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SEC Launches New Strategic Hub for Innovation and Financial Technology
October 18, 2018--The U.S. Securities and Exchange Commission today announced the launch of the agency's Strategic Hub for Innovation and Financial Technology (FinHub).
The FinHub will serve as a resource for public engagement on the SEC's FinTech-related issues and initiatives, such as distributed ledger technology (including digital assets), automated investment advice, digital marketplace financing, and artificial intelligence/machine learning. The FinHub also replaces and builds on the work of several internal working groups at the SEC that have focused on similar issues.
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Source: SEC.gov
U.S. Weekly FundFlows Insight Report: Despite Plus-Side Returns, Fund Investors Remain Guarded During the Week
October 18, 2018--For the second week in three investors were net sellers of fund assets (including those of conventional funds and ETFs), withdrawing a net $35.0 billion for Lipper’s fund-flows week ended October 17, 2018. Fund investors were net redeemers of equity funds (-$17.5 billion), money market funds (-$15.0 billion), taxable fixed income funds (-$1.9 billion), and municipal bond funds (-$642 million).
Market Wrap-Up
Investors started the fund-flows week on a sour note, pushing the markets closer to correction territory after the Dow Jones Industrial Average lost almost 1,400 points over two days as investors continued to fret over rising bond yields and the prospect of higher interest rates.
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Source: Thomson Reuters
PGIM Investments expands ETF platform with new QMA active equity strategies
October 18, 2018--PGIM Investments today launched the first of four actively managed equity exchange-traded funds (ETFs) that it plans to roll out in 2018, expanding the platform from the two actively managed fixed income ETFs launched earlier this year.
Sub-advised by QMA, the quantitative equity and global multi-asset solutions manager of PGIM, the PGIM QMA Strategic Alpha Large-Cap Core ETF (NYSE Arca: PQLC) seeks long-term growth of capital by investing primarily in large-cap stock.
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Source: PGIM Investments
Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States
October 17, 2018--The U.S. Department of the Treasury today delivered to Congress the semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.
The Report concluded that while the currency practices of six countries were found to require close attention, no major U.S. trading partner met the relevant 2015 legislative criteria for enhanced analysis during the period covered by the Report.
Further, no trading partner was found to have met the 1988 legislative standards during the current reporting period.
"The Treasury Department is working vigorously to ensure that our trading partners dismantle unfair barriers that stand in the way of free, fair, and reciprocal trade. Of particular concern are China's lack of currency transparency and the recent weakness in its currency.
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Source: treasury.gov
SEC Investor Advocate, RAND Issue Retail-Advice Report
October 17, 2018-The research is aimed at helping the SEC craft its advice-standards package.
The Securities and Exchange Commission's Office of the Investor Advocate and the RAND Corp. have released research that aims to help the SEC craft its advice-standards package for brokers and advisors.
The 156-page research report, The Retail Market for Investment Advice, was undertaken prior to (and is separate from) the SEC's release of the proposed standards of conduct rulemaking package.
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Source: thinkadvisor.com
Minutes of the Federal Open Market Committee, September 25-26, 2018
October 17, 2018--Developments in Financial Markets and Open Market Operations
The manager of the System Open Market Account (SOMA) discussed U.S. and global financial developments. In global markets, strains in emerging market economies (EMEs) contributed to volatility in currency and equity markets over the period.
In addition, concerns about trade tensions between the United States and China were the focus of a great deal of attention among market participants. Such concerns led the Shanghai Composite index to drop as much as 8 percent at one point over the intermeeting period before recovering somewhat. The renminbi, however, was relatively stable, reportedly in part because investors believed that Chinese authorities were prepared to take measures to counter significant renminbi depreciation.
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Source: federalreserve.gov
Official Statistics: Forecasts for the UK economy: October 2018
October 17, 2018--Forecasts for the UK economy is a monthly comparison of independent forecasts.
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Source: HM Treasury
SEC Ruling Takes Aim at Stock-Exchange Profits
October 16, 2018--The Securities and Exchange Commission decision blocking higher fees for certain stock-market data casts doubt on a crucial and growing source of revenue that has helped exchanges make up for the declining income from trading.
In recent years, U.S. stock exchanges thought they had a guaranteed profit machine that could revive their sagging businesses: selling market data at ever-higher prices to a captive audience of Wall Street banks and traders.
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Source: Wall Street Journal
AdvisorShares Active ETF Market Share Update-Week Ending 10/12/2018
October 16, 2018--Actively managed ETFs lost $372 million in the wake of the recent market decline, which brought the total net assets to $65.8 billion.
JP Morgan and iShares led weekly AUM growth among sponsors with $169 million and $137 million gains, respectively. No fund launches or fund closures occurred last week, and the total number of actively managed ETFs remained at 238.*
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Source: AdvisorShares
Franklin Templeton Launches 3 Passive ETFs: Portfolio Products
October 15, 2018--Franklin Templeton Investments introduced three new passive exchange traded funds to its Franklin LibertyShares lineup-Franklin FTSE Saudi Arabia ETF (FLSA), Franklin FTSE South Africa ETF (FLZA) and Franklin FTSE Latin America ETF (FLLA).
All are linked to market-cap weighted foreign stock indexes and seek results that closely respond to those indexes before fees and expenses.
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Source: thinkadvisor.com
