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CFTC's Division of Swap Dealer and Intermediary Oversight Issues No-Action Letter Providing Registration Relief to Certain Introducing Brokers and Commodity Trading Advisors Involved in Swaps Activities
December 31, 2012--The Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission announced today in a letter that it is taking a no-action position which provides relief from the requirement to register as an introducing broker (IB) or commodity trading advisor for certain affiliates of a swap dealer or swap counterparty that is within the de minimis exception to the swap dealer definition.
The relief also extends to the affiliates’ employees where the employees engage in certain activity in support of and on behalf of the swap dealer or swap counterparty.
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Source: CFTC.gov
CFTC's Division of Swap Dealer and Intermediary Oversight Issues No-Action Letter Providing Time-Limited Registration Relief to Certain Associated Persons
December 31, 2012--The Division of Swap Dealer and Intermediary Oversight (DSIO) of the Commodity Futures Trading Commission (CFTC) announced in a letter that it is taking a no-action position that extends the temporary registration relief it previously granted in CFTC Letter 12-15 (October 12, 2012) to certain associated persons (AP).
DSIO stated that, subject to certain conditions, it would not recommend that the Commission commence an enforcement action against any person for failure to register as an AP of a futures commission merchant, introducing broker, commodity pool operator, or commodity trading advisor where the requirement to register as an AP is solely because of the person’s involvement with swaps or as a result of the transition of certain contracts on the Intercontinental Exchange, Inc. and the New York Mercantile Exchange to clearing as commodity futures and options transactions.
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Source: CFTC.gov
BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF Receives Exemption
December 31, 2012--BMO today announced that the BMO Covered Call Dow Jones Industrial Average Hedged to CAD ETF (the BMO ETF) intends to commence investing in reliance on exemptive relief recently granted by the Ontario Securities Commission.
This will provide the BMO ETF with the flexibility to manage its portfolio in a manner that is more consistent with the make-up of the Dow Jones Industrial Average, while still pursuing its covered call option writing strategy in seeking to earn option premiums and mitigate downside risk.
The relief has been granted from the concentration restriction in subsection 2.1(1) of National Instrument 81-102 Mutual Funds, subject to certain conditions and as described in the BMO ETF's prospectus, such that its investment in a constituent issuer of the Dow Jones Industrial Average may exceed 10% of the BMO ETF's net asset value, limited only by that issuer's weight in the Dow Jones Industrial Average.
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Source: BMO Financial Group
AdvisorShares Peritus High Yield ETF (HYLD) Lists Options on CBOE
First High Yield Actively Managed ETF with Listed Options
December 31, 2013--AdvisorShares, a leading sponsor of 17 actively managed exchange-traded funds (ETFs), announced today that the AdvisorShares Peritus High Yield ETF, the first high yield actively-managed ETF has met listing requirements of the Chicago Board Options Exchange(R) (CBOE(R)) and that HYLD options are now listed for trading on the CBOE.
"This marks another exciting advance for actively managed ETFs as investors and financial advisors now have another way to access strategies that can provide ways to insure a portfolio," said Noah Hamman, CEO of AdvisorShares. "We believe HYLD is at a competitive advantage as its options provide a feature that actively managed mutual funds can't afford, as well as its ability to invest in larger high yield bond tranches than other ETFs. Having HYLD meeting CBOE listing requirements further reinforces the continuing growth and interest by investors in actively managed ETFs."
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Source: AdvisorShares
Late NYSE Glitch Caps Year of Technological Glitches for Exchanges
December 31, 2012----Rival exchanges briefly stopped sending orders to the New York Stock Exchange as the Big Board experienced trading problems with more than two dozen stocks Monday.
The glitch, which was quickly resolved, came in the last hour of trading in a year that has been marked by technological glitches large and small.
