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CFTC Orders Aden Rusfeldt to Pay in Total More than $3.2 Million in Restitution and a Civil Monetary Penalty for Fraudulent Omissions in Connection with His Operation of ETF Trend Trading
September 29, 2016--Rusfeldt Failed to Disclose that He was Sued by the CFTC for Fraud in 2007 and Permanently Enjoined from Engaging in Any Commodity Interest Related Activity
The U.S. Commodity Futures Trading Commission (CFTC) today filed an Order instituting proceedings and settling charges against Respondent Aden Rusfeldt (a/k/a "Big A") of Vail, Arizona. The CFTC Order finds that Rusfeldt fraudulently failed to disclose to prospective and current customers of his company, ETF Trend Trading, that he was prohibited from engaging in any commodity-interest related activity under a prior Court Order.
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Source: CFTC.gov
First Trust Launches Canada's first U.S. Sector Rotation ETF
September 29, 2016--An index-tracking ETF based on Dorsey Wright's systematic momentum strategy with the ability to allocate to cash equivalents
FT Portfolios Canada Co. ("First Trust Canada"), a privately owned company is pleased to announce the launch of First Trust Dorsey Wright Dynamic U.S. Sector Rotation Index ETF (CAD-Hedged) (TSX: FSR).
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Source: First Trust
WisdomTree Bolsters Institutional Distribution Team To Capture Expanding Market Opportunity
September 29, 2016--WisdomTree Investments, Inc. (NASDAQ:WETF), an exchange-traded fund ("ETF") and exchange-traded product ("ETP") sponsor and asset manager, today announced the appointment of Christina Cryer as Head of U.S. Consultant Relations and Nate Miles as Head of U.S. Retirement Solutions.
These recent additions follow the hiring of industry veteran Joseph Grogan in March 2016 as WisdomTree Head of U.S. Institutional Distribution, responsible for extending and enhancing relationships with current and potential U.S. institutional investors.
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Source: WisdomTree
First Trust Expands Income Options with Active CEF-Based ETFs
September 29, 2016--First Trust has rolled out two new actively managed exchange traded funds that target closed-end funds focused on income generation.
First Trust recently launched the First Trust CEF Income Opportunity ETF (NasdaqGM: FCEF) and First Trust Municipal CEF Income Opportunity ETF (NasdaqGM: MCEF). FCEF has a 2.5% total expense ratio and MCEF has a 1.91% total expense ratio.
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Source: foxbusiness.com
IMF-Brazil: Staff Concluding Statement of the 2016 Article IV Mission
September 29, 2016--1. Brazil's deep recession has many roots. Policymaking in recent years has failed to tackle long-standing structural problems and proven to be counterproductive, contributing to the erosion of policy credibility and a large contraction of output.
The recession has been made worse by several other factors, including declining terms of trade, tight financing conditions, necessary but steep increases in electricity tariffs, a corruption scandal, and a political crisis, which has underpinned heightened uncertainty. The recession has taken a massive toll on employment and progress on reducing social inequalities has slowed. Despite a large output gap, inflation has exceeded the top end of the target band since 2015, as disinflation has proceeded slowly.
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Source: IMF
ITG-Volatility Series: Trading Halts
September 29, 2016--Single-stock circuit breakers occurred almost 1300 times on 8/24/15
ETFs represent 79% of halts
Halts are imprecise but a net benefit
Equity market volatility has come roaring back over the past month. As the VIX flirts with levels unseen since the financial crisis and 2% index moves represent a regular occurrence, the typically sleepy months of August and September have been anything but for equity traders.
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Source: ITG
Pimco-No recession, but substantial risks through 2017-PIMCO's Cyclical Outlook, September 2016
September 28, 2016--Our cyclical baseline forecast through 2017 is for a continuous global economic expansion, mostly supportive monetary and fiscal policies and broadly range-bound markets.
However, we are concerned about risks lurking beneath the surfac,, especially in the context of asset prices that in many cases appear stretched. The recent bout of market volatility that followed sedated summer trading may be a guide to what lies ahead: occasional regime switches between periods of relative calm (supported by benign macroeconomic data and sedative monetary policy) and periods of rising volatility and uncertainty caused by..."whatever."
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Source: Pimco
CFTC.gov Swaps Report Update
September 28, 2016--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
SEC Proposes Rule Amendment to Expedite Process for Settling Securities Transactions
September 28. 2016--The Securities and Exchange Commission today voted to propose a rule amendment to shorten the standard settlement cycle for most broker-dealer securities transactions from three business days after the trade date (T+3) to two business days after the trade date (T+2).
The proposed amendment is designed to reduce the risks that arise from the value and number of unsettled securities transactions prior to the completion of settlement, including credit, market, and liquidity risk directly faced by U.S. market participants.
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Source: SEC.gov
SEC Adopts Rules for Enhanced Regulatory Framework for Securities Clearing Agencies
September 28, 2016--The Securities and Exchange Commission voted today to adopt new rules to establish enhanced standards for the operation and governance of securities clearing agencies that are deemed systemically important or that are involved in complex transactions, such as security-based swaps.
The Commission also voted to propose to apply the enhanced standards established by the new rules to other categories of securities clearing agencies, including all SEC-registered central counterparties.
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Source: SEC.gov
