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CFTC Proposes New Regulations and to Amend Existing Regulations to Enhance Protections for Customers and Customer Funds Held by Futures Commission Merchants and Derivatives Clearing Organizations
October 26, 2012--The Commodity Futures Trading Commission (CFTC) yesterday approved for public comment proposed new regulations, and amendments to existing regulations, to enhance protections for customers and to strengthen the safeguards surrounding the holding of money, securities and other property deposited by customers with futures commission merchants (FCMs) and derivatives clearing organizations (DCOs).
The proposals are the result of the Commission’s efforts to coordinate and consult with the futures industry on enhancing customer protections, including two public roundtables that were hosted by Commission staff. The proposals also expand upon previous Commission actions to enhance customer protections, including rolling back certain exemptions from investment standards for customer funds under Regulation 1.25 and the adoption of the legal segregation with operational commingling (LSOC model) for cleared swap transactions.
The proposal would enhance the protection of customers and customer funds by:
Amending Part 30 of the regulations to require FCMs to hold sufficient funds in secured accounts to meet their total obligations to both U.S.-domiciled and foreign-domiciled customers trading on foreign contract markets, computed under the net liquidating equity method;
CFTC's Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Relief to Swap Dealers and Major Swap Participants Regarding Certain Recordkeeping Obligations
October 26, 2012--The Commodity Futures Trading Commission's Division of Swap Dealer and Intermediary Oversight (DSIO) today announced the issuance of time-limited no-action relief for swap dealers (SDs) and major swap participants (MSPs) concerning certain recordkeeping obligations under Part 23 of the Commission's Regulations.
The no-action letter will delay until March 31, 2013, the compliance date for the following provisions:
(1) The requirement that SDs and MSPs make and keep records of all oral communications related to pre-execution swap trade information (and communications that lead to the conclusion of a related cash or forward transaction), pursuant to Commission Regulations 23.202(a) and (b);
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Source: CFTC.gov
CFTC.gov Commitments of Traders Reports Update
October 26, 2012-The current reports for the week of October 23, 2012 are now available.
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Source: CFTC.gov
ISE Weekly Listings October 26, 2012
October 26, 0212--International Securities Exchange listed new options classes during the week beginning October 22, 2012 as described below.
Effective Monday, October 22, 2012,the ISE will list options on the following product(s) along with their related
The symbol(s):
Bin 9 - Goldman Sachs & Co.
Equity
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Source: International Securities Exchange (ISE)
US swaps reform triggers futures rush
October 26, 2012--October 26, 2012--Looming US rules for "over-the-counter" derivatives deals are starting to transform credit and energy markets as traders adjust to new strictures and costs.
Tradeweb, the electronic fixed income trading platform, has seen a fourfold jump in US credit derivative index volume over the past week since barriers to trading between market participants were lowered.
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Source: FT.com
State Street Global Advisors Launches Pair of SPDR(R) Tilt ETFs
New SPDR ETFs Designed to Provide Precise Access to Value and Momentum Stocks
October 25, 2012--State Street Global Advisors (SSgA)*, the asset management business of State Street Corporation (NYSE: STT), today announced that the SPDR S&P 1500 Value Tilt ETF (Symbol: VLU) and the SPDR S&P 1500 Momentum Tilt ETF (Symbol: MMTM) began trading on the NYSE Arca on October 25, 2012.
The new SPDR ETFs offer investors an opportunity to access potential sources of outperformance with advanced indexing methodologies that reconfigure how index components are weighted.
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Source: State Street Global Advisors
SIGTARP October 2012 Quarterly Report to Congress on the Status of TARP
October 25, 2012--This morning, SIGTARP issued its latest, October 2012 Quarterly Report to Congress on the status of TARP.
The report is now available and can be downloaded from the SIGTARP Web site or by clicking here
Source: Office of the Special Inspector General for the Troubled Asset Relief Program
Global X files with the SEC
October 25, 2012--Gloal X has filed a post-effective amendment, registration statement with the SEC for the Global X Risk Parity ETF.
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Source: SEC.gov
Horizons ETFs Enters Latin American Market in Joint Venture With Grupo InterBolsa
October 25, 2012-- Horizons ETFs Management (USA) LLC ("Horizons USA"), a subsidiary of Mirae Asset Global Investments Co., Ltd. ("MAGI") has entered into a definitive agreement with InterBolsa USA Holdings, Inc. ("InterBolsa USA Holdings"), a subsidiary of Grupo InterBolsa to launch a joint venture, Horizons ETFs Management (LATAM) LLC ("Horizons LatAm"), which will sponsor and manage exchange traded funds ("ETFs") in Latin America.
Horizons LatAm will initially focus on listing ETFs in the Colombian market. Horizons USA will have an 80% interest in Horizons LatAm, while InterBolsa USA Holdings have a 20% interest.
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Source:Mirae Asset Global Investments
Canadian Securities Regulators Seek Comment on Amendments Relating to Direct Electronic Access
October 25, 2012--The Canadian Securities Administrators (CSA) announced today it is seeking feedback on proposed amendments to NI 23-103 Electronic Trading (NI 23-103), which would provide a framework for the provision of direct electronic access (DEA).
NI 23-103 outlines the risk and supervisory policies, procedures and controls that must be put in place for dealers to manage the risks associated with electronic trading, including the use of algorithms and high frequency trading. NI 23-103 will be implemented on March 1, 2013 .
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Source: Canadian Securities Administrators
