Americas ETP News
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SEC reasserts itself on investment-advice standards, but it's not clear whether it will overtake DOL fiduciary rule
June 2, 2017--New SEC Chairman Jay Clayton makes request for comment on fiduciary duty one of his first actions, as DOL reasseses its measure
In one of his first actions as Securities and Exchange Commission chairman, Jay Clayton turned the agency's attention to investment-advice standards, a move longed for by financial industry opponents of the Labor Department's fiduciary duty rule.
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Source: investmentnews.com
J.P. Morgan Asset Management Appoints Joanna Gallegos Head of U.S. ETFs
June 2, 2017--J.P. Morgan Asset Management today announced that Joanna Gallegos has been named Head of its U.S. ETF business, reporting to Mike Camacho, Global Head of Beta Strategies.
Ms. Gallegos has been instrumental in the firm;s U.S. fund launches, which have included 13 product launches with over $1 billion in assets under management.
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Source: J.P. Morgan Asset Management
Thought Mortality Was Dead? Considerations for Pensions Given the IRS's Delay in Implementing RP-2014
June 2, 2017--Longevity risk, the risk that plan participants live longer than assumed, gained widespread attention in October 2014 when the Society of Actuaries released its draft of updated mortality assumptions (called RP-2014).
Because this was the first update to the standard assumptions in over a decade, the change from the previous tables was noticeable: a boost of life expectancy of two to three years, on average. By 2016, accounting auditors largely required defined benefit plan sponsors to use the updated assumptions on their financial statements, resulting in an average drop in reported funded status of 4%-8%. 1
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Source: cambridgeassociates.com
Bats ETF Implied Liquidity Feed Now Available on Money.Net
June 1, 2017--Money.Net becomes the first platform distribution partner to offer the new product.
Bats, a CBOE Holdings, Inc. company, and a leading global operator of exchanges and
services for financial markets, today announced that its Bats ETF Implied Liquidity Feed is now available
for use on Money.Net platforms.
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Source: Bats Global Markets
Bats Welcomes New Amplify ETFs Fund to the Bats ETF Marketplace
June 1, 2017 – Bats, a CBOE Holdings, Inc. company, and a leading market for exchange-traded product (ETP) trading globally, today welcomed a new Amplify ETFs fund to the Bats ETF Marketplace.
The Amplify YieldShares Oil Hedged MLP Income ETF (Bats: AMLX) seeks to provide a high level of current income as its primary investment objective and to provide returns from energy master limited partnerships with a view toward reduced volatility as its secondary investment objective.
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Source: Bats Global Markets
Research Affiliates -Populism, Politics, Policy, and Profits
June 1, 2017--Key Points
An increasing body of research shows that previously documented relationships in the investment literature are the result of reporting bias, data mining, and selection bias.
Using data for five international markets, we test the robustness of US results that show a relationship between US stock returns and presidential politics-stock returns are higher under Democratic presidents and lower under Republican presidents-and find the US results appear to be spurious.
Our analysis of the respective stock markets and incumbent political parties of Australia, Canada, France, Germany, and the United Kingdom finds a result opposite that identified in the US, indicating that investors should interpret historical statistical relationships with a healthy skepticism.
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Source: Research Affiliates
USCF Appoints New Head of Distribution
June 1, 2017--Exchange Traded Product innovator, USCF, has named Maya Lowry as its new Head of Distribution.
"Maya's extensive distribution, marketing, and portfolio expertise has broadened our capabilities and enhanced our growing team," said John Love, President and Chief Executive Officer of USCF.
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Source: USCF
FRB-Beige Book-May 31, 2017
June 1, 2017--National Summary
This report was prepared at the Federal Reserve Bank of Philadelphia based on information collected on or before May 22, 2017. This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.
Overall Economic Activity
Most of the twelve Federal Reserve Districts reported that their economies continued to expand at a modest or moderate pace from early April through late May. Boston and Chicago signaled that growth in their Districts had slowed somewhat to a modest pace since the prior Beige Book period, while New York indicated that activity had flattened out.
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Source: federalreserve.gov
Speed Limits for Financial Markets? Not So Fast
June 1, 2017--On the afternoon of May 6, 2010, a financial tsunami hit Wall Street. Stunned traders watched as graphs on their computer screens traced the vertiginous 998-point plunge in the Dow Jones Industrial Average, which erased $1 trillion in market value in 36 minutes.
There was little in the way of fundamental news to drive such a dramatic decline, and stocks bounced back later that day. The event, quickly dubbed the "flash crash," focused attention on the role of high-frequency trading and algorithms in amplifying market volatility.
Thick vs. thin
So far, though, there's been remarkably little in the way of hard evidence on whether advances in information and communication technology help magnify market turbulence.
view the IMF Working paper-Thick vs. Thin-Skinned: Technology, News and Financial Market Reaction.
Source: IMF
CFTC.gov Swaps Report Update
May 31, 2017--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
