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New Ernst & Young LLP report examines greenhouse gas reporting practices as the SEC releases new climate change disclosure guidelines
February 2, 2010 — Carbon emissions management is becoming an increasingly important business objective for US companies, but questions about accounting, reporting and tax considerations are far from resolved, leading to inconsistent practices, according to a report released today by Ernst & Young LLP.
The demand to focus on emissions reporting was heightened by the January 27 SEC decision to issue interpretive guidance to require greater consistency for registrant disclosures of the effects of climate change on their businesses.
Ernst & Young’s report reveals that, in a survey of more than 1,000 US public registrants with revenues between $1 billion and $100 billion, just 29 companies disclosed an accounting policy related to emissions credits or allowances in notes to their financial statements. Additionally, far fewer than half of the approximately 1,000 corporate representatives participating in an Ernst & Young webcast on January 12, 2010 –- Climate change and carbon markets: what every business needs to know and why –- claimed to have a strategy in place to deal with carbon emissions regulations or markets.
Following various state and federal reporting frameworks, as well as the evolving accounting standards and tax regulations governing carbon emission management could pose many challenges. To stay ahead of the curve, companies should fully embed carbon-related considerations in their business strategies to address climate change issues effectively. They should review their risk management processes as well as day-to-day business operations, accounting and tax planning.
read more CME Group Volume Averaged 11.2 Million Contracts per Day in January 2010, Up 19 Percent from January 2009 In January, CME Group interest rate volume averaged 4.8 million contracts per day, up 33 percent compared with January 2009, and up 23 percent sequentially. Treasury futures volume averaged 1.8 million contracts per day, up 71 percent compared with the same period in 2009, and Treasury options volume averaged 304,000 contracts per day, up 43 percent. Eurodollar futures volume averaged 1.9 million contracts per day, up 23 percent versus January 2009, while Eurodollar options volume averaged 686,000 contracts per day, down 3 percent. CME Group equity index volume averaged 2.9 million contracts per day, down 4 percent from January 2009. CME Group foreign exchange (FX) volume averaged 820,000 contracts per day, up 78 percent compared with the same period a year ago, reflecting average daily notional value of approximately $108 billion, a record for a non-roll month for both daily notional and volume. CME Group energy volume averaged 1.6 million contracts per day in January, up 9 percent compared with the same period last year. CME Group commodities and alternative investments volume averaged 771,000 contracts per day, up 18 percent from January 2009. CME Group metals volume averaged 355,000 contracts per day in January 2010, up 65 percent compared with the prior January.
FFCM files for exemptive relief-FQF Trust BNY Mellon to buy back-office arm of PNC Fidelity Slashes Commissions in Challenge to Schwab Treasury Secretary Timothy F. Geithner Written Testimony before the Senate Committee on Finance
This is why we have a lot of work to do together to make sure that as overall economic growth recovers, so does job growth. We must restore confidence in the economy's fundamental resilience, and we are taking the steps to ensure sustainable growth going forward that is more widely shared among the American people. NYSE Took Biggest Share of U.S. Stock, ETF Options iShares files with the SEC Global X files with SEC OIC Announces January Options Trading Volume Increased 21% OIC also reported that equity options volume in January came in at 288,939,483 contracts, up 20.6 percent over the same period last year. Daily equity options volume had an average of 15,207,341 contracts per day in January, which is 27 percent higher than the year-ago level.
ELX Futures Reports Record Volume And Market Share For January 2010 January Highlights:
• ELX set monthly market share records in the 2 Year Note at 6.5% and 30 Year Note at 2.6%.
Neal Wolkoff, Chief Executive Officer of ELX Futures, said, “ELX started 2010 with a strong performance setting several new volume and market records in the month of January. We expect to continue to build momentum and achieve new milestones as we attract more market participants to our business. We were also pleased by regulatory support for EFF transactions, which CFTC staff found were consistent with the requirements of the CEA. This is a validation of our position on EFFs and we commend the CFTC staff.” U.S. One Trust ShariahShares files with the SEC CME in talks to buy Dow Jones index arm The negotiations come in the wake of Dow Jones’s agreement in November to sell its one-third stake in Stoxx, the index company, to Deutsche Börse and SIX, its Swiss partner, for $309m.
