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IMF Working paper-Effects of Monetary and Macroprudential Policies on Financial Conditions: Evidence from the United States
January 3, 2016--Summary: The Global Financial Crisis has reopened discussions on the role of the monetary policy in preserving financial stability.
Determining whether monetary policy affects financial variables domestically-especially compared to the effects of macroprudential policies- and across borders, is crucial in this context. This paper looks into these issues using U.S. exogenous monetary policy shocks and macroprudential policy measures. Estimates indicate that monetary policy shocks have significant and persistent effects on financial conditions and can attenuate long-term financial instability. In contrast, the impact of macroprudential policy measures is generally more immediate but shorter-lasting. Also, while an exogenous increase in U.S. monetary policy rates tends to reduce credit and house prices in other countries—with the effects varying with country-specific characteristics—an increase driven by improved U.S. economic conditions tends to have the opposite effect. Finally, we do not find evidence of cross-border spillover effects associated with U.S. macroprudential policies.
Columbia Threadneedle liquidating its equity ETFs
December 31, 2015--Columbia Threadneedle plans to liquidate its three equity exchange traded funds.
The firm announced last week that the strategies will cease to trade on January 28 and remaining assets will be liquidated on or about February 8.
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Source: FT.com
CFTC.gov Swaps Report Update
December 30, 2015--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
SEC Examining Sharp Price Swings in Exchange-Traded Products, Stocks on Aug. 24
Intensifying global growth fears sparked steep loses that day
December 30, 2015--The Securities and Exchange Commission is assessing the causes of sharp price swings in exchange-traded products and stocks on Aug. 24, it said in a report Tuesday.
Intensifying global growth fears sparked steep losses in markets around the world that day. Price swings triggered nearly 1,300 trading halts, which mostly affected exchange-traded funds, a product that holds a basket of assets like a mutual fund but trades on an exchange like a stock.
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Source: Wall Street Journal
State Street Investor Confidence Inde(R)(ICI) for December 2015-Investor Confidence Rises in December by 1.0 Point to 108.3
December 29, 2015--State Street Global Exchange today released the results of the State Street Investor Confidence Index® (ICI) for December 2015.
The Global ICI rose to 108.3, up 1.0 point from November's revised reading of 107.3. The improvement in sentiment was driven by an increase in the European ICI from 96.2 to 103.7 along with the Asian ICI rising 4.6 points to 105.1. By contrast, the North American ICI decreased by 5.9 points to 106.6.
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Source: State Street Corporation
SEC-Research Note: Equity Market Volatility on August 24, 2015
December 29, 2015--On Monday, August 24, 2015, the U.S. equity markets and equity-related futures markets experienced unusual price volatility, particularly during the period surrounding the 9:30 a.m. E.T.2 start of regular trading hours for the equity markets.
Prior to 9:30, the most actively traded equity product-the SPDR S&P 500 ETF Trust ("SPY")-declined to more than 5% below its closing price on the previous trading day (Friday, August 21, 2015). The most actively traded equity-related futures contract-the E-Mini S&P 500 ("E-Mini")-declined to its limit down price of 5% below the previous trading day's closing price and was paused for trading from 9:25 to 9:30.
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Source: SEC.gov
NYSE Arca Rules Partly Responsible for August ETF Rout, SEC Says
December 29, 2015--Agency's report says price bands slowed ETFs from rebounding
Exchange safeguards put in place to help prevent flash crashes
bout of market mayhem that halted trading in hundreds of exchange-traded funds in August was exacerbated by stock exchange rules intended to limit extreme price movements, according to a U.S. regulator's report released Tuesday.
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Source: Bloomberg
CFTC.gov Commitments of Traders Reports Update
December 28, 2015--The current reports for the week of December 22, 2015 are now available.
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Source: CFTC.gov
SEC Issues Annual Staff Reports on Credit Rating Agencies
December 28, 2015--The Securities and Exchange Commission today issued its two annual staff reports on credit rating agencies registered as nationally recognized statistical rating organizations (NRSROs).
The reports show that NRSROs have made operational improvements and have enhanced process accountability, controls and governance, and that smaller NRSROs have made competitive inroads in certain rating categories.
view the Annual Report on Nationally Recognized
Statistical Rating Organizations
Source: SEC,gov
Nasdaq to Begin Listing Four Legg Mason Exchange Traded Funds on Tuesday, December 29, 2015
December 28, 2015--Effective Tuesday, December 29, 2015, Nasdaq will list four new ETFs:
Legg Mason Developed EX-US Diversified Core ETF
Legg Mason Emerging Market Diversified Core ETF
Legg Mason US Diversified Core ETF
Legg Mason Low Volatility High Dividend ETF
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Source: Nasdaq.com
