Americas ETP News
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FSB publishes framework for monitoring and reporting on the implementation of G20 financial reforms
October 18, 2011--Going forward, the success of these reforms depends on their full and globally consistent implementation. This implementation process is increasingly the focus of public and financial industry attention, and FSB member jurisdictions have made a commitment to lead by example. It is important to monitor, assess and report on the implementation of agreed reforms so that FSB member jurisdictions are accountable for whether they are living up to their commitments.
The FSB is responsible for coordinating and promoting the monitoring of the implementation of agreed G20 and FSB financial reforms and for reporting on it to the G20. In order to strengthen the coordination and effectiveness of this monitoring, the FSB, in collaboration with standard-setting bodies, has established a Coordination Framework for Implementation Monitoring. The Framework addresses the questions of what to monitor; how to monitor; who should monitor; and to whom the information should be reported and disseminated.
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Source: FSB
Exchange Traded Concepts LLC files with the SEC
October 18, 2011--Exchange Traded Concepts LLC has filed an amended application for exemptive relief with the SEC.
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Source: SEC.gov
RiverPark Advisors files with the SEC
October 18, 2011--RiverPark Advisors has filed a sixth amended and restated application for exemptive relief with the SEC for actively-managed ETFs.
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Source: SEC.gov
ProShares files witrh the SEC
October 18, 2011--ProShares has filed a post-effective amendment, registration statement with the SEC.
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Source: SEC.gov
AdvisorShares files with the ETF
October 18, 2011--AdvisorShares has filed a post-effective amendment No. 36, registration statement with the SEC for the Global Echo ETF.
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Source: SEC.gov
Review into HM Treasury’s Management of the Financial Crisis
October 18, 2011--US banking giant Goldman Sachs has reported a loss of $428m (£272m), worse than analysts had been expecting.
The group, delivering its third quarter results, confirmed it had made only its second quarterly loss as a public company, following forecasts last week from analysts it would post a loss.
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Source: Investment Week
Treasury International Capital Data For August 2011
October 18, 2011--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for August 2011. The next release, which will report on data for September 2011, is scheduled for November 16, 2011.
Foreign residents increased their holdings of long-term U.S. securities in August — net purchases were $66.0 billion. Net purchases by private foreign investors were $74.7 billion, and net purchases by foreign official institutions were negative $8.7 billion.
At the same time, U.S. residents increased their holdings of long-term foreign securities, with net purchases of $8.1 billion.
Taking into account transactions in both foreign and U.S. securities, the net foreign purchases of long-term securities were $57.9 billion. After adjustments, such as estimates of unrecorded principal payments to foreigners on U.S. asset-backed securities, are included, the overall net foreign acquisition of long-term securities is estimated to have been $47.0 billion in August.
Foreign holdings of all dollar-denominated short-term U.S. securities and other custody liabilities increased $23.6 billion.
Banks’ own net dollar-denominated liabilities to foreign residents increased $19.0 billion.
view the Treasury International Capital Data For August
Source: US Department of the Treasury
FINRA Launches New Securitized Product Tables
Securitized Product Pricing and Market Activity Tables to Provide More Transparency in Marketplace
October 18, 2011--The Financial Industry Regulatory Authority (FINRA) today announced that FINRA and Interactive Data Corporation have created market activity and pricing-related tables for securitized products to provide investors and other market participants insight into asset and mortgage-backed securities transaction data reported to the Trade Reporting and Compliance Engine® (TRACE®).
The tables, which are available on FINRA's website and in the Market Data Center, will be updated every trading day after market close.
Steven Joachim, FINRA Executive Vice President, Transparency Services, said, "For the first time, securitized products data, including pricing tables and a market activity table – based on actual, consolidated transaction information – will be available to the public. Dissemination of these tables is the first step FINRA plans to take toward increased transparency in the securitized product market."
The tables incorporate FINRA's TRACE data, offering an aggregate summary of daily transactions in the U.S. securitized products market by asset class. Investors and other market participants will be able to use these tools to gauge market activity and price levels. The U.S. Structured Trading Activity Report includes the volume of transactions, number of trades and number of unique securities transacted, allowing investors to better gauge liquidity and market sentiment. The U.S. Structured Trading Pricing Tables offer more detailed categories by asset class and include average price, volume by trade size, and buy or sell information. The five pricing tables show aggregated price levels as well as volume of the following products: MBS pass-through securities and TBAs (to-be-announced, forward MBS trades) respectively, Agency and Non-Agency CMOs, CMBS, ABS and CDOs.
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Source: FINRA
“Huggy Bear and Position Limits” Statement of Commissioner Bart Chilton Before the CFTC Public Meeting
October 18, 2011--This will date me. I don’t know how many of you remember the television series Starsky and Hutch. Huggy Bear was the informant, the narc, who provided tips to the detectives. What Huggy Bear said to Starsky and Hutch was, “I’ll lay it out so you can play it out.”
Well, that’s sort of like what Congress does when it passes a law—it lays it out. As regulators, we take the law, and we play it out. Our role is to put meat on the bones of the law and do what Congress told us to do. It is a serious responsibility. Congress mandated these position limits and, finally and belatedly, we are putting them in place. I also want to note that we have been very careful to stay within the four corners of the law as Congress has laid it out. I’m convinced we are on solid legal footing with this rule.
This is an uncommon rule and there is no way it will please everyone. Not all of it pleases me. For example, I still want to ensure that appropriate anticipatory hedging is allowed for certain bona fide hedgers. While I'd have an even tougher rule in many respects if I were the only author, this is nonetheless a very strong, needed and imperative rule to ensure more efficient and effective markets devoid of fraud, abuse and importantly, manipulation. This rule balances the needs of consumers and market participants alike.
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Source: CFTC.gov
Concurring Statement, Second Extension of Temporary Exemptive Relief Commissioner Scott D. O’Malia
October 18, 2011--As Yogi Berra famously proclaimed: “It is déjà vu all over again.” Yogi perfectly encapsulates my feelings today.
We find ourselves again voting on a proposed order aimed at providing legal certainty in the form “temporary exemptive relief” for swap market participants that extends the soon to expire relief found in the Commission’s July 14, 2011 exemptive order (“July 14 Order”). This temporary relief is necessary because: (1) the Commission has not yet put forth final rules defining such key terms such as “swap” and “swap dealer”; and (2) certain exemptions and exclusions for transactions in exempt and excluded commodities currently relied upon by market participants will be repealed effective December 31, 2011. The proposal states: “[t]he Commission proposes that this further amendment to the July 14 Order is necessary to ensure that the same scope of the exemptive relief available before December 31, 2011 is available to all swaps and extends through July 16, 2012, at the latest.”
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Source: CFTC.gov
