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CFTC to Examine Rapid Trading
January 31, 2012--The Commodity Futures Trading Commission is planning to take a closer look at high-frequency trading, with an eye on getting a clearer understanding of how electronic trading affects commodities markets and participants.
The push is being spearheaded by CFTC member Scott O'Malia, who on Tuesday plans to propose the establishment of a subcommittee on high-frequency trading. The subcommittee, part of the CFTC's Technology Advisory Committee, would be led by CFTC chief economist Andrei Kirilenko,
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Source: Wall Street Journal
Maple extends TMX takeover bid to February 29
January 31, 2012--The Canadian group bidding for the country's biggest stock exchange extended its offer for another month on Tuesday and said it has made suggestions to ease regulatory concerns about any lack of competition that would result if its bid succeeds.
Maple Group, comprised of 13 financial institutions, said it has spoken to regulators about several ways it could refine its $3.8 billion ($3.8 billion) bid for TMX Group (X.TO), operator of the Toronto Stock Exchange and several other markets.
The bid still requires a raft of regulatory approvals and a key area of concern is pricing and governance for the Canadian Depository for Securities (CDS), which clears and settles all stock trades in Canada, and which Maple would take control of under its plan.
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Source: Reuters
US Reits are drawn to subprime securities
January 31, 2012--Real estate investment groups in the US are set to raise more funds to buy subprime and other private mortgage-backed securities, aided by attractive returns and rising share prices.
Real estate investment trusts, or Reits, have already been big buyers in the market for packages of mortgages backed by Fannie Mae, Freddie Mac and other government agencies, creating what some have termed a “shadow” financing system for US mortgages.
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Source: FT.com
XTF Capital launching seven new ETFs
January 31, 2012--XTF Capital, the exchange traded fund division of First Asset, has announced plans to launch seven new ETFs based on the Morningstar research.
“Morningstar is world renowned for the integrity of its research,” said Barry Gordon, president and CEO of First Asset. “XTF Capital is now offering ETFs to Canadian investors based on Morningstar’s proprietary indexes, including those derived from the highly regarded research created by Morningstar’s CPMS business.”
The seven ETFs are:
XTF Morningstar Canada Dividend Target 30 Index ETF (begins trading February 6)
XTF Morningstar National Bank Quebec Index ETF (February 6)
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Source: Advisor CA
"Where Are We? And Where Should We Be? Thoughts On MF Global And High Frequency Trading”
Address By CFTC Commissioner Scott D. O’Malia At The Center On Financial Services Law Of New York Law School
January 31, 2012--Introduction
Ron, thanks for that introduction and thanks for inviting me to speak today.
I am honored to be here at New York Law School, near the heart of the Financial District. Recently, all of my speaking engagements involve the Dodd-Frank Act. But, here, just two subway stops from the post-bankruptcy headquarters of MF Global, Inc.1 (“MF Global”), I thought it apropos to do something that unfortunately seems radical. I am going to focus on futures markets and futures customers.
It has been exactly three months since the Securities Investor Protection Corporation (“SIPC”) began insolvency proceedings against MF Global.2 Despite reams of releases and presentations from the SIPC trustee, futures customers have about the same information regarding the recovery of their funds today as on Day 1. Which is not much. Futures customers – including farmers, ranchers, and manufacturers – have been suspended in excruciating limbo, wondering when they will receive their funds. All they can do is to meekly fill out the claims forms presented by the SIPC trustee, all of which are due today. This situation is intolerable and unacceptable.
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Source: CFTC.gov
Select Sector SPDRs' Average Monthly Assets Soar 32 Percent in 2011
2011 Year-End Assets Top $44 Billion
January 31, 2012--Expense Ratio Cut
The Select Sector SPDR Trust, which offers a family of exchange-traded funds (ETFs) that divide the S&P 500 into nine individual sector funds, saw its average monthly assets climb 32 percent, or $10.5 billion, in 2011, further entrenching its position as the largest sector ETF family. Launched in 1998, Select Sector SPDRs is the oldest brand name in sector ETFs.
"The economy notwithstanding, 2011 was a banner year for us, both in terms of the increase in our average assets and the growth in our overall year-end assets," said Dan Dolan, Director -- Wealth Management Strategies for the Select Sector SPDR Trust. "With the markets especially choppy last year, investors sought safe havens in defensive sectors like Utilities, Consumer Staples, and Health Care, using the Select Sector SPDRs as equity substitutes to reduce single stock exposure."
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Source: Select Sector SPDRs
PowerShares files with the SEC
January 30, 2012--Invesco PowerShares has filed a post-effective amendment no. 11 to Form S-6 with the SEC for the BLDRS INDEX FUNDS TRUST
BLDRS ASIA 50 ADR INDEX FUND
BLDRS DEVELOPED MARKETS 100 ADR INDEX FUND
BLDRS EMERGING MARKETS 50 ADR INDEX FUND
BLDRS EUROPE SELECT ADR INDEX FUND
view filing
Source: SEC.gov
PowerShares files with the SEC
January 30, 2012-Invesco PowerShares has filed a post-effective amendment no. 19 to Form S-6 with the SEC for the POWERSHARES QQQ.
view filing
Source: SEC.gov
Knight Announces Astor Long/Short ETF Mutual Fund Added to Paychex 401(k) Platform
January 30, 2012--Knight Capital Group, Inc. (NYSE Euronext: KCG) today announced that subsidiary Astor Asset Management's mutual fund, the Astor Long/Short ETF Fund (ASTIX), was recently added to the 401(k) platform at Paychex, Inc. (NASDAQ: PAYX).
"We are very excited about having the Astor Long/Short ETF Fund added to Paychex's platform and offering an absolute return-style product to the company's many 401(k) participants," said Robert N. Stein, Astor's founder and Senior Managing Director and Head of Global Asset Management at Knight. "I believe that individuals investing for retirement are looking for further diversification in their portfolios and want the ability to choose from more than just the traditional 'buy-and-hold' funds. We believe Astor's tactical asset allocation and active management strategies fill this need."
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Source: Knight
Treasury Announces Marketable Borrowing Estimates
January 30, 2012--The U.S. Department of the Treasury today announced its current estimates of net marketable borrowing for the January – March 2012 and the April - June 2012 quarters:
During the January – March 2012 quarter, Treasury expects to issue $444 billion in net marketable debt, assuming an end-of-March cash balance of $30 billion. This borrowing estimate is $97 billion lower than announced in October 2011. More than half of the decrease is due to relative changes in the opening and end-of-quarter balances; the actual end-of-December balance was $26 billion higher, while the estimated end-of-March balance is $30 billion lower. Higher receipts and lower outlays account for the majority of the remaining decrease.
During the April - June 2012 quarter, Treasury expects to issue $200 billion in net marketable debt, assuming an end-of-June cash balance of $90 billion.
During the October - December 2011 quarter, Treasury issued $310 billion in net marketable debt, and ended the quarter with a cash balance of $86 billion. In October 2011, Treasury estimated $305 billion in net marketable borrowing and assumed an end-of-December cash balance of $60 billion. The higher cash balance was driven primarily by higher-than-projected receipts and lower outlays.
Additional financing details relating to Treasury’s Quarterly Refunding will be released at 9:00 a.m. on Wednesday, February 1, 2012.
view Sources and Uses Reconciliation Table
Source: US Department of the Treasury
