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SEC Proposes Rule for the Timely Acknowledgment and Verification of Security-Based Swap Transactions

January 14, 2011--The Securities and Exchange Commission today voted to propose a rule governing the way in which certain security-based swap transactions are acknowledged and verified by the parties who enter into them.

Under the proposed rule, security-based swap dealers and major security-based swap participants, collectively known as SBS entities, would have to provide to their counterparties a trade acknowledgement detailing information specific to the transaction.

The new rule, Rule 15Fi-1, is being proposed under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act which generally authorizes the SEC to regulate security-based swaps. Among other things, the new law gives the SEC the authority to establish standards for the confirmation and documentation of security-based swap transactions entered into by SBS entities.

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view the Proposed Rule

CFTC.gov Commitments of Traders Reports Update

January 14, 2011--The current reports for the week of January 11, 2011 are now available.

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Standard & Poor's Announces Changes In S&P/TSX Canadian Indices

January 14, 2011-Standard & Poor's Canadian Index Operations announces the following index changes as a result of the income trusts in Canada converting to a corporate structure. These changes will be effective at the open on Monday, January 24, 2011:

Company additions to and deletions from an S&P index do not in any way reflect an opinion on the investment merits of the company.

Standard & Poor's Announces Review Of S&P/TSX Preferred Share Index

January 14, 2011Standard & Poor's Canadian Index Operations announces the following index changes as a result of the quarterly S&P/TSX Preferred Share Index Review. These changes will be effective at the open on Monday, January 24, 2011:

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There are NO deletions to the S&P/TSX Preferred Share Index as part of the quarterly review

Company additions to and deletions from an S&P index do not in any way reflect an opinion on the investment merits of the company.

ETF Securities Kicks off 2011 with another First-to-Market ETF ETFS Physical Asian Gold Shares (AGOL) is the first U.S. precious metals product to be vaulted in Asia

January 13, 2011--ETF Securities announced today that ETFS Physical Asian Gold Shares will list on the NYSE Arca on January 14, 2011, trading under the ticker AGOL "Asian Gold". AGOL is the first U.S. precious metals product to be vaulted in Asia and will be held in Singapore, the gateway to Asia.
Key highlights of ETFS Asian Gold (AGOL):
Allocated Gold Stored in Singapore:
ETFS Physical Asian Gold Shares (AGOL) will custody all of its physical gold bars in secure LBMA approved vaults in Singapore.
Gold Physically Backed: ETFS Physical Asian Gold Shares (AGOL) are backed by London Bullion Market Association (LBMA) gold bars that meet "good delivery" standards.

Diversification: Investors can diversify their gold holdings either into Asia using AGOL or Switzerland using the existing SGOL. Both ETPs are offered at 0.39% per annum. (3)

Transparency– Gold bars underlying AGOL will be audited bi-annually by an independent third party auditor. All gold bar numbers will be published daily at www.etfsecurities.com

Breadth of Precious Metal ETPs – ETF Securities now offers seven precious metal ETPs with a variety of single and basket precious metal ETPs. (5) ETFS Physical Asian Gold Shares (AGOL):

The objective of the ETFS Physical Asian Gold Shares (AGOL) is to reflect the price performance of physical gold, less Trust expenses. The Trust is open ended and is designed for investors who want a cost-effective (1) and convenient (2) way to invest in or diversify their existing gold holdings. AGOL has an expense ratio of 0.39% per annum. (3)

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Charles Schwab Rolls Out REIT, Mid-Cap ETFs

January 13, 2011--On Thursday, Jan. 13, financial-services giant Charles Schwab rolled out two new, very low-cost exchange-traded funds: Schwab U.S. REIT ETF (SCHH) and Schwab U.S. Mid-Cap ETF (SCHM

The new funds clearly are aimed both at undercutting other ETFs tracking the very same indexes and at solidifying Schwab's status as a low-cost ETF provider. The new ETFs are the 12th and 13th ETFs that Schwab has brought to market since entering the ETF marketplace in November 2009. SCHH is targeted at investors interested in owning a basket of REITs that own commercial and residential real estate.

