Americas ETP News
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Fee Rate Advisory #2 for Fiscal Year 2013
November 15, 2012-The Securities and Exchange Commission is operating under a continuing resolution through March 27, 2013. Accordingly, the fees paid under Section 31 of the Securities Exchange Act will remain at their current rate until 60 days after the enactment of a regular appropriation for the Commission.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Commission will be required to publish a revised fee rate 30 days after the Commission’s regular appropriation for FY 2012 is enacted, and this new fee rate will become effective 60 days after the appropriation is enacted. Until this time, the Section 31 fee rate will remain at the current rate of $22.40 per million. The Section 31 assessment on round turn transactions in security futures also will remain at $0.0042 per transaction.
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Source: SEC.gov
SEC Issues Staff Summary Report of Examinations of Nationally Recognized Statistical Rating Organizations
November 15, 2012--The Securities and Exchange Commission today issued its second annual staff report on the findings of examinations of credit rating agencies registered with the SEC as Nationally Recognized Statistical Rating Organizations (NRSROs).
The staff determined that with one exception, all NRSROs appropriately addressed the staff's recommendations in the first annual report in 2011. In addition, the staff announced a new initiative to highlight compliance issues at credit rating agencies between examinations.
view the 2012 Summary Report of Commission Staff's Examinations of Each Nationally Recognized Statistical Rating Organization
Source: SEC.gov
RBS PLC Launches Five RBS Rogers Enhanced ETNs
November 15, 2012--RBS Securities Inc. (RBSSI) today announced the launch of five exchange traded products in its growing suite of exchange traded notes (ETNs). The RBS Rogers Enhanced Commodity Exchange Traded Notes will be issued by The Royal Bank of Scotland plc (RBS plc) and will be listed on the NYSE Arca, Inc.
“We are pleased to announce the launch of the five RBS Rogers Enhanced ETNs which feature the combined experience of RBS and Wall Street investor Jim Rogers,” said Thomas Haines, Head of North American Custom Indices and Listed Products. “We believe these new ETNs offer investors a unique opportunity to get exposure to the innovative RICI EnhancedSM Indices.”
The following are the new RBS Rogers ETNs and their exchange ticker symbols.
RBS Rogers Enhanced Commodity ETN (RGRC)
RBS Rogers Agriculture ETN (RGRA)
RBS Rogers Enhanced Energy ETN (RGRE)
RBS Rogers Enhanced Industrial Metals ETN (RGRI)
RBS Rogers Enhanced Precious Metals ETN (RGRP)
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The
Source: RBS Securities Inc. (RBSSI)
Financial Services Subcommittee Report Finds Decisions by Corzine, Lack of Communication Between Regulators Led to MF Global Bankruptcy and Loss of Customer Funds
November 15, 2012-The House Financial Services Subcommittee on Oversight and Investigations, chaired by Rep. Randy Neugebauer, released the full results of its year-long majority staff investigation into the collapse of MF Global on Thursday.
The report chronicles the demise of the 230-year old commodities brokerage firm, which declared bankruptcy in October 2011. MF Global’s failure was the eighth largest bankruptcy in U.S. history and resulted in a $1.6 billion shortfall in customer funds.
Despite the promise of Dodd-Frank that regulators would work together, what the Subcommittee’s investigation found is there was no meaningful coordination among the regulators who were responsible for the supervision of MF Global,” said Financial Services Committee Chairman Spencer Bachus. “This left each regulator with an incomplete understanding of the company’s financial health – and MF Global’s customers paid the price. This, once again, raises the question of whether regulators are so preoccupied writing hundreds of new rules that they’re missing the basics like safeguarding customer funds and protecting investors from financial frauds.”
view the Oversight and Investigation MF Global Report
Source: The Committe on Financial Services
GOP tension emerges over SEC, CFTC merger idea
November 15, 2012--Republican lawmakers at the top of Congress's agriculture committees are bristling over a recommendation from their GOP colleagues that would do away with a key financial regulator.
A new report issued by Republicans on the House Financial Services Committee on Thursday suggested that the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) streamline their operations, or potentially be combined into a single agency. The lawmakers behind the report, released Thursday, blasted the two regulators for failing to communicate before the collapse of the futures firm MF Global, previously headed by Jon Corzine.
