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ISE Restructures Competitive Market Maker Trading Rights
June 13, 2011--The International Securities Exchange (ISE) has filed a proposal with the Securities and Exchange Commission (SEC) to restructure the Competitive Market Maker (CMM) trading rights on its options exchange.
The new structure will grant greater flexibility to existing CMMs to select the options classes they would like to quote. It also opens up the opportunity for new liquidity providers to join ISE as CMM members. Implementation of the new structure is subject to SEC approval.
Gary Katz, President and CEO of ISE, stated, "The new structure for CMM trading rights will make it more cost-effective for market makers to provide liquidity on ISE and will afford them greater flexibility and control over their quoting obligations. This new framework creates a more attractive structure for existing CMMs and for potential new liquidity providers, who will now have an expanded opportunity to join ISE's market making community."
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Source: International Securities Exchange (ISE)
US equity outflows largest in 10 months
June 10, 2011--Retail and institutional investors have withdrawn the most money out of US equity funds since mid-August, according to the latest weekly data from EPFR Global.Redemptions come as worries about the economy and the end of the Federal Reserve bond purchase programme later this month have hit equities, sending the Nasdaq composite index into negative territory for the year on Friday
The turn in sentiment for US equities has been led by retail investors who appear to have followed the adage: ‘sell in May and go away’.Retail investors registered their largest redemptions for the year, at $2.1bn for the week ending June 8, said EPFR.
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Source: FT.com
CFTC.gov Commitments of Traders Reports Update
June 10, 2011--CFTC.gov Commitments of Traders Reports have been updated for the week of June 7, 2011 are now available.
view updates
Source: CFTC.gov
SEC Proposes Exemptions From Registration Requirements For Security-Based Swaps Issued By Certain Clearing Agencies
May 10, 2011--The Securities and Exchange Commission today proposed rules that would provide certain clearing agencies with exemptions from the registration requirements of the Securities Act of 1933 and the Securities Exchange Act of 1934 for security-based swaps that they issue.
The Dodd-Frank Wall Street Reform and Consumer Protection Act, which established a comprehensive framework for regulating the over-the-counter swaps markets, envisioned that certain security-based swaps would be cleared through a clearing agency. The proposed exemptions would facilitate the clearing of such security-based swaps.
A clearing agency generally acts as a middleman between the parties to a transaction, and when providing central counterparty services, assumes the risk should there be a default. When structured and operated appropriately, such a clearing agency can provide benefits such as improving the management of counterparty risk and reducing outstanding exposures through multilateral netting of trades.
The proposed rules would exempt transactions by clearing agencies in these security-based swaps from all provisions of the Securities Act, other than the Section 17(a) anti-fraud provisions, as well as exempt these security-based swaps from Exchange Act registration requirements and from the provisions of the Trust Indenture Act, provided certain conditions are met. Public comments on the proposed rules should be received by July 25, 2011.
view the proposed rules-EXEMPTIONS FOR SECURITY-BASED SWAPS ISSUED BY CERTAIN CLEARING AGENCIES
Source: SEC.gov
SEC Announces Steps to Address One-Year Effective Date of Title VII of Dodd-Frank Act
June 10, 2011--The Securities and Exchange Commission today said it is taking a series of actions in the coming weeks to clarify the requirements that will apply to security-based swap transactions as of July 16 – the effective date of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act – and to provide appropriate temporary relief.
Title VII is the portion of the Dodd-Frank Act that establishes a comprehensive framework for regulating over-the-counter derivatives. In particular, it authorizes the SEC to regulate “security-based swaps” while also authorizing the CFTC to regulate other swaps. The portion of Title VII referred to as Subsection B, which deals with the new regulatory regime for security-based swaps, will take effect on July 16 (360 days after the date of the Dodd-Frank Act’s enactment).
The Commission will:
Provide guidance regarding which provisions of Subtitle B of Title VII will become operable as of July 16, and, where appropriate, provide temporary relief from several of these provisions.
Provide guidance regarding – and where appropriate, temporary relief from – the various pre-Dodd-Frank provisions of the Exchange Act that would otherwise apply to security-based swaps on July 16. Under Dodd-Frank, security-based swaps would be included in the definition of “security” under the Exchange Act. While such swaps will be subject to provisions addressing fraud and manipulation, the Commission intends to provide temporary relief from certain other provisions of the Exchange Act so that the industry will have time to seek, and the Commission can consider, what if any further guidance or action is required.
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Source: SEC.gov
Standard & Poor's Announces Changes In The S&P/TSX Canadian Indices
June 10, 2011--Standard & Poor's Canadian Index Operations announces the following index changes as a result of the Quarterly S&P/TSX Composite Index Review. These changes will be effective at the open on Monday, June 20, 2011:
S&P/TSX COMPOSITE INDEX
| ADDITIONS | |||
| Issue Name | Symbol | 60/Completion | Live Composite GICS Sector Index |
| Athabasca Oil Sands Corp. | ATH | Completion | Energy |
| B2Gold Corp. | BTO | Completion | Materials |
| Bonterra Energy Corp. | BNE | Completion | Energy |
| Canexus Income Fund | CUS.UN | Completion | Materials |
| Capital Power Corporation | CPX | Completion | Utilities |
| Endeavour Silver Corp. | EDR | Completion | Materials |
| Extorre Gold Mines Limited | XG | Completion | Materials |
| MEG Energy Corp. | MEG | Completion | Energy |
| Paramount Resources Ltd. | POU | Completion | Energy |
| Romarco Minerals Inc. | R | Completion | Materials |
| San Gold Corporation | SGR | Completion | Materials |
| Tahoe Resources Inc. | THO | Completion | Materials |
| Tourmaline Oil Corp. | TOU | Completion | Energy |
| Wi-LAN Inc. | WIN | Completion | Information Technology |
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Source: Standard & Poor's
JP Morgan files with the SEC
June 10, 2011--JP Morgan has filed an Amendment No.4 to Form S-1 with the SEC for the JPM XF Physical Copper Trust.
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Source: SEC.gov
Van Eck files with the SEC
June 10, 2011--Van Eck has filed a post-effective amendment, registration with the SEC for the All China All-Cap ETF
All China Consumer Discretionary Sector ETF
All China Consumer Staples Sector ETF
All China Energy Sector ETF
All China Financial Services Sector ETF
All China Healthcare Sector ETF
All China Industrials Sector ETF
All China Information Technology Sector ETF
All China Materials Sector ETF
All China Utilities Sector ETF
All China Small-Cap ETF
view filing
Source: SEC.gov
Huntington files with the SEC
June 10, 2011--Huntington has filed an amended and restated Application for exemptive relief with the SEC for actively-managed ETFs.
view filing
Source: SEC.gov
Emerging Global Shares files with the SEC
June 10, 2011--Emerging Global Shares has filed a post-effective amendment, registration statement with the SEC for the
EGShares India Consumer ETF
EGShares India Financials ETF
EGShares India Health Care ETF
EGShares India Industrials ETF
EGShares India Technology ETF
EGShares India Basic Materials ETF
EGShares India Energy ETF
EGShares India High Income Low Beta ETF
EGShares Emerging Markets High Income Low Beta ETF
EGShares Emerging Markets Food and Agriculture ETF
view filing
Source: SEC.gov
