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NYSE Opens Doors to Stocks From Rival Exchanges, Ending Decades-Old Policy
April 9, 2018--The change that took effect Monday allows Nasdaq-listed securities and U.S. exchange-traded funds to be traded on the NYSE's flagship exchange
The New York Stock Exchange has ended a decades-old restriction that prevented stocks listed on rival exchanges from being bought and sold on its historic trading floor in lower Manhattan.
The change took effect on Monday as part of a long-awaited upgrade of the NYSE's systems.
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Source: Wall Street Journal
Firstrade Offers Largest Commission-Free ETF Program with More Than 700 ETFs
April 9, 2018--Firstrade Securities, Inc., a leading online brokerage firm, has eliminated its commissions for more than 700 exchange-traded funds (ETFs) effective today, adding yet another significant value proposition for their customers.
Firstrade now offers more commission-free ETFs than any other online brokerage firm. More than three-quarters of these ETFs have received a Morningstar Rating, or "star rating" of three, four or five stars.*
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Source: Firstrade Securities
CBO-The Budget and Economic Outlook: 2018 to 2028
April 9, 2018--In CBO's projections, the economy grows relatively quickly this year and next and then more slowly in the following several years. The federal budget deficit rises substantially, boosting federal debt to nearly 100 percent of GDP by 2028.
In CBO's baseline projections, which incorporate the assumption that current laws governing taxes and spending generally remain unchanged, the federal budget deficit grows substantially over the next few years. Later on, between 2023 and 2028, it stabilizes in relation to the size of the economy, though at a high level by historical standards.
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Source: Congressional Budget Office (CBO)
AdvisorShares Weekly Market Review-Tariffs Throw A Cat Amongst The Pigeons
April 9, 2018--Highlights of the Prior Week Ending 4/6/2018
Macro
Last week was a crazy one; it is difficult to know where to get started so we will try with the jobs data, which showed a disappointing gain of 103,000, which was about 80,000 short of expectations. The headline unemployment rate reported at 4.1%.
The broader U6 dropped to 8.0%. The Labor Force Participation rate downticked to 62.9%. Revisions were tough, taking 50,000 out of the previous reports. Wages perked up a little, rising 0.3%, which works out to 2.7% year over year.
Although it was a lousy report, remember that last month printed above 300,000 (that report was actually revised higher despite the net revision for the last two months being negative), which raises the possibility that jobs were pulled forward and a two month average around 200,000 is still pretty good an generally in line with the previous few months.
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Source: AdvisorShares
Amplify ETFs Announces Primary Listing Venue Change for Two ETFs
April 6, 2018--Amplify ETFs announced today that it plans to change the primary listing venue for two of its ETFs. The following funds are scheduled to move on or about April 19, 2018:
Ticker: DIVO
Fund Name: Amplify YieldShares CWP Dividend & Option Income ETF
Current listing: CBOE BZX New listing: NYSE Arca
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Source: Amplify ETFs
Intercontinental Exchange to buy Chicago Stock Exchange
April 6, 2018--The Chicago Stock Exchange (CHX) said on Thursday it would be bought by NYSE-operator Intercontinental Exchange Inc (ICE.N) for an undisclosed amount, a month-and-a-half after U.S. regulators blocked the sale of CHX to China-based investors.
The Wall Street Journal last month reported that the exchange operator may pay about $70 million for CHX.
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Source: Reuters
Cryptocurrency Firm Coinbase in Talks to Become SEC-Regulated Brokerage
April 6, 2018--Move comes as regulators wage aggressive campaign to supervise fledgling industry
Coinbase, a leading cryptocurrency firm, has approached U.S. regulators about registering as a licensed brokerage firm and electronic-trading venue, a move that comes as regulators have waged an aggressive campaign to supervise the fledgling industry.
The San Francisco-based startup, one of the world's largest platforms for trading bitcoin and other cryptocurrencies, has met with Securities and Exchange Commission officials in recent weeks about registering its business with the agency, according to people familiar
