By Christine Nielsen, JLN Interest Rates Editor
New York Portfolio Clearing (NYPC) will be open to pursuing strategic relationships - including partnerships - in the days ahead, according to Walt Lukken, chief executive officer of the NYPC.
Lukken commented on the plans of the NYPC - a new clearing joint venture with The Depository Trust & Clearing Corporation (DTCC) expected to begin operations on March 21st. - during a telephone press briefing held Wednesday.
On Wednesday, it was announced that NYSE Liffe U.S., the U.S. futures exchange of NYSE Euronext (NYX), would begin trading Eurodollar futures on March 21, and would launch 2-year, 5-year and 10-year U.S. Treasury futures along with U.S. Bond and Ultra Bond futures products on March 28, subject to regulatory filings. These products will be cleared through NYPC, which has received all the required approvals from the Commodity Futures Trading Commission (CFTC) and the Securities Exchange Commission (SEC).
Regulators have already granted a reciprocal approval to the Fixed Income Clearing Corporation (FICC) allowing for the “one-pot” cross-margining arrangement with NYPC. The regulatory approvals would allow NYPC and FICC to proceed with a plan to offer “one-pot” margining for fixed income cash and futures positions, with the aim of reducing risk and delivering capital efficiencies to the markets.
Lukken assumed his position as CEO of the NYPC on May 1, 2010. His charge was to lead NYPC's drive to be the first clearing organization to margin cash fixed income positions and their natural derivatives hedges together, in a way designed to substantially improve both operational and capital efficiency.
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Rabu, 02 Maret 2011
Selasa, 08 Februari 2011
Treasury Department Announces Public Offering of Warrants to Purchase Common Stock of Wintrust Financial Corporation
Press Release: U.S. Treasury
WASHINGTON -- The U.S. Department of the Treasury announced today that it has commenced a secondary public offering of 1,643,295 warrants to purchase the common stock of Wintrust Financial Corporation (the “Company”). The proceeds of this sale will provide an additional return to the American taxpayer from Treasury's investment in the Company beyond the dividend payments it received on the related preferred stock. The offering is expected to price through a modified Dutch auction. Deutsche Bank Securities Inc. is the sole book-running manager for this offering.
Deutsche Bank Securities Inc., in its capacity as auction agent, has specified that the auction will commence at 8 a.m., Eastern Time, on February 8, 2011, and will close at 6:30 p.m., Eastern Time, on that same day (the “submission deadline”). During the auction period, potential bidders for the warrants will be able to place bids at any price (in increments of $0.10) at or above the minimum bid price of $13.50 per warrant.
The auction procedure, and the applicable exercise price, expiration, and other terms of the warrants are described in the preliminary prospectus supplement referenced below.
The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, the underwriter or any dealer participating in the offering will arrange to send you the base prospectus and prospectus supplement if you request them from Deutsche Bank Securities Inc., Prospectus Department, Harborside Financial Center, 100 Plaza One, Floor 2, Jersey City, New Jersey 07311-3901, telephone: 1-800-503-4611, or by emailing prospectus.cpdg@db.com.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
WASHINGTON -- The U.S. Department of the Treasury announced today that it has commenced a secondary public offering of 1,643,295 warrants to purchase the common stock of Wintrust Financial Corporation (the “Company”). The proceeds of this sale will provide an additional return to the American taxpayer from Treasury's investment in the Company beyond the dividend payments it received on the related preferred stock. The offering is expected to price through a modified Dutch auction. Deutsche Bank Securities Inc. is the sole book-running manager for this offering.
Deutsche Bank Securities Inc., in its capacity as auction agent, has specified that the auction will commence at 8 a.m., Eastern Time, on February 8, 2011, and will close at 6:30 p.m., Eastern Time, on that same day (the “submission deadline”). During the auction period, potential bidders for the warrants will be able to place bids at any price (in increments of $0.10) at or above the minimum bid price of $13.50 per warrant.
The auction procedure, and the applicable exercise price, expiration, and other terms of the warrants are described in the preliminary prospectus supplement referenced below.
