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IMF-CANADA: Staff Concluding Statement of the 2018 Article IV Mission
June 4, 2018--Context
1. The economy has continued to perform well, but challenges remain. Growth has been robust and a key domestic vulnerability has moderated somewhat, as the housing market is finally showing signs of cooling down in response to several rounds of macroprudential measures and monetary tightening.
However, economic anxiety is high due to trade tensions, uncertainty about the outcome of NAFTA negotiations, and the impact of the U.S Tax Cuts and Jobs Act on Canada's medium-term competitiveness. Near-term growth will be supported by higher oil prices and strong U.S. growth, but weak productivity continues to weigh on longer-term prospects. The current favorable economic environment presents an opportunity to rebuild policy buffers, and forge ahead with structural reforms to boost Canada’s global competitiveness.
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Source: IMF
Franklin Templeton Lists Three New Fixed Income Active ETFs
June 4, 2018--Franklin Templeton Investments introduced three new ETFs-Franklin Liberty Senior Loan ETF (FLBL), Franklin Liberty High Yield Corporate ETF (FLHY) and Franklin International Aggregate Bond ETF (FLIA)-expanding its line-up of fixed income active ETFs managed by Franklin Templeton Fixed Income Group. The three ETFs are listed on the Cboe BZX exchange.
"In a persistently low-yield environment like the one we've been in, the need for income has intensified while advisors and clients are challenged in finding it," said Patrick O'Connor, head of global ETFs. "With more than 150 fixed income investment professionals globally and dedicated teams that focus on various sectors across the credit spectrum, Franklin Templeton Fixed Income Group brings an in-depth understanding of the full opportunity set that can be leveraged to generate income. As investors look to get more income out of their fixed income allocation, these new ETFs enable them to access additional fixed income sectors globally in a targeted way, as they define what they need and how they want to achieve it."
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Source: Franklin Resources, Inc.
Globe and Mail Introduces Free Real-time Last Sale Price Information for CSE Securities
June 4, 2018--The Canadian Securities Exchange (CSE) is pleased to announce that The Globe and Mail, Canada's leading online and printed source of national and global news, is now providing real-time last sale prices for CSE-listed securities to all Globe Investor users.
"Globe Investor is a trusted source for information on Canadian-listed companies and we are delighted to work with The Globe and Mail so its users can access real-time last sale price information on CSE securities free of charge," said Canadian Securities Exchange CEO Richard Carleton.
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Source: Canadian Securities Exchange (CSE)
Exchange Traded Concepts to Close and Liquidate the REX Gold Hedged S&P 500 ETF
June 1, 2018--After careful consideration, the Board of Trustees of Exchange Traded Concepts Trust has determined to close and liquidate the REX Gold Hedged S&P 500 ETF (NYSE Arca: GHS) (the "Fund"). Exchange Traded Concepts, LLC ("ETC") serves as the investment adviser and Vident Investment Advisory, LLC ("Vident") serves as the sub-adviser to the Fund.
The Fund will be closed to orders for new creation units as of June 4, 2018, and the last day of trading of the Fund's shares on the NYSE Arca will be June 19, 2018. From June 20, 2018 through June 22, 2018, shareholders may only be able to sell their shares to certain broker-dealers, and there is no assurance that there will be a market for Fund shares during that time period. Customary brokerage charges may apply to such transactions.
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Source: Exchange Traded Concepts, LLC
Agencies Issue Final Rulemaking to Shorten Settlement Cycle
June 1, 2018--The Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) today issued a final rule to shorten the standard settlement cycle for securities purchased or sold by OCC-supervised and FDIC-supervised institutions.
The final rule will require banks to settle most securities transactions within the number of business days in the standard settlement cycle followed by registered broker dealers in the United States unless otherwise agreed to by the parties at the time of the transaction. In doing so, the rule aligns the settlement cycle requirements of the OCC, FDIC, and Board of Governors of the Federal Reserve System.
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Source: OCC
AdvisorShares Active ETF Report: Q2 Begins with a Boost
June 1, 2018--Month ending 04.30.2018
In April, assets in actively managed ETFs grew by $2.67 billion, or 4.97%, to reach a net total of $53.68 billion. April's growth rate in assets sits above the monthly
average of 3.85%. The month witnessed both a gain and loss of seven funds, so the number of actively managed ETFs holds at 223.*
31% of actively managed ETFs eligible for a Morningstar rating carry a three-star rating, which means they provide similar risk-adjusted returns to their category.
70% of actively managed ETFs eligible for a Morningstar rating range from three-star to five-star ratings, which means they provide similar or better risk-adjusted returns
compared to their category.
40% of Morningstar-rated actively managed ETFs provide better risk-adjusted returns compared to their category.
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Source: AdvisorShares
Thomson Reuters-U.S. Fund-Flows Weekly Report: Funds Take in Net New Money for the Sixth Straight Week
June 1, 2018--Thomson Reuters Lipper's fund asset groups (including both mutual funds and ETFs) had net-positive flows of $14.5 billion for the fund-flows week ended Wednesday, May 30. The week's net inflows were for a sixth straight week, during which time the fund universe grew its coffers by $69.7 billion.
This past week's positive flows were led by money market funds (+$9.4 billion) and equity funds (+$4.9 billion), while taxable bond funds and municipal debt funds contributed $158 million and $77 million to the total net inflows.
Market Overview
For the first week in four the Dow Jones Industrial Average (-0.88%) and the S&P 500 Index (-0.34%) both lost ground. The week's losses pushed the the Dow (-0.21%) into the red for the year to date, while the S&P 500 Index held onto a small 1.89% gain. Both indices suffered the lion's share of their losses on May 29, triggered by the political turmoil in Italy.
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Source: Thomson Reuters
CFTC.gov Commitments of Traders Reports Update
June 1, 2018--The current reports for the week of June 1, 2018 are now available.
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Source: CFTC.gov
CBO-H.R. 5323, Derivatives Fairness Act
CBO estimates that implementing H.R. 5323 would, on net, increase the deficit by $2 million over the 2019-2028 period. That estimate includes an increase in direct spending of $2 million and an increase in revenues of less than $500,000. view more ESG investing poses big challenge for fund management industry On the side of the angels, ESG offers the chance to raise the moral purpose of investing, end the now unpopular notion that "shareholder value" means investing only with regard to the return for client, and possibly even save capitalism from itself.view more
June 1, 2018--Summary
Under current law, the calculation of a bank's capital requirement includes amounts for some derivative contracts.
Source: Congressional Budget Office (CBO)
May 31, 2018--There is a device in cartoons in which a character finds a devil on one shoulder and an angel on the other, both trying to lure him their own way.
It happened to Tom and Jerry, and now it is happening to the leaders of the fund management industry. The source of their dilemma is ESG (Environmental, Social and Governance) investing.
Source: Canada News Media
