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Oppenheimer to pay nearly $3 million for improper ETF sales: regulator
June 8, 2016--Oppenheimer & Co agreed to pay nearly $3 million in fines and restitution to settle U.S. regulatory charges that it improperly sold risky exchange-traded funds to risk-averse elderly customers and other retail investors.
The Financial Industry Regulatory Authority said on Wednesday the Oppenheimer Holdings Inc unit will pay a $2.25 million fine and reimburse $716,832 to roughly 150 customers.
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Source: Reuters
Fidelity(R) Clearing & Custody Solutions to Expand ETF Offering to Broker-Dealer Clients
June 7, 2016--Broker-Dealers to Gain Access to 70 Commission-Free iShares(R) ETFs
Fidelity Now Offers Broker-Dealers the Most Comprehensive ETF Offering in the Marketplace
Fidelity Clearing & Custody Solutions (FCCS)-the division of Fidelity Investments(R) that provides clearing, custody and investment management products to registered investment advisors, broker-dealers, family offices and banks-today announced that its broker-dealer clients will have access to 70 commission-free iShares ETFs in non-commission-based managed accounts, in addition to the 15 Fidelity-managed commission-free ETFs it already offers.
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Source: Fidelity Investments
ALPS to Close an Exchange Traded Fund
June 7, 2016--ALPS, a subsidiary of DST Systems, Inc. (NYSE: DST) providing products and services to the financial services industry, today announced the liquidation of one Fund of the ALPS ETF Trust.
The Fund--ALPS Enhanced Put Write Strategy ETF (NYSE ARCA: PUTX)--will close to investors on June 22, 2016 and liquidate on June 27,2016.
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Source: ALPS
CBO-Monthly Budget Review for May 2016
June 7, 2016--The federal budget deficit was $408 billion for the first eight months of fiscal year 2016, CBO estimates-$41 billion more than the shortfall recorded during the same period last year.
Outlays were 3 percent higher than they were at this time last year, and receipts were 2 percent higher.
Total Receipts: Up by 2 Percent in the First Eight Months of Fiscal Year 2016
Receipts totaled $2,137 billion during the first eight months of fiscal year 2016, CBO estimates-$33 billion more than they did during the same period last year.
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Source: Congressional Budget Office (CBO)
ESMA updates its EMIR Q&A
June 6, 2016--The European Securities and Markets Authority (ESMA) has issued today an update of its Q&A on practical questions regarding the European Markets Infrastructure Regulation (EMIR).
The updated Q&A includes new answers in relation to the clearing obligation, specifically about the self-categorisation that is necessary in order to establish which counterparties belong to which categories. The Q&A also provides clarifications on how counterparties should handle the situation where some of their counterparties have not provided the information on the category they belong to.
view more view the Q&A XVIII on EMIR implementation Franklin Templeton Investments Introduces LibertyShares with First Suite of Strategic Beta Exchange Traded Funds BMO elevates Wilson to global funds chief Moriarty on the SEC's Moves to Curb Leveraged ETFs in The Wall Street Journal SEC Moves to Curb Leveraged ETFs view more US job growth slowest since 2010
Source: ESMA
June 6, 2016--Franklin Templeton Investments today introduced LibertyShares, a new line of business, with the launch of its first suite of strategic beta exchange traded funds (ETFs), LibertyQ.
The suite includes three multi-factor core portfolio funds and one fund that focuses on stocks with high and persistent dividend income. Franklin Templeton's strategic beta ETFs use proprietary LibertyQ indices1, which are truly unique indices that have employed a research-driven approach in customizing their factor weightings.
June 6, 2016--Former F&C chief who joined Canadian group after 2014 takeover named CEO and CIO of its £160bn asset management unit.
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Source: Financial News
June 6, 2016--In 'SEC Moves to Curb Leveraged ETFs,' Corporate partner Kathleen Moriarty spoke with The Wall Street Journal about the recent news of the Securities and Exchange Commission (SEC) moving to limit a type of ETF allowing small investors to try to double, or even triple, the daily return of stock markets, or even bet on such swings in the opposite direction.
This potential restriction reflects the SEC's effort to rein in the riskiest activities of mutual funds, which were not a problem when these ETFs were initially approved during more upbeat economic times.
Investments can double or triple daily return of stock markets or bet on opposite moves
June 6, 2016--It is a rare case of regulator's remorse.
During a deregulatory heyday a decade ago, the Securities and Exchange Commission approved a type of exchange-traded fund allowing mom-and-pop investors to try to double or even triple the daily return of stock markets or bet on such swings in the opposite direction.
Source: Wall Street Journal
June 3, 2016--Worse than expected data deal blow to chance of rate rise at next Fed meetings.
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Source: FT.com
