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New bills aim to stop DOL fiduciary rule
Legislation introduced Friday would quash a Labor Department proposal to strengthen investment advice standards for retirement accounts
December 18, 2015--
Bipartisan lawmakers introduced bills Friday that would stop a Labor Department proposal to strengthen investment advice rules for retirement accounts and replace it with a standard written by the legislators.
The bills would require financial advisers working with 401(k) and individual retirement accounts to act in their clients' best interests and disclose their compensation and potential conflicts of interest.
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Source: investmentnews.com
First Trust Announces Name Changes for First Trust NASDAQ CEA Smartphone Index Fund and First Trust NASDAQ CEA Cybersecurity ETF
December 18, 2015--First Trust Advisors L.P. ("First Trust") announced today that two First Trust Index ETFs are changing their names effective Monday, December 21, 2015.
First Trust NASDAQ CEA Smartphone Index Fund ("Smartphone Fund") (NASDAQ: FONE) is changing its name to First Trust NASDAQ Smartphone Index Fund, and First Trust NASDAQ CEA Cybersecurity ETF ("Cybersecurity Fund") (NASDAQ: CIBR) is changing its name to First Trust, NASDAQ Cybersecurity ETF. The Funds' ticker symbols and CUSIPS are not changing.
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Source: First Trust
CFTC Staff Issues Advisory Reminding Swap Dealers and Major Swap Participants of their Reporting Obligations as Required by Commission Regulations
December 17, 2015--The U.S. Commodity Futures Trading Commission's (Commission) Division of Swap Dealer and Intermediary Oversight (DSIO) today issued a staff advisory to remind swap dealers and major swap participants of their swap data reporting obligations under Commission Regulations 23.204 and 23.205.
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Source: CFTC.gov
CFTC Approves Final Rule on Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants
December 16, 2015--The U.S. Commodity Futures Trading Commission (CFTC) today approved the Final Rule on Margin Requirements for Uncleared Swaps for Swap Dealers and Major Swap Participants, The Commission voted 2 in favor and 1 opposed.
view the Fact Sheet: Final