That suggestion has sent top Republicans on the farming panels rushing to protect their turf, as any potential merging could mean they would lose jurisdiction over the CFTC, with much of the regulatory oversight falling to the banking panels.
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Source: The Hill
CFTC Approves Position Limit Appeal
November 15, 2012--The Commodity Futures Trading Commission (CFTC) will move forward with an appeal of a federal district court's decision vacating the position limits rule. The Commission approved the appeal on a 3-2 vote.
“As part of the Dodd-Frank Act, Congress directed the Commission to limit promptly speculative positions in physical commodity futures and options contracts and economically equivalent swaps.
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Source: CFTC.gov
SEC Issues Staff Summary Report of Examinations of Nationally Recognized Statistical Rating Organizations
November 15, 2012--The Securities and Exchange Commission today issued its second annual staff report on the findings of examinations of credit rating agencies registered with the SEC as Nationally Recognized Statistical Rating Organizations (NRSROs).
The staff determined that with one exception, all NRSROs appropriately addressed the staff's recommendations in the first annual report in 2011. In addition, the staff announced a new initiative to highlight compliance issues at credit rating agencies between examinations.
view the 2012 Summary Report of Commission Staff's Examinations of Each Nationally Recognized Statistical Rating Organization
Source: CFTC.gov
DB-Synthetic Equity & Index Strategy-North America-ETF+ Monthly Directory-October 2012 ETPs
November 15, 2012--This document includes all US listed exchange-traded funds (ETFs) and exchange-traded vehicles (ETVs), plus a special section covering exchange-traded notes (ETNs).
The directory is organized by asset class and asset-class-related sub sections. Within each sub section it has also been sorted. For Equity and Fixed Income ETPs it is sorted by country (or sub region for regional products) in alphabetical order and by AUM in descending order, and for the other ETP asset classes it is sorted by sub sector in alphabetical order and by AUM in descending order. A number of key information points per product has been included in order to enable the reader to get an overview in their respective area of interest. Among the key numeric information we include avg. daily turnover, assets under management, and cash flows (all in $US).
request report
Source:Deutsche Bank-Synthetic Equity & Index Strategy-North America
CFTC's Office of General Counsel Responds to Questions Regarding Certain Physical Commercial Agreements for the Supply and Consumption of Energy
November 14, 2012--Today, the Commodity Futures Trading Commission's (CFTC) Office of General Counsel (OGC) is providing its view, in the form of an answer to frequently asked questions (FAQ), in response to questions from market participants and other interested parties regarding the classification of certain physical commercial agreements for the supply and consumption of energy that provide flexibility set forth in the CFTC's joint Federal Register release with the
Securities and Exchange Commission entitled Further Definition of “Swap”; “Security-Based Swap”; and “Security-Based Swap Agreement”; Mixed Swaps; Security-Based Swap Agreement Recordkeeping (“Release”).
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Source: CFTC.gov
CBO Releases Report Examining the Reasons for the Slow Growth of the Economy Since the Recent Recession
November 14, 2012--CBO regularly issues reports on the state of the budget and the economy, and today CBO released a study, What Accounts for the Slow Growth of the Economy After the Recession?, with an accompanying infographic providing background information that helps to explain the economic projections included in those reports.
The U.S. economy has grown slowly since the deep recession in 2008 and 2009. In the three years following the recession, the cumulative growth of the nation’s output—real (inflation-adjusted) gross domestic product (GDP)—was nearly 9 percentage points below the average seen in previous economic recoveries since the end of World War II, or less than half the average growth during those other recoveries. What explains that relatively slow rate of economic growth? CBO finds that:
About two-thirds of the difference is from slower growth in the productive capacity of the economy, or potential GDP. That outcome reflects slower growth of all three of the major determinants of that productive capacity: the number of employed workers (adjusted for variations caused by the business cycle); the flow of services available from capital assets such as equipment, structures, inventories, and land; and the efficiency in producing goods and services. Much of the sluggishness of potential GDP since the recession is the result of long-term trends unrelated to the current business cycle, including the nation’s changing demographics.
view the Congressional Budget Office report-What Accounts for the Slow Growth of the Economy After the Recession?
Source: CBO (Congressional Budget Office)
