Americas ETP News
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ProShares Names Richard Morris General Counsel
December 1, 2015--ProShares, a premier provider of ETFs, today announced the appointment of Richard Morris as general counsel
He will report to ProShares Co-Founder and CEO Michael L. Sapir and serve on the company's executive management team.
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Source: ProShares
S&P Dow Jones Indices U.S. Equities Market Attributes November 2015
December 1, 2015--KEY HIGHLIGHTS
The S&P 500(R) increased 0.05% in November, bringing its YTD return to 1.04%.
The Dow Jones Industrial Average(R) returned 0.32% this month but was off 0.58% YTD.
The S&P MidCap 400(R) was up 1.18% for the month and 0.65% YTD.
The S&P SmallCap 600(R) returned 2.52% in November, bringing its YTD return to 1.68%.
MARKET SNAPSHOT
Quarter point, quarter point, quarter point onward, into the valley of bears rode the mighty S&P 500, as a rate increase of 0.25% in December became the battle cry, even as the youngest of them had traded not for the last (June 2006).
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Source: S&P Dow Jones Indices
Jefferson National and Exceed Investments Partner to Meet Tax-Advantaged Investing Needs of RIAs and Fee-Based Advisors
December 1, 2015--Jefferson National, the recognized innovator of a leading tax-advantaged investing solution for Registered Investment Advisors (RIAs), fee-based advisors and the clients they serve, has announced a partnership with Exceed Investments LLC ("Exceed"), a New York-based boutique asset management firm that is pioneering defined outcome investing solutions.
Through this partnership, Exceed will develop their first Variable Insurance Trust (VIT) exclusively for Jefferson National's Monument Advisor, the industry's first and only Flat-Fee Investment-Only Variable Annuityi (IOVA) featuring more than 350 funds. The trust will be based upon Exceed's strategy of providing controlled market exposure with preset, defined protection levels.
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Source: Jefferson National
ISE Holdings Reports Business Activity for November 2015
December 1, 2015--ISE and ISE Gemini combined to represent 15.5% of equity options market share, excluding dividend trades.
ISE and ISE Gemini reported a combined ADV of 2.3 million contracts.
Dividend trades made up 1.4% of industry volume in November 2015.
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Source: ISE (International Securities Exchange)
Citadel Steps Up Criticism of IEX's Plan to Start New Exchange
December 1, 2015--Firm sends second letter to SEC critiquing IEX''s proposal
IEX has vowed to diminish advantages held by speed traders
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Source: Bloomberg
DOL's fiduciary exemption is not a workable option for advisers
Too complex and cumbersome, provision would exclude investments such as alternatives
December 1, 2015--Despite months of media attention and frequent discussion within our industry, many financial advisers are only beginning to grasp the implications of the Labor Department's effort to expand its definition of fiduciary under ERISA.
The rule, as written, will deny millions of small and mid-sized investors access to quality, affordable retirement advice.
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Source: Investment News
Lew Says U.S. to Ensure Dollar Remains Top Reserve Currency
December 1, 2015--U.S. to hold China to its pledge to avoid unfair FX policies
Lew also cautions against rolling back Dodd-Frank regulations
Treasury Secretary Jacob J. Lew said the U.S. intends to ensure the dollar stays the world's leading reserve currency a day after the International Monetary Fund elevated the Chinese yuan into a basket alongside the dollar, euro, yen and pound.
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Source: Bloomberg
SEC Agrees to FINRA's BrokerCheck Change on Posting Firings
December 1, 2015--FINRA will reduce from 15 days to three the release of disclosure information filed on Form U5 The Securities and Exchange Commission approved Monday the Financial Industry Regulatory Authority's plan to reduce from 15 days to three
the release of disclosure information filed on Form U5 through Broker Check.
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Source: ThinkAdvisor
Nasdaq wins back TD Ameritrade in listings war with NYSE
December 1, 2015--TD Ameritrade Holding Corp., the No. 1 U.S. retail brokerage by trade executions, said on Tuesday it was moving its stock listing back to Nasdaq Inc from the New York Stock Exchange after a little over three and a half-years.
The move is a vindication of sorts for Nasdaq, which had lost the TD Ameritrade listing to the NYSE, now owned by Intercontinental Exchange Inc, in April 2012.
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Source: Reuters
UPDATE 1-Exchange operator BATS Global planning 2016 IPO-WSJ
November 30, 2015--BATS Global Markets Inc is expected to file a prospectus for an initial public offering as early as December, the Wall Street Journal reported, in what would be the exchange operator's second attempt at going public.
BATS is valued at more than $2 billion, including debt, according to the WSJ.
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Source: Reuters
