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BNY Mellon-Regulation And Risk-DOL Rule-Another Ingredient for ETF Growth
Accelerating Growth: The Department of Labor Conflict of Interest Rule and its impact on the ETF industry|September 2016
September 19, 2016--On April 10, 2016 the DOL finalized its Conflict of Interest Rule, which re-defines the term fiduciary for the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986. This paper will explore the basics of the rule, and look at potential effects on the ETF industry.
In the years since the 2008 financial crisis we have witnessed historic economic, market and regulatory changes on a global level. The rapid flow of regulatory initiatives has been transformational on the financial industry, having touched every aspect from money market fund reform to the way we look at liquidity.
Most recently, the Department of Labor's Conflict of Interest Rule is re-defining the term "fiduciary" and could profoundly change advisory firms' business models and advisory strategy.
view the Accelerating Growth: The Department of Labor Conflict of Interest Rule and its Impact on the ETF Industry paper
Source: BNY Mellon
AdvisorShares-Weekly Market Review-The FOMC Meets To Determine The Fate Of The Galaxy
September 19, 2016--Highlights of the Prior week-For the week of September 12, 2016 to September 16, 2016
Macro
The FOMC is scheduled to meet this week and while the fate of the galaxy may not actually be in play, market participants are of course very focused on whether or not there will be a rate hike this week or in December (it
seems no one gives credence to a November hike).
And if there is a hike whether it would be a one and done or the start of a tightening cycle. Dennis Gartman argues, that the FOMC began to tighten a year and a half ago when it ended it quantitative easing.
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Source: AdvisorShares
BNY Mellon ADR Index Monthly Performance Update
September 19, 2016----The BNY Mellon ADR Index Monthly Performance Update (data as of August 31, 2016) is now available.
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Source: BNY Mellon
CFTC.gov Commitments of Traders Reports Update
September 16, 2016--The current reports for the week of September 13, 2016 are now available.
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Source: CFTC.gov
Treasury International Capital Data For July
September 16, 2016--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for July 2016. The next release, which will report on data for August 2016, is scheduled for October 18, 2016.
The sum total in July of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC inflow of $140.6 billion. Of this, net foreign private inflows were $162.7 billion, and net foreign official outflows were $22.1 billion.
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Source: treasury.gov
Renaissance Capital-US IPO Week Ahead: Year's most active week with 9 IPOs
September 16, 2016--Analyst IPO Market Commentary
Nine deals are on the IPO calendar for the week ahead, aiming to raise a combined $1.2 billion. Set to be the most active week of 2016, the wave of deals counts three founder-led high-growth software companies and a telecom equipment provider.
Other deals include two consumer brands, two biotechs and one bank.
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Source: Renaissance Capital
Exchange Traded Concepts to Close and Liquidate the CrowdInvest Wisdom ETF
September 16, 2016--After careful consideration, the Board of Trustees of Exchange Traded Concepts Trust has determined to close and liquidate the CrowdInvest Wisdom ETF (NYSE Arca: WIZE) (the "Fund").
Exchange Traded Concepts, LLC ("ETC") serves as the investment adviser and Vident Investment Advisory, LLC ("Vident") serves as the sub-adviser to the Fund.
The Fund will be closed to orders for new creation units as of September 19, 2016, and the last day of trading of the Fund's shares on the NYSE Arca will be September 27, 2016.
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Source: Exchange Traded Concepts
Unit Investment Trust Rollover Review
September 16, 2016--FINRA is conducting an inquiry with respect to Unit Investment Trust ("UIT") rollovers. In connection with our inquiry, we request that the firm provide the following documents and information for the period from January 1, 2014 through June 30, 2016 (the "Review Period") to FINRA by no later than October 10, 2016.
The firm's Written Supervisory Procedures ("WSPs") with respect to UITs in effect during the Review Period.
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Source: Finra
Harvard Business School Report: Pessimism about the Future of the U.S. Economy Deepens; Political Dysfunction the Greatest Barrier to Strengthening U.S. Competitiveness
September 15, 2016--As political discourse confuses national discussion and candidates fail to put forth credible plans to improve U.S. economic growth and shared prosperity, Harvard's Michael E. Porter, Jan W. Rivkin, and Mihir A. Desai call for U.S. economic strategy involving business and government
5th annual U.S. competitiveness assessment polls business leaders and general public on federal policy changes that could improve competitiveness, such as corporate tax reform and immigration reform
view the PROBLEMS UNSOLVED AND A NATION DIVIDED-The State of U.S. Competitiveness 2016 Including findings from Harvard Business School's 2016 surveys on U.S. competitiveness
Source: Harvard Business School
J.P. Morgan Asset Management Launches First Fixed Income ETF: JPHY
strategy takes advantage of potential opportunities in the high yield market
September 15, 2016--J.P. Morgan Asset Management announced that the JPMorgan Disciplined High Yield (JPHY) actively-managed ETF officially launched today for trading
However, the high yield universe includes segments where risk has not been rewarded with commensurate return. JPHY provides high yield exposure by systematically excluding securities that exhibit what may be considered unattractive risk-reward profiles.
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Source: J.P. Morgan Funds