The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, the underwriter or any dealer participating in the offering will arrange to send you the base prospectus and prospectus supplement if you request them from Deutsche Bank Securities Inc., Prospectus Department, Harborside Financial Center, 100 Plaza One, Floor 2, Jersey City, New Jersey 07311-3901, telephone: 1-800-503-4611, or by emailing prospectus.cpdg@db.com.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Selasa, 16 November 2010
SIFMA Supports Regulatory Changes for Securitization to Revive Market
Press Release Date: November 16, 2010
Contact: Katrina Cavalli, 212.313.1181
kcavalli@sifma.org
SIFMA Supports Regulatory Changes for Securitization to Revive Market
New York, NY, November 16, 2010–In two comment letters filed yesterday, SIFMA expressed its support for regulatory changes in disclosure of repurchase requests and due diligence proposed by the Securities and Exchange Commission (SEC) under the Dodd-Frank Act which will help revive the securitization market by enhancing transparency and rebuilding investor confidence. SIFMA is particularly supportive of proposed changes which will allow investors to make more informed investment decisions and facilitate the recovery of the securitization markets. In SIFMA’s view, however, some proposals could have unintended consequences that will impede the renewal of securitization activity and therefore economic recovery.
“Our comments on these important issues reflect SIFMA’s goal of restoring capital flows to the securitization markets and increasing the availability of affordable credit to American consumers and small businesses. Improving disclosure regarding repurchase requests and due diligence in asset-backed securities is an important step towards restoring a functioning, thriving, liquid and efficient securitization marketplace,” said Richard Dorfman, managing director and head of SIFMA’s Securitization Group. “We urge the SEC to very carefully consider the implications of new regulations to ensure that the new rules support the long term health of this essential tool for our economy.”
In its comment letter focused on due diligence, SIFMA:
* Supports the proposal to require an issuer of registered asset-backed securities or a third party designated by the issuer to perform a review of the assets underlying the securitized pool.
* Recommends a third party conducting a due diligence review not be named an “expert,” as the liability associated with that designation could limit the availability of these types of services, thus denying the securitization industry’s access to the valuable due diligence provided by these types of firms.
* Expresses its belief that it would be unwise for the SEC to delineate granular minimum standards for diligence reviews, given the complexity of this task and the short time frame allotted in Dodd-Frank for rule promulgation, and asks the SEC to observe disclosure practices before making a determination that granular standards should be mandated.
* Recommends the proposal exclude asset-backed commercial paper conduits as well as foreign offered asset-backed securities.
In its comment letter focused on disclosure relating to fulfilled and unfulfilled repurchase requests, SIFMA:
* Recommends that rules requiring disclosure of repurchase requests apply to outstanding asset-backed securities of a single class, and that asset-backed commercial paper, collateralized debt obligations, resecuritizations and foreign offered asset-backed securities be excluded from the proposed rule.
* Notes that the definition of securitizer should be applied solely to Fannie Mae or Freddie Mac and not the financial institution transferring loans to Fannie Mae or Freddie Mac.
Suggests that any retrospective disclosure requirement should not carry with it strict liability, given the challenges that sponsors and trustees will face in gathering historic data for which there may not have been retention and reporting policies and procedures in place.
* Requests a definition of what constitutes a “repurchase request”.
* Recommends quarterly filing of repurchase request disclosure forms, with Regulation AB disclosures presented in the same format as non-Regulation AB disclosures.
-30-
Contact: Katrina Cavalli, 212.313.1181
kcavalli@sifma.org
SIFMA Supports Regulatory Changes for Securitization to Revive Market
New York, NY, November 16, 2010–In two comment letters filed yesterday, SIFMA expressed its support for regulatory changes in disclosure of repurchase requests and due diligence proposed by the Securities and Exchange Commission (SEC) under the Dodd-Frank Act which will help revive the securitization market by enhancing transparency and rebuilding investor confidence. SIFMA is particularly supportive of proposed changes which will allow investors to make more informed investment decisions and facilitate the recovery of the securitization markets. In SIFMA’s view, however, some proposals could have unintended consequences that will impede the renewal of securitization activity and therefore economic recovery.
“Our comments on these important issues reflect SIFMA’s goal of restoring capital flows to the securitization markets and increasing the availability of affordable credit to American consumers and small businesses. Improving disclosure regarding repurchase requests and due diligence in asset-backed securities is an important step towards restoring a functioning, thriving, liquid and efficient securitization marketplace,” said Richard Dorfman, managing director and head of SIFMA’s Securitization Group. “We urge the SEC to very carefully consider the implications of new regulations to ensure that the new rules support the long term health of this essential tool for our economy.”
