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Rep. DeFazio to Propose Financial Transactions Tax
July 11, 2016--Rep. Peter DeFazio (D-Ore.) is scheduled to introduce a plan to levy a 0.03 percent tax on most financial trades as he seeks to curb high-frequency trading.
The legislation, set to be introduced July 13, "will discourage risky trading behaviors that put everyday Americans' investments on the line and is expected to collect over $417 billion in revenue in the next decade," according to a July 11 statement from DeFazio's office. DeFazio introduced similar legislation in 2013.
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Source: Bloomberg BNA
CBO-Monthly Budget Review for June 2016
July 8, 2016--The federal budget deficit was $397 billion for the first nine months of fiscal year 2016, the Congressional Budget Office estimates-$81 billion more than the shortfall recorded during the same period last year.
Total Receipts: Up by 1 Percent in the First Nine Months of Fiscal Year 2016
Receipts for the first nine months of fiscal year 2016 totaled $2,470 billion, CBO estimates-just $23 billion more than in the same period last year.
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Source: Congressional Budget Office (CBO)
Auour Investments and Riskalyze Partner to bring Risk Number(R) to the Instinct Family of Downside Protection Strategies
July 7, 2016--Auour Investments, an investment firm focused on downside protection through risk regime detection, and Riskalyze, a platform that enables advisers to capture a quantitative measurement of client risk tolerance, have formalized a partnership to bring Auour Investment's Instinct family of ETF-based downside protection strategies to the Riskalyze community.
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Source: Auour Investments LLC
Folio Institutional's Model Manager Exchange Adds Morningstar Managed Portfolios ETF and Mutual Fund Models
July 7, 2016--Folio Institutional has added 31 Morningstar(R) Managed PortfoliosSM ETF and mutual fund models to its Model Manager Exchange (MMX).
Folio provides MMX, a network of third-party investment models, to registered investment advisors (RIAs) who seek more efficient, cost-effective asset management solutions.
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Source: Folio Institutional
Northern Trust Expands Mutual Fund Services for Correspondent Bank Clients
Leverages Broadridge's Matrix Financial Solutions for Trade Processing
July 6, 2016--Northern Trust announced today it will expand the third-party fund services it provides to Correspondent Trust Services clients through a collaboration with Matrix Financial Solutions, a Broadridge Company.
The enhanced capability will allow correspondent banks to trade mutual funds, exchange traded funds and collective investment trusts from more than 650 asset management fund families.
