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SEC should make all money funds float shares, IMF says
July 10, 2015--The US Securities and Exchange Commission should extend its new floating-value rule to all money market funds rather than limiting it
just to prime funds used by institutional investors, the International Monetary Fund said.
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Source: mlexfs-core.com
First Asset's CanBanc Income Corp. to Convert to an ETF
July 10, 2015--First Asset Investment Management Inc. announces that the shareholders of CanBanc Income Corp. (the "Fund") (TSX: CIC.UN) approved the elimination of the Fund's fixed termination date and the conversion of the Fund into an exchange-traded fund ("ETF").
The implementation of the conversion of the Fund into an ETF (the "ETF Conversion") is subject to certain third party and regulatory approvals.
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Source: First Asset
OFR Private Fund Data Shed Light on Liquidity Funds
July 9, 2015-This brief analyzes for the first time a new confidential dataset collected by the Securities and Exchange Commission (SEC), the Form PF filings of liquidity funds.2
Like money market funds and banks' short-term investment funds, liquidity funds generally invest in short-term assets and have portfolios structured to meet investors' near-term liquidity needs. According to first quarter data, Form PF filers managed $288 billion in liquidity funds and an additional $359 billion in parallel managed accounts.3 In comparison with prime money market funds, liquidity funds hold assets with relatively longer maturities, have larger holdings of Treasury securities, and invest in a broader range of asset classes.
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Source: Office of Financial Research (OFR)
Principal EDGE Active Income ETF Seeks Current Income with Proven Multi-Asset Class Approach
July 9, 2015--The Principal Financial Group(R) today listed its first exchange-traded fund (ETF) on the NYSE Arca. The Principal EDGE Active Income ETF (ticker: YLD) is subadvised by EDGE Asset Management,
a leading manager of equity, fixed income, and asset allocation strategies and an investment boutique of Principal Global Investors.
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Source: Principal Global Investors
NYSE shut down for nearly four hours by technical glitch
June 9, 2015--The New York Stock Exchange was forced to suspend trading for several hours on Wednesday in the biggest outage to hit a U.S. financial market in nearly two years, unnerving investors already rattled by the meltdown in Chinese stocks and the Greek debt crisis.
The exchange, a unit of Intercontinental Exchange Inc (ICE.N), reopened at 3:10 p.m. EDT after being halted shortly after 11:30 a.m. EDT. NYSE said the outage was due to an internal technical issue and not the result of a cyberattack. Other exchanges were trading normally.
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Source: Reuters
Short Sales Are at Their Highest Level Since the Financial Crisis
July 9, 2015--U.S. equity bears, mired in the longest streak of losses in 25 years, are getting bolder.
Unfazed by three years of money-losing bets against stocks, short sellers increased their bearish wagers in June to the highest level since the financial crisis, according to data compiled by the New York Stock Exchange.
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Source: Bloomberg
Investors Elbow Past Dealers to Grab Treasuries at U.S. Auctions
Government sells $58 billion of notes and bonds
June 9, 2015--Investors are crowding out Wall Street's biggest bond dealers, making it easier for the Treasury Department to finance the federal government's debt.
The 22 primary dealers, ranging from Goldman Sachs Group Inc. to Cantor Fitzgerald LP, are winning smaller allotments of Treasuries at auctions as investor concern about Greece,s ability to remain in the euro and China's stock-market plunge led investors to take a larger share of the debt.
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Source: Bloomberg
F-Squared files for bankruptcy
Firm struggled to get back on its feet after a settlement with regulators over bogus performance claims
July 8, 2015--F-Squared Investments Inc. filed for bankruptcy protection Wednesday and arranged for its investment strategies to be managed by a new firm, capping the rise-and-fall story of an exchange-traded fund manager once popular with financial advisers.
The firm filed documents seeking Chapter 11 bankruptcy protection, and asked the court to allow it to sell its investment strategies, contracts to manage money and other intellectual property to a competing, Chicago-based money manager.
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Source: Investment News
New York BitLicense Regulations Virtually Certain to Significantly Impact Transactions in Virtual Currencies
July 8, 2015---Advisory
The New York State Department of Financial Services (NYDFS) recently issued its final BitLicense regulations with respect to Bitcoin and other virtual currencies.
The new regulations require the licensing of, and establish minimum standards of conduct for, any person who engages in a virtual currency business activity involving New York or a New York resident.[1]
The regulations impact a wide spectrum of potential businesses, although they exclude merchants and consumers who use virtual currencies in connection with transactions for goods or services, persons chartered under the New York Banking Law and approved to engage in a virtual currency business activity, and persons who engage in the mere "development and dissemination of software in and of itself."[2]
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Source: Katten Muchin Rosenman LLP
CBO-Monthly Budget Review for June 2015
July 8, 2015--The federal government ran a budget deficit of $314 billion for the first nine months of fiscal year 2015, CBO estimates.
That deficit was $52 billion smaller than the one recorded during the same period last year. Revenues and outlays were both higher than the amounts recorded during the same period in fiscal year 2014-by 8 percent and 5 percent, respectively.
Total Receipts: Up by 8 Percent in the First Nine Months of Fiscal Year 2015.
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Source: Congressional Budget Office (CBO)
