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CFTC's Division of Market Oversight Provides Additional Information Concerning its Existing No-Action Relief (CFTC Letter No. 12-46) for Reporting Parties Regarding Legal Entity Identifiers and Certain Identifying Information
December 21, 2012--The Commodity Futures Trading Commission's (CFTC) Division of Market Oversight (Division) today is providing additional information pertaining to its existing no-action relief for reporting parties under Parts 20, 45 and 46 of the Commission's regulations (CFTC Letter No. 12-46 or Letter).
The additional information provided today specifies that reporting parties eligible for relief pursuant to CFTC Letter No. 12-46 may, for purposes of this Letter only, meet the Letter’s requirement for a “written opinion of outside legal counsel” through a legal memorandum from outside legal counsel that includes the following attestation:
“We confirm that the rigor of the analysis we provided in our memorandum was no less extensive or involved than if we were to provide the same analysis in the form of a written, legal opinion. We confirm that we consider our memorandum to represent advice for which our firm takes full responsibility. We would, therefore, be obliged to stand behind such advice equally as we would for advice delivered in the form of a legal opinion.”
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Source: CFTC.gov
Getco Co-Founders Slated for Board Seats in Knight Merger
December 21, 2012--The co-founders of Getco LLC will serve as directors of the new company formed by the trading firm's planned takeover of Knight Capital Group Inc., according to a regulatory filing.
Stephen Schuler and Dan Tierney will serve as two of four board members selected by Getco, joining the as-yet-unnamed trading company's board alongside Getco Chief Executive Daniel Coleman and Knight CEO Thomas Joyce, who is slated to become executive chairman.
Getco on Wednesday agreed to acquire Knight for $1.4 billion, a deal that will bring Getco's high-speed, proprietary-trading heft together with Knight's core business of trading shares with online brokerage firms.
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Source: Wall Street Journal
ALPS Announces the Launch of New ETFs by Teaming Up With Goldman Sachs
Four New ETFs Launched Based on Goldman Sachs Proprietary Indices
December 20, 2012--ALPS, A DST Company, announced today the launch of four new exchange-traded funds (ETFs) each of which seeks to track a Goldman Sachs proprietary index.
Three of the new ETFs seek to track Goldman Sachs indices based on the "GS Momentum Builder(R)" framework which seeks to capture momentum exposure to select asset classes or markets with a risk control mechanism. The fourth ETF seeks to track a Goldman Sachs index that reflects a hypothetical portfolio of U.S. stocks that are anticipated to have the highest risk-adjusted returns based on volatility adjusted target prices of a consensus of industry analysts for the stocks in the Russell 1000(R) Index.
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Source: ALPS Distributors, Inc
AdvisorShares Launches New Business Cycle ETF DBIZ
December 19, 2012--AdvisorShares, the leader in actively managed ETFs, rolled out its 17th ETF Wednesday: Pring Turner Business Cycle ETF (DBIZ).
Pring Turner Capital Group of Walnut Creek, Calif., with $147 million in assets under management, is managing the ETF. It's using an investment strategy it says it's used since 2000 for individual investors called the PTCG Conservative Growth Composite.
It invests in foreign and domestic stocks, bonds, commodities and cash "utilizing its proprietary business cycle research," the ETF prospectus states.
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Source: Investors.com
CFTC's Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Relief Regarding the Treatment of Swap Transactions by Persons Engaging in Floor Trader Activities, for Purposes of Making Calculations Under the Swap Dealer Definitio
December 19, 2012--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a time-limited no-action letter that provides relief for persons engaging in floor trader activities.
The relief provided in the letter expires on July 1, 2013. During that limited time period, the Division will not recommend that the Commission take an enforcement action against an entity for failure to include, in its calculation of the aggregate gross notional amount of swaps connected with its swap dealing activity for purposes of Commission Regulation 1.3(ggg)(4), a swap that is submitted for clearing to a registered derivatives clearing organization, provided that: (1) the entity does not have a registered swap dealer affiliate; (2) the entity entered into the swap using proprietary funds for its own account; and (3) the entity complies with the requirements set forth in Commission Regulations 1.3(ggg)(6)(iv)(D)-(H).
