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Exchanges defeat appeal of U.S. high-frequency trading lawsuits
September 23, 2016--A federal appeals court on Friday rejected an investor's attempt to revive lawsuits accusing major U.S. exchanges of selling early access to market data to high-frequency traders, the subject of Michael Lewis' 2014 best-seller "Flash Boys."
The 2nd U.S. Circuit Court of Appeals in Manhattan agreed with the New York Stock Exchange, The Nasdaq Stock Market, BATS Exchange, the Chicago Board Options Exchange and others that it is for the U.S. Securities and Exchange Commission rather than courts to regulate how market data is disseminated.
CBOE in talks to buy smaller exchange rival Bats
September 23, 2016--CBOE, the US exchange best known for the Vix volatility indices, is in talks to purchase smaller rival Bats Global Markets in a deal that underscores consolidation sweeping through the US options industry...
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Source: FT.com
Renaissance Capital US IPO Week Ahead: Year's largest US tech company to IPO, Nutanix, leads 5-deal week
September 23, 2016--Five IPOs are scheduled to close out the third quarter, putting September on pace to be the year's most active month for IPOs.
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Source: Renaissance Capital
PowerShares Launches Variable Rate Investment Grade Portfolio (VRIG)
September 22, 2016--PowerShares and Invesco Fixed Income (IFI) partner on the first and only ETF with diversified exposure to multiple fixed income asset classes consisting of high-quality variable and floating rate securities.
Invesco PowerShares Capital Management, LLC, a leading global provider of exchange-traded funds (ETFs), announced today the launch of PowerShares Variable Rate Investment Grade Portfolio (VRIG). The ETF will be actively managed by IFI, which collectively has more than 34 years of experience in fixed income investing.
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Source: Invesco PowerShares Capital Management
OFR Monitor Shows Accelerating Shift to Government Money Market Funds
September 22, 2016--Assets of U.S. prime money market funds have decreased by more than $700 billion since the beginning of the year, while assets of government money market funds have increased by about the same amount, according to the OFR's monthly U.S. Money Market Fund Monitor.
This trend accelerated in August.
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Source: OFR (Office of Financial Research)
United Advisors and 55 Capital Announce Partnership to Provide a Suite of Dynamically Managed ETF Strategies to United Advisors' Clients
September 22, 2016--United Advisors, an advisor and wealth management support platform, and 55 Capital, an investment management company, today announced a strategic partnership to provide United's financial advisors with all five of 55 Capital's dynamically managed strategies.
The strategies, comprised of 100% ETFs, aim to uniquely manage risk to deliver better outcomes for a wide range of investors. This is the first time United Advisors has entered a strategic relationship of this kind.
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Source: United Advisors
S&P Dow Jones Indices-When Smart Beta Fails
September 22, 2016--How should an investor in a factor (or "smart beta") index judge its performance? In this respect at least, smart beta is like any other strategy: you should evaluate it against the claims that its vendors made before you bought it.
This requires some subtlety. Smart beta methodologies pick stocks based on fundamental or technical characteristics, and performance claims are derived from the historical behavior of those characteristics.
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Source: S&P Dow Jones Indices
First Trust Launches Seven ETFs Based on Nasdaq US Smart Sector IndexesSM
September 21, 2016--Sector-based index ETFs that use a three factor stock selection methodology incorporating volatility, value and growth.
First Trust Advisors L.P. ("First Trust"), a leading exchange-traded fund ("ETF") provider and asset manager, has launched seven new ETFs based on the Nasdaq US Smart Sector IndexesSM. The indexes, which are created and administered by Nasdaq, Inc. ("Nasdaq"), are modified factor-weighted indexes designed to provide exposure to US economic sectors.
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Source: First Trust
Amplify(R) ETFs Launches the Amplify YieldShares Prime 5 Dividend ETF (BATS: PFV)
September 21, 2016--PFV owns the five highest-ranked U.S. dividend ETFs across three categories: High dividend income, low share price volatility, and low expenses
Amplify ETFs announces the launch of the Amplify YieldShares Prime 5 Dividend ETF (BATS: PFV), the first YieldShares ETF to enter the market via the Amplify platform.
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Source: Amplify ETFs
DOL fiduciary rule to cost the securities industry $11B by 2020: study
September 21, 2016--Independent broker-dealers expected to be hardest hit, with a 22% loss in revenue.
Implementing the Department of Labor's new fiduciary rule for retirement accounts will cost the brokerage industry $11 billion in revenue over the next four years, according to a recent study from A.T. Kearney, a consultant. Hardest hit will be independent broker-dealers, who stand to lose $4 billion in revenue, or 22%, of the industry's total, according to the study, which was released in August.
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Source: investmentnews.com
