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Minutes of the Federal Open Market Committee, October 31-November 1, 2017
November 22, 2017--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on October 31-November 1, 2017.
Staff Review of the Economic Situation
The information reviewed for the October 31-November 1 meeting indicated that labor market conditions generally continued to strengthen and that real gross domestic product (GDP) expanded at a solid pace in the third quarter despite hurricane-related disruptions. Although the effects of the recent hurricanes led to a reported decline in payroll employment in September, the unemployment rate decreased further. Retail gasoline prices jumped in the aftermath of the hurricanes, but total consumer price inflation, as measured by the 12‑month percentage change in the price index for personal consumption expenditures (PCE), remained below 2 percent in September and was lower than early in the year. Survey-based measures of longer-run inflation expectations were little changed on balance.
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Source: federalreserve.gov
Mackenzie broadens ETF line-up with proven portfolio management expertise combined with flexibility and liquidity
November 22, 2017--Mackenzie Financial Corporation (Mackenzie Investments) announced the launch today of three new Exchange Traded Funds (ETFs) that broaden choice, opportunity and diversification for investors.
"We are very excited to expand our ETF shelf with these new products, delivering solutions to investors that offer the benefits of our portfolio management expertise plus the structural benefits unique to ETFs including liquidity and flexibility," said Michael Cooke, Senior Vice President and Head of Exchange Traded Funds at Mackenzie Investments.
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Source: Mackenzie Financial Corporation
CFTC.gov Swaps Report Update
November 22, 2017--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Maybe Bitcoin Isn't Untouchable at J.P. Morgan After All
November 21, 2017--J.P. Morgan weighs helping clients trade bitcoin futures, despite CEO Jamie Dimon's criticism of the cryptocurrency
J.P. Morgan Chase & Co. Chief Executive James Dimon has said that if any of the bank's traders bought or sold bitcoin, he would "fire them in a second."
But that isn't stopping the bank from looking at business opportunities in the planned bitcoin-futures market.
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Source: Wall Street Journal
SEC Exam Priorities Said to Focus on Cybersecurity, Seniors in 2018
November 21, 2017--The new examination priorities list, usually released in January, would be the roadmap for OCIE activities for the year.
Investments involving seniors and cybersecurity compliance are among the concerns expected to make the 2018 examination priority list now being developed by the Securities and Exchange Commission's Office of Compliance Inspections and Examinations (OCIE), according to industry experts familiar with the process.
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Source: thinkadvisor.com
ARK Invest Marks Third Anniversary Of Its Four Actively Managed Equity Exchange Traded Funds
November 21, 2017--ARK Investment Management LLC (ARK), a New York based investment adviser focused solely on disruptive innovation, today announced the three-year anniversary of its suite of actively managed equity exchange traded funds (ETFs).
The four funds were introduced in the fall of 2014, and include the ARK Industrial Innovation ETF (ARKQ), the ARK Web x.0 ETF (ARKW), the ARK Innovation ETF (ARKK) and the ARK Genomic Revolution Multi-Sector ETF (ARKG).
ARKK and ARKW have been recognized for their performance in 2017 as both funds delivered year to date returns of more than 70%, according to Bloomberg.
There were 31 new ETF listings in the US and over 180 outside the US (including cross-listings) in October 2017.
US large cap equity ('SPY') was the best performing of 6 ETFs representing the major asset classes in the trailing 1 month through November 17, 2017.
Hedge funds were up 1.28% in October with 2017 year-to-date gains coming in at 6.99%-roughly 77% of fund managers are in positive territory year-to-date while almost 32% have posted double digit gains.
View the Eurekahedge Latin American Hedge Funds Infographic November 2017 Innovator fund switches from active to passive management view more Blockchain Gets a Wall Street Win: 'We Know the Thing Works Now' view more
November 21, 2017--MSCI and S&P Dow Jones announced important changes to the widely followed GICS (Global Industry Classification System). This will result in a change in the sector into which widely held stocks like Time Warner, Disney and possibly even Facebook & Google are classified.
Global ETF assets grew by 2.9% in October 2017 to $T 4.635.
Total hedge fund assets grew by US$158.64 billion over the past ten months with US$85.4 billion attributed to investor inflows while managers posted performance-based gains of US$73.2 billion. The industry's total assets currently stands at US$2.38 trillion. Investors have been selective in their allocations across strategies with long/short equities and arbitrage hedge funds seeing stronger subscriptions year-to-date.
Source: Eurekahedge
November 21, 2017--The Innovator IBD 50 Fund, which was actively managed when it launched, has changed its investment strategy.
The exchange-traded fund now tracks the IBD 50 Index, which is made up of equities of the fastest-growing companies in the US.
Source: Bloomberg
November 20, 2017--Test of tracking equity swaps with blockchain deemed a success
Firms including Goldman Sachs, JPMorgan did a six-month trial
The prospect of blockchain technology remaking financial services just moved a step closer to reality after banks including Goldman Sachs Group Inc. and JPMorgan Chase & Co. completed a successful six-month test in the $2.8 trillion equity swaps market.
Source: Bloomberg
