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CFTC's Division of Swap Dealer and Intermediary Oversight Issues Time-Limited No-Action Relief to Certain CPOs and CTAs to Meet Registration and Compliance Obligations
Entities have Until December, 31, 2012, to Comply with Changes to Part 4 of the Commission's Regulations Involving Registration and Compliance Obligations for CPOs and CTAs
July 13, 2012--
The Commodity Futures Trading Commission's (CFTC) Division of Swap Dealer and Intermediary Oversight (DSIO) today announced the issuance of
time-limited no-action relief for commodity pool operators (CPOs) and commodity trading advisors (CTAs) who have been exempt or excluded from registration but, because of recent amendments to Commission Regulations 4.13 and 4.5, now need to register and satisfy compliance obligations.
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Source: CFTC.gov
Haywire ETN pricing draws regulatory red flag
July 13, 2012--The self-regulatory body for US brokers has issued an investor alert for exchange traded notes, warning of trading imbalances that have warped prices for the products recently.
The alarm from the Financial Industry Regulatory Authority seems to stem from deviations between ETNs’ market price and their indicative, or calculated,
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Source: FT.com
Maple and TMX Group Provide Update On Upcoming Milestones
TMX Group shareholders urged to immediately tender their shares to the Maple offer before it expires at 5:00 pm (Eastern) on July 31, 2012
Maple to be renamed TMX Group Limited on August 10, 2012
July 12, 2012--Maple Group Acquisition Corporation ("Maple") and TMX Group Inc. ("TMX Group") today provided an update on upcoming milestones associated with the proposed Maple transaction.
The Maple transaction is an integrated acquisition transaction to acquire 100% of the TMX Group shares involving the first step offer for a minimum of 70% and a maximum of 80% of the outstanding TMX Group Shares followed by a second step share exchange transaction pursuant to a court approved plan of arrangement under which the remaining TMX Group shares will be exchanged for common shares of Maple ("Maple Shares").
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Source: TMX Group
CFTC.gov Financial Data for Futures Commission Merchants Update
July 12, 2012--Selected FCM financial data as of May 31, 2012 (from reports filed by July 3, 2012) is now available.
view updates
Source: CFTC.gov
Vanguard weighs push into banking
July 12, 2012--Vanguard surveying customers about banking
Fund firm currently offers limited banking services
Money fund reforms could spur client moves to bank accounts
July 12, 2012--Vanguard Group is considering offering more banking services, the U.S. mutual fund leader said, at a time when asset managers may need new ways to hold on to clients' cash if proposed rules shrink money market funds.
Options for Vanguard could include starting its own retail bank or partnering with an existing one, Sean Hagerty, head of the company's portfolio review department, said in an interview.
Vanguard already offers some cash-management services like check-writing through a deal with PNC Financial Services Group Inc (PNC.N).
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Source: Reuters
IMF Working paper-Building Blocks for Effective Macroprudential Policies in Latin America: Institutional Considerations
July 12, 2012--Summary: An increasing number of countries-including in Latin America - are reforming their financial stability frameworks in the aftermath of the financial crisis, in order to establish a stronger macroprudential policy function.
This paper analyzes existing arrangements for financial stability in Latin America and examines key issues to consider when designing the institutional foundations for effective macroprudential policies. The paper focuses primarily on eight Latin American countries, where the institutional arrangements for monetary and financial policies can be classified in two distinct groups: the "Pacific" model that includes Chile, Colombia, Peru, Costa Rica, and Mexico, and the "Atlantic" model, comprising Argentina, Brazil, and Uruguay.
ProShares Expands Popular Geared Financial ETF Lineup
Launches 3x and -3x Financial ETFs
July 12, 2012--ProShares, a premier provider of alternative exchange traded funds (ETFs), announced today the launch of ProShares UltraPro Financials (NYSE:FINU) and ProShares UltraPro Short Financials (NYSE:FINZ). The ETFs list on NYSE Arca today.
FINU seeks to provide 3x the daily performance of the Dow Jones U.S. Financials IndexSM, before fees and expenses.
FINZ seeks to provide -3x the daily performance of the Dow Jones U.S. Financials IndexSM, before fees and expenses.
Financials have been one of the most dynamic parts of the market and many investors are seeking to manage risk or potentially take advantage of moves by the sector," said Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC, ProShares' investment advisor. "Our existing geared financial ETFs have raised more than $1 billion1 of assets and we are pleased to offer additional ways for investors to manage their exposure to this important market segment."
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Source: ProShares
NASDAQ OMX Event-Driven Analytics Now Available at Carteret Datacenter
Provides Lower Latency Access to Machine-Readable News Service
July 11, 2012--The NASDAQ OMX Group, Inc. (NDAQ) today announced that data provided by NASDAQ OMX Event-Driven Analytics is now accessible at our state-of-the-art datacenter in Carteret, New Jersey
--giving a competitive edge to subscribers of the machine-readable news service by further reducing latency. Because Event-Driven Analytics data is now available at the NASDAQ OMX Data Center, which houses the industry-leading trading platforms for all NASDAQ OMX U.S. markets, subscribers can act on the information faster.
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Source: NASDAQ OMX
Minutes of the Federal Open Market Committee June 19-20, 2012
July 11, 2012--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on June 19-20, 2012. A summary of economic projections made by Federal Reserve Board members and Reserve Bank presidents for the June 19-20, 2012 meeting is also included as an addendum to these minutes.
The minutes for each regularly scheduled meeting of the Committee ordinarily are made available three weeks after the day of the policy decision and subsequently are published in the Board's Annual Report. Summaries of economic projections are released on an approximately quarterly schedule. The descriptions of economic and financial conditions contained in these minutes and in the Summary of Economic Projections are based solely on the information that was available to the Committee at the time of the meeting.
view the Minutes of the Federal Open Market Committee-June 19–20, 2012
Source: FRB
BMO Financial Group's ETF Business Marks Third Anniversary by Surpassing $6 Billion in Assets Under Management
-Assets under management have increased more than 60 per cent in the first half of 2012-First introduced in June 2009, BMO's ETF line-up has grown to 44 funds, including several industry firsts-Recent growth being driven by fixed income, core holdings, and income-oriented products
Jul 11, 2012--BMO Financial Group announced today that its Exchange Traded Funds (ETF)(i) business marked its third anniversary by surpassing $6 billion in assets under management (AUM).
In the first six months of 2012 alone, the total assets of BMO ETFs grew by 62 per cent.
"This represents a significant milestone for us," said Kevin Gopaul, Chief Investment Officer and Senior Vice President, BMO Asset Management Inc. (BMO AM). "Our growth can be attributed to our ability to anticipate investors' needs combined with the strength and experience of our team, as well as a commitment to ongoing innovation. We are extremely proud of this achievement and thank our clients and partners for helping us grow our assets under management to more than $6 billion dollars in three years. We're looking forward to building on this success."
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Source: MarketWatch
