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IndexIQ's IQ Global Resources ETF (GRES) Receives 5-Star Overall Morningstar Rating
First global resources hedged ETF provides exposure to a broad range of commodities-based businesses, from livestock and grains to precious metals and water
December 21, 2012--The IndexIQ Global Resources ETF (GRES), the first global resources hedged Exchange-Traded Fund, has received a
5-Star Overall Morningstar RatingTM and a 5-Star Three-Year Morningstar RatingTM as of November 30, 2012 out of 22 funds in the Natural Resources category, it was announced today.
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Source: IndexIQ
Agencies' Efforts to Analyze and Coordinate Their Rules
December 18, 2012--What GAO Found
Federal agencies conducted the regulatory analyses required by various federal statutes for all 54 regulations issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) that GAO reviewed.
As part of their analyses, the agencies generally considered, but typically did not quantify or monetize, the benefits and costs of these rules. Most of the federal financial regulators, as independent regulatory agencies, are not subject to executive orders that require comprehensive benefit-cost analysis in accordance with guidance issued by the Office of Management and Budget (OMB). Although most financial regulators are not required to follow OMB's guidance, they told GAO that they attempt to follow it in principle or spirit. GAO's review of selected rules found that regulators did not consistently follow key elements of the OMB guidance in their regulatory analyses. For example, while some regulators identified the benefits and costs of their chosen regulatory approach in proposed rules, they did not evaluate their chosen approach compared to the benefits and costs of alternative approaches. GAO previously recommended that regulators more fully incorporate the OMB guidance into their rulemaking policies, and the Office of Comptroller of the Currency and the Securities and Exchange Commission have done so. By not more closely following OMB's guidance, other financial regulators continue to miss an opportunity to improve their analyses.
view the GOA report-Agencies' Efforts to Analyze and Coordinate Their Rules-Dodd-Frank
Source: GAO (US Government Accountability Office)
NYSE exec says exchanges moving closer to "kill switch"
December 18, 2012--U.S. regulators and exchanges are getting closer to a framework for a "kill switch" that could be used to shut down trading before software glitches get out of control and wreak havoc on markets, a top exchange official said on Tuesday.
"We have all engaged in a much more detailed assessment of how a kill switch could work," Joe Mecane, an executive vice president at the New York Stock Exchange (NYX.N), said in testimony before a U.S. Senate Banking panel on Tuesday.
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Source: Reuters
CFTC Issues Interim Final Rules Regarding Business Conduct and Documentation Requirements for Swap Dealers and Major Swap Participants
December 18, 2012--The Commodity Futures Trading Commission (CFTC) today approved interim final rules for swap dealers and major swap participants who would otherwise be required to comply with certain business conduct and documentation requirements found in provisions of subpart F, subpart H, and subpart I to part 23 of the Commission's Regulations.
The Commission voted [5-0] via seriatim to approve the interim final rules, which will become effective immediately upon publication in the Federal Register.
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Source: CFTC.gov
CFTC's Division of Swap Dealer and Intermediary Oversight Issues No-Action Letter on the Obligation of Swap Dealers and Major Swap Participants to Provide the Pre-Trade Mid-Market Mark for Certain Credit Default Swaps and Interest Rate Swaps
December 18, 2012--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a no-action letter that provides swap dealers and major swap participants with relief from the requirement to disclose the pre-trade mid-market mark to counterparties in certain credit default swaps and
interest rate swaps that are identified in the no-action letter (Covered Derivative Transactions).
The disclosure requirements prescribed in Regulation 23.431 state, among other things, that a swap dealer or major swap participant must disclose to certain counterparties the pre-trade mid-market mark of a swap.
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Source: CFTC.gov
John Ramsay Named Acting Director of SEC's Division of Trading and Markets
December 17, 2012-- Securities and Exchange Commission Chairman Elisse B. Walter today named John Ramsay as Acting Director of the Division of Trading and Markets. He will replace Robert Cook, who announced that he plans to step down after a short transition period.
Since September 2010, Mr. Ramsay has served as a Deputy Director for the Division and is responsible for broker-dealer financial responsibility, risk oversight, and clearance and settlement functions. He has played a key role in the advancement of rules mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
“John has a wealth of experience to draw upon and a firm grasp of the intricacies of issues,” said Chairman Walter. “He is well-positioned to oversee the Division as we continue to further bolster the markets and ensure they operate fairly and efficiently.”
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Source: SEC.gov
CFTC's Division of Market Oversight Issues Time-Limited, No-Action Relief for Swap Dealers and Major Swap Participants From Compliance With Reporting Obligations
December 17, 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 valuation data for cleared swaps
as required by § 45.4(b)(2)(ii) of the Commission’s regulations.
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Source: CFTC.gov
CFTC's Division of Market Oversight Issues Time-Limited No-Action Relief from Parts 43 and 45 Reporting for Prime Brokerage Transactions, and Reporting of Unique Swap Identifiers in Related Trades under Part 45 by Prime Brokers
December 17, 2012--The Commodity Futures Trading Commission's (CFTC) Division of Market Oversight today issued a letter providing swap dealers with time-limited no-action relief from parts 43 and 45 reporting for prime brokerage transactions, and reporting of Unique Swap Identifiers in related trades under part 45 by prime brokers.
To avail themselves of the relief, reporting parties must first meet specific criteria set forth in the no-action letter, and they must also comply with certain conditions attached to the relief.
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Source: CFTC.gov
CFTC Approves Final Rule on Adaptation of Regulations to Incorporate Swaps- Records of Transactions
December 17, 2012--The U.S. Commodity Futures Trading Commission (CFTC) today approved a final rule to enhance the Commission's enforcement program for the futures market. The rule amends CFTC regulations 1.35(a) and 1.31 to conform them to recordkeeping requirements for swap dealers and major swap participants under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
As proposed, the rule would have included oral communications that lead to the execution of a transaction in a commodity interest or a cash commodity. The Commission received many comments on the proposal regarding the effect of this requirement on members of the agricultural community. The Commission is adopting the proposal, with modifications, to preserve its purpose without adversely affecting the agricultural community.
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Source: CFTC.gov
Federal Reserve Board Issues Supervision And Regulation Letter Summarizing Changes Made To Its Program For Consolidated Supervision Of Large Financial Institutions
December 17, 2012--The Federal Reserve Board on Monday issued a Supervision and Regulation letter summarizing changes made in recent years to its program for consolidated supervision of large financial institutions.
The updated approach incorporates a stronger focus on the stability of the financial system and broader economy as a whole, while making improvements to the Federal Reserve's program to promote resiliency of individual firms.
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Source: FRB (Federal Reserve Board)
