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SSgA picks ex-Fidelity funds chief as CEO
March 31, 2015--State Street Global Advisors has tapped the former asset management chief at Fidelity Investments as its new president and chief executive, replacing Scott Powers who will retire after seven years.
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Source: Financial News
Scott Powers to Retire from SSGA in 2015
Industry Veteran Ronald P. O'Hanley is named President and CEO
March 31, 2015--State Street Corporation (NYSE: STT) announced today that Scott Powers (age 56), president and chief executive officer of State Street Global Advisors, intends to retire later this year after more than seven years leading the firm and three decades in the investment management industry.
Ronald (Ron) O'Hanley (age 58) will succeed Powers at the beginning of April. He and Powers will work together over the next several months to ensure a smooth transition of responsibilities. O'Hanley will report to Jay Hooley, chairman and chief executive officer of State Street, and will join the company's Management Committee, its senior-most strategy and policy-making team.
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Source: State Street Corporation
Sprott Junior Gold Miners ETF Launches on NYSE
March 31, 2015--Sprott Asset Management LP ("Sprott") is pleased to announce the launch of the Sprott Junior Gold Miners Exchange Traded Fund ("the ETF") on the New York Stock Exchange (NYSE: SGDJ).
The ETF was created in partnership with ALPS Advisors Inc.("ALPS") and Zacks Index Services.
The goal of the ETF is to provide exposure to the Sprott Zacks Junior Gold Miners Index (NYSE: ZAXSGDJ), which seeks to outperform a passive, market-capitalization representation of junior gold stocks.
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Source: Sprott Asset Management LP
Research Paper-Do High Frequency Traders Need to be Regulated? Evidence from Algorithmic Trading on Macro News
March 30, 2015--Abstract
Stock index ETF and futures prices respond to macroeconomic announcement surprises within a tenth of a second, with trading intensity increasing ten-fold in the quarter second following the news release. Trading profits, however, are relatively small and decline in recent years.
We find no evidence that the controversial practice of selling early access to macro news produces incremental profits. Our findings suggest that algorithmic traders operate in a highly competitive environment. Consistent with this view, we find event profits are decreasing in quote intensity. Order flow also becomes less informative over time as quotes respond to news directly rather than indirectly through trading.
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Source: Goizueta Business School, Emory University
Yieldcos: For Energy Investors Seeking Dividends
March 30, 2015--Yieldcos: For Renewable Energy Investors Who Love Dividends
Have you heard of Yieldcos?
This popular new option on the stock market is a win-win: it allows people to earn income from operating renewable energy plants, while giving developers access to capital for future projects.
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Source: Nasdaq.com
Horizons ETFs announces closure of certain ETFs
March 30, 2015--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs" or the "Manager") announced today that it will be terminating certain exchange traded funds ("ETFs") effective at the close of business on Friday, June 12, 2015
(the "Termination Date"). The ETFs being terminated (collectively, the "Terminated ETFs") are as follows:
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Source: Horizons ETFs Management
Time to find out hard way if asset management is systemic risk
March 30, 2015--Scan the financial horizon of late and you might come away with two impressions.
First, that the world is about to end. Last Monday, senior Federal Reserve official James Bullard spoke of the "devastating consequences" that will ensue from fast-growing asset price bubbles if the Fed fails to raise interest rates soon.
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Source: FT.com
Fed's Fischer Says More Work Needed to Protect Financial System
March 27, 2015--Federal Reserve Vice Chairman Stanley Fischer said while the non-bank financial industry appears less vulnerable since the financial crisis, more work must be done to reduce risks in short-term wholesale funding markets.
"While progress has been substantial, areas for continued work remain," Fischer said in the text of remarks prepared for delivery Friday in Frankfurt.
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Source: Bloomberg BusinessWeek
First Trust Reschedules Investment Objective Changes for 7 AlphaDEX(R) ETFs
March 27, 2015--First Trust Advisors L.P. ("FTA") previously announced that on or about April 14, 2015, each of the seven index exchange-traded funds listed below (each a "Fund") will change its investment objective and seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of a NASDAQ AlphaDEX(R) Equity Index.
These changes to each Fund’s investment objective are being rescheduled and will occur no later than October 8, 2015.
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Source: MarketWatch
New HFT Oversight Viewed as Hollow Victory for U.S. Regulators
March 27, 2015--The U.S. Securities and Exchange Commission took its first shot Wednesday at boosting regulation of high-speed traders. The industry says it dodged a blow.
The SEC's proposal, approved Wednesday by the five-member commission, will force some high-frequency traders to become members of the Financial Industry Regulatory Authority, which oversees brokerage firms' practices.
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Source: Bloomberg
