Americas ETP News
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IMF Working paper-A License to Issue (Anywhere): Patterns and Drivers of Corporate Bonds in Latin America
July 11, 2017--Summary:
This paper overviews patterns in bond issuance in local and external markets by firms in six large Latin American countries.
Data suggest that despite rising issuance, local markets remain small and shallow in several countries. Nevertheless, since greater funding is available to many firms in both markets, we investigate the factors that may explain the firm's choice on where to issue a bond. Using an unbalanced panel of firm and market-level indicators for years 1995-2015, we control for variables representing several theories of capital structure, and the results show that firm characteristics such as size and liquidity increase the likelihood of firms to issue externally. With respect to market characteristics, the market completeness hypothesis generates the most support, where market scale and depth are most important for the issuer's choice of the market, suggesting that local markets will have to become deeper to draw more firms and investment.
Minutes of the Board's discount rate meetings from June 5 and June 14, 2017
July 11, 2017--The Federal Reserve Board on Tuesday released the minutes of its interest rate meetings from June 5 and June 14, 2017.
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Source: federalreserve.gov
AdvisorShares Delivers High-Growth FANG Exposure with New Active ETF
July 11, 2017--The launch of the AdvisorShares New Tech and Media ETF (Ticker: FNG) provides a concentrated exposure to leading disruptive innovators
AdvisorShares, a leading sponsor of actively managed exchange-traded funds (ETFs), announced today that the AdvisorShares New Tech and Media ETF (Ticker: FNG) will begin trading on Wednesday, July 12, 2017. The ETF will seek to provide a similar return stream to the performance of today's technology and media equity leaders as popularly characterized by the FANG stocks acronym, representative of the first letters of Facebook, Amazon, Netflix and Google (now Alphabet).
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Source: AdvisorShares
SportsETFs, LLC Launches ProSports Sponsors ETF
July 11, 2017--SportsETFs, LLC today launched the ProSports Sponsors ETF (BATS: FANZ), its first exchange-traded fund.
The fund tracks the ProSports Sponsors Index, an index that tracks the performance of the official corporate sponsors of the major professional American football, basketball, baseball, and hockey leagues. The equally weighted index seeks to take advantage of the growth potential of companies that partner with professional sports leagues and offers broad market exposure with holdings in several sectors, including consumer discretionary, information technology, financials, energy, and healthcare.
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Source: SportsETFs, LLC
OSC Publishes Summary Report for Dealers, Advisers and Investment Fund Managers
July 11, 2017--The Ontario Securities Commission (OSC) today published OSC Staff Notice 33-748 Annual Summary Report for Dealers, Advisers and Investment Fund Managers.
The report provides key information to registrants to help them comply with registration and compliance requirements under Ontario securities law. Current trends in registration, common deficiencies in compliance reviews, and new and proposed rules and policy initiatives impacting registrants are discussed in the report.
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Source: Ontario Securities Commission
CBO-Monthly Budget Review for June 2017
July 10, 2017--The federal budget deficit was $520 billion for the first nine months of fiscal year 2017, the Congressional Budget Office estimates-$120 billion more than the shortfall recorded during the same span last year.
Receipts and outlays alike were higher than they were last year, but outlays rose much more.
In its most recent budget projections, CBO estimated that the deficit for fiscal year 2017 (which will end on September 30, 2017) would total $693 billion, about $109 billion more than the shortfall in fiscal year 2016.
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Source: Congressional Budget Office (CBO)
NYSE Revamp Steps Up Threat to Speed-Fighting IEX Exchange
July 10, 2017--IEX Group Inc., which has struggled to gain market share with its U.S. stock market, is facing another challenge as the New York Stock Exchange opens a copycat market
NYSE American starts July 24 with a 350-microsecond speed bump, mimicking the delay IEX says it uses on its Investors Exchange to protect investors from predatory kinds of speed-based trading. On Monday, NYSE announced it'll be 78 percent cheaper to place some kinds of trades on its market versus IEX's.
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Source: Bloomberg
AdvisorShares Weekly Market Review-Do Investors Want More Correlation?
July 10, 2017--AdvisorShares Weekly Market Review-Week Ending 7/7/2017
Macro
Domestic equities started the second half on a positive note even if not an enthusiastic note as the Dow Jones Industrial Average added 0.28%, the S&P 500 tacked on six basis points, the NASDAQ moved ahead 0.18% and the Russell 2000 gained 0.07%.
As Q2 earnings season starts to ramp up, Barron's in citing Thomson Reuters IBES is looking for 8% growth and Eddy Elfenbein from Crossing Wall Street reported estimates of $31.00 for the S&P 500, which would be the fourth quarter in a row of growth.
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Source: AdvisorShares
Canadian ETF Association elects Kevin Gopaul as board chair
July 10, 2017--The Canadian ETF Association (CETFA) has appointed Kevin Gopaul, head of BMO Global Asset Management Canada, head of quantitative strategies and ETFs, and chief investment officer (Canada), as chair of CETFA's board of directors.
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Source: advisor.ca
Schwab ETF OneSourceTM Expands Offering of Commission-Free ETFs
July 10, 2017-Charles Schwab announced today that Schwab ETF OneSourceTM, the program that offers the most commission-free1 Exchange Traded Funds (ETFs) anywhere in the industry, has added 15 ETFs to its roster.
With these additions,the program allows investors and advisors to buy and sell 245 ETFs covering 69 Morningstar Categories with $0 online commissions, no enrollment requirements and no early redemption fees -key differentiators for investors comparing Schwab ETF OneSource to other commission-free ETF offerings.
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Source: Schwab ETF OneSource
