Americas ETP News
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IMF Working paper-A Closer Look at Sector al Financial Linkages in Brazil I:Corporations' Financial Statements
March 2, 2016--Summary: Understanding the interplay between firms' balance sheets and the macro-economic environment is important for understanding of the Brazilian economy.
A close examination of developments in the nonfinancial corporate sector up to the early 2015 reveals weak equity growth, declining profitability, and rising leverage. The empirical work suggests that adverse shocks to financial variables lead to weaker real GDP growth in Brazil through their effect on corporate leverage, borrowing costs, and default frequencies. An estimation based on a DSGE model with financial frictions indicates that the recent economic downturn in Brazil is largely driven by a decrease in total factor productivity and by negative financial shocks.
Sprott Expands U.S. Team and Establishes a New York Office
March 2, 2016--Sprott Asset Management USA Inc. ("Sprott USA"), an alternative asset manager with deep expertise across asset classes, today announced the appointment of Edward Coyne as Executive Vice President and National Sales Manager.
Mr. Coyne will lead the firm's US sales team and focus on building relationships across both the institutional and advisor channels. In addition, Sprott USA announced the opening of a New York office, located at 100 Park Avenue.
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Source: Sprott USA
New York Stock Exchange Launches NYSE U.S. Pure Exposure Index Family
March 2, 2016--The New York Stock Exchange, a subsidiary of Intercontinental Exchange (NYSE: ICE), today announced the launch of the NYSE U.S. Pure Exposure Index Family, a new series of nine sector indices that aims to isolate pure sector returns by hedging market risk.
The NYSE U.S. Pure Exposure index strategies are based on Verus Analytics' quantitative testing and validation engine for index composition and on AlphaBetaWorks' proprietary statistical equity risk model, which estimates market beta for each index member individually and then aggregates these into the index market beta.
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Source: NYSE Group
Vanguard Launches International High Dividend Yield Index Fund and International Dividend Appreciation Index Fund
The firm's first two dividend-oriented international index funds feature low-cost ETF shares
March 2, 2016--Vanguard today introduced its first dividend-oriented international equity index funds: Vanguard International High Dividend Yield Index Fund and Vanguard International Dividend Appreciation Index Fund.
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Source: Vanguard
Vanguard Launches International High Dividend Yield Index Fund and International Dividend Appreciation Index Fund
The firm's first two dividend-oriented international index funds feature low-cost ETF shares
March 2, 2016--Vanguard today introduced its first dividend-oriented international equity index funds: Vanguard International High Dividend Yield Index Fund and Vanguard International Dividend Appreciation Index Fund.
Vanguard International High Dividend Yield Index Fund follows an income investing strategy, focusing on companies with high dividend yields. The fund will seek to track the FTSE All-World ex US High Dividend Yield Index, a benchmark of more than 800 of the highest yielding large-and mid-cap developed and emerging markets securities.
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Source: Vanguard
First Asset Announces Launch of 5 Additional Corporate Class ETFs
March 1, 2016--First Asset ("First Asset" or the "Manager") is pleased to announce the launch of five new corporate class exchange traded funds ("ETFs"), to broaden the lineup of ETFs currently available in First Asset corporate class.
Investors in First Asset Corporate Class ETFs will enjoy the advantages of tax-efficient switching among current and future ETF shares within the corporate class.
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Source: First Asset
US asset managers: textbook example
March 1, 2016--The efficient markets hypothesis will not receive its final validation in an academic journal.
The theory, which damns active management as a waste of time and money, needs a more practical proof. A massive shakeout among stock-and bond-picking companies would do the job nicely.view more
Source: allwebsolutions.net
IMF-Argentina: Financial System Stability Assessment
February 29, 2016--Summary: The documents related to the Financial Sector Assessment Program for the Republic of Argentina were completed in 2013.
The reports were prepared by an IMF team in spring of 2013 and were discussed and finalized by the IMF's Executive Board on July 12, 2013. The assessment and recommendations included herein reflect the views of IMF staff at that time and do not apply to developments occurred since then.
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Source: IMF
Rafferty Asset Management Closing Three Direxion Value Line(R) ETFs
February 29, 2016--The Board of Trustees of the Direxion Shares ETF Trust has decided to liquidate and close the Direxion Value Line(R) Small- and Mid-Cap High Dividend ETF (VLSM), Direxion Value Line® Mid- and Large-Cap High Dividend ETF (VLML), and Direxion Value Line(R) Conservative Equity ETF (VLLV) ("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 they cannot continue to conduct their business and operations in an economically efficient manner.
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Source: Direxion
UPDATE 1-Wall Street watchdog's board approves bond-markup rules
February 27, 2016--The Financial Industry Regulatory Authority's board of governors has approved a plan that would require brokerage firms to disclose how much they mark up the price of most bonds they sell to retail customers, the Wall Street watchdog said on Friday.
FINRA's controversial plan is similar to a parallel proposal by the Municipal Securities Rulemaking Board (MSRB), which regulates municipal advisers and bond dealers. The two plans aim to help the public assess the fairness of prices charged by brokers for corporate and municipal bonds.
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Source: Reuters
