Americas ETP News
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CFTC Division of Clearing and Risk Issues Notice Regarding Expiration of Cross-Border Exemptive Relief from the Clearing Requirement
July 31, 2013--The Commodity Futures Trading Commission's (CFTC) Division of Clearing and Risk announced today that on October 9, 2013, certain exemptive relief regarding the Clearing Requirement is scheduled to expire.
As of October 10, 2013, exemptive relief from the Clearing Requirement will no longer be available for an entity that is covered as a U.S. person under the CFTC’s interpretive guidance and policy statement regarding the cross-border application of the swaps provisions of the Commodity Exchange Act, including certain collective investment vehicles organized outside of the United States.
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Source: CFTC.gov
CFTC Issues Order of Temporary Registration as a Swap Execution Facility to Bloomberg SEF LLC
July 31, 2013--The U.S. Commodity Futures Trading Commission (CFTC or Commission) yesterday approved the application of Bloomberg SEF LLC (BSEF) for temporary registration as a swap execution facility (SEF).
BSEF is a Delaware limited liability company and is a wholly-owned subsidiary of Bloomberg L.P., a Delaware limited liability partnership. BSEF may not begin operating as a temporarily registered SEF before August 5, 2013, the effective date of the SEF rules.
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Source: CFTC.gov
SEC Adopts Amendments to Financial Responsibility Rules for Broker-Dealers
July 31, 2013--The Securities and Exchange Commission today announced the adoption of amendments to the net capital, customer protection, books and records, and notification rules for broker-dealers.
The amendments to the broker-dealer financial responsibility rules are designed to better protect a broker-dealer’s customers and enhance the SEC’s ability to monitor and prevent unsound business practices. The rule amendments were approved by a unanimous Commission vote.
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Source: SEC.gov
U.S. Department of the Treasury Economic Statistics-Monitoring the Economy Update
July 31, 2013--The U.S. Department of the Treasury Economic Statistics-Monitoring the Economy report has been updated.
view the US Economic Data Quarterly-July 31, 2013 report
Source: US Department of the Treasury
VelocityShares(R) Announces Launch of VelocityShares Equal Risk Weighted Large Cap ETF
July 31, 2013--VelocityShares LLC, developer of exchange traded products (ETPs) for sophisticated investors, announced today the launch of the VelocityShares Equal Risk Weighed Large Cap ETF ("ERW").
Equal risk weighting is an innovative and academically rigorous alternative to both traditional market cap weighted indices and overly simplistic "low volatility" indices.
"Investors are interested in low volatility equity portfolios, and equal risk weighting represents an important step forward as a means of intelligently allocating to low volatility stocks," said Nick Cherney, Chief Investment Officer and Co-founder of VelocityShares. “ERW is a further example of our commitment to delivering sophisticated investment instruments to the exchange traded market.'
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Source: Exchange Traded Concepts
Invest n Retire Adds Access to Wolverine Execution Services Into INR's Patented Record Keeping Software for Defined Contribution Plans and Separately Managed Accounts
July 30, 2013--Wolverine Execution Services (WEX), a leading provider of value added trade execution services, and Invest n Retire, LLC (INR), an innovative developer of patented technology solutions for defined contribution (DC) plans and separately managed accounts (SMAs), today announced connectivity to WEX's agency broker services directly from the INR platform.
As a result of this partnership, clients can now electronically route orders for execution directly to WEX via the INR platform and receive fill information back into the INR system. Orders received by WEX are executed using proprietary trading logic and technology when determining the best method of and venue for execution.,p.,z href="http://www.investnretire.com/Documents/INRWEXPR.pdf" TARGET="_top">view more
Source: Invest n Retire
SEC examines trading rules as commodity crack-down heats up
July 30, 2013--The top U.S. securities regulator said on Tuesday she was examining insider trading rules for commodities, further stepping up scrutiny of Wall Street's role in trading anything from oil to metals.
The move comes after JPMorgan Chase & Co - under pressure from regulators - said last week it would exit physical commodities trading, and as Europe is drastically stepping up its rules for commodity trading.
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Source: Reuters
State Street Report Takes the Pulse of Buy-Side Firms Mandated to Clear OTC Derivatives
State Street's SwapExSM Files Registration with the CFTC to Become a Multi-Asset Swap Execution Facility
July 30, 2013--Buy-side firms are unprepared for new trading mechanisms, costs and increased complexity and should partner with established providers to adapt to an evolved OTC derivatives marketplace, according to research commissioned by State Street Corporation (NYSE: STT).
The new research paper, “From Readiness to Revolution: The Implementation and Impact of Derivatives Clearing Regulatory Reform,” provides insight into preparations for swap execution facilities (SEFs), central clearing, collateral management and reporting.
State Street, which operates as a futures clearing merchant (FCM) and a SEF, commissioned the research with Aite group which surveyed buy-side firms that collectively represent more than $6 trillion in assets under management. The research highlights developments across the entire trade life-cycle and includes a roadmap to readiness for Category III firms - those firms that have yet to complete the Commodity Futures Trading Commission’s (CFTC) phased implementation of derivatives clearing.
view the report-From Readiness to Revolution: The Implementation and Impact of Derivatives Clearing Regulatory Reform
Source: State Street Corporation
Home Prices Continue to Increase in May 2013, According to the S&P/Case-Shiller Home Price Indices
July 30, 2013--Data through May 2013, released today by S&P Dow Jones Indices for its S&P/Case-Shiller1 Home Price Indices, the leading measure of U.S. home prices, showed increases
of 2.5% and 2.4% for the 10- and 20-City Composites in May versus April.
Dallas and Denver reached record levels surpassing their pre-financial crisis peaks set in June 2007 and August 2006.
This is the first time any city has made a new all-time high.
The 10- and 20-City Composites annual returns rose slightly from April to May as they posted the best year-over-year gains since March 2006. All 20 cities increased from May 2012 to May 2013 and from April 2013 to May 2013.
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Source: S&P Dow Jones Indices
Most ETNs are overpriced, study claims
July 30, 2013--Research claims to show that market prices of most ETNs do not accurately reflect their risks and that the notes should trade at greater discounts
Most exchange-traded notes (ETNs) are overpriced, according to a study of 17 such notes that traded on US exchanges between 2002 and 2011.
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Source: Risk.net