In its comment letter focused on due diligence, SIFMA:
* Supports the proposal to require an issuer of registered asset-backed securities or a third party designated by the issuer to perform a review of the assets underlying the securitized pool.
* Recommends a third party conducting a due diligence review not be named an “expert,” as the liability associated with that designation could limit the availability of these types of services, thus denying the securitization industry’s access to the valuable due diligence provided by these types of firms.
* Expresses its belief that it would be unwise for the SEC to delineate granular minimum standards for diligence reviews, given the complexity of this task and the short time frame allotted in Dodd-Frank for rule promulgation, and asks the SEC to observe disclosure practices before making a determination that granular standards should be mandated.
* Recommends the proposal exclude asset-backed commercial paper conduits as well as foreign offered asset-backed securities.
In its comment letter focused on disclosure relating to fulfilled and unfulfilled repurchase requests, SIFMA:
* Recommends that rules requiring disclosure of repurchase requests apply to outstanding asset-backed securities of a single class, and that asset-backed commercial paper, collateralized debt obligations, resecuritizations and foreign offered asset-backed securities be excluded from the proposed rule.
* Notes that the definition of securitizer should be applied solely to Fannie Mae or Freddie Mac and not the financial institution transferring loans to Fannie Mae or Freddie Mac.
Suggests that any retrospective disclosure requirement should not carry with it strict liability, given the challenges that sponsors and trustees will face in gathering historic data for which there may not have been retention and reporting policies and procedures in place.
* Requests a definition of what constitutes a “repurchase request”.
* Recommends quarterly filing of repurchase request disclosure forms, with Regulation AB disclosures presented in the same format as non-Regulation AB disclosures.
-30-
Selasa, 12 Oktober 2010
Aite Group: Interest Rate Swaps Trading Expected To Change Modestly
Press Release.
Boston, October 12, 2010 – A new report from Aite Group examines interest rate swaps (IRSs), the changes expected from regulatory reform in this space, and regulators’ determination on requirements for swap execution facilities (SEFs). Based on a number of Aite Group interviews with IRS market players, the report cites the applications this mature product confers upon banks’ risk management strategies and issuer needs.
Though similar to the credit default swap, IRSs’ oft-mentioned OTC derivative counterpart, interest rate swaps are much more frequently used, and serve as part of banks’ interest rate risk management and debt issuances. The IRS market will change under legislation outlined in the Dodd-Frank Wall Street Reform and Consumer Protection Act (aka FinReg) and new rules implemented by the CFTC/SEC. This change, however, will fall well short of legislators’ hopes.
A major issue at play is how the regulators will determine the ownership structure of a swap execution facility and what related reporting requirements will be implemented. A new, proprietary-shop-backed entrant, Eris Exchange, may challenge the traditional liquidity providers. Outside of this threat, interest rate swaps trading is expected to change modestly given that the nature of this mature product will ultimately determine its market structure.
“The interest rate swaps market is unlikely to experience large-scale changes in the near to medium term,” says John Jay, senior analyst with Aite Group and co-author of this report. “Within the context of regulatory reform, the structure of IRSs and their usage will determine how the IRS market will evolve.”
Boston, October 12, 2010 – A new report from Aite Group examines interest rate swaps (IRSs), the changes expected from regulatory reform in this space, and regulators’ determination on requirements for swap execution facilities (SEFs). Based on a number of Aite Group interviews with IRS market players, the report cites the applications this mature product confers upon banks’ risk management strategies and issuer needs.
Though similar to the credit default swap, IRSs’ oft-mentioned OTC derivative counterpart, interest rate swaps are much more frequently used, and serve as part of banks’ interest rate risk management and debt issuances. The IRS market will change under legislation outlined in the Dodd-Frank Wall Street Reform and Consumer Protection Act (aka FinReg) and new rules implemented by the CFTC/SEC. This change, however, will fall well short of legislators’ hopes.
A major issue at play is how the regulators will determine the ownership structure of a swap execution facility and what related reporting requirements will be implemented. A new, proprietary-shop-backed entrant, Eris Exchange, may challenge the traditional liquidity providers. Outside of this threat, interest rate swaps trading is expected to change modestly given that the nature of this mature product will ultimately determine its market structure.
“The interest rate swaps market is unlikely to experience large-scale changes in the near to medium term,” says John Jay, senior analyst with Aite Group and co-author of this report. “Within the context of regulatory reform, the structure of IRSs and their usage will determine how the IRS market will evolve.”
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