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ETFGI reports assets invested in ETFs/ETPs listed in Canada reach a new record of 101 billion US dollars at the end of first half of 2017
July 28, 2017--ETFGI, a leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported today that assets invested in ETFs/ETPs listed in Canada reached a new record of US$101 Bn at the end of first half of 2017, according to ETFGI's June 2017 global ETF and ETP industry insights report.
At the end of June 2017, the Canadian ETF industry had 515 ETFs, with 668 listings, assets of US$101 Bn, from 24 providers listed on 2 exchanges.
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Source: ETFGI
ETFGI reports assets invested in ETFs/ETPs listed in the United States reach a new record of US$2.973 trillion at the end of first half of 2017
July 28, 2017--ETFGI, a leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported today that assets invested in ETFs/ETPs listed in the United States reached a new record of US$2.973 trillion at the end of first half of 2017, according to ETFGI's June 2017 global ETF and ETP industry insights report.
At the end of June 2017, the US ETF/ETP industry had 2,041 ETFs/ETPs, with assets of US$2.973 trillion, from 113 providers listed on 3 exchanges.
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Source: ETFGI
Canadian Securities Regulators Publish Final Amendments to Custody and Other Requirements for Dealers, Advisers and Investment Fund Managers
July 27, 2017--The Canadian Securities Administrators (CSA) today published final amendments to National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations (NI 31-103) and National Instrument 33-109 Registration Information.
The amendments enhance custody requirements for certain registered firms, clarify activities that may be conducted by exempt market dealers, incorporate previously granted relief from certain Client Relationship Model Phase 2 (CRM2) requirements and provide for certain changes of a housekeeping nature.
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Source: Canadian Securities Administrators (CSA)
IMF-Ten Ways to Expand U.S. Growth
July 27, 2017--With the economy at full employment, the United States will need to gradually remove both fiscal and monetary support, while intensifying efforts to address multiple constraints on its medium-term growth prospects, the IMF says in its latest economic report.
These constraints include weak productivity growth, an aging population, falling labor force participation, an increasingly polarized income distribution, and high levels of poverty. These growing headwinds are made worse by a share of income paid to workers that is nearly 4 percentage points lower than that in the early 2000s, a middle class that has shrunk to its smallest size over the past 30 years, and a potential growth rate that is virtually the lowest since the 1940s.
view the IMF Country report-United States : 2017 Article IV Consultation-Press Release; Staff Report
Source: IMF
OECD-Argentina: Further reforms are needed to boost sustainable and inclusive growth
July 27, 2017--Argentina is making progress in its path to advance its growth agenda. The first OECD Multi-dimensional Economic Survey of Argentina underlines the achievements to date of the government's recent and comprehensive programme of macroeconomic and structural reforms.
The OECD notes that the next challenges to be met will be strengthening the pillars of a more productive and inclusive economy, reducing poverty and inequality and improving the well-being of all Argentinians.
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Source: OECD
Research Affiliates-Cost and Capacity: Comparing Smart Beta Strategies
July 27, 2017--Key Points
Market impact trading costs arise from buying and selling securities at temporarily impacted prices during index rebalances.
These costs are not easily observed because they simultaneously occur in the index and the index tracking portfolio.
The growth in smart beta investing may erode these strategies' future returns as they reach investment capacity, which is inversely related to annual trading costs.
Investors should consider a strategy's cost-driving characteristics, such as turnover, concentration, liquidity, and total AUM, when making investment decisions.
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Source: Research Affiliates
Research Affiliates-A Smart Beta for Sustainable Growth
July 27, 2017--Key Points
Traditional growth indices, designed as the inverse of value, have delivered negative excess returns and failed to provide faster growth in earnings per share (EPS).
Active growth managers, who track growth indices, have likewise underperformed the market.
Companies that invest aggressively to grow assets and sales despite a low return on capital perform poorly, attributable to negative relative growth in EPS. Companies with a high return on capital and more disciplined growth strongly outperform, attributable to high relative growth in EPS.
smart beta growth strategy, by investing in profitable companies with conservative investment practices, can diversify value strategies while delivering a strong positive excess return from sustainably faster growth in EPS.
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Source: Research Affiliates
The Forum at ETF Research Center-New Heights: 2Q17 Results by Sector
July 27, 2017--Second quarter reports are shaping up surprisingly strong, and are at least partly to thank for the recent string of new market highs. With nearly half of S&P 500 constituents having reported second quarter 2017 results (and using consensus estimates for the remainder) it looks as if overall index earnings grew more than 10% year-on-year, or about $26 billion, to $280 billion.
That would be a new all-time high, equating to about $32.71 per share. (The S&P 500 SPDR ETF (SPY) trades at approximately 1/10th of the S&P 500 Index; its EPS is also about 1/10th). The Technology (XLK), Financials (XLF) and Energy (XLE) sectors were the biggest contributors to overall index earnings growth, but all sectors except Utilities (XLU) likely saw gains (Figure 1).
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Source: AltaVista Research
Canadian securities regulators publish guidance on conflict of interest transactions
July 27, 2017--The securities regulatory authorities in Ontario, Québec, Alberta, Manitoba and New Brunswick (the participating jurisdictions) today published CSA Multilateral Staff Notice 61-302 Staff Review and Commentary on Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions.
The notice outlines the approach used to review material conflict of interest transactions, including insider bids, issuer bids, business combinations and related party transactions that give rise to concerns regarding the protection of minority security holders.
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Source: www.securities-administrators.ca
Federal Reserve issues FOMC statement
July 26, 2017--Information received since the Federal Open Market Committee met in June indicates that the labor market has continued to strengthen and that economic activity has been rising moderately so far this year.
Job gains have been solid, on average, since the beginning of the year, and the unemployment rate has declined. Household spending and business fixed investment have continued to expand. On a 12-month basis, overall inflation and the measure excluding food and energy prices have declined and are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed, on balance.
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Source: federalreserve.gov
