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News Article ETF Trends February 4, 2011 According to a recent study conducted by the Agricultural Applied Economics Association, index funds had little to do with the speculative price changes, such as oil prices hitting nearly $150 a barrel, in the months leading to the market crash in September 2008, Strong demand, among other reasons, were the actual causes of the huge price increases. Cross References Dodd-Frank Act, Title VII, Sec. 737

The CFTC Division of Swap Dealer and Intermediary Oversight ("DSIO") issued a no-action letter to operators of business development companies. The letter states that the DSIO will not recommend that the CFTC take action against the operators of business development companies for failure to register as CPOs under the CEA and CFTC rules thereunder, provided generally that they comply with the same conditions that would apply to ordinary registered investment companies, including compliance with a de minimis trading threshold. Lofchie Comment: According to the CFTC's no-action letter (at least it

The National Futures Association ("NFA") submitted its proposed amendment to Rule 2-45, as well as an interpretive notice to the CFTC. Prior to the proposed amendment, Rule 2-45 prohibited a commodity pool operator ("CPO") from permitting a commodity pool to make a direct or indirect loan or advance of pool assets to the CPO or its affiliates. As amended, Rule 2-45 will allow the following types of loans to CPOs made in the normal course of business: A pool which is selling a security short may borrow the security from a pool operated by the same CPO, provided the pool which is lending the