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Minutes of the Federal Open Market Committee, December 18-19, 2018
January 9, 2019--Long-Run Monetary Policy Implementation Frameworks
Committee participants resumed their discussion from the November 2018 FOMC meeting of potential long-run frameworks for monetary policy implementation.
At the December meeting, the staff provided a set of briefings that considered various issues related to the transition to a long-run operating regime with lower levels of excess reserves than at present and to a long-run composition of the balance sheet.
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Source: federalreserve.gov
BlackRock reshuffle sees new heir-apparent emerge
January 9, 2019--Larry Fink promotes head of index investing to new international role.
Larry Fink is reshuffling BlackRock's senior management, promoting Mark Wiedman into a new international role that positions the executive who was head of its index investing empire as a likely heir-apparent to run the world's biggest asset manager.
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Source: FT.com
Combined Estimated Long-Term Fund Flows and ETF Net Issuance
January 9, 2019--Total estimated outflows1 from long-term mutual funds and exchange-traded funds (ETFs) were $30.40 billion for the week ended January 2, 2019, the Investment Company Institute reported today.
Estimated mutual fund outflows were $37.41 billion while estimated net issuance for ETFs was $7.01 billion. Reports of long-term flow estimates and ETF net issuance are available on the ICI website.
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Source: ICI (Investment Company Institute)
Syntax Advisors Launches Syntax Stratified LargeCap ETF
January 8, 2019- Syntax Advisors LLC has launched its first exchange-traded fund (ETF), the Syntax Stratified LargeCap ETF, on NYSE Arca Exchange (Ticker: SSPY).
Syntax's Stratified LargeCap ETF seeks to track Syntax's Stratified LargeCap Index (the Index), a Stratified Weight(TM) version of the S&P 500, calculated by S&P Dow Jones Indices and maintained by Syntax LLC, Syntax Advisors' parent company.
The ETF started trading on January 4th from an existing private fund vehicle, thereby launching with four years of live performance history.
"The breakthrough of the Stratified LargeCap ETF is that an investor can now own a passively managed portfolio of the same companies as the S&P500 but using a weighting methodology designed to maintain diversified exposures to related business risks. This is a first in a low-cost, passively managed ETF," said Founder and CEO Rory Riggs.
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Source: Syntax Advisors, LLC
Vanguard presses SEC to back off ETF holdings disclosure plan
January 8, 2019--Vanguard Group has been following up with US Securities and Exchange Commission officials on a request that the agency ease a proposal to make exchange-traded funds disclose their complete portfolio holdings daily.
Vanguard representatives met late last month with Republican Commissioner Elad Roisman and SEC investment management officials, including division chief Dalia Blass, to discuss the ETF plan, according to agency memos.
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Source: https://mlexmarketinsight.com
RBC Global Asset Management and BlackRock Canada announce strategic alliance to transform Canadian ETF market
January 8, 2019--Combined $60 billion RBC iShares ETF suite will be the most comprehensive in Canada.
Investors benefit from expanded access to iShares' funds and operating expertise and RBC's capabilities and solutions
RBC Global Asset Management Inc. ("RBC GAM Inc.") and BlackRock Asset Management Canada Limited ("BlackRock Canada") today announced a strategic alliance that will deliver the most comprehensive ETF offering in the Canadian marketplace.
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Source: RBC Global Asset Management Inc.
CBO-Monthly Budget Review for December 2018
January 8, 2019--The federal budget deficit was $317 billion for the first quarter of fiscal year 2019, CBO estimates, $92 billion more than the deficit recorded during the same period last year. Revenues were about the same and outlays were $93 billion (9 percent) higher than during the first quarter of 2018.
Because January 1 is a holiday, outlays this year and last year were boosted by the shift of certain payments from January to December. However, last year's outlays for the quarter were reduced, on net, because of additional payment shifts from October 2017 (fiscal year 2018) into September 2017 (fiscal year 2017). (October 1, 2017, the first day of fiscal year 2018, fell on a weekend.)
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Source: Congressional Budget Office (CBO)
A New Bond ETF To Manage Duration Risk
January 7, 2019--The Federal Reserve raised interest rates four times last year, stoking billions of dollars of inflows to short and ultra-short duration bonds and the related exchange traded funds.
At least one new ETF is looking to tap into investors' affinity for low duration fixed income exposure.
What Happened
The First Trust Low Duration Strategic Focus ETF NASDAQLDSF debuted on Friday, marking the launch of 2019's first new ETF.
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Source: benzinga.com
Wall Street Firms Plan New Exchange to Challenge NYSE, Nasdaq
January 7, 2019--Morgan Stanley, Fidelity and Citadel Securities among backers of new 'Members Exchange'
A group of financial heavyweights including Morgan Stanley, Fidelity Investments and Citadel Securities LLC plans to launch a new low-cost stock exchange to challenge the New York Stock Exchange and Nasdaq Inc., the companies said.
The creation of the new venue, called Members Exchange or MEMX, comes after years of frustration among Wall Street brokers and traders with the fees charged by U.S. stock exchanges.
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Source: FT.com
Innovation Shares NextGen Protocol ETF (KOIN) now available through E*TRADE's Commission-Free ETF Program
January 7, 2019--KOIN joins more than 250 ETFs as part of E*TRADE's exclusive program.
Innovation Shares, a provider of thematic exchange-traded funds (ETFs), is pleased to announce that its NextGen Protocol ETF (NYSE Arca: KOIN) is now available through E*TRADE's Commission--Free ETF Program1.
"Innovation Shares is thrilled to participate in this prestigious and selective program with one of the nation's leading financial services companies," said Matt Markiewicz, Managing Director at Innovation Shares."
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Source: Innovation Shares LLC
