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Federal Reserve Board approves final policy statement detailing framework for setting Countercyclical Capital Buffer
September 8, 2016--The Federal Reserve Board on Thursday released a policy statement detailing the framework the Board will follow in setting the Countercyclical Capital Buffer (CCyB) for private-sector credit exposures located in the United States.
The CCyB is a macroprudential tool that can be used to increase the resilience of the financial system by raising capital requirements on internationally active banking organizations when the risk of above-normal losses is elevated.
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Source: federalreserve.gov
Federal Reserve-Agencies Issue Study on Banking Activities and Investments
September 8, 2016--The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency today released a report to the Congress and the Financial Stability Oversight Council on the activities and investments that banking entities may engage in under applicable law.
Section 620 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) required the federal banking agencies to conduct the study and report to Congress on the types of activities and investments permissible for banking entities, the associated risks, and how banking entities mitigate those risks.
view the Report to the Congress and the Financial Stability Oversight Council-Pursuant to Section 620 of the Dodd-Frank Act
Source: federalreserve.gov
Federal Reserve asks Congress to limit Wall Street merchant banking
September 8, 2016--The Federal Reserve Board recommended that Congress pare back Wall Street's ability to own physical commodities and engage in other aspects of merchant banking because of possible risks to the financial system, according to a report issued on Thursday.
U.S. lawmakers should repeal permission granted in 1999 for Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N) to conduct activities like storing and transporting physical commodities that other banks cannot do, the Fed said jointly with two other regulators.
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Source: Reuters
Infographic-Visualizing the Size of the U.S. National Debt
September 8, 2016--When numbers get into the billions or trillions, they start to lose context.
The U.S. national debt is one of those numbers. It currently sits at $19.5 trillion, which is actually such a large number that it is truly difficult for the average person to comprehend.
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Source: visualcapitalist.com
Merk Insight: Failure of Inflation Targeting?!
September 8, 2016--It ain't working. Eight years after the outbreak of the financial crisis, central bank chiefs suggest they have saved the world, but have they?
We argue central banks have become part of the problem, not the solution. At its core, their indoctrinated focus on inflation may well do more harm than good, with potentially perilous implications for investors.
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Source: Merk Investments LLC
CBO-Uncertainties in the Economic Outlook
September 7, 2016--On August 23, CBO published An Update to the Budget and Economic Outlook: 2016 to 2026, describing the agency's projections for the federal budget and the U.S. economy over the next 10 years.
As is always the case, economic outcomes will undoubtedly differ from CBO's projections in some respects. Today, we discuss several uncertainties in the current economic outlook.
CBO's Assessment of the Economic Outlook
CBO expects that the economy's real output (that is, output adjusted to remove the effects of inflation) will expand modestly over the coming decade. According to CBO's estimates, over the next year and a half a pickup in the growth of output will heighten demand for labor, leading to solid employment gains and eliminating the quantity of underused resources, or "slack," in the economy.
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Source: Congressional Budget Office (CBO)
Survey: Advisors Fear Consequences of DOL Fiduciary Rule
September 7, 2016--The potential for "unlimited liability" under DOL rules is generating significant levels of anxiety among advisors, worry about being found liable for investment losses due to unintentional or unforeseeable events.
This is a key finding of a new survey from Market Strategies International unit Cogent Wealth Reports.
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Source: thinkadvisor.com
Stradley Ronon-Exchange Traded Funds Alert, September 2016
SEC Approves Generic Listing Standards for Active ETFs
September 7, 2016--SUMMARY
On July 22, 2016, the U.S. Securities and Exchange Commission (SEC) approved amendments to listing rules proposed by NYSE Arca, Inc. (NYSE Arca)1 and Bats BZX Exchange, Inc. (BATS)2 to adopt generic listing standards for actively managed ETFs.3
Pursuant to these new generic listing standards, effective immediately, actively managed ETFs that satisfy certain specified standards may list and trade on those exchanges without first having to obtain approval from the SEC’s Division of Trading and Markets. Instead, actively managed ETFs may now list their shares on those exchanges by following a process similar to the listing process for most index-based ETFs, which requires only a notification to the SEC. The rule changes will allow qualifying actively managed ETFs to avoid the often time-consuming and uncertain Rule 19b-4 listing approval process and come to market with greater speed and certainty.
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Source: Stradley Ronon
Mackenzie Investments enhances suite of Smart Beta ETFs and mutual funds
September 7, 2016--Broadening its suite of smart beta ETFs and mutual funds, Mackenzie Financial Corporation (Mackenzie Investments) announced today the launch of three Exchange Traded Funds (ETFs) and three new mutual fund products based on an award-winning investment process that offer investors enhanced diversification solutions.
The new ETFs and mutual funds give investors the potential to reduce risk concentration, and market bias, and improve risk-adjusted returns.
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Source: Mackenzie Investments
Amplify(R) ETFs Acquires YieldShares LLC
September 7, 2016--Shared Founder Christian Magoon Aligns Brands, Brings YieldShares High Income ETF (NYSEArca:YYY) to Amplify's Platform
Amplify ETFs has acquired YieldShares LLC, ETF Sponsor of the YieldShares High Income ETF (NYSEArca:YYY).
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Source: Amplify ETFs
