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Draft Staff No-Action Letter Regarding the Application of Certain CEA Provisions after July 16, 2011 Available on CFTC Website
June 29, 2011--A staff working draft of a “no-action” letter that could supplement exemptive relief recently proposed by the Commodity Futures Trading Commission (CFTC) is available on CFTC.gov. The proposed exemptive relief (76 FR 35372) and staff draft no-action letter, taken together, would provide greater clarity during the transition to the new regulatory framework for swaps in light of the general effective date in Title VII of the Dodd-Frank Act of July 16, 2011.
Specifically, the draft no-action letter provides that the Division of Market Oversight (DMO) and the Division of Clearing and Intermediary Oversight (DCIO) would not recommend that the CFTC commence an enforcement action against any person for failure to comply with: (1) section 4s(l) of the Commodity Exchange Act (CEA), which imposes upon swap dealers and major swap participants certain segregation requirements with respect to collateral for uncleared swaps; (2) section 5b(a) of the CEA, which requires a derivatives clearing organization to register with the CFTC in order to clear swaps; and (3) section 4s(k) of the CEA, which provides for the duties and designation of a chief compliance officer for swap dealers and major swap participants.
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Source: CFTC.gov
SEC Proposes Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants
June 29, 2011 – The Securities and Exchange Commission today voted to propose rules that would impose certain business conduct standards upon security-based swap dealers and major security-based swap participants when those parties engage in security-based swap transactions.
The SEC’s proposed rules stem from Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which authorizes the Commission to implement a comprehensive framework for regulating the over-the-counter swaps markets.
“The rules we are proposing would level the playing field in the security-based swap market by bringing needed transparency to this market and by seeking to ensure that customers in these transactions are treated fairly,” said SEC Chairman Mary L. Schapiro. “The standards we propose are intended to establish a framework that protects investors and also promotes efficiency, competition, and capital formation.”
Business Conduct Standards for Security-Based Swap Dealers and Major Security-Based Swap Participants
Source: SEC.gov
Investors Look To Hedge Fund 'Clones' In ETFs
June 29, 2011--In the wake of unprecedented turmoil for the hedge fund industry, stemming from legal probes, lackluster returns and looming anti-growth regulations, a new crop of so-called "hedge fund replication" investments are gaining popularity in the form of easy-to-buy-and-sell exchange traded funds (known as ETFs).
“We are trying to democratize alternatives,” says Adam Patti, CEO of IndexIQ, a hedge fund replication ETF developer based in Rye Brook, New York. The hedge fund replication concept was born out of the idea to create an investable “clone” of a hedge fund portfolio that mimics the latter's volatility and performance characteristics.
Source: CNBC
IndexIQ files with the SEC
June 29, 2011--IndexIQ has filed a post-effective amendment, registration statement with the SEC for the IQ Hedge Multi-Strategy Tracker ETF (QAI)and the
IQ Hedge Macro Tracker ETF (MCRO).
view filing
Source: SEC.gov
JP Morgan to sponsor five Pimco ETFs on Mexican Stock Exchange
June 28, 2011--Pacific Investment Management Company (PIMCO) selected J.P. Morgan to offer five of its U.S.-registered exchange-traded funds (ETFs) on the Mexican Stock Exchange. ---
The funds will be offered on the international segment of the Mexican Stock Exchange, Bolsa Mexicana de Valores (BMV). They are listed in pesos, and trades can be made through a local broker.
The five funds are:
PIMCO 1-5 Year U.S. TIPS Index Fund (STPZ)
PIMCO Broad U.S. TIPS Index Fund (TIPZ)
PIMCO 15+ Year U.S. TIPS Index Fund (LTPZ)
PIMCO 1-3 Year U.S. Treasury Index Fund (TUZ)
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Source: Plan Advisor
BM&FBOVESPA Announces Winners Of The Bidding Process To Manage The Dividend, Basic Materials And Public Utilities ETFs
June 28, 2011--BM&FBOVESPA announced on Tuesday the winners of the bidding process to manage the Dividend, Basic Materials and Public Utilities ETFs. Itaú Unibanco S.A.won the exclusive one-year license to use the Dividend Index (IDIV) and the Basic Materials Index (IMAT), while BlackRock Brasil, Gestora de Investimentos Ltda. won the exclusive one-year license for the Public Utilities Index (UTIL).
