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FINRA Investor Survey Reveals Strong Support for Additional Regulatory Protections
November 6, 2014--The Financial Industry Regulatory Authority (FINRA) released a survey of U.S. investors designed to measure perceptions of fairness and to gauge demand for additional regulatory protections. FINRA's survey of 1,000 adults revealed that 92 percent of investors agreed (62 percent strongly agreed and 30 percent somewhat agreed) that it is important to have a regulatory "cop on the beat" to protect investors and police the markets.
In addition, 70 percent of investors surveyed strongly agreed and 24 percent of investors somewhat agreed that it is important that regulators use the latest tools and technology to protect investors.
Overall, investors surveyed by FINRA strongly agreed that regulation and investor protections are important. Highlights include:
88 percent of investors believe it's moderately or very important for regulators to detect when unsuitable securities are being sold to investors.
90 percent believe it's moderately or very important for regulators to detect when brokers are making trades that benefit themselves and not the investor.
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Source: FINRA
U.S. Securities and Exchange Commission Issues Notice of Intent to Grant Exemptive Relief to Permit the Offering of Exchange-Traded Managed Funds
NextShares(TM) Announced as Branding of Exchange-Traded Managed Funds
November 6, 2014--Eaton Vance Management (Eaton Vance), a subsidiary of Eaton Vance Corp. (EV), announced that the U.S. Securities and Exchange Commission (SEC) has today issued notice of its intent to grant Eaton Vance and related parties an exemption from certain provisions of the Investment Company Act of 1940,
as amended, to permit the offering of exchange-traded managed funds. Consistent with customary SEC practice, interested persons may request a hearing on this matter by contacting the SEC on or before December 1, 2014.
An order granting the requested relief (Order) will be issued unless the SEC orders a hearing.
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Source: Eaton Vance Corp.
AdvisorShares Weekly Market Update-Election Impact on Oil
November 6, 2014--High Yield Report-The tally is in and it was a very bad Tuesday evening for the Democratic party. Senate races in Iowa, North Carolina, Georgia and a host of other States went red...
The Gold Report-Since the beginning of August there has been a striking divergence in the relative performance of gold priced in US dollars versus gold priced in yen...
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Source: AdvisorShares
SEC Issues Preliminary Denial Notices for Two Nontransparent Actively Managed ETF Applications
November 6, 2014--Summary: In 2008, the Securities and Exchange Commission ("SEC" or "Commission") approved the first actively managed exchange-traded funds ("ETFs").[1] The exemptive orders for those ETFs-and all active ETF exemptive orders since-have required daily portfolio transparency.[2] On October 21, 2014, the Commission issued notices ("Notices") on exemptive applications filed by two separate sets of applicants (the "Applicants") seeking relief from the Investment Company Act of 1940, as amended ("1940 Act"), to
launch nontransparent active exchange‑traded funds ("NTA ETFs").[3] In the Notices, the Commission states that it has "preliminarily" determined to deny the requested exemptions. This Alert describes the NTA ETFs proposed by the Applicants, summarizes the Notices, and analyzes significant aspects of the Notices.
The Proposed NTA ETFs
As noted above, to date, active ETFs have provided daily portfolio transparency-meaning daily disclosure, prior to the opening of trading in their shares, of the ETF's portfolio holdings that will be included in the calculation of net asset value ("NAV") that trading day.[4] The NTA ETFs proposed by the Applicants would not provide daily portfolio transparency; rather, they would generally only provide the same disclosures as existing mutual funds do, with one exception- the publication of their intraday indicative value (“IIV”) every 15 seconds during the trading day.
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Source: K&L Gates LLP
BNY Mellon ADR Index Monthly Performance Update-October 2014
November 6, 2014--The BNY Mellon ADR Index Monthly Performance-October 2014 Update has been published and is now available for review.
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Source: BNY Mellon
Nasdaq Lists First Trust International IPO ETF
International Index-Tracking Fund Focused on Timely Investment Opportunities
November 5, 2014--Nasdaq today announced that First Trust will list one new exchange-traded fund, First Trust International IPO ETF (S,mbol: FPXI), on The Nasdaq Stock Market.
FPXI will begin trading on Nasdaq today, November 5th, 2014.
"Recent IPOs and spin-offs represent an important segment of the international stock market that is often absent from broad international index ETFs," said Ryan Issakainen, CFA, Senior Vice President and ETF Strategist at First Trust. "This fund provides a diversified and systematic strategy for investors to gain exposure to these stocks before many are added to broad international index funds."
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Source: Nasdaq.com
CFTC.gov Swaps Report Update
November 5, 2014--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Altavista-ETF Analyzer-November 2014-Select Sector SPDR Edition
November 5, 2014--Inside the Report:
Evaluate Sector SPDRs based on investment merit using fundamental data and analysis
Compare Sector SPDRs with ease on a variety of forward-looking valuation metrics
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Source: AltaVista Research
Nasdaq Lists First Trust Emerging Markets Local Currency Bond ETF and First Trust Low Duration Mortgage Opportunities ETF
Two Actively Managed Funds Focused on Current Income Opportunities
November 5, 2014--Nasdaq today announced that First Trust will list two new exchange-traded funds, First Trust Emerging Markets Local Currency Bond ETF (Symbol: FEMB) and First Trust Low Duration Mortgage Opportunities ETF (Symbol: LMBS), on The Nasdaq Stock Market. FEMB and LMBS will begin trading on Nasdaq today, November 5th, 2014.
"These funds provide a strategy for investors to gain exposure to two fixed income sectors in which we believe in-depth research and analysis, along with ongoing surveillance, can add significant value for investors," said Ryan Issakainen, CFA, Senior Vice President and ETF Strategist at First Trust. "Both funds may benefit from active portfolio management, which provides the flexibility to implement specific views, while targeting a more attractive tradeoff between risk and return."
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Source: Nasdaq.com
ALPS to Close Three Exchange Traded Funds
November 4, 2014--ALPS, a DST Company focused on asset servicing and asset gathering, today announced the liquidation of three VelocityShares ETFs.
The three Funds--VelocityShares Emerging Asia DR ETF (NASDAQ: ASDR), VelocityShares Emerging Markets DR ETF (NASDAQ: EMDR) and VelocityShares Russia Select DR ETF (NASDAQ: RUDR)--will close to new investors on November 18, 2014 and liquidate on November 21, 2014.
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Source: ALPS
