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CFTC and SEC Seek Public Input for Joint Study on Stable Value Contracts
August 19, 2011--The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have approved for publication in the Federal Register a request for comment that is expected to assist in conducting a joint study on stable value contracts.
Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act provides for the comprehensive regulation of swaps and security-based swaps and includes definitions of key terms relating to such regulation. It requires the CFTC and the SEC to jointly conduct a study to determine whether stable value contracts fall within the definition of a swap and, if so, whether exempting such contracts from the swap definition is appropriate and in the public interest.
The Dodd-Frank Act calls for the CFTC and the SEC to make the determination in consultation with the Department of Labor, the Department of the Treasury and the state entities that regulate the issuers of stable value contracts.
Comments must be received on or before 30 days after publication in the Federal Register.
Source: CFTC.gov
Direxion files with the SEC
August 19, 2011--Direxion has filed a post-effective amendment, registration statement with the SEC for the following
3X BULL FUNDS
Direxion Daily Turkey Bull 3X Shares
Direxion Daily Industrial Bull 3X Shares
Direxion Daily Junior Gold Miners Bull 3X Shares
Direxion Daily Silver Miners Bull 3X Shares
3X BEAR FUNDS
Direxion Daily Turkey Bear 3X Shares
Direxion Daily Industrial Bear 3X Shares
Direxion Daily Junior Gold Miners Bear 3X Shares
Direxion Daily Silver Miners Bear 3X Shares
view filing
Source: SEC.gov
iShares files with the SEC
August 19, 2011--iShares has filed a post-effective amendment, registration statement with the SEC for the iShares Cohen & Steers Realty Majors Index Fund.
view filing
Source: SEC.gov
IndexIQ files with the SEC.
August 18, 2011--IndexIQ has filed a post-effective amendment, registration statement with the SEC for the
IQ Mexico Small Cap ETF
IQ Asian Tigers ETF
IQ Asian Tigers Consumer ETF
IQ Asian Tigers Small Cap ETF
IQ Asia Pacific ex-Japan Small Cap ETF
IQ Australia Mid Cap ETF
IQ Canada Mid Cap ETF
IQ Japan Mid Cap ETF
IQ Emerging Markets Mid Cap ETF
IQ Global Precious Metals Small Cap ETF
IQ U.S. Real Estate Small Cap ETF
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Source: SEC.gov
Shocks, Financial Dependence, and Efficiency: Evidence from U.S. and Canadian Industries
August 18, 2011--Summary: The paper investigates how changes in industries’ funding costs affect total factor productivity (TFP) growth. Based on panel regressions using 31 U.S. and Canadian industries between 1991 and 2007, and using industries’ dependence on external funding as an identification mechanism, we show that increases in the cost of funds have a statistically significant and economically meaningful negative impact on TFP growth.
This effect is, however, non-monotonic across sectors with different degrees of dependence on external finance. Our findings cannot be explained by either increasing returns to scale or factor hoarding, as results are not sensitive to controlling for industry size and our calculations account for changes in factor utilization. The paper presents a theoretical model that produces the observed non-monotonic effect of financial shocks on TFP growth and suggests that financial shocks distort the allocation of factors across firms even within an industry, thus reducing TFP growth.
ETF Securities USA has filed with the SEC
August 18, 2011--ETF Securitites has filed a Pre-Effective Amendment NO. 5
to Form S-1 for the ETFS COLLATERALIZED COMMODITIES TRUST.
view filing
Source: SEC.gov
Barclays Expands Volatility Suite of iPath® Exchange Traded Notes
New ETN provides investors with access to a dynamic volatility strategy
August 18, 2011--Barclays Bank PLC announced today the launch of the iPath® S&P 500 Dynamic VIX Exchange Traded Note (ETN) on the NYSE Arca stock exchange under the ticker symbol XVZ. The ETN is designed to provide investors with a cost-effective way to gain exposure to a dynamic volatility strategy for the U.S. equities markets.
“We are pleased to expand our suite of volatility-linked exchange traded products with the first iPath ETN to offer exposure to a dynamic volatility strategy,” said Kevin Burke, Head of Investor Solutions at Barclays Capital.