SEI Selected by FaithShares Advisors to Provide Turnkey Solution to Support New Exchange Traded Funds Under the terms of the agreement, SEI will provide a complete outsourcing solution that includes both back- and middle-office services as well as a transfer agent and custody solution. Among the back-office services SEI will deliver are fund administration, accounting, and investor servicing, while SEI's middle-office services will encompass portfolio accounting, daily reconciliation and order management. SEI will also provide distribution services, daily and monthly portfolio measurement, full business continuity and disaster recovery, and authorized participant (AP) processing for the FaithShares ETFs in a straight-through electronic processing environment. SEI was selected in a competitive search process that included some of the most notable providers in the ETF space. The company's straight-through-processing platform, which supports trading for over 55 percent of the U.S. ETF market, as well as its ability to guide FaithShares smoothly through the implementation process, were pointed to as key factors in the decision.
"As we went through the process, SEI stood out at every turn with its ETF expertise and best-in-class technology," said J. Garrett Stevens, President of FaithShares Advisors. "SEI's integrated solution takes the back- and middle-office components completely off our plate, and allows us to keep our focus where it should be – on servicing our customers and managing their money in accordance with the tenets of their faith. We're excited to partner with a leader like SEI."
"SEI's integrated solution allowed FaithShares to get up and running quickly and confidently," said John Alshefski, Senior Vice President, SEI's Investment Manager Services division. "Operations outsourcing is becoming the norm in the ETF space as it is a model that offers flexibility, scalability, transparency, and most of all, it allows managers to focus on their expertise. We're pleased that FaithShares put their trust in SEI and we're excited to partner with them to help them grow their unique business."
Interest rate volume up 33 percent
Record non-roll month for foreign exchange, with average notional value traded up 84 percent
Metals volume up 65 percent
February 2, 2010--CME Group, the world's largest and most diverse derivatives marketplace, today announced that January volume averaged 11.2 million contracts per day, up 19 percent from January 2009.
Total volume was 213 million contracts for January, of which 82 percent was traded electronically. Electronic volume averaged 9.2 million contracts per day, up 25 percent from the prior January. Average daily volume cleared through CME ClearPort was 516,000 contracts for January 2010, down 7 percent compared with January 2009, but up 28 percent compared with December 2009.
February 2, 2010--FFCM has filed for exemptive relief -FQF Trust- Actively Managed ETFs.
view filing
February 2, 21010--Bank of New York Mellon on Tuesday announced it would pay $2.31bn to acquire the back-office operations of PNC Financial Services Group, a deal that comes amid expectations that more financial firms will shed businesses to shore up their capital bases and pay off federal aid.
The deal will allow PNC to exit a non-core business, while helping it raise money to repay $7.6bn in government troubled asset relief programme (Tarp) funds. PNC also said it would sell $3bn of common stock and as much as $2bn of senior notes to pay back federal aid.
February 2, 2010--Fidelity Investments reduced online commissions for stock transactions in the U.S. by 60 percent and waived trading fees on two dozen exchange-traded funds, in a bid to attract investors and challenge Charles Schwab Corp.
Fidelity, the world’s largest mutual-fund company, will cut commissions to $7.95 from as much as $19.95 and stop levying different charges depending on how often clients trade, the Boston-based company said in a statement today. Trading fees on 25 exchange-traded funds from BlackRock Inc.’s iShares unit will be scrapped.
February 2, 2010--Chairman Baucus, Ranking Member Grassley and members of the Committee, thank you for the opportunity to appear before you today to discuss the President's Fiscal Year 2011 Budget.
