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CFTC's Division of Swap Dealer and Intermediary Oversight Provides Financial Reporting Guidance to Futures Commission Merchants
April 18, 2012--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) has issued a letter providing guidance to registered futures commission merchants (FCMs).
The letter is intended to assist FCMs in understanding the requirements for preparing and filing financial statements with particular focus on amended financial filings.
view the FCM Guidance for Preparation and Filing of Financial Reports
Source: CFTC.gov
Knight Capital results top estimates
April 18, 2012--Knight Capital Group Inc's (KCG.N) first-quarter earnings beat analysts' expectations, helped by growth at its institutional sales and trading segment.
The electronic trader earned $33.1 million, or 36 cents per share, in the quarter.
Analysts on average expected the Jersey City, New Jersey-based company to earn 30 cents per share, according to Thomson Reuters I/B/E/S.
Knight Capital's revenue from continuing operations rose 3 percent to $349.1 million. Analysts expected $300.5 million.
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Source: Reuters
ALPS ETF Trust to Liquidate One ETF
April 18, 2012--ALPS ETF Trust announced today the scheduled liquidation of the Jefferies | TR/J CRB Wildcatters Exploration & Production Equity ETF (WCAT) (the "Fund"). The Fund will close to new investors on April 27, 2012 and will liquidate on May 2, 2012.
ALPS ETF Trust’s Board of Trustees decision was made after consultation with ALPS Advisors, Inc. the investment advisor to the Fund. The Board considered current market conditions as well as prospects for growth in the Fund’s assets in the foreseeable future. The board determined that it was advisable and in the best interests of the Fund and its shareholders to liquidate the Fund, which is listed for trading on NYSE Arca, Inc. (the “NYSE Arca”). Friday, April 27, 2012, is scheduled to be the last day of trading for the shares of the Fund on NYSE Arca. Beginning immediately through May 1, 2012, the Fund will be in the process of closing down and liquidating its portfolio. The process will result in the Fund not tracking its underlying index and its cash holdings increasing, which may be inconsistent with the Fund’s investment objectives and strategies.
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Source: ALPS
Statement on President Obama's Oil Market Proposal, Washington, DC
April 17, 2012--"I commend the President and certainly welcome additions to our regulatory tool box."
His plan will make those contemplating push'n ‘round our energy markets think again. Anybody who fills up a tank gas knows that some relief from unfair prices is sorely needed. Consumers are saying: ‘I'm tired of Wall Street making a meal outta me at the pump.’
I appreciate the President’s effort to boost our agency’s market surveillance and enforcement efforts through staffing and technology and to increase the penalties on those caught engaging in market manipulation.
It is critically important that we kick-start the bureaucracy and get speculative position limits in place, now. We have been turning procrastination into an art form by not doing what Congress and the President clearly told us to do. They mandated that we curb excessive speculation by implementing limits on the amount of a market any one trader can control. That is one problem: the bureaucracy has been slow, but another major problemo is that Wall Street has taken the government to court to stop the new rules from being put in place.
We continue to see excessive speculation in these markets and what the President has called for can help reduce some of the pump price pain on consumers and businesses alike.”
Source: CFTC.gov
Public float of Russell 3000 shrinks
April 17, 2012--A key measure of the number of publicly tradable shares in US companies is shrinking at the fastest pace since 1994.
The public float of the Russell 3000 index – which accounts for 98 per cent of US stock by market capitalisation – has fallen 4 per cent in the last year, according to data from TrimTabs Investment Research.
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Source: FT.com
State Street Global Advisors Launches SSgA Upromise 529 Plan
April 17, 2012--State Street Global Advisors (SSgA)*, the asset management business of State Street Corporation (NYSE: STT-News), today announced the launch of the SSgA Upromise 529 Plan, marking a new arrangement with the State of Nevada and Upromise Investments, Inc.
Designed to lower costs and simplify investment choices, the SSgA Upromise 529 Plan features innovative investment strategies that will be implemented using State Street's SPDR exchange traded funds (ETFs).
“We’re excited to partner with Nevada and Upromise Investments, Inc. to offer SPDR ETF investments to American families looking to enhance their college savings strategies,” said James Ross, senior managing director and global head of SPDR Exchange Traded Funds at State Street Global Advisors. "The SSgA Upromise 529 Plan combines the benefits of State Street’s institutional asset management with SPDR ETFs to offer advisors and investors innovative college savings solutions at significantly lower costs."
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Source: State Street Global Advisors
Barclays Announces Closing of Three iPath Exchange-Traded Notes Offerings
April 17, 2012--Barclays Bank PLC ("Barclays") announced that it has issued C$250,000,000 principal amount of three series of iPath Exchange-Traded Notes ("iPath ETNs"), each with a maturity date of April 16, 2042. The following are the new iPath ETNs and their exchange tickers:
1. iPath S&P 500 VIX Short-Term FuturesTM CAD Hedged ETN (VIX)
2. iPath® S&P 500 Dynamic VIX CAD Hedged ETN (DVX)
3. iPath® Pure Beta Crude Oil CAD Hedged ETN (PBO)
The iPath ETNs will be listed and posted for trading on the Toronto Stock Exchange commencing at the open of trading today.
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Source: Financial Post
CME stands ground after Eurodollar options protest
CME executives meet with Eurodollar options traders
Independent traders boycotted open outcry pit on Friday
No changes made to rules on "block trades"
April 16, 2012--CME Group is standing its ground on large, privately negotiated trades in the active Eurodollar options market after meeting on Monday with traders who protested against its rules, traders said.
CME executives, including Phupinder Gill, the company's next CEO, met with floor traders who boycotted the options on Eurodollar futures pit on Friday morning, depressing volume, said David Stein, a trader who attended the meeting.
"The exchange is not interested in changing anything," Stein said.
Floor traders claim that the way large, privately negotiated trades are handled puts them at a disadvantage.
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Source: Reuters
AdvisorShares files with the SEC
April 16, 2012--AdvisorShares has filed an amednded application for an Order under Section 6(c) of the Investment Company Act of 1940 for an exemption from certain provisions of Section 15(a) of the Act, and Rule 18f-2 thereunder, and certain disclosure requirements under various Rules and Forms.
view filing
Source: SEC.gov
Treasury International Capital Data for February
April 16, 2012--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for February 2012. The next release, which will report on data for March 2012, is scheduled for May 15, 2012.
In sum, the net foreign acquisition of long-term securities, the change in foreign holdings of short-term U.S. securities, and banking flows yielded monthly net TIC inflows of $107.7 billion. Of this, net foreign private inflows were $86.9 billion, and net foreign official inflows were $20.8 billion.
Foreign residents increased their holdings of long-term U.S. securities in February – net purchases were $24.8 billion. Net purchases by private foreign investors were $6.2 billion, and net purchases by foreign official institutions were $18.6 billion.
At the same time, U.S. residents increased their holdings of long-term foreign securities, with net purchases of $14.6 billion.
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Source: US Department of the Treasury