“As investors are increasingly looking for ways to access equity market volatility, this ETN offers them exposure while aiming to reduce the roll cost during calm markets and potentially providing enhanced beta to the VIX Index during more volatile periods,” said Eric Schlanger, Head of U.S. Flow Derivatives at Barclays Capital.
This new ETN is linked to the S&P 500® Dynamic VIX FuturesTM Total Return Index which is designed to dynamically allocate between the S&P 500® VIX Short-Term Futures™ Index Excess Return and the S&P 500® VIX Mid-Term FuturesTM Index Excess Return by monitoring the steepness of the implied volatility curve and allocating dynamically between two components: a short-term volatility component and a mid-term volatility component. The Index seeks to react positively to overall increases in market volatility and aims to lower the roll cost of investments linked to future implied volatility. The ETN prospectus can be found on EDGAR, the SEC website at: www.sec.gov, as well as on the product website at www.iPathETN.com.
iPath ETNs are senior, unsecured, unsubordinated debt securities issued by Barclays Bank PLC.
Barclays Bank PLC is the issuer of iPath ETNs and Barclays Capital Inc. is the issuer’s agent. BlackRock’s broker dealer affiliate, BlackRock Fund Distribution Company, engages in the promotion of iPath ETNs to intermediaries.
Source: Barclays
ISE to Launch New Competitive Market Maker Trading Rights Program on September 1
August 18, 2011--The International Securities Exchange (ISE) announced that it has received approval from the Securities and Exchange Commission to restructure its Competitive Market Maker (CMM) trading rights and will launch the new program on September 1, 2011. The new structure grants greater flexibility to current and new CMMs to select the options classes they would like to quote.
Gary Katz, President and CEO of ISE, stated, “Our new CMM trading rights structure grants our market makers greater flexibility and control over which symbols they choose to quote, making it more attractive to provide liquidity at ISE. In this highly competitive environment, we believe this new structure will better enable ISE’s market makers to react to changes in the marketplace and to support their business objectives.”
The new CMM trading rights structure entitles a market maker to enter quotes in options symbols that comprise a certain percentage of industry volume. A CMM’s first trading right entitles that market maker to quote in 20 percent of the industry volume, and each subsequent right provides the ability to quote an additional 10 percent of volume.
The new structure does not impact the rights and obligations of ISE’s Primary Market Makers (PMMs). A PMM will continue to be assigned to each symbol traded on the exchange to provide continuous, two-sided quotes and carry out other responsibilities to maintain an orderly market.
Source: International Securities Exchange (ISE)
Jovian Announces Launch of World's First Gold/Silver Spread ETFs
August 18, 2011--Jovian Capital Corporation and its subsidiaries Horizons Exchange Traded Funds Inc.and BetaPro Management Inc.are now offering Canadian investors a new way to invest in precious metals by listing the world's first gold/silver spread exchange traded funds (the "Gold/Silver Spread ETFs"), which began trading on the Toronto Stock Exchange today.
Horizons BetaPro COMEX® Long Gold/Short Silver ETF ("Horizons HBZ") and the Horizons BetaPro COMEX® Long Silver/Short Gold ETF ("Horizons HZB") offer two different ways for investors to attempt to take advantage of relative price changes between gold and silver futures contracts.
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Source: Horizons Exchange Traded Funds Inc.
NYSE Liffe U.S. Passes 100,000 in Open Interest in Mini MSCI Index Futures
Open Interest Up 35% Since June Migration
Volumes Continue to Grow With Strong Customer Demand
August 18, 2011--NYSE Liffe U.S., the U.S. futures exchange of NYSE Euronext, today announced that Open Interest in the family of mini MSCI Index futures trading on the exchange surpassed the 100,000 contract milestone.
In just 8 weeks since completing the contract migration from CME of contracts based on MSCI Emerging Markets and MSCI EAFE indices, Open Interest in the mini MSCI complex has increased more than 35% to 102,214 as of August 16, 2011.
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Source: NYSE Euronext
