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CBO-Uncertainties in the Economic Outlook
September 7, 2016--On August 23, CBO published An Update to the Budget and Economic Outlook: 2016 to 2026, describing the agency's projections for the federal budget and the U.S. economy over the next 10 years.
As is always the case, economic outcomes will undoubtedly differ from CBO's projections in some respects. Today, we discuss several uncertainties in the current economic outlook.
CBO's Assessment of the Economic Outlook
CBO expects that the economy's real output (that is, output adjusted to remove the effects of inflation) will expand modestly over the coming decade. According to CBO's estimates, over the next year and a half a pickup in the growth of output will heighten demand for labor, leading to solid employment gains and eliminating the quantity of underused resources, or "slack," in the economy.
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Source: Congressional Budget Office (CBO)
Survey: Advisors Fear Consequences of DOL Fiduciary Rule
September 7, 2016--The potential for "unlimited liability" under DOL rules is generating significant levels of anxiety among advisors, worry about being found liable for investment losses due to unintentional or unforeseeable events.
This is a key finding of a new survey from Market Strategies International unit Cogent Wealth Reports.
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Source: thinkadvisor.com
Stradley Ronon-Exchange Traded Funds Alert, September 2016
SEC Approves Generic Listing Standards for Active ETFs
September 7, 2016--SUMMARY
On July 22, 2016, the U.S. Securities and Exchange Commission (SEC) approved amendments to listing rules proposed by NYSE Arca, Inc. (NYSE Arca)1 and Bats BZX Exchange, Inc. (BATS)2 to adopt generic listing standards for actively managed ETFs.3
Pursuant to these new generic listing standards, effective immediately, actively managed ETFs that satisfy certain specified standards may list and trade on those exchanges without first having to obtain approval from the SEC’s Division of Trading and Markets. Instead, actively managed ETFs may now list their shares on those exchanges by following a process similar to the listing process for most index-based ETFs, which requires only a notification to the SEC. The rule changes will allow qualifying actively managed ETFs to avoid the often time-consuming and uncertain Rule 19b-4 listing approval process and come to market with greater speed and certainty.
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Source: Stradley Ronon
Mackenzie Investments enhances suite of Smart Beta ETFs and mutual funds
September 7, 2016--Broadening its suite of smart beta ETFs and mutual funds, Mackenzie Financial Corporation (Mackenzie Investments) announced today the launch of three Exchange Traded Funds (ETFs) and three new mutual fund products based on an award-winning investment process that offer investors enhanced diversification solutions.
The new ETFs and mutual funds give investors the potential to reduce risk concentration, and market bias, and improve risk-adjusted returns.
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Source: Mackenzie Investments
Amplify(R) ETFs Acquires YieldShares LLC
September 7, 2016--Shared Founder Christian Magoon Aligns Brands, Brings YieldShares High Income ETF (NYSEArca:YYY) to Amplify's Platform
Amplify ETFs has acquired YieldShares LLC, ETF Sponsor of the YieldShares High Income ETF (NYSEArca:YYY).
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Source: Amplify ETFs
CFTC.gov Swaps Report Update
September 7, 2016--CFTC's Weekly Swaps Report has been updated. and is now available.
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Source: CFTC.gov
Goldman Sachs Has Started Giving Away Its Most Valuable Software
September 7, 2016--The bank's new gambit: deploy its technology to win more business from clients
From the kitchen table in his Upper West Side brownstone, Michael Dubno recently scratched out from memory the blueprint for the modern Goldman Sachs Group Inc.
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Source: investmentnews.com
MainStay Hires Ken Bossen for ETFs With Hedge Fund Approach
September 6, 2016--He will work with portfolio-construction teams for IndexIQ
Bossen joins from State Street, reports to John Lloyd
New York Life Insurance Co.'s MainStay Investments hired Ken Bossen to help build the exchange-traded fund operation that seeks to mimic hedge fund strategies.
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Source: Bloomberg
AdvisorShares-This Week in Active ETFs: September is off the Table!
September 6, 2016--For the week of August 29-September 02
Macro-September is off the Table!That was the conclusion by some after the August jobs data which showed a not too hot, not too cold 151,000 jobs created
last month versus an expectation of 180,000.
This was the first report in several months that was not shockingly low or
shockingly high. The headline unemployment remained at 4.9%, which was also a slight miss.
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Source: AdvisorShares