NYSE said in an alert to traders at 3:19 p.m. EST that its equity market was experiencing an issue with one of its engines that matches "buy" and "sell" orders and that 26 issues were affected, including BBX Capital Corp. (BBX), Verso Paper Corp. (VRS) and TransAlta Corp. (TAC).
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Source: Wall Street Journal
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices: Revision
A Share Distribution And Price Adjustment In The S&P/TSX Composite Index
December 28, 2012--S&P Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
On December 17, 2012, shareholders of Petrobank Energy and Resources Ltd. (TSX:PBG) and PetroBakken Energy Ltd. (TSX:PBN) confirmed the arrangement agreement between the companies announced on October 29, 2012.
All shares of PetroBakken Energy currently held by Petrobank will effectively be spun out to shareholders, including currently unlisted Class B shares which will convert to Class A common shares on a 1-for-1 basis. As a result of the increase in the number of float shares of the company, the relative weight of PetroBakken Energy will increase in the S&P/TSX Composite and Capped Composite, the S&P/TSX Completion, the S&P/TSX Capped Energy, the S&P/TSX Composite Dividend and the S&P/TSX Equity Income Indices. There will be no weight change effective in the S&P/TSX Composite Equal Weight or the S&P/TSX Composite High Beta Indices. The close price of Petrobank will decrease by 1.1 times the close price of PetroBakken and new divisors will be generated for all indices where Petrobank is a constituent. These changes will be effective after close on Monday, December 31, 2012.
Source: S&P Canadian Index Services
.Exchange Regulation Needs Review, Credit Suisse Says
December 28, 2012--The botched initial offering of Facebook Inc. (FB) is the catalyst that should lead to U.S. exchanges being stripped of self-regulatory powers and their related benefits, a Credit Suisse Group AG (CS) executive said.
Nasdaq Stock Market’s claim of immunity from liability for $500 million in brokerage losses stemming from technology problems on May 18 exposes a conflict between the historical, quasi-governmental role of exchanges and their status as profit- seeking public companies, Dan Mathisson, head of U.S. equity trading at Credit Suisse, told U.S. senators in Washington last week. Those tensions can’t be managed fairly and should spur a regulatory overhaul of the securities market, he said.
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Source: Bloomberg
Fund Industry Challenges CFTC Registration Rule
December 27, 2012--The mutual-fund industry is renewing a challenge to a rule that requires fund firms that trade in gold, oil or other commodities to register with an additional federal regulator.
The Chamber of Commerce and the Investment Company Institute, a fund-industry group, filed an appeal to the U.S. Court of Appeals for the District of Columbia Circuit on Thursday, after a federal district court upheld the registration rule from the Commodity Futures Trading Commission on Dec. 12.
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Source: Wall Street Journal
Vanguard Trims Fees on Sector ETFs
December 27, 2012--On the heels of a pre-Christmas announcement that saw the firm, lower fees on a variety of bond and broader market equity ETFs, Vanguard said today it will lower fees on its 10 sector ETFs.
The news is significant because prior to today, State Street's (NYSE: STT [FREE Stock Trend Analysis]) State Street Global Advisors unit, the second-largest U.S. ETF sponsor, had the lowest fees on major U.S.-focused sector ETFs.
For example, funds such as the Consumer Staples Select Sector SPDR (NYSE: XLP) and the Technology Select Sector SPDR (NYSE: XLK) feature expense ratios of 0.18%, which had made the select sector SPDRs ETFs cheaper than their Vanguard equivalents.
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Source: Benzinga
Fund Industry Challenges CFTC Registration Rule .
December 27, 2012--December 27, 2012--The mutual-fund industry is renewing a challenge to a rule that requires fund firms that trade in gold, oil or other commodities to register with an additional federal regulator.
The Chamber of Commerce and the Investment Company Institute, a fund-industry group, filed an appeal to the U.S. Court of Appeals for the District of Columbia Circuit on Thursday, after a federal district court upheld the registration rule from the Commodity Futures Trading Commission on Dec. 12.
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Source: Wall Street Journal