The U.S. economy is still in the midst of one of the most challenging periods in our nation's history. We have pulled back from the brink of financial collapse and a historic recession. The overall economy grew at an annual rate of 4 percent over the last six months of 2009, but millions of Americans remain out of work and the economic pain of the recession can still be felt throughout our nation. This crisis has caused enormous damage to the basic economic security of tens of millions of Americans.
February 1, 2010--NYSE Euronext captured the biggest share in U.S. options on stocks and exchange-traded funds for the first time last month, beating the Chicago Board Options Exchange and International Securities Exchange as it benefited from a new technology platform and partnership with banks.
The New York-based company’s two options markets, NYSE Arca and NYSE Amex, executed 27.8 percent of combined volume on the country’s seven exchanges, eclipsing CBOE’s 24.5 percent and the ISE’s 24.4 percent, according to data from the Chicago-based Options Clearing Corp., which settles all U.S. trades of exchange-listed contracts.
February 1, 2010--iShares has filed a prospectus with the SEC for
iShares MSCI Philippines Investable Market Index Fund
view filing
February 1, 2010--Global X has filed a prospectus with the SEC for
Global X Copper Miners ETF
Global X Gold Miners ETF
Global X Platinum Miners ETF
Global X Silver Miners ETF
February 1, 2010--The Options Industry Council (OIC) announced today that total options trading volume in January came in at 311,561,541 options contracts, representing a 20.85 percent increase compared to January 2009 volume when 257,813,513 contracts changed hands.
January 2010 now ranks as the second highest January by volume in history. Trading volume for 2010 is averaging 16,397,976 contracts each day compared to the same period last year when 12,890,675 contracts were averaged each day and represents a 27.2 percent increase. Additionally, average daily trading volume for January was 14.4 percent higher than 2009’s average daily volume of 14,335,861 contracts.
February 1, 2010 – ELX Futures, L.P. (ELX Futures) announced today record market share in the month of January for the combined five U.S. Treasury futures products. ELX also reported its highest average daily volume (ADV) in the 2 and 10 Year Treasury Notes and 30 Year Treasury Bonds.
On the regulatory front, ELX was pleased to be notified that the Commodity Futures Trading Commission (CFTC) staff had sent the CME Group a letter that the Exchange of Futures for Futures (EFF) Rule is consistent with the requirements of the Commodity Exchange Act (CEA) and that the CME had “mischaracterized” the CEA. Also, the CFTC approved ELX’s request to expand the block trade reporting window to 15 minutes from 5 minutes.
• ELX set a total market share record for the combined five U.S. Treasury futures products at 2.8%.
• January ADV was nearly 51K contracts.
• Record monthly ADV in 2 Year Notes at 16.5K, 10 Year Notes at 13.2K and 30 Year Bonds at 6.5K.
• Total Open Interest averaged above 20K in January for combined U.S. Treasury futures contracts.
• Open Interest hit new highs in the 5 Year Note at nearly 8K contracts and 10 Year Note at over 7K contracts in January.
February 1, 2010--U.S. One Trust has filed with the SEC for exemptive relief.
view more
February 1, 2010--ShariahShares Exchange-Traded Fund Trust has filed an amended exemptive relief filing with the SEC.
view filing
February 1, 2010-The CME Group, the world’s biggest futures exchange, is in talks to buy Dow Jones’s index business from News Corp for as much as $700m (£438m), say people familiar with the matter.
The move is a further sign that international financial exchanges are looking to diversify their sources of revenue
Deal Marks Expanded Outsourcing Trend for New ETFs
SEI (Nasdaq: SEIC) today announced that it has been selected by FaithShares Advisors LLC to provide a fully integrated, turnkey solution to support the firm's faith-based exchange traded funds (ETFs).
SEI's integrated ETF solution, which includes a comprehensive suite of back- and middle-office services, is designed to help investment managers enter the growing ETF market quickly without the need for a large financial commitment, while also providing operational efficiency and supporting the industry's demand for greater transparency. The deal marks an ongoing outsourcing trend in the marketplace, especially among managers offering ETFs for the first time.
