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CBO-The Budget and Economic Outlook: 2017 to 2027
January 24, 2017--If current laws remained generally unchanged, deficits would follow an upward trajectory over the next decade, driving up federal debt. CBO projects moderate economic growth during that period.
In fiscal year 2016, for the first time since 2009, the federal budget deficit increased in relation to the nation's economic output.
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Source: Congressional Budget Office (CBO)
IMF Working Paper-Financial and Business Cycles in Brazil
January 24, 2017--Summary: This paper explores the nexus between the financial cycle and business cycle in Brazil. Cycles are estimated using a variety of commonly-used statistical methods and with a small, semistructural model of the Brazilian economy.
An advantage of using the model-based approach is that financial and business cycles can be jointly estimated, allowing information from all key economic relationships to be used in a consistent way. The results show that Brazil is now in the downturn phase of the financial cycle. Moreover, the results underscore the importance of macro-financial linkages and highlight risks to the recovery going forward.
view the IMF Working Paper-Financial and Business Cycles in Brazil
Source: IMF
ClearShares files with the SEC
January 24, 2017--ClearShares has filed a application for exemptive relief with the SEC.
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Source: SEC.gov
Investor Advisory Panel Issues Risk Profiling Roundtable Report
January 23, 2017--The Investor Advisory Panel (IAP), an independent committee established by the Ontario Securities Commission (OSC), today released a report on the risk profiling roundtable that it jointly organized with the OSC Investor Office on September 28, 2016.
The roundtable was held to explore the findings of the IAP's research report on the risk profiling used in the retail investment advice process and provide recommendations on possible next steps to improve risk profiling.
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Source: osc.gov.on.ca
AdvisorShares-Weekly Market Review-"This Indecision's Bugging Me"
January 23, 2017--Highlights of the week of January 17 to January 20, 2017
Macro
Markets seem to be bugged by indecision as summed up by The Clash in 1982 as the rally stalled out, treasury yields have drifted lower very quietly and the VIX is hovering below 12 as today
marks the first full "work day" of the new administration.
There are several unresolved issues for the new President including whether he is or is not in violation of the Emoluments Clause in Article 1 of the US Constitution, the fact that only about 10% of the administration appointments he needs to make have been filled and perhaps on a less serious note, whether he plans to alter his Tweeting habits.
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Source: AdvisorShares
Dhandho Junoon ETF (NYSE Arca: JUNE) Developed by Mohnish Pabrai Begins Trading with New Service Providers
January 23, 2017--Dhandho Funds LLC ("Dhandho") is pleased to announce its new service providers for the Dhandho Junoon Exchange Traded Fund ("the ETF"), which trades on the New York Stock Exchange Arca (NYSE Arca: JUNE). Dhandho is the Sponsor of the ETF.
"We're excited to work with this wonderful set of partners, including SEI Investments Distribution Co., Cambria Investment Management, and, last but not least, Meb Faber," said Mohnish Pabrai, CEO of Dhandho. INDXX LLC will continue to serve as index provider.
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Source: Dhandho Funds LLC
BCSC study confirms investors need to learn more about fees
January 23, 2017--As new fee reports begin arriving, many investors remain unware of how and how much they pay their investment advisors
Just in time for RRSP season, many investors will receive new information about the fees they pay for investment products and advice, and the British Columbia Securities Commission (BCSC) wants to ensure that investors are ready to "Take a Look" at that information.
The BCSC launched its Take a Look campaign in October 2016 to encourage investors to pay attention to the fees they pay for investment products and advice. And according to a recent study conducted by the BCSC, B.C. investors still have some significant gaps in fee knowledge. Of investors surveyed, 28 per cent do not know how their advisor is paid and 36 per cent are not familiar with the types of fees they pay for the investment products they own. Only 44 per cent of investors agree that paying one per cent more or less in fees will make a difference to their returns.
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Source: British Columbia Securities Commission (BCSC)
Mackenzie Investments enhances suite of Smart Beta ETFs and mutual funds
January 23, 2017--Mackenzie Financial Corporation (Mackenzie Investments) announced today the launch of an Emerging Markets Exchange Traded Fund (ETF) and mutual fund product based on the award-winning TOBAM investment process that offer investors enhanced diversification solutions.
The launch expands the suite of smart beta ETFs and mutual funds managed by TOBAM.
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Source: Mackenzie Investments
J.P. Morgan Joins Push for Nontransparent, Active ETFs
January 22, 2017--Firm is expected to unveil plans to license Precidian Investments' ActiveShares model
J.P. Morgan Chase & Co. is joining a long line of asset managers backing a new type of exchange-traded fund that mimics active strategies but keeps its investments secret.
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Source: Wall Street Journal
Convergex ETF Direct(R) Platform Sets December Volume Record For Monthly Notional Volume
January 20, 2017--Convergex, an agency-focused global brokerage and trading related services provider, announced today that its ETF Direct platform set its new monthly trading record in December 2016 when notional value reached approximately $897 million, a 41% increase over the month of November when notional value reached $637 million.
Launched in early 2016, ETF Direct is a request for quote (RFQ) platform that streamlines the process for firms requesting quotes from numerous ETF liquidity providers.
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Source: Convergex