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Morgan Stanley Statement on its Exchange-Traded Notes
June 30, 2015--Morgan Stanley (NYSE:MS) today announced that it does not intend to issue any additional notes in five series of outstanding exchange-traded notes.
These exchange-traded notes, which will continue to trade on the NYSE Arca, are
listed below:
Morgan Stanley Cushing^(R) MLP High Income Index ETNs due March 21, 2031 (NYSE Arca:MLPY)
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Source: Bloomberg
First Asset Canadian REIT Income Fund to Convert into Actively Managed ETF
June 30, 2015--First Asset Investment Management Inc. announces that unitholders of First Asset Canadian REIT Income Fund (the "Fund") approved amendments to the Fund's declaration of trust in order to permit its conversion from a closed-end fund to an actively managed exchange traded fund (the "ETF Conversion"), and certain other changes to the investment objectives, strategies and restrictions of the Fund.
First Asset Investment Management Inc.'s Lee Goldman will continue to manage the Fund following the ETF Conversion.
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Source: First Asset
First Asset Investment Management Inc. Announces Changes to its First Asset ETF Lineup
June 30, 2015--First Asset Investment Management Inc. ("First Asset") announces that it will terminate the following funds (the "Funds") due to their current size and/or the existence of a suitable First Asset alternative.
The Funds will terminate on or about August 31, 2015 (the "Termination Date").
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Source: First Asset
Schwab ETF OneSource(TM) Expands Menu of Commission-Free ETFs and Welcomes J.P. Morgan Asset Management to Program
New Additions Broaden Access to $0 Commission Strategic Beta and Currency-Hedged ETFs
June 30, 2015--Charles Schwab announced today it is adding one new ETF provider-J.P. Morgan Asset Management-and nine new ETFs to Schwab ETF OneSource(TM), the program that offers investors and advisors the most commission-free* ETFs anywhere in the industry.
The additions give investors more choice within two highly sought-after categories in investing today-currency-hedged ETFs and strategic beta funds across both U.S. and international markets.
CFTC Issues Proposed Rule on Cross-Border Margin
June 29, 2015--The U.S. Commodity Futures Trading Commission (Commission) today voted unanimously to propose a rule that would apply the Commission's margin requirements for uncleared swaps in the context of cross-border transactions (Proposed Rule).
The Proposed Rule would apply to Commission-registered swap dealers and major swap participants that are not subject to the margin requirements of other prudential regulators, such as the Federal Reserve Board, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, covered swap entities). The comment period ends 60 days after the publication in the Federal Register.
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Source: CFTC.gov
OCC Reports First Quarter Bank Trading Revenue of $7.7 Billion
June 29, 2015--Insured U.S. commercial banks and savings institutions reported trading revenue of $7.7 billion in the first quarter of 2015, $3.2 billion higher (72 percent) than in the fourth quarter, the Office of the Comptroller of the Currency (OCC) reported today in the OCC's Quarterly Report on Bank Trading and Derivatives Activities.
Trading revenue in the first quarter was $1.5 billion higher (24 percent) than in the first quarter of 2014.
view the OCC's Quarterly Report on Bank Trading and Derivatives Activities First Quarter 2015
Source: OCC
CFTC Proposes Narrowing Wall Street's Foreign Swaps Loophole
June 29, 2015--The top U.S. derivatives regulator took a step toward preventing Wall Street banks from evading the Dodd-Frank Act and shifting some of their trading overseas.
The Commodity Futures Trading Commission voted unanimously Monday to propose a requirement that broadens when banks' overseas divisions must meet U.S. collateral standards designed to curb risks in the $700 trillion swaps market.
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Source: Bloomberg
CFTC Issues Proposed Rule on Cross-Border Margin
June 29, 2015--The U.S. Commodity Futures Trading Commission (Commission) today voted unanimously to propose a rule that would apply the Commission's margin requirements for uncleared swaps in the context of cross-border transactions (Proposed Rule).
The Proposed Rule would apply to Commission-registered swap dealers and major swap participants that are not subject to the margin requirements of other prudential regulators, such as the Federal Reserve Board, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation (collectively, covered swap entities). The comment period ends 60 days after the publication in the Federal Register.
view the Fact Sheet-Proposed Rule Regarding the Cross-Border Application of the Margin Requirements
Source: CFTC.gov
The mutual fund marketplace is broken, Time to fix it.
Many share classes exist only to hide fees paid by mutual funds to brokers in exchange for feeding them business
June 28, 2015--Wall Street and Washington have it wrong. The most important debate today isn't whether financial professionals should adopt the suitability standard or the fiduciary standard.
The pros and cons have been argued ad nauseam; eventually, from D.C. to Main Street, we will all recognize the appropriate choice.
The more flagrant issue to address-and a relatively easy one to fix-is the mind-boggling array of share classes offered by many open-end mutual fund companies.
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Source: Investment News
CFTC Commitments Of Traders Reports Update
June 26, 2015--The current reports for the week of June 23, 2015 are now available.
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Source: CFTC.gov