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CFTC's Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Letter Regarding the Treatment of Agricultural and Exempt Commodities in Making Calculations for Purposes of the Swap Dealer and Major Swap Participant Definitions
October 12, 2012--The Commodity Futures Trading Commission's Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a no-action letter regarding the treatment of agricultural and exempt commodities in making calculations for purposes of the swap dealer and major swap participant definitions.
In order to provide participants in the market for swaps referencing agricultural and exempt commodities sufficient time to determine whether and in what manner to transition their current business practices to the new regulatory environment, and to enable any such transition to proceed in an orderly manner, DSIO staff issued the no-action letter to afford market participants a short period of additional time to evaluate the various staff documents issued recently and adjust their business practices accordingly. DSIO staff believes that this limited transitional no-action relief will further the Commission’s stated objective to “ensure that market practices will not be unduly disrupted during the transition to the new regulatory regime.”
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Source: CFTC.gov
CFTC's Division of Swap Dealer and Intermediary Oversight Issues Interpretative Letter Regarding Scope of Bona Fide Hedging Exemption for Registered Investment Companies
October 12, 2012--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight today issued an interpretative letter that clarifies, in light of the recent court decision regarding the Commission's position limits rule,
the scope of the bona fide hedging exemption from the trading thresholds as applied to registered investment companies pursuant to Commission Regulation 4.5.
Source: CFTC.gov
CFTC Division of Swap Dealer and Intermediary Oversight Issues No-Action Letter Regarding the De Minimis Threshold for Swaps with Utility Special Entities
October 12, 2012--Today, the Commodity Futures Trading Commission's Division of Swap Dealer and Intermediary Oversight is issuing a letter providing temporary no-action relief from certain requirements in the de minimis exception from the definition of the term swap dealer.
The no-action relief would allow non-financial entities that are active in the physical energy markets to deal in swaps with publicly-owned, government-owned or federal agency utilities with an aggregate gross notional amount of up to $800 million per year, and not be required to register as swap dealers.
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Source: CFTC.gov
CFTC Office of General Counsel Issues Interpretative and No-Action Letter Regarding Eligible Contract Participant Issues
October 12, 2012--The Commodity Futures Trading Commission's Office of General Counsel (OGC) today issued an interpretative and no action letter regarding Eligible Contract Participant issues.
The letter provides interpretations stating that swap guarantors generally must be ECPs, a non-ECP generally may not be jointly and severally liable for swap obligations, and cash proceeds from a loan may be included within the calculation of total assets for purposes of qualifying as an ECP under Commodity Exchange Act. The letter also provides no-action relief, subject to specified conditions, with respect to certain ECP guarantee arrangements, “anticipatory ECPs,” and certain determinations regarding “amounts invested on a discretionary basis.”
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Source: CFTC.gov
CFTC's Division of Swap Dealer and Intermediary Oversight Provides Registration No-Action Relief for Certain Swaps Intermediaries
October 12, 2012--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today announced the issuance of a no-action letter to provide relief from registration for various swaps intermediaries until December 31, 2012.
Without the delay, certain entities would have to be registered immediately.
Specifically, the letter provides a registration delay for any person who, solely by virtue of its swaps activity, would have been required to register immediately as an introducing broker, commodity pool operator, commodity trading advisor, associated person (AP), floor broker, or floor trader. The DSIO letter also provides delay for any person who would be required to register solely because of their involvement with the transition of certain contracts on ICE and NYMEX to clearing as commodity futures and options.
view the CFTC Letter No. 12-15-Staff No-Action Positions: Registration Relief for Certain Persons
Source: CFTC.gov
Barclays Debuts ETF Based on PE Ratios
October 12, 2012--Barclays has long been a leader in the ETN market as the company has several dozen products under its iPath and ETN+ brand names.
However, product development has been on a hiatus as of late, as the firm didn’t launch a product for roughly a one year span despite the continued growth of the broader ETF industry.
Fortunately, this appears to be coming to an end as the firm recently revealed its latest addition to its lineup, this time with a focus on American equities. The new note, the Barclays ETN+ Shiller CAPE ETN (CAPE), looks to give investors a new way to play the markets using an interesting methodology from one of the brightest minds in the investing world, Robert Shiller.
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Source: advfn.com
CME, Wall Street Win Delays From CFTC Swap Dealer Rules
October 12, 2012--CME Group Inc. (CME), energy traders and Wall Street banks won delays and exemptions from the U.S. Commodity Futures Trading Commission as regulations intended to improve oversight of the swaps market took effect.
Among a flurry of short-term extensions, the CFTC announced that foreign entities including the overseas branches of U.S.- based banks would not have to begin tallying swaps right away and perhaps not until the end of the year.
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Source: Bloomberg
Barclays Launches the Barclays ETN+ Shiller CAPE(TM) ETN An ETN linked to a US equity sector rotation index developed in collaboration with Professor Robert Shiller
October 11, 2012--Barclays Bank PLC announced today the listing of the Barclays ETN+ Shiller CAPE(TM) Exchange Traded Note (ETN) on the NYSE Arca stock exchange under the ticker symbol CAPE.
The ETN seeks to provide a notional long exposure to four relatively undervalued US equity sectors that also exhibit relatively strong price momentum.
The index underlying the ETN uses the frequently cited cyclically adjusted price-to-earnings (CAPE(TM)) ratio as a metric for the valuation of US equity sectors.
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Source: CNBC
CFTC's Division of Swap Dealer and Intermediary Oversight Issues Interpretative Guidance to Equity REITs and Certain Securitization Funds
October 11, 2012--The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight today issued interpretative guidance letters to equity real estate investment trusts and asset-backed securities funds.
The guidance states that equity real estate investment trusts and securitization funds that meet certain criteria are not included within the definition of “commodity pool” and their operators are not “commodity pool operators” under the Commodity Exchange Act and the CFTC’s regulations.
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Source: CFTC.gov
PIMCO Total Return ETF Clears $3 Billion in Assets
October 11, 2012--PIMCO Total Return ETFNASDAQ:BOND, which continues to set records as the fastest-growing actively managed exchange-traded fund in history, hit yet another milestone this past week in crossing the $3 billion mark in assets.
Seven months in, the new ETF not only is the largest active ETF around, but it also has meaningfully outperformed the PIMCO Total ReturnNASDAQ:PTTRX open-end mutual fund, which is the largest U.S mutual fund. The ETF continues to surpass most people's expectations. BOND also is well ahead of the second-largest actively managed ETF, sibling PIMCO Enhanced Short Maturity Strategy ETF NASDAQ:MINT, which has a little more than $2 billion in assets. After that in the actively managed ETF world is WisdomTree Emerging Markets Local Debt NASDAQ:ELD, which has about $1.36 billion.
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Source: MSN Money
