Americas ETP News
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New E.T.F.s Appeal to Those With Bigger Appetites for Risk
June 4, 2015--Imagine a fund that offers exposure to the strategies of the world's sharpest hedge fund investors.
Or one that tracks the steady dividends paid by companies like Apple, instead of their more volatile shares.
In stodgy mutual fund land, these are distant thoughts at best.
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Source: New York Times
2015 Article IV Consultation with the United States of America-Concluding Statement of the IMF Mission
June 4, 2015--The 2015 U.S. Article IV Consultation was focused on the prospects for higher policy rates and the outlook for, and policy response to, financial stability risks. In this, the work of the mission integrated the findings of the IMF's latest Financial Sector Assessment Program for the U.S. The main policy messages were:
The underpinnings for continued growth and job creation remain in place. However, momentum was sapped in recent months by a series of negative shocks.
The FOMC should remain data dependent and defer its first increase in policy rates until there are greater signs of wage or price inflation than are currently evident. Based on the mission's macroeconomic forecast, and barring upside surprises to growth and inflation, this would put lift-off into the first half of 2016.
Pockets of financial stability risks are emerging, putting a premium on improving the resilience of the financial system. Regulatory reforms remain incomplete and the structure of oversight has scope to be strengthened along a number of dimensions.
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Source: IMF
CBO-Monthly Budget Review for May 2015
June 4, 2015--The federal government ran a budget deficit of $368 billion for the first eight months of fiscal year 2015, CBO estimates.
The federal government ran a budget deficit of $368 billion for the first eight months of fiscal year 2015, CBO estimates. That deficit was $68 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 9 percent and 4 percent, respectively. If not for shifts in the timing of certain payments (which otherwise would have fallen on a weekend), the deficit for the eight-month period would have been $33 billion less this year than it was in fiscal year 2014.
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Source: Congressional Budget Office (CBO)
Nasdaq Monthly Index Report-Biotech, Q-50 and PHLX Semiconductor top performance charts in May
June 3, 2015--Market performance in the month of May was driven by concerns about the economy's health and the uncertainty of when the Fed will start to raise interest rates. News about the debt crisis in Greece also led media
headlines causing more doubt about the global economy's rebound.
With its impressive gains, biotechnology continues to be a market leader in 2015.
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Source: Nasdaq.com
CFTC.gov Swaps Report Update
June 3, 2015--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Federal Reserve-Beige Book
June 3, 2015--Summary of Commentary on Current Economic Conditions by Federal Reserve District
Reports from the twelve Federal Reserve Districts suggest overall economic activity expanded during the reporting period from early April to late May. Activity in the Richmond, Chicago, Minneapolis, and San Francisco Districts was characterized as growing at a moderate pace, while the New York, Philadelphia, and St. Louis Districts cited modest growth.
Contacts in the Boston District reported mixed conditions, and the Cleveland and Kansas City Districts indicated a slight pace of expansion. Compared to the previous report, the pace of growth slowed slightly in the Dallas District but held steady in the Atlanta District. Outlooks among respondents were generally optimistic, with growth expected to continue at a modest to moderate pace in several districts.
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Source: federalreserve.gov
Vanguard Managing Director Atul Tiwari Elected Chairman of Canadian ETF Association
ETFs continue to experience significant growth
June 3, 2015--Vanguard Investments Canada Inc. today announced that its managing director, Atul Tiwari, was elected chairman of the Canadian ETF Association, the national trade association of Canada's exchange-traded fund (ETF) industry.
"I am honoured to have been elected chairman of CETFA," Mr. Tiwari said. "The association does important work educating investors about ETFs. Investors are increasingly turning to ETFs for precise access to markets at a low cost, but there is still a great need for investor education."
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Source: Vanguard Investments Canada Inc.
SIFMA Proposes Best Interests Standard for Broker-Dealers as a Workable Solution to DOL's Fiduciary Rule Proposal
SIFMA Proposes Best Interests Standard for Broker-Dealers
June 3, 2015--Today, SIFMA president and CEO Kenneth E. Bentsen, Jr. announced the industry's "Proposed Best Interests of the Customer Standard for Broker-Dealers," which, if adopted, would establish a best interests standard for broker-dealers serving retail clients.
This proposal follows the industry's long established support for such a standard.
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Source: SIFMA
Crazy Quilt Chart of Regulation
Commissioner Daniel M. Gallagher
June 3, 2015--On March 2, 2015, I published a chart depicting the aggregation of U.S. financial services firm regulation since the enactment of the Dodd Frank Act in 2010.
My office has updated the chart to reflect significant FINRA rules and amendments implemented since July 2010.[1]
view the infographic-SEC Commissioner Daniel M. Gallagher-Rules Applicable to U.S. Financial Services Holding Company Adopted Since July 2010
Source: SEC.gov
Vanguard's China play ups the ante for industry
Other fund companies may find it difficult to match Vanguard's promise of access to a hot market
June 3, 2015--The Vanguard Group Inc.'s unexpected announcement this week that it will add exposure to China's high-flying but tightly regulated onshore markets accelerates competition among fund sponsors to provide the broadest exposure to global markets.
The firm, the largest U.S. mutual fund company, said Tuesday it would add exposure to China's vast "A share" market to its $68.7 billion Emerging Markets Stock Index Fund (VEIEX) and a related exchange-traded fund (VWO).
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Source: Investment News
