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Financial Stability Oversight Council (FSOC) Releases Third Annual Report
April 25, 2013--The Financial Stability Oversight Council (Council) today unanimously approved its 2013 annual report, which was developed collaboratively by the members of the Council and their agencies and staff.
Under the Dodd-Frank Act, the Council must report annually to Congress on a range of issues, including the activities of the Council, significant financial market and regulatory developments, and potential emerging threats to the financial stability of the United States. The report must also make recommendations to promote market discipline, maintain investor confidence, and enhance the integrity, efficiency, competitiveness, and stability of U.S. financial markets.
“Our work on financial reform is absolutely essential, as we work to modernize our regulatory framework and make our financial system more stable” said Treasury Secretary Jacob J. Lew. “Members of this Council continue to make a great deal of progress in building a more resilient financial system, and the Council’s annual report informs the public about actions we have taken over the past year, developments in the financial system during that time, and the challenges ahead.”
view the Financial Stability Oversight Council-2013 Annual Report
Source: US Department of the Treasury
Fee Rate Advisory #3 for Fiscal Year 2013
April 25, 2013--April 25, 2013-The Securities and Exchange Commission today announced that starting on May 25, 2013, the fee rates applicable to most securities transactions will decrease from $22.40 per million dollars to $17.40 per million dollars.
The assessment on security futures transactions will remain unchanged at $0.0042 for each round turn transaction.
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Source: SEC.gov
Tech Glitch Paralyzes Trading in Options
April 25, 2013--A software glitch knocked out trading on the largest U.S. options exchange for more than three hours Thursday, raising fresh questions about the reliability of critical elements of the financial market.
The Chicago Board Options Exchange was forced to delay trading, including in its heavily traded stock-index options contracts, until early afternoon, leaving traders and brokers in its Chicago pits to field angry calls from customers.
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Source: Wall Street Journal
ISE Introduces New Corporate Branding
ISE's New Visual Identity Spans a Redesigned Corporate Website and Expanded Social Media Presence
April 24, 2013--The International Securities Exchange (ISE) today revealed new corporate branding, including a new logo suite, a redesigned corporate website, and new corporate Twitter and LinkedIn pages.
“Since our inception in 2000, ISE has evolved tremendously as an industry innovator and technology leader. The updated ISE logo builds on our strong brand legacy as reflected in the ISE globe and presents a modernized font and color palette that convey our technology focus and forward-looking, entrepreneurial approach to growing our business,” said Gary Katz, President and Chief Executive Officer of ISE.
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Source: International Securities Exchange (ISE)
FINRA OKs Backtested ETF Data For Institutional Investors
April 24, 2013--If I'm reading this guidance letter recently posted to the web correctly, the regulatory body FINRA is now allowing fund companies to use back-tested index data when marketing ETFs and other index-based investments to institutional investors.
The old rules prohibiting the use of back-tested index data in communications with retail investors still stands, the letter makes clear.
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Source: Barron's
MSCI Licenses Risk Premia Indices to BlackRock for 3 New iShares ETFs
April 24, 2013--MSCI Inc. a leading provider of investment decision support tools worldwide, has announced that MSCI Risk Premia Indices are the basis for three new US listed ETFs launched by BlackRock.
BlackRock has licensed the MSCI USA Momentum, MSCI USA Risk Weighted and MSCI USA Value Weighted Indices for a new series of iShares MSCI Factor ETFs. MSCI Risk Premia Indices tilt to a specific factor – for example momentum, size or value – which historically has produced superior long-term risk adjusted returns relative to market cap weighted indices.
These new iShares MSCI Factor ETFs add to the twelve existing iShares ETFs listed globally that are based on the MSCI Minimum Volatility Indices, which also belong to the MSCI Risk Premia Index family. ETF assets benchmarked to the MSCI Minimum Volatility Indices have grown significantly year-over-year, from USD358 million as of March 31, 2012 to USD6.5 billion as of April 15, 2013.
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Source: MSCI
SEC looks to ease rules for launching ETFs
April 23, 2013--The U.S. Securities and Exchange Commission may revive a proposal that would make it easier and cheaper to launch certain kinds of exchange-traded funds, according to interviews with SEC staff.
Amid fast growth in the $1.5 trillion industry, regulators are looking to cut through red tape for sponsors of less complex ETFs, such as those that track the S&P 500, by allowing them to sidestep the onerous SEC application process.
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Source: Reuters
T. Rowe: No immediate plans to offer active ETFs
April 23, 2013--T. Rowe Price Group Inc. has no immediate plans to begin offering active exchange-traded funds, the company's vice chairman told stockholders Tuesday at the company's annual meeting.
Bernard’s comments came during a low-key annual meeting in which few shareholders were in attendance. The lack of shareholder restiveness — only one posed a question to management during the Q&A portion of the meeting — was no surprise given T. Rowe’s positive performance in 2012.
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Source: Baltimore Business Journal
SEC Grants Exchange Traded Concepts Exemptive Relief for Actively Managed ETF Products
ETC is First White Label ETF Platform with Both Active and Passive Relief
April 23, 2013--The Securities and Exchange Commission (SEC) has granted exemptive relief to Exchange Traded Concepts, LLC (ETC) to allow the white-label exchange-traded fund sponsor to bring actively managed ETF products to market.
The application for exemptive relief was filed 18 months ago and comes at a time when the marketplace demand for actively managed ETF offerings is on the rise.
The active relief will apply to all three of ETC’s existing trusts created through partnerships with SEI, US Bancorp Fund Services and Citigroup/Foreside Fund Services respectively.
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Source: Exchange Traded Concepts
ProShares Switches Euro ETF Index to FTSE
April 23, 2013--EPV will switch away from MSCI indexes to FTSE based benchmarks. As of today, UPV now aims for 2x or 200% daily performance to the FTSE Developed Europe Index, while EPV aims for -2x or 200% daily opposite performance to the same index.
The board of directors for both funds approved the index changes. The annual expense ratios for UPV and EPV are currently 0.95% and will remain unchanged. At the end of March, ProShares managed $23.5 billion in 140 ETFs.
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Source: Los Angeles Herald