The winning institutions were those presenting the greatest commitment of financial volume for the 12 months counted from the day on which units of the Dividend, Basic Materials and Public Utilities ETFs are admitted for trading.
The IDIV ETF is based on the Dividend Index, which measures the performance of shares in companies that are outstanding in terms of remuneration to investors, in dividends and interest on own capital. The IMAT ETF measures the performance of shares that most represent the packaging, wood and paper, miscellaneous materials, mining, chemicals, steel and metallurgy sectors; and the UTIL ETF measures the performance of shares in companies that represent the public utilities sector (electricity, water and sanitation, and gas).
There are currently eight ETFs trading at BM&FBOVESPA. The iShares Ibovespa ETF (BOVA11), iShares BM&FBOVESPA Small Cap ETF (SMAL11), iShares BM&FBOVESPA MidLarge Cap ETF (MILA11), iShares IBRX – Index Brazil (BRAX); iShares Index BM&FBOVESPA Consumption Index Fund (CSMO); iShares Index BM&FBOVESPA Real Estate Index Fund (MOBI) are all are managed by BLACKROCK BRASIL. The PIBB ETF - Brazil Tracker (PIBB11) and IT Now IFNC Index Fund (FIND11) are managed by Banco Itaú Unibanco. Beyond these ETFs already traded on the Exchange, in March Itaú Unibanco S.A won the bidding process for the creation and the ISE ETF and the IGCT ETF, which shall soon be presented to the market.
Source: BM&FBOVESPA
CFTC Staff to Host Public Roundtable to Discuss Proposed Changes to Registration and Compliance Regime for Commodity Pool Operators and Commodity Trading Advisors
June 28, 2011--Staff of the Commodity Futures Trading Commission (CFTC) will hold a public roundtable on July 6, 2011, from 9:00 a.m. to 2:00 p.m., to discuss issues related to the proposed changes to Commission Regulation 4.5 and the proposed rescission of Commission regulations 4.13(a)(3) and 4.13(a)(4). The roundtable will assist the CFTC in the rulemaking process.
The roundtable will be held in the Conference Center at the CFTC's headquarters at Three Lafayette Centre, 1155 21st Street, NW, Washington, DC. The discussion will be open to the public with seating on a first-come, first-served basis. Members of the public may also listen by telephone and should be prepared to provide their first name, last name and affiliation. Panelists will be announced at a later date.
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Source: CFTC.gov
CFTC Staff Allows Bursa Malaysia Derivatives Berhad’s Futures Contract Based on the FTSE Bursa Malaysia Kuala Lumpur Composite Index To Be Offered and Sold in the United States
June 28, 2011--The Commodity Futures Trading Commission's (CFTC's) Office of General Counsel today announced that it issued a no-action letter on June 28, 2011, permitting the offer and sale in the United States of Bursa Malaysia Derivatives Berhad’s futures contract based on the FTSE Kuala Lumpur Composite Index (“KLCI” or “Index”).
The KLCI is a broad-based, free-float, market-capitalization-weighted, composite index of 30 highly capitalized and actively traded stocks currently listed on the Main Board of the Bursa Securities Berhad. The Index provides a performance benchmark for the Malaysian equity market. As of May 17, 2011, the total adjusted market capitalization of the KLCI was approximately US $265 billion.
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Source: AME Info
AdvisorShares files with the SEC
June 27, 2011--AdvisorShares has filed a post-effective amendment, registration statement with the SEC for the Rockledge SectorSAM ETF
NYSE Arca Ticker: SSAM
view filing
Source: SEC.gov
iShares files with the SEC
June 27, 2011-iShares has filed a post-effective amendment, registration statement with the SEC for the iShares 10+ Year Credit Bond Fund.
view filing
Source: SEC.gov
