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CB0 Monthly Budget Review for November 2013
December 6, 2013--The federal government ran a budget deficit of $231 billion for the first two months of fiscal year 2014, $61 billion less than the shortfall recorded in October and November of last year, CBO estimates.
Total Receipts: Up by 10 Percent in the First Two Months of Fiscal Year 2014
Receipts for the first two months of fiscal year 2014 totaled $380 billion, CBO estimates-$34 billion more than receipts during the same period last year.
view the CBO Monthly Budget Review for November 2013
Source: Congressional Budget Office (CBO)
Fidelity's feverish fee cuts a bid to cure market share woes
How low will it go? Battle against Vanguard becomes a war of basis points
December 6, 2013--"Vanguarditis," the asset manager infection that leads to fee cuts and happier advisers, has worked its way into the heart of the Boston Behemoth.
Over the past few weeks, Fidelity Investments has made strategic fee cuts and launched new products to ensure that its products are the cheapest in two categories in which the Vanguard Group Inc. has been eating their lunch for a decade.
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Source: Investment News
BlackRock Canada Announces Final Dissolution Proceeds Related to the Termination of iShares Managed Futures Index ETF
December 5, 2013--BlackRock Asset Management Canada Limited ("BlackRock Canada"), an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock") today announces additional information regarding the termination of the iShares Managed Futures Index ETF (the "Fund") that was announced on September 17, 2013.
The common units of the Fund ("CMF") and the advisor class units of the Fund ("CMF.A") were delisted from the Toronto Stock Exchange on November 28, 2013.
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Source: BlackRock Asset Management Canada Limited (iShares)
Atlanta brokerage to pay $700,000 for sales of risky ETFs: FINRA
December 5, 2013--An Atlanta-based securities brokerage must pay back a total of more than $700,000 to 84 customers for selling them risky types of exchange-traded funds and frequently switching clients' mutual funds to boost commissions, Wall Street's industry-funded watchdog said on Thursday.
The Financial Industry Regulatory Authority (FINRA) found J.P. Turner & Co LLC allowed its brokers to recommend leveraged and inverse exchange-traded funds (ETFs) during 2008-2009 without adequate training or understanding the risks the ETFs posed to investors, according to a settlement. The firm also did not properly supervise sales of the securities, FINRA said.
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Source: Reuters
National Income and Product Accounts Gross Domestic Product, 3rd quarter 2013 (second estimate)
Corporate Profits, 3rd quarter 2013 (preliminary estimate)
December 5, 2013--Real gross domestic product -the output of goods and services produced by labor and property
located in the United States -increased at an annual rate of 3.6 percent in the third quarter of 2013 (that
is, from the second quarter to the third quarter), according to the "second" estimate released by the
Bureau of Economic Analysis. In the second quarter, real GDP increased 2.5 percent.
The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.8
percent (see "Revisions" on page 3). With this second estimate for the third quarter, the increase in
private inventory investment was larger than previously estimated.
The increase in real GDP in the third quarter primarily reflected positive contributions from private inventory investment, personal consumption expenditures (PCE), exports, nonresidential fixed investment, residential fixed investment, and state and local government spending that were partly offset by a negative contribution from federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
The acceleration in real GDP growth in the third quarter primarily reflected an acceleration in private inventory investment, a deceleration in imports, and an acceleration in state and local government spending that were partly offset by decelerations in exports, in PCE, and in nonresidential fixed investment.
view the GROSS DOMESTIC PRODUCT: THIRD QUARTER 2013 (SECOND ESTIMATE) CORPORATE PROFITS: THIRD QUARTER 2013 (PRELIMINARY ESTIMATE)
Source: Bureau of Economic Analysis
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices
A Spinout For The S&P/TSX Venture Composite And Venture Select Indices
December 5, 2013--S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The Plan of Arrangement between Fission Uranium Corp. (TSXVN:FCU) and Alpha Minerals Inc. (TSXVN:AMW) has received all shareholder and court approvals.
As part of the larger transaction involving the two companies, Fission Uranium will spin out, on a 1-for-1 basis, shares of a new TSX Venture-listed company to be named Fission 3.0 Corp. The ticker symbol of Fission 3.0 is not yet known. The spun out shares of Fission 3.0 will be added at zero price to the S&P/TSX Venture Composite and Venture Select Indices after the close of trading on Monday, December 9, 2013.
Source: S&P Dow Jones Canadian Index Services
Regulators Seek Pro-Business Recipe for Asset-Backed Bond Market
December 5, 2013--Global regulators are seeking to coax institutional investors, from insurers to pension funds, back into the market for asset-backed bonds to boost non-bank funding for businesses.
"The focus of reviving these markets should be to build a sustainable non-bank investor base, and to avoid a system where you are just recycling the credit among banks," Greg Medcraft, chairman of the International Organization of Securities Commissions, or Iosco, said in a phone interview.
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Source: Bloomberg
New rules on derivatives draw suit
December 5, 2013--Wall Street trade groups are launching a coordinated legal challenge against new rules for international derivatives trades-a pillar of the 2010 Dodd-Frank law intended to bring more light to once dark markets.
At stake in a lawsuit filed Wednesday against the Commodity Futures Trading Commission is how to police the multitrillion-dollar derivatives market that was a source of the 2008 financial crisis but that the industry argues could buckle under the weight of new rules-a charge advocates of tighter oversight say is an attempt to gut needed reforms.
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Source: politico.com
Northern Trust's ETF reboot finding its footing
December 5, 2013--FlexShares has been on a hiring spree this year as its assets under management have more than tripled.
Northern Trust's two-year-old exchange traded fund business grew its sales force by 50 per cent, bringing its number of wholesalers to 18.
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Source: FT.com
U.S. House passes bill to exempt private equity funds from rules
December 4, 2013--The U.S. House of Representatives passed a bill on Wednesday that would largely spare private equity fund advisers from federal regulations enacted after the 2007-2009 financial crisis.
The bill would exempt many private equity fund advisers from a provision in the 2010 Dodd-Frank Wall Street Reform law which required advisers with more than $150 million in assets under management to register with the U.S. Securities and Exchange Commission
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Source: Reuters
