Americas ETP News
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Minutes of the Federal Open Market Committee, October 27-28, 2015
November 18, 2015--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on October 27-28, 2015.
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Source: federalreserve.gov
SEC Proposes Rules to Enhance Transparency and Oversight of Alternative Trading Systems
November 18, 2015--The Securities and Exchange Commission today announced it has voted to propose rules to enhance operational transparency and regulatory oversight of alternative trading systems (ATSs) that trade stocks listed on a national securities exchange (NMS stocks), including "dark pools."
"Investors and other market participants need more and better information about how alternative trading systems work," said SEC Chair Mary Jo White. "The proposed changes would represent a critical step forward in delivering greater transparency to investors and enhancing equity market structure."
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Source: SEC.gov
AGF Takes Ownership Stake in ETF Strategist FFCM
November 17, 2015--Strategic acquisition will strengthen AGF's quantitative capabilities
AGF Management Limited (AGF) today announced that it acquired the majority of the equity of FFCM LLC (FFCM), a Boston-based ETF advisor and asset management firm whose expertise is delivered through a family of alternative and smart-beta ETFs and a number of ETF managed solutions
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Source: research.tdwaterhouse.ca
IMF-Mexico: Selected Issues
November 17, 2015--As fiscal consolidation begins in Mexico, the question of the size of fiscal multipliers becomes highly relevant. Estimates of fiscal multipliers-obtained from state-level spending-fall within 0.6-0.7 after accounting for dynamic effects.
However, the size of multipliers varies with the output gap. Point estimates for the cumulative multiplier can exceed one when the output gap is sufficiently negative, while they decline and even turn statistically insignificant when the output gap is above 0.5 percent. The planned fiscal consolidation-under the estimated multipliers-is projected to subtract on average ½ percentage points from growth over 2015–2020.
view the IMF-Mexico: Selected Issues report
Source: IMF
Smart Beta: The Facts
November 17, 2015--Cass has produced a series of papers for Invesco PowerShares looking at the origins, the source of performance and due diligence challenges of Smart Beta.
Smart beta is a transparent, rules based weighting scheme that is different from market capitalisation weights.
view the working papers:
Part 1: Origins
Part 2: What lies beneath?
Part 3: Factors assembled
Part 4: Monitoring challenges
Source: Invesco PowerShares
NYSE to eliminate "stop orders" from February
November 17, 2015--Investors will not be able to make "stop orders" and "good till cancelled orders" on the New York Stock Exchange and NYSE MKT from Feb. 26, the exchange said, as it looks to reduce risks during choppy trading.
A "good till cancelled order" is valid until an investor cancels it or the trade is executed, while a "stop order" allows an investor to buy or sell a stock when it exceeds a particular price.
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Source: Reuters
Debt Market Distortions Go Global as Nothing Makes Sense Anymore
November 15, 2015--Rates on interest-rate swaps plunge below Treasury yields
Worries over 'something bigger brewing under the surface'
Something very strange is happening in the world of fixed income.
Across developed markets, the conventional relationship between government debt--long considered the risk-free benchmark--and other assets has been turned upside-down.
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Source: Bloomberg
First Trust Switches Seven AlphaDEX(R) ETFs to The Nasdaq Stock Market
November 13, 2015--Nasdaq announced that First Trust recently transferred seven AlphaDEX(R) exchange traded-funds (ETFs) from NYSE Arca to The Nasdaq Stock Market(R).
Each fund listed and will continue to trade its shares on Nasdaq under the same ticker symbol as was used on NYSE
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Source: NASDAQ
Nasdaq Said to Be in Talks to Acquire Chi-X Canada Market
November 13, 2015-The Canadian business is being valued at about $100 million
Purchase would put Nasdaq in competition with Toronto exchange
Nasdaq Inc. is in talks to buy Chi-X Canada, an acquisition that would put it in direct competition with TMX Group Ltd.'s Toronto Stock Exchange, according to people familiar with the matter.
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Source: Bloomberg
Invesco Canada expands access to innovative Platform Traded FundsTM
Welcoming Aequitas PTF Connect: The next evolution for actively managed mutual funds
November 12, 2015--Invesco Canada ("Invesco") announced today that through Aequitas PTF Connect ("PTF Connect"), it will provide industry-wide access to Invesco's innovative Platform Traded Funds (PTFTM) structure.
PTFs are unique in that they transact and settle just like exchange-listed securities, using a streamlined process that eliminates unnecessary layers of cost.
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Source: Invesco Canada Ltd.
