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Clayton: SEC targets 'complex, hidden fees'
November 8, 2017--Putting clients in expensive share classes instead of lower-cost ones hurts investors, chairman says
Securities and Exchange Commission Chairman Jay Clayton said on Wednesday the agency is targeting complex and hidden fees that can harm investors-both through enforcement and by clarifying disclosure requirements.
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Source: investmentnews.com
CFTC.gov Swaps Report Update
November 8, 2017--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
EntrepreneurShares Debuts its First Entrepreneur-Focused ETF
November 8, 2017--New entrant EntrepreneurShares debuted its first ETF, a new strategy that looks for companies based on entrepreneurial standards.
EntrepreneurShares launched the Entrepreneur 30 Fund (NYSEArca: ENTR), which comes with a 0.49% expense ratio.
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Source: Nasdaq.com
VanEck Launches Open-End Mutual Fund Version of Its Wide Moat-Focused Strategy
November 7, 2017--VanEck Morningstar Wide Moat Fund is now available to institutions and retirement plans via Class I and Class Z shares
VanEck today announced the launch of the VanEck Morningstar Wide Moat Fund (Class I shares: MWMIX; Class Z shares: MWMZX), an open-end mutual fund version of Morningstar's "wide moat"-focused strategy that VanEck originally launched in 2012 through the VanEck Vectors Morningstar Wide Moat ETF (NYSE Arca: MOAT(R)).
The popularity and success of the "wide moat" strategy prompted VanEck to expand the strategy's application, particularly to key institutional clients. Like MOAT, which has total net assets of approximately $1.3 billion as of October 31, 2017, the VanEck Morningstar Wide Moat Fund seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the Morningstar(R) Wide Moat Focus Index SM (MWMFTR).
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Source: VanEck
CBO-Monthly Budget Review: Summary for Fiscal Year 2017
November 7, 2017--In fiscal year 2017, which ended on September 30, the federal budget deficit totaled $666 billion-$80 billion more than the shortfall recorded in 2016.
The deficit increased to 3.5 percent of the nation's gross domestic product (GDP) in 2017, up from 3.2 percent in 2016 and 2.4 percent in 2015-but far lower than it was in 2009, when the deficit reached 9.8 percent of GDP.
In 2017, the government's revenues amounted to $3.3 trillion-$48 billion (or 1 percent) more than receipts recorded in 2016.
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Source: Congressional Budget Office (CBO)
OppenheimerFunds Launches SteelPath MLP & Energy Infrastructure Fund
November 7, 2017--Fund is primarily focused on North American midstream energy infrastructure equities.
OFI SteelPath, an OppenheimerFunds company, launched the Oppenheimer SteelPath MLP & Energy Infrastructure Fund. The Fund will primarily invest in the equity securities of North American midstream energy infrastructure companies while adhering to a 25% limit on master limited partnership (MLP) holdings.
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Source: Oppeheimer Funds
BNY Mellon DR Index Monthly Performance-October 2017
November 7, 2017--The BNY Mellon DR Index Monthly Performance for October 2017 report is now available.
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Source: BNY Mellon
Exchange operators believe in cryptocurrencies: CBOE
November 7, 2017--The major futures exchanges believe in the development of cryptocurrency trading and will push on with launching exchange traded funds that allow investors to trade in them, chief operating officer and president of Cboe Global Markets said on Tuesday.
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Source: Reuters
State Street Corp. chief executive Jay Hooley to retire at the end of 2018
November 7, 2017--State Street Corp. chief executive Jay Hooley will retire from the job at the Boston-based financial services giant at the end of 2018, after more than 30 years there.
The change in leadership atop one of Boston’s biggest companies was announced Tuesday. Ron O’Hanley, a former Fidelity executive who has been running State Street’s investment management division for the past two years, was tapped to succeed Hooley.
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Source: Boston Globe
SEC Is Said to Prepare Easier Path for New Exchange-Traded Funds
November 6, 2017--Chairman has asked staff to revisit 2008 proposal, people say
Plan would address complaints over time and cost for approvals
U.S. Securities and Exchange Commission Chairman Jay Clayton is working to streamline the agency's ad hoc approach to approving new exchange-traded funds, putting a spotlight on an issue that has vexed the regulator for a decade.
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Source: Bloomberg
