regulatory range of the SEC.)
AdvisorShares Announces Partnership With Accuvest Global Advisors
Partnership Will Create a Solution That Utilizes a Global Country Rotation Strategy
April 26, 2011--AdvisorShares Investments, LLC, a sponsor of actively managed Exchange Traded Funds (ETFs), announced today a partnership with Accuvest Global Advisors ("AGA"), to develop an actively managed ETF which will utilize a proprietary global country rotation strategy. The proposed ETF would join AdvisorShares' growing stable of innovative actively managed ETFs and add a global investment strategist to the AdvisorShares family for Financial Advisors to gain insights from.
Noah Hamman, CEO and Founder of AdvisorShares said, "We feel investment advisors will be as excited as we are to be able to offer their clients access to AGA's extensive global equity investing experience. The strategy utilizes a unique top-down macro-economic scoring system as they evaluate and pick countries, not individual equities. AGA has a tremendous track record of success and the upcoming ETF will provide investors with another solution to gain global equity exposure."
CME Group Announces New Volume Records in Silver Futures and Silver Options Open Interest
April 26, 2011-- CME Group, the world's leading and most diverse derivatives marketplace, today announced it had reached record volume yesterday in its COMEX Silver futures, as well as in open interest of its Silver options.
Yesterday, trading of Silver futures reached 319,204 contracts, surpassing the prior record of 201,216 contracts set on November 9, 2010. At the same time, open interest in Silver options reached a new record of 240,344 contracts. The prior record of 235,992 contracts was set on April 21, 2011.
Silver futures have demonstrated rapid growth during the month of April. Month-to-date average daily volume (ADV) for Silver futures has increased 218 percent from this point last year. During 2011 year-to-date, ADV for Silver futures have grown 110 percent versus the same period last year.
These contracts are listed with, and subject to, the rules and regulations of COMEX.
Dow Jones Indexes To Develop, Co-Brand Index Family With LSP Partners
Indexes to Utilize LSP Partners’ Proprietary Strategy
April 26, 2011-Dow Jones Indexes, a leading global index provider, and LSP Partners LLC, a risk management research consulting firm, today announced an agreement to develop and co-brand an index family utilizing a proprietary strategy created by LSP Partners founder and CEO, Ralph Vince.
The Leverage Space Portfolio (LSP) strategy seeks to maximize the probability of equity portfolio profitability by employing a risk-control process focused on capital preservation and drawdown management. Compared to a traditional buy-and-hold portfolio, an LSP-based portfolio aims for more consistent returns with lower risk.
The indexes, scheduled to be launched in the second half of 2011, can serve as the basis of both passive and active investment funds, including exchange-traded funds, mutual funds, and institutional accounts, around the world.
