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CFTC Extends Public Comment Period on Rulemaking Enhancing Protections Afforded Customers and Customer Funds Held by Future Commission Merchants and Derivatives Clearing Organizations
January 11, 2013--– The Commodity Futures Trading Commission (CFTC) published in the Federal Register on November 14, 2012 a notice of proposed rulemaking that would adopt new regulations and amend existing regulations to require enhanced customer protections, risk management programs, internal monitoring and controls, capital and liquidity standards, customer disclosures, and auditing and examination programs for futures commission merchants (FCMs).
Additionally, the proposed customer protection rule addressed certain related issues concerning derivatives clearing organizations (DCOs) and chief compliance officers (CCOs). The comment period was set to close on January 14, 2013.
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Source: CFTC.gov
Legg Mason Rises on Report of Interest From Buyout Firms
January 10, 2013--Legg Mason Inc. (LM), the money manager searching for a new chief executive officer, rose the most in four months after a report said two buyout firms have shown an interest in taking it private.
Legg Mason climbed 3.2 percent to $26.84, the biggest gain since Sept. 11, after Reuters said today that two large private- equity investors showed interest in financing a buyout led by the Baltimore-based firm’s largest affiliates. Legg Mason’s board has refused to engage in discussions about a sale, said Reuters, citing unidentified people with knowledge of the matter.
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Source: Bloomberg
Dust gathering on active ETF approvals
January 10, 2013--The active exchange traded fund market is opening up for several of the largest mutual fund managers, but the scarcity of launches points to a wait-and-see mentality, some industry observers suggest.
T. Rowe Price is the latest to receive regulatory approval to enter the active ETF market, joining Legg Mason, Federated Investors, Northern Trust and Eaton Vance last week.
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Source: FT.com
Copper users attack SEC on ETF backing
January 10, 2013--A group of copper users has rounded on the Securities and Exchange Commission for its "arbitrary and capricious" decision to approve the first US investment product that would hold physical copper.
The move is likely to pave the way for a formal appeal, potentially further delaying the launch of the product by JPMorgan, which was first publicly proposed in October 2010.
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Source: FT.com
United States Commodity Funds LLC Temporarily Suspends Ability of Authorized Purchasers to Purchase New Creation Baskets in United States Short Oil Fund, LP ("DNO")
and United States 12 Month Natural Gas Fund, LP ("UNL")
January 10, 2013--United States Commodity Funds LLC ("USCF"), the general partner of United States Short Oil Fund, LP and United States 12 Month Natural Gas Fund, LP (each a "Fund" and collectively, the "Funds"), has temporarily suspended the ability of the Authorized Participants to purchase new Creation Baskets in the Funds until such time as a new registration statement registering additional units under the Securities Act of 1933 for each Fund has been declared effective by the Securities and Exchange Commission, and the National Futures Association has approved its use.
Each Fund will issue a subsequent Current Report on Form 8-K as well as a press release to announce the effectiveness of such new registration statement and its ability to resume offering Creation Baskets to its Authorized Participants. The ability of Authorized Participants to redeem Redemption Baskets is not affected.
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Source: United States Commodity Funds LLC
BlackRock LatAm star Landers eyes Brazilian large cap bounce
While his mid and small cap fund has thrived, Euro Stars A rated Will Lander's large cap Latin American fund has found the going tougher over the past few months.
January 9, 2013--
BGF Latin American manager Will Landers is backing Brazilian large caps to return to form over the next few months after a tough 2012.
The fund lagged the index in 2012 with Landers’ overweight to large cap Brazilian stocks hurting numbers, but Landers is confident that many of Brazil’s largest companies will see positive re-ratings this year.
Landers is encouraged by the relative valuation of Brazil, which is trading at 10.5x earnings as opposed to Mexico’s 16x earnings.
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Source: CityWire
NASDAQ OMX Commodities launches new German Futures and Options, extends Nordic and Carbon product offerings
January 9, 2013--NASDAQ OMX Commodities is pleased to announce the launch of new instruments in Genium INET. Genium INET will be upgraded to version 0222 during the weekend 23-24 March, 2013.
Thereafter, subject to successful testing and regulatory approval, the enhancements listed below will be activated for members according to a detailed time plan which will be published in due course.
German Power Futures Subject to successful testing, the present German product offering will be extended to include German Futures contracts. In addition to the existing daily and weekly futures contracts, 6 monthly, 8-11 quarterly and 5 yearly futures contracts will be listed. The product calendar will be updated to reflect the launch of these products in due course.
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Source: NASDAQ OMX
Market Vectors Changing Underlying Index of Solar Energy ETF (KWT(R))
January 9, 2013--Effective on or about March 18, 2013, Market Vectors Solar Energy ETF (NYSE Arca: KWT) will begin tracking the Market Vectors (R) Global Solar Energy Index (MVKWTTR).
MVKWTTR uses the Market Vectors index methodology that focuses on investability, diversification and pure-play exposure to the relative asset class. This methodology is shared by the benchmark indexes of several other Market Vector ETFs, including Brazil Small-Cap (BRF ®), Indonesia (IDX), Junior Gold Miners (GDXJ ®), Oil Services (OIH), Russia (RSX ®), Semiconductor (SMH) and Vietnam (VNM).
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Source: The Street
Regulator Plans to Expand Its Focus
January 8, 2013--Richard G. Ketchum, the head of the Financial Industry Regulatory Authority, said in an interview on Tuesday that he would ramp up scrutiny of high-speed trading and a batch of complex products.
Finra, Mr. Ketchum said, would take aim at so-called leveraged loans and collateralized loan obligations, along with the potential conflicts that brokerage firms face in pitching their own investments over rivals’ products.
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Source: NY Times
Morningstar Quarterly Commentary: A Flat Fourth Quarter
A flat fourth quartercaps off the market's strong 2012 performance.
January 8, 2013--Despite fiscal cliff concerns, the U.S. stock market finished the fourth quarter essentially flat, locking in a strong 16% gain for the year.
Politics dominated the headlines in the fourth quarter, with the biggest news being the presidential election.
Despite some pre-election polls predicting a tight race, the results were largely one-sided as President Obama had little trouble retaining the White House, which trigged a short-term sell-off.
Obama’s victory offered greater clarity on certain issues, such as solidifying Obamacare’s future, but brought up uncertainty on other issues, such as the fiscal cliff.
In the back half of the quarter, the uncertainty of the fiscal cliff controlled the financial news and drove businesses’ investment decisions. Many firms issued special dividends in late December to avoid a potential increased tax rate on dividend income, or pushed off capital expenditure decisions until the cliff issue is resolved.
Similar to its 2011 run-in with the debt ceiling, Congress was unable to come to agreement in advance, and took the issue down to the 11th hour.
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Source: Morningstar