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Source: CFTC.gov
CFTC's Division of Market Oversight Issues Time-Limited, No-Action Relief for Swap Dealers and Major Swap Participants From the Reporting Provisions of Part 45 for CDS Clearing-Related Swaps
December 19, 2012--The Commodity Futures Trading Commission's ("Commission") Division of Market Oversight ("Division") today issued a no-action letter providing time-limited relief to Swap Dealers ("SDs") and Major Swap Participants ("MSPs") from the obligation to report swap data under part 45 of the Commission's regulations for cleared credit default swaps ("CDS") that are entered into pursuant to a derivatives clearing
organization’s (“DCO”) rules related to its price submission process for determining end-of-day settlement prices for cleared CDS (“CDS Clearing-Related Swaps”).
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Source: CFTC.gov
Gemini, Arrow Partner To Launch Northern Lights ETF Trust
Shared Fund Trust Provides ETF Operational and Cost Efficiencies for Advisers
December 19, 2012--Gemini Fund Services, LLC (Gemini), an engaged partner to independent advisers as a provider of comprehensive, pooled investment solutions, and Arrow Investment Advisors, LLC (Arrow), the adviser to Arrow Funds and ArrowShares, have teamed up to launch the Northern Lights ETF Trust (NLET), a shared fund trust designed to bring innovative exchange-traded funds (ETFs) to market.
NLET will provide benefits to advisers similar to Gemini's shared fund trusts for mutual funds. The trust will be comprised of independent ETFs managed by separate investment advisers. Like Gemini's shared mutual fund trusts, NLET will provide ETF advisers with operational efficiencies and economies of scale they would not be able to achieve on their own.
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Source: Gemini Fund Services
FlexShares Introduces Suite of Dividend-Focused Equity Funds
December 19, 2012--FlexShares(R) Exchange Traded Funds, sponsored and managed by Northern Trust Corp., today introduced dividend-focused equity index funds to help investors achieve their income needs while still participating in capital growth through the equity market.
The exchange-traded funds – the Quality Dividend Index Fund, Quality Dividend Defensive Index Fund and the Quality Dividend Dynamic Index Fund – seek to deliver a portfolio of stocks that emphasize long-term capital growth and income. They invest in quality companies that provide dividend income while controlling for market risk.
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Source:FlexShares
Invesco PowerShares Announces Changes to ETF Family
December 19, 2012-- Invesco PowerShares Capital Management LLC, a leading global provider of exchange-traded funds (ETFs) with more than $74 billion in franchise assets, announced changes to its product line.
As part of its ongoing commitment to putting investors' interests first, Invesco PowerShares announced that it plans to close 13 ETFs. The affected funds represent less than 1% of Invesco PowerShares' total assets.
"We regularly review our ETF portfolios, evaluating numerous factors such as investment results, length of time in the market and investor interest," said Ben Fulton, Invesco PowerShares managing director of global ETFs. "Based on this assessment, we believe the time is right to make these moves and refocus our resources to better meet investors' needs. As one of the leading innovators in the ETF industry, Invesco PowerShares remains fully committed to maintaining and developing a comprehensive and compelling product line of ETFs to help investors meet their financial goals."
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Source: Invesco PowerShares Capital Management LLC
Getco wins bidding war for Knight Capital
December 19, 2012--Getco, the high-frequency trading firm, was set to acquire Knight Capital, according to people familiar with the talks, in a deal that could see the creation of one of the largest US electronic trading and market-making companies on Wall Street.
A deal was reached after Getco raised the cash portion of its proposed offer, these people said. Getco’s initial offer was worth roughly $1.7bn, inclusive of Knight’s debt.
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Source: FT.com
