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Mary Jo White Explains the New SEC Rules
Agency's chief says regulatory changes have made the financial system safer
November 24, 2015--
As chairman of the U.S. Securities and Exchange Commission, Mary Jo White is Wall Street's top cop.
In an interview with Wall Street Journal Financial Editor Dennis K. Berman, the former federal prosecutor weighed in on a new CEO-pay rule, increased scrutiny of exchange-traded funds and criticism of the agency's in-house court system, among other things. Here are edited excerpts.
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Source: Wall Street Journal
Deutsche Asset & Wealth Management's X-trackers Platform Launches Enhanced Beta ETFs
November 24, 2015--Deutsche Asset & Wealth Management (Deutsche AWM) today announced the launch of its first enhanced beta exchange traded funds (ETFs), Deutsche X-trackers Russell 1000 Enhanced Beta ETF (Ticker: DEUS) and Deutsche X-trackers FTSE Developed ex US Enhanced Beta ETF (Ticker: DEEF).
The ETFs are the US platform's first, broad-based US domestic and unhedged developed international equity ETFs. They are intended to serve as core portfolio allocations as well as an alternative to traditional market cap weighted domestic and international index products.
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Source: Deutsche Asset & Wealth Management
GDP: Third Quarter 2015 (Second Estimate)
November 24, 2015--Real gross domestic product-- the value of the goods and services produced by the nation's
economy less the value of the goods and services used up in production, adjusted for price changes--increased at an annual rate of 2.1 percent in the third quarter of 2015, according to the
"second" estimate released by the Bureau of Economic Analysis.
In the second quarter, real GDP
increased 3.9 percent.
The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 1.5 percent. With the second estimate for the third quarter, the decrease in private inventory investment was smaller than previously estimated.
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Source: BEA
U.S. Advisor Population Grows, but 'Succession Cliff' Looms
November 23, 2015--Cerulli reports first headcount rise in nine years, projects decline after 2020
The number of advisors in the U.S. grew by 1.1% in 2014, the first time since 2005 the headcount had increased, according to Cerulli Associate.
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Source: thinkadvisor.com
DOL Fiduciary Rule Is 'Biggest Change That We'll Go Through': Pershing
November 23, 2015--The real impact of the new DOL fiduciary rule won't be felt immediately, Pershing's John Brett says, but two to five years after it takes effect
Could the Department of Labor's impending new fiduciary rule fundamentally change the industry as it is today?
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Source: thinkadvisor.com
Morgan Stanley-US ETF Weekly Update
November 23, 2015--Weekly Flows: $8.4 Billion Net Inflows
Seventh Consecutive Week of Net Inflows, Totaling $52.2 Billion
High-conviction ETF Recommendations Slide: No Changes
ETF Assets Stand at $2.1 Trillion, up 8% YTD
Two ETF Launches Last Week
US-Listed ETFs: Estimated Flows by Market Segment
ETFs posted net inflows of $8.4 bln last week; seventh consecutive week of net inflows, totaling $52.2 bln
Last week's net inflows were led by US Sector & Industry ETFs at $2.5 bln; conversely, US Large-Cap ETFs posted net outflows of $922 mln, the most of any category we measured
Twelve of the 15 categories we measured posted net inflows last week
ETFs have generated net inflows 34 of 47 weeks YTD-ETF assets stand at $2.1 tln, up 8% YTD
13-week flows remain positive among most asset classes; combined $66.4 bln in net inflows
Fixed Income ETFs generated net inflows of $25.6 bln over the last 13 weeks, the most of any category we measured and meaningfully higher than the next largest category, US Large-Cap ETFs, which had $18.6 bln in net inflows
Over the last year, International-Developed ETFs experienced the biggest jump in market share climbing to 15% from 12%; on the other hand, International-Emerging ETF market share shrunk to 5% from 8% over the same time period
US-Listed ETFs: Estimated Largest Flows by Individual ETF
PowerShares S&P 500 Low Volatility Portfolio (SPLV) posted net inflows of $688 mln last week, leading all ETFs
SPLV's net inflows last week were its largest weekly flows ever; notably, SPLV's top sector allocation is to Financials at 35% and the Financials Select Sector SPDR (XLF) had net inflows of $552 mln, also posting a strong week
The iShares Core US Aggregate Bond ETF (AGG) also had a big week, generating net inflows of $554 mln; over the last 13 weeks, AGG has posted net inflows of $4.1 bln, trailing only the Vanguard S&P 500 ETF (VOO)
The iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) posted net inflows of $519 mln as money continues to flow into the investment grade corporate space; LQD has taken in over $5.5 bln in new money this year
Conversely, the PowerShares QQQ (QQQ) had net outflows of $714 mln, its largest weekly net outflows since 7/27/15
US-Listed ETFs: ETF Dollar Volume
ETF monthly $ volume as a % of listed trading volume was down in October to 26% relative to September's 29% reading as market fear receded; over the last five years, ETF monthly $ volume as a % of listed trading volume averaged 27%
Over the last five years, ETF monthly $ volume as a % of listed trading volume peaked in August 2011 at 36%
ETF $ volume was down $11 bln last week compared to the prior week and is 17% below its 13-week average
Fixed Income ETF volume accounted for 6% of ETF $ volume last week compared to its 13-week average of 7% and its 16% market cap share
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Source: Morgan Stanley
Infographic-The Future of Cannabis: Five Things Investors Need To Know
November 23, 2015--The recreational cannabis industry is changing fast, and the last few years have been a blur for investors observing the space.
More people today believe that cannabis should be legal than ever before, and famed investors like Peter Thiel have already made giant bets on the future of recreational cannabis.
Here’s five facts you need to know on the fast-moving industry:
Recreational cannabis is already legal in four states and D.C. It is also available for medical purposes in 20 other states, as well as Canada. Viridian Capital Advisors, which provides research to the cannabis sector, estimates between 6 to 13 states will legalize recreational usage by end of 2016.
Legal cannabis was a $700 million industry in Colorado last year. In 2014, Colorado retailers sold $386 million of medical cannabis and $313 million for recreational purposes. The two segments of the market generated $63 million in tax revenue, with an additional $13 million collected in licenses and fees.
Stocks in the sector have boomed over the last two years. The Viridian Cannabis Index, which covers 60 publicly traded cannabis companies in the United States and Canada, was up 77.5% in 2013, 38.4% in 2014, and 23.6% in 2015 Q1.
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Source: visualcapitalist.com
CBOE Introduces Five New Options-Based Strategy Performance Benchmark Indexes Tied To Russell 2000
November 23, 2015--Benchmarks Further Expand Investors' Toolset to Manage Risk, Enhance Yields
Index Values Available Beginning November 23
Chicago Board Options Exchange(R) (CBOE(R)) today announced that it has created five new options-based strategy performance benchmark indexes that focus on options as risk management and yield enhancing investment tools.
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Source: CBOE
NYSE Seeks Fast Track for Some ETFs-Again
Competition for listings has heated up in recent months
November 20, 2015--The New York Stock Exchange is again trying to gain regulators' approval to fast-track listings of actively managed exchange-traded funds.
The exchange, where most of the ETFs in the U.S. are listed, this month filed a proposal with the Securities and Exchange Commission to create a "generic" standard to list actively managed funds-guidelines that could slash the time and cost of getting these products to market. The SEC disclosed the filing on Friday.
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Source: Wall Street Journal
Dangling the listing carrot
November 20, 2015--Competition between stock exchanges to attract exchange traded funds is heating up.
In October, Bats Global Markets announced its Issuer Incentive Program that will pay ETF providers to list their products on its US exchange
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Source: Financial News
