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CFTC Orders Société Générale S.A. to Pay $475 Million Penalty to Resolve Charges of Manipulation, Attempted Manipulation, and False Reporting of LIBOR and Euribor
June 4, 2018--The Commodity Futures Trading Commission (CFTC) issued an Order today filing and settling charges against Société Générale S.A. (Société Générale or the Bank) for attempted manipulation of and false reporting in connection with the London Interbank Offered Rate (LIBOR) for U.S. Dollar, Yen and Euro, and the Euro Interbank Offered Rate (Euribor), certain instances of manipulation of Yen LIBOR, and aiding and abetting traders at another bank in their attempts to manipulate Euribor.
The Bank's misconduct spans more than six years, from 2006 through mid-2012.
The CFTC Order requires Société Générale to pay a civil monetary penalty of $475 million, cease and desist from further violations as charged, and adhere to specific undertakings to ensure the integrity of its LIBOR, Euribor, and other benchmark interest rate submissions in the future.
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Source: CFTC.gov
Twitter to Join S&P 500
June 4, 2018--S&P Dow Jones Indices names Twitter to replace Monsanto on index as it adds Netflix to S&P 100.
Twitter Inc. is slated to join the S&P 500 before trading opens on Thursday, according to S&P Dow Jones Indices, as the social-media platform replaces Monsanto Co. on the widely watched index.
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Source: Wall Street Journal
Hartford Funds Continues ETF Rollouts with Launch of Hartford Short Duration ETF
June 4, 2018--Hartford Funds today announced the launch of Hartford Short Duration ETF (Cboe: HSRT), which seeks to provide current income and long-term total return by investing in fixed income securities.
HSRT, along with another recently launched fixed income ETF in April 2018, the Hartford Schroders Tax-Aware Bond ETF (NYSE: HTAB), adds to Hartford Funds' ETF suite of six fixed income and seven multifactor ETFs.
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Source: Hartford Funds
First Trust Cross-Lists ROBT in Mexico
June 4, 2018--An index-based ETF that provides exposure to companies engaged in artificial intelligence, robotics and automation
First Trust Advisors L.P. ("First Trust"), a global ETF provider and asset manager, announced today that it has cross-listed the First Trust Nasdaq Artificial Intelligence and Robotics ETF (Ticker Symbol: ROBT) on the Mexican stock exchange, Bolsa Mexicana de Valores (BMV). The fund seeks investment results that correspond generally to the price and yield, before the fund’s fees and expenses, of an index called the Nasdaq CTA Artificial Intelligence and Robotics Index (the "index").
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Source: First Trust
Victory Capital Announces Expanded Relationship with Nasdaq
June 4, 2018--Fourteen CEMP Indexes to be Rebranded Nasdaq Victory
Victory Capital (NASDAQ:VCTR) today announced that Nasdaq will begin serving as the calculator, publisher and administrator for its proprietary CEMP indexes, which are the benchmarks for the firm's volatility-weighted VictoryShares ETFs.
The change will be effective on June 18,2018,for the 12 domestic and international equity indexes, and in mid-September for the two emerging market equity indexes. All of the CEMP volatility weighted indexes will be rebranded "Nasdaq Victory Volatility Weighted Indexes" as of June 18,2018. Nasdaq already calculates and publishes the Nasdaq Victory indexes for the VictoryShares Multi-Factor Minimum Volatility and Dividend Growth ETF offerings.
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Source: IMF
Franklin Templeton Lists Three New Fixed Income Active ETFs
June 4, 2018--Franklin Templeton Investments introduced three new ETFs-Franklin Liberty Senior Loan ETF (FLBL), Franklin Liberty High Yield Corporate ETF (FLHY) and Franklin International Aggregate Bond ETF (FLIA)-expanding its line-up of fixed income active ETFs managed by Franklin Templeton Fixed Income Group. The three ETFs are listed on the Cboe BZX exchange.
"In a persistently low-yield environment like the one we've been in, the need for income has intensified while advisors and clients are challenged in finding it," said Patrick O'Connor, head of global ETFs. "With more than 150 fixed income investment professionals globally and dedicated teams that focus on various sectors across the credit spectrum, Franklin Templeton Fixed Income Group brings an in-depth understanding of the full opportunity set that can be leveraged to generate income. As investors look to get more income out of their fixed income allocation, these new ETFs enable them to access additional fixed income sectors globally in a targeted way, as they define what they need and how they want to achieve it."
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Source: Franklin Resources, Inc.
Globe and Mail Introduces Free Real-time Last Sale Price Information for CSE Securities
June 4, 2018--The Canadian Securities Exchange (CSE) is pleased to announce that The Globe and Mail, Canada's leading online and printed source of national and global news, is now providing real-time last sale prices for CSE-listed securities to all Globe Investor users.
"Globe Investor is a trusted source for information on Canadian-listed companies and we are delighted to work with The Globe and Mail so its users can access real-time last sale price information on CSE securities free of charge," said Canadian Securities Exchange CEO Richard Carleton.
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Source: Canadian Securities Exchange (CSE)
Exchange Traded Concepts to Close and Liquidate the REX Gold Hedged S&P 500 ETF
June 1, 2018--After careful consideration, the Board of Trustees of Exchange Traded Concepts Trust has determined to close and liquidate the REX Gold Hedged S&P 500 ETF (NYSE Arca: GHS) (the "Fund"). Exchange Traded Concepts, LLC ("ETC") serves as the investment adviser and Vident Investment Advisory, LLC ("Vident") serves as the sub-adviser to the Fund.
The Fund will be closed to orders for new creation units as of June 4, 2018, and the last day of trading of the Fund's shares on the NYSE Arca will be June 19, 2018. From June 20, 2018 through June 22, 2018, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for Fund shares during that time period. Customary brokerage charges may apply to such transactions.
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Source: Exchange Traded Concepts, LLC
Agencies Issue Final Rulemaking to Shorten Settlement Cycle
June 1, 2018--The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) today issued a final rule to shorten the standard settlement cycle for securities purchased or sold by OCC-supervised and FDIC-supervised institutions.
The final rule will require banks to settle most securities transactions within the number of business days in the standard settlement cycle followed by registered broker dealers in the United States unless otherwise agreed to by the parties at the time of the transaction. In doing so, the rule aligns the settlement cycle requirements of the OCC, FDIC, and Board of Governors of the Federal Reserve System.
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Source: OCC
