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Federal Reserve issues FOMC statement
July 31, 2013--Information received since the Federal Open Market Committee met in June suggests that economic activity expanded at a modest pace during the first half of the year. Labor market conditions have shown further improvement in recent months, on balance, but the unemployment rate remains elevated.
Household spending and business fixed investment advanced, and the housing sector has been strengthening, but mortgage rates have risen somewhat and fiscal policy is restraining economic growth. Partly reflecting transitory influences, inflation has been running below the Committee's longer-run objective, but longer-term inflation expectations have remained stable.
Consistent with its statutory mandate, the Committee seeks to foster maximum employment and price stability. The Committee expects that, with appropriate policy accommodation, economic growth will pick up from its recent pace and the unemployment rate will gradually decline toward levels the Committee judges consistent with its dual mandate. The Committee sees the downside risks to the outlook for the economy and the labor market as having diminished since the fall. The Committee recognizes that inflation persistently below its 2 percent objective could pose risks to economic performance, but it anticipates that inflation will move back toward its objective over the medium term.
To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee decided to continue purchasing additional agency mortgage-backed securities at a pace of $40 billion per month and longer-term Treasury securities at a pace of $45 billion per month. The Committee is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. Taken together, these actions should maintain downward pressure on longer-term interest rates, support mortgage markets, and help to make broader financial conditions more accommodative.
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Source: FBR
VelocityShares(R) Announces Launch of VelocityShares Equal Risk Weighted Large Cap ETF
July 31, 2013--VelocityShares LLC, developer of exchange traded products (ETPs) for sophisticated investors, announced today the launch of the VelocityShares Equal Risk Weighed Large Cap ETF ("ERW").
Equal risk weighting is an innovative and academically rigorous alternative to both traditional market cap weighted indices and overly simplistic "low volatility" indices.
"Investors are interested in low volatility equity portfolios, and equal risk weighting represents an important step forward as a means of intelligently allocating to low volatility stocks," said Nick Cherney, Chief Investment Officer and Co-founder of VelocityShares. "ERW is a further example of our commitment to delivering sophisticated investment instruments to the exchange traded market."
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Source: VelocityShares LLC
BlackRock starts index series focused on retirement planning
July 31, 2013--BlackRock Inc, the world's largest money manager, is making a push into the retirement market with a new series of indexes and funds geared toward individual investors preparing for retirement.
The asset manager on Wednesday unveiled its BlackRock CoRI Retirement Index series, called "CoRI Indexes," which will allow pre-retirees to calculate an estimate of how much their current savings would produce in annual income when they turn 65. The "CoRI" title is in part a nod to the indexes' focus on retirement income.
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Source: Reuters
CFTC Division of Clearing and Risk Issues Notice Regarding Expiration of Cross-Border Exemptive Relief from the Clearing Requirement
July 31, 2013--The Commodity Futures Trading Commission's (CFTC) Division of Clearing and Risk announced today that on October 9, 2013, certain exemptive relief regarding the Clearing Requirement is scheduled to expire.
As of October 10, 2013, exemptive relief from the Clearing Requirement will no longer be available for an entity that is covered as a U.S. person under the CFTC’s interpretive guidance and policy statement regarding the cross-border application of the swaps provisions of the Commodity Exchange Act, including certain collective investment vehicles organized outside of the United States.
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Source: CFTC.gov
CFTC Issues Order of Temporary Registration as a Swap Execution Facility to Bloomberg SEF LLC
July 31, 2013--The U.S. Commodity Futures Trading Commission (CFTC or Commission) yesterday approved the application of Bloomberg SEF LLC (BSEF) for temporary registration as a swap execution facility (SEF).
BSEF is a Delaware limited liability company and is a wholly-owned subsidiary of Bloomberg L.P., a Delaware limited liability partnership. BSEF may not begin operating as a temporarily registered SEF before August 5, 2013, the effective date of the SEF rules.
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Source: CFTC.gov
SEC Adopts Amendments to Financial Responsibility Rules for Broker-Dealers
July 31, 2013--The Securities and Exchange Commission today announced the adoption of amendments to the net capital, customer protection, books and records, and notification rules for broker-dealers.
The amendments to the broker-dealer financial responsibility rules are designed to better protect a broker-dealer’s customers and enhance the SEC’s ability to monitor and prevent unsound business practices. The rule amendments were approved by a unanimous Commission vote.
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Source: SEC.gov
U.S. Department of the Treasury Economic Statistics-Monitoring the Economy Update
July 31, 2013--The U.S. Department of the Treasury Economic Statistics-Monitoring the Economy report has been updated.
view the US Economic Data Quarterly-July 31, 2013 report
Source: US Department of the Treasury
VelocityShares(R) Announces Launch of VelocityShares Equal Risk Weighted Large Cap ETF
July 31, 2013--VelocityShares LLC, developer of exchange traded products (ETPs) for sophisticated investors, announced today the launch of the VelocityShares Equal Risk Weighed Large Cap ETF ("ERW").
Equal risk weighting is an innovative and academically rigorous alternative to both traditional market cap weighted indices and overly simplistic "low volatility" indices.
"Investors are interested in low volatility equity portfolios, and equal risk weighting represents an important step forward as a means of intelligently allocating to low volatility stocks," said Nick Cherney, Chief Investment Officer and Co-founder of VelocityShares. “ERW is a further example of our commitment to delivering sophisticated investment instruments to the exchange traded market.'
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Source: Exchange Traded Concepts
Invest n Retire Adds Access to Wolverine Execution Services Into INR's Patented Record Keeping Software for Defined Contribution Plans and Separately Managed Accounts
July 30, 2013--Wolverine Execution Services (WEX), a leading provider of value added trade execution services, and Invest n Retire, LLC (INR), an innovative developer of patented technology solutions for defined contribution (DC) plans and separately managed accounts (SMAs), today announced connectivity to WEX's agency broker services directly from the INR platform.
As a result of this partnership, clients can now electronically route orders for execution directly to WEX via the INR platform and receive fill information back into the INR system. Orders received by WEX are executed using proprietary trading logic and technology when determining the best method of and venue for execution.,p.,z href="http://www.investnretire.com/Documents/INRWEXPR.pdf" TARGET="_top">view more
Source: Invest n Retire
SEC examines trading rules as commodity crack-down heats up
July 30, 2013--The top U.S. securities regulator said on Tuesday she was examining insider trading rules for commodities, further stepping up scrutiny of Wall Street's role in trading anything from oil to metals.
The move comes after JPMorgan Chase & Co - under pressure from regulators - said last week it would exit physical commodities trading, and as Europe is drastically stepping up its rules for commodity trading.
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Source: Reuters
