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H.R. 2356, Fair Access to Investment Research Act of 2015
September 28, 2015--Under current law, the Securities Exchange Commission's (SEC's) rules generally prohibit an issuer from offering securities for sale without filing a registration statement with the agency. H.R. 2356 would establish a safe harbor that would allow broker-dealers to issue research reports about certain investment funds without such reports being considered as an offering for sale of shares of those funds.
To be eligible for the safe harbor, the research reports would need to meet certain requirements (for example being distributed with reasonable regularity in the normal course of business).
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Source: Congressional Budget Office (CBO)
Finra Alert-Smart Beta-What You Need to Know
September 25, 2015--Many investors are familiar with index funds, which are mutual funds and exchange-traded funds (ETFs) that seek to track the performance of a particular benchmark index.
A few of the oldest and best-known indices that these funds track, such as the Dow Jones Industrial Average, are price weighted. In other words, the higher the stock price of Company X, the more weight Company X has in determining the value of the index.
Most other widely known indices, including the S&P 500, NASDAQ 100 and Russell 2000, use a company's market capitalization to determine how much weight that particular stock will have in the index. Market cap is the company's share price multiplied by number of shares outstanding. So with a market-cap-weighted index, stocks with a higher market cap value account for a greater share of the overall value of the index.
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Source: Finra
SEC Proposes Liquidity Management Rules For Mutual Funds And ETFs
September 22, 2015--The Securities and Exchange Commission today voted to propose a comprehensive package of rule reforms designed to enhance effective liquidity risk management by open-end funds, including mutual funds and exchange-traded funds (ETFs).
"Promoting stronger liquidity risk management is essential to protecting the interests of the millions of Americans who invest in mutual funds and exchange-traded funds," said SEC Chair Mary Jo White. "These significant reforms would require funds to better manage their liquidity risks, give them new tools to meet that requirement, and enhance the Commission's oversight."
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Source: SEC.gov
'Flash Boys' Heroes Ask For Stock Exchange Status
IEX applies to convert into an exchange like NYSE, Nasdaq
Move could help boost its market share from about 1.4%
September 16, 2015--The heroes of Michael Lewis's ""Flash Boys" are officially amping up their quest to stamp out unfairness in the U.S. stock market.
Brad Katsuyama's IEX Group Inc. has asked for the U.S. government's permission to convert into a stock exchange, a move that would put it on equal footing with the New York Stock Exchange and Nasdaq Stock Market.
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Source: Bloomberg
CBO-Monthly Budget Review for August 2015
September 8, 2015--The federal government's budget deficit amounted to $528 billion for the first 11 months of fiscal year 2015, CBO estimates.
That deficit was $61 billion smaller than the one recorded during the same period last year. Revenues and outlays were both higher than last year's amounts, by 8 percent and 5 percent, respectively. Adjusted for shifts in the timing of certain payments (which otherwise would have fallen on a weekend), the deficit for the 11-month period decreased by $42 billion.
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Source: Congressional Budget Office (CBO)
Direxion Announces Date Extension to October 1st for Reverse Share Splits of Six Leveraged ETFs
September 2, 2015--Direxion Investments has announced it will extend the date for executing reverse share splits for six of its leveraged exchange-traded funds ("ETFs") to October 1, 2015.
The total market value of the shares outstanding will not be affected as a result of these splits, except with respect to the redemption of fractional shares, as outlined below.
Direxion will execute reverse splits of the issued and outstanding shares of the...
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Source: Direxion Investments
New ETF Offers Exposure to Emerging Markets Excluding China
September 2, 2015--Emerging Global Advisors (EGA) today launched its EGShares EM Core ex-China exchange-traded fund (ETF).
The new fund (TICKER: XCEM) provides broad exposure to emerging markets excluding China and Hong Kong, allowing investors to preserve or supplement emerging market portfolios without increasing their exposure to China.
"In today's market environment, some investors have noted that China comprises a significant portion of broad-based emerging market benchmarks.
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Source: Emerging Global Advisors
Brokers fume as U.S. looks to protect investors from expensive duds
September 1, 2015--For most people saving for retirement, buying a non-tradeable real estate investment trust that charges fees and commissions of 11 percent or more doesn't sound like a good deal.
But for a growing number of stockbrokers in a corner of the securities industry known as "independent" broker-dealers, such products are a big part of their income and their firms' revenue.
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Source: Reuters
State Street Global Advisors Announces ETF Share Splits
September 1, 2015--State Street Global Advisors (SSGA), the asset management business of State Street Corporation (NYSE:STT), today announced share splits on 10 SPDR ETFs that offer exposure to companies in specific US industries.
With a share split, the aggregate market value of shares outstanding is not impacted. The splits lower the funds' share prices and increase the number of outstanding shares. The Record Date for the share split will be 9/8/2015 and the Pay Date will be 9/10/2015.
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Source: State Street Global Advisors
Horizons launches actively managed global opportunities ETF
August 27, 2015--Actively managed by British Columbia-based Forstrong Global Asset Management, the fund uses flexible tactical allocation among several global asset classes to seek long-term investment returns.
It trades in Canadian dollars but primarily invests in US-listed ETFs.
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Source: etfstrategy.co.uk