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iShares files with the SEC

January 13, 2011--iShares has filed a post-effective amendment, registration statement with the SEC for
The iShares MSCI China Index Fund.

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Claymore files with the SEC

January 13, 2011--Claymore has filed a post-effective amendment, registration statement with the SEC for
Guggenheim BulletShares 2016 High Yield Corporate Bond ETF
Guggenheim BulletShares 2017 High Yield Corporate Bond ETF

Guggenheim BulletShares 2018 High Yield Corporate Bond ETF

Guggenheim BulletShares 2019 High Yield Corporate Bond ETF

Guggenheim BulletShares 2020 High Yield Corporate Bond ETF

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Claymore files with the SEC

January 13, 2011-- Claymore has filed a post effective amendment, registration statement with the SEC for
Guggenheim BulletShares 2012 High Yield Corporate Bond ETF
Guggenheim BulletShares 2013 High Yield Corporate Bond ETF

Guggenheim BulletShares 2014 High Yield Corporate Bond ETF

Guggenheim BulletShares 2015 High Yield Corporate Bond ETF

view filing

Volatility Delays Vanguard's Muni Index Fund, ETF Plans

Vanguard delays three muni bond funds
January 13, 2011--Vanguard has decided to indefinitely put off the launch of three new municipal-bond index funds and exchange-traded funds.
Vanguard filed with the Securities and Exchange Commission to withdraw its application to launch mutual fund and ETF shares for Vanguard Short-Term Municipal Bond Index, Vanguard Intermediate-Term Municipal Bond Index, and Vanguard Long-Term Municipal Bond Index.

Vanguard had filed to launch these offerings, which were to track benchmarks in the S&P National AMT-Free Municipal Bond Index series, in June 2010.

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US regulator eyes curbs on speculators

January 13, 2011--Sweeping plans to curb speculation in raw materials including oil, gold and wheat have been proposed by US regulators

The plans come amid fears that surging prices for fuel and agricultural commodities could lead to a food crisis and threaten recovery.

The Commodity Futures Trading Commission voted 4-1 to propose “position limits” – caps on investor positions – in 28 commodities.

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CFTC to Hold Open Meeting on Tenth Series of Proposed Rules under the Dodd-Frank Act

January 13, 2011--The Commodity Futures Trading Commission (CFTC) will hold a public meeting on Thursday, January 20, 2011, at 9:30 a.m. to consider the issuance of proposed rulemakings under the Dodd-Frank Wall Street Reform and Consumer Protection Act on the following topics:
Commodity Options and Agricultural Swaps;
Commodity Pool Operators and Commodity Trading Advisors: Amendments to Compliance Obligations;

Reporting by Investment Advisers to Private Funds and Certain Commodity Pool Operators and Commodity Trading Advisors on Form PF (joint with the Securities and Exchange Commission); and Swap Trading Relationship Documentation Relating to Termination Provisions Implicated Under Title II of the Dodd-Frank Act.

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Statement, Prior to Notice of Proposed Rulemaking – Position Limits for Derivatives

Commissioner Scott D. O’Malia
January 13, 2011-Introduction
I believe that releasing this proposed rule for comment in its present form while simultaneously implementing a separate “position points” directive is an attempt to set position limits that is inconsistent with the language and purpose of the Dodd-Frank Act. I believe that the proposed rule and the supplemental directive will create uncertainty regarding the regulatory standards for Commission action and enforcement in a way that does not comply with the requirements of the Administrative Procedure Act (APA).

The uncertainty that will result from the publication of both the Commission’s rule proposal and a “position points” directive will stymie the ability of market participants, and specifically large commercial interests, to manage their hedging and investment strategies. Semantics and affirmations of intent will not lessen the real impact of what essentially amounts to an attempt to affect legal rights and obligations. Although the Notice of Proposed Rulemaking is identical to the one presented to the Commission at its December 16, 2010 meeting, the new “position points” directive operates as a Trojan horse by attempting to articulate a requirement of general applicability without providing an opportunity for public notice and comment. Accordingly, I have identified three serious problems with the “position points” directive, and have three recommendations for the Commission.

The Proposed Position Limits Rule and the Trojan Horse

While I believe this proposed rule is significantly improved from the Commission’s pre-Dodd-Frank proposal for imposition of position limits in certain energy contracts,1 it remains flawed by its complexity and unenforceability due to technological hurdles and a lack of reliable data in the near term. These weaknesses will not be resolved by “position points.”

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Statement on Support of the Dodd-Frank Rulemaking of Chairman Gary Gensler

January 13, 2011--Statements for the record on each rule: Position Limits
I support the proposed rulemaking to establish position limits for physical commodity derivatives. The CFTC does not set or regulate prices. Rather, the Commission is directed to ensure that commodity markets are fair and orderly to protect the American public.

When the CFTC set position limits in the past, the agency sought to ensure that the markets were made up of a broad group of market participants with a diversity of views. At the core of our obligations is promoting market integrity, which the agency has historically interpreted to include ensuring markets do not become too concentrated.

Position limits help to protect the markets both in times of clear skies and when there is a storm on the horizon. In 1981, the Commission said that “the capacity of any contract market to absorb the establishment and liquidation of large speculative positions in an orderly manner is related to the relative size of such positions, i.e., the capacity of the market is not unlimited.”

Today’s proposal would implement important new authorities in the Dodd-Frank Act to prevent excessive speculation and manipulation in the derivatives markets. The Dodd-Frank Act expanded the scope of the Commission’s mandate to set position limits to include certain swaps. The proposal re-establishes position limits in agriculture, energy and metals markets.

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LegalMinds.TV Launches Weekly Securities & Capital Markets Interview Series from the NASDAQ MarketSite Broadcast Studio

January 12, 2011--LegalMinds.TV has announced the launch of a weekly series of video interviews filmed at the NASDAQ MarketSite Broadcast Studio in the heart of Times Square. The "LegalMinds/NASDAQ Securities & Capital Market Series" will feature timely interviews with legal experts on topics relevant to the management and boards of directors of public companies, the investment community and companies interested in accessing the capital markets.

"We're excited to be partnering with NASDAQ," says Bruce Colwin, President & CEO of LegalMinds Media LLC, which produces LegalMinds.TV. "In addition to providing a world-class broadcast operation in the capital of the world's financial market, they recognize the information provided by the legal minds we interview is vital not only to the integrity of public companies, but essential to their growth and success as well."

Upcoming interviews explore topics such as hybrid financing, maximizing the use of a shelf registration, the impact of intellectual property litigation on valuations, share repurchase consideration, and the challenges and opportunities for Chinese companies accessing the U.S. capital markets. Kicking off the series will be David Lynn, Co-chair of Morrison & Foerster's Public Companies and Securities Practice and former Chief Counsel of the Securities and Exchange Commission. Mr. Lynn will be discussing "say-on-pay" and other matters that are likely to have an impact in the current proxy season.

Ed Knight, Executive Vice President, General Counsel and Chief Regulatory Officer of NASDAQ OMX Group Inc., says, "The legal profession plays a significant role in every aspect of our exchange operations. Given the importance of ensuring a transparent regulatory environment while providing leading corporate government practices for NASDAQ-listed companies, we are delighted to partner with LegalMinds, which is focused on educating the legal community on core practices and industry developments."

The interviews are featured on the LegalMinds.TV website (http://legalminds.tv) and will also soon be accessible on SocialStream@NASDAQ (http://social.nasdaqomx.com). In addition, the full-length interviews will be published in LegalMinds digital magazine (http://www.legalmindsmagazine.com).

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