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SIFMA Releases White Paper Highlighting the Current Regulatory Regime Which Comprehensively Protects Investors and Preserves Investor Choice
March 23, 2015-- SIFMA today released a white paper developed by Morgan Lewis, titled "Department of Labor Retirement Initiative Fails to Consider Current Regulatory Regime, Which Comprehensively Protects Investors, Including IRA Investors, and Preserves Investor Choice."
The white paper addresses errant claims made in the Council of Economic Advisers' (CEA) report, "The Effects of Conflicted Advice on Retirement Savings" (CEA Report), regarding perceived inadequacies in the existing regulation of broker-dealers and investment advisers who provide assistance to IRA investors.
Schwab's Advisor Robo-Platform Offers 200 ETFs, 28 Asset Classes
Schwab Institutional Intelligent Portfolios requires 4% cash holdings in portfolios
March 23, 2015--Charles Schwab on Monday announced details of its Institutional Intelligent Portfolios (IIP) robo-advisor offering in a webcast with more than 3,100 of its RIA clients.
The advisor version of the platform will offer more than 200 ETFs, including some Schwab-branded ETFs, will require a 4% cash stake in each portfolio, and will be free to RIAs who custody more than $100 million at Schwab Advisor Services-those with less than $100 million will pay a 10 basis point fee to use IIP.
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Source: ThinkAdvisor.com
Questrade launches six distinctive ETFs, listed on the TSX
March 23, 2015--Today, Questrade Wealth Management launched Questrade Smart ETFs™ with the listing of six exchange traded funds on the TSX.
The six ETFs include four sector ETFs and two U.S. midcap ETFs, all based on Russell Indexes. Questrade Smart ETFs are hedged to the Canadian dollar (CAD), marking the first time investors can access Russell's equal-weight sectors and U.S. midcap equities on the TSX.
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Source: Questrade Financial Group Inc.:
CIBC Mellon to provide asset servicing for Questrade's new family of exchange-traded funds
March 23, 2015--CIBC Mellon today announced that Questrade Financial Group has selected CIBC Mellon as asset servicing provider for its newly-launched family of exchange-traded funds (ETFs).
CIBC Mellon will deliver custody, fund administration, ETF servicing and information-delivery services as Questrade enters Canada's ETF market with a family of Canadian-dollar hedged mid-to-large cap ETFs tracking US indexes.
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Source: CIBC Mellon
SIFMA Chief: Fiduciary Standard Could Be Detrimental To Investors
March 23, 2015--A new legal white paper said the proposed fiduciary standard for the sale of investment products "has the potential to cause a detrimental impact on all American savers, especially middle class investors, and the retirement system as a whole."
That's according to Kenneth E. Bentsen Jr., president and CEO of the Securities Industry and Financial Markets Association (SIFMA), which commissioned the white paper prepared by lawyers at Morgan Lewis and Bockius.
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Source: insurancenewsnet.com
US regulator calls fears over leveraged ETFs 'baseless'
March 23, 2015--The Securities and Exchange Commission's Michael Piwowar is downplaying warnings over leveraged exchange traded funds’ threat to market stability.
In a speech last week at the Investment Company Institute's conference in Palm Desert, California, the Republican commissioner called the criticisms "baseless"
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Source: FT.com
Volcker Outlines Plan for Overhauling Financial Regulation
March 20, 2015--Former Federal Reserve Chairman Paul Volcker outlined a new plan for revamping the way the U.S. government oversees the financial system, adding his voice to an idea that is broadly supported-even if Congress can never muster enough votes to pass it.
Mr. Volcker said he and his think tank, the Volcker Alliance, will soon publish a paper calling for consolidating and reorganizing U.S. financial regulators, including creating a single agency to supervise financial institutions while leaving the Federal Reserve the authority to write regulations for them
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Source: Wall Street Journal
Wisdom Tree leverages dollar volatility to attract investor dollars
March 20, 2015--Two exchange-traded funds are leading New York-based ETF manager WisdomTree Investments Inc. to experience significant growth.
The two fast-growing currency hedging strategies-which, combined, have $30.74 billion in assets, representing about 58% of total company AUM-are among WisdomTree's lineup of 70 ETFs.
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Source: Investment News
Dutch HFT plots US expansion
March 20, 2015--A Dutch high-speed trading firm reportedly preparing for an IPO that could value it at more than $1 billion has secured a broker dealer license with Wall Street's self-regulator
that will allow it to expand its trading in the US.
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Source: Financial News
BATS aims to be No. 1 in U.S. ETF listings within 3-5 years
March 20, 2015--March 20, 2015--BATS Global Markets plans to aggressively expand its listings business for exchange-traded funds, with the goal of being the No. 1 ETF listing venue within three to five years, the head of the exchange operator's U.S. markets said on Friday.
The company made its first foray into ETF listings in January 2012 with a handful of BlackRock Inc's iShares ETFs. It is now home to 31 ETFs, with ProShares, ValueShares, and KraneShares also listing products on BATS.
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Source: Reuters
