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FRB-Beige Book-March 01, 2017
March 1, 2017--National Summary
This report was prepared at the Federal Reserve Bank of New York based on information collected on or before February 17, 2017.
This document summarizes comments received from contacts outside the Federal Reserve System and is not a commentary on the views of Federal Reserve officials.
Overall Economic Activity
Reports from all twelve Federal Reserve Districts indicated that the economy expanded at a modest to moderate pace from early January through mid-February. Consumer spending expanded modestly since the last report. Retail sales increased at a subdued pace across most of the nation, with a number of Districts noting an ongoing shift from in-store to internet purchasing.
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Source: federalreserve.gov
CBOE Holdings Announces Close of Acquisition of Bats Global Markets
March 1, 2017--New Leadership Team Introduced
Integration Website Launched to Highlight Key Corporate Information
CBOE Holdings, Inc. (NASDAQ: CBOE) today said the company completed its acquisition of Bats Global Markets, Inc. (Bats: BATS) on Tuesday, February 28, in a cash and stock transaction valued at approximately $3.4 billion (based on the closing price of CBOE Holdings shares on February 28).
The combined company also announced its new corporate leadership structure, which includes key members of both CBOE's and Bats' executive teams.
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Source: CBOE
'Inverted' Model Said to Be Considered for NYSE's Newest Exchange
February 28, 2017--Such exchanges flip the standard fee model of U.S. equities trading
The New York Stock Exchange is considering a time-honored move to boost market share: copy an innovation from competitors.
NYSE has approached market participants about launching a so-called "inverted" exchange, a move that would borrow from the playbook of rivals Nasdaq Inc. and Bats Global Markets Inc., people familiar with the situation...
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Source: Wall Street Journal
Dow Passes 21,000, Dollar Jumps as Rate Hike Looms: Markets Wrap
February 28, 2017--U.S. equities add to records as Trump speech light on details
Chinese factory data add to growing evidence of global growth.
The Dow Jones Industrial Average surged 300 points to top 21,000 for the first time, the dollar advanced and Treasuries fell as investors grew increasingly confident global economic growth is accelerating, clearing the path for higher interest rates in America.
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Source: Bloomberg
Rafferty Asset Management Closing Three ETFs
February 28, 2017-- The Board of Trustees of the Direxion Shares ETF Trust has decided to liquidate and close the Direxion Daily Cyber Security & IT Bear 2X Shares (Ticker: HAKD), Direxion Daily Pharmaceutical & Medical Bull 2X Shares (Ticker: PILL) and Direxion Daily Pharmaceutical & Medical Bear 2X Shares (Ticker: PILS) (each a "Fund" and collectively the "Funds") based on the recommendation of Rafferty Asset Management, LLC, the Trust's advisor.
Due to the Funds' inability to attract sufficient investment assets, Rafferty believes it cannot continue to conduct its business and operations in an economically efficient manner.
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Source: Direxion
Investors Gain New Commission-Free Access to Physically-Backed Precious Metals
February 28, 2017--ETF Securities Commodities Products available to investors on E*TRADE's and Interactive Brokers' Commission-Free ETF platform
In response to increased demand, ETF Securities, a specialist commodity Exchange Traded Product (ETP) provider, today announces a widening of commission-free access to its range of physically-backed precious metal exchange-traded funds (ETFs).
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Source: ETF Securities
'Biblical- ETFs cast out LGBT-supporting companies
February 28, 2017--New NYSE-listed funds buck liberal trend in targeted investing
A US investment group has launched two "biblically responsible" exchange traded funds aimed at conservative evangelical Christians that explicitly exclude companies that participate in or support the lesbian, gay, bisexual or transgender "lifestyle".
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Source: FT.com
Schwab Fires Back After Fidelity Slashes Commissions AdvisorShares-This Week in Active ETFs: Pricing Risk and Playing Defense view more Brokerages' race to zero fees points to a bigger war to come view more
February 28, 2017--Charles Schwab cuts its online retail trade commission to $4.95 from $6.95, matching a cut Fidelity made about 10 hours earlier.
Another half a day, another shot across the bow.
Less than 12 hours after Fidelity announced a raft of fee cuts for retail investors at midnight on Feb. 27, Charles Schwab Corp. fired back. It lowered its standard online retail trade commission from $6.95 to $4.95, matching Fidelity.
Source: Bloomberg
February 27, 2017--Weekly Market Review-Highlights of the week of February 20 to February 24, 2017
Mixed Signals From Higher Equity Prices
Macro
No matter what is going on the world, there is always a bullish case for equities and a bearish case and now is no different of course.
This is an interesting time for how mixed the messages are these days. The most important market signal is equity
prices and they continued to march higher last week with eleven days, and counting, of gains (we’d make a Spinal Tap
reference but too many people beat us to it).
Source: AdvisorShares
February 27, 2017--Fidelity Investments Inc and Charles Schwab Corp made moves in quick succession on Tuesday to slash trade commissions,accelerating the race to zero and foreshadowing a more important battle to win clients for potentially more lucrative services.
Fidelity cut its commissions to trade stocks and exchange-traded funds to $4.95 from $7.95 a trade, a 38 percent reduction for its retail brokerage clients.
Source: Reuters
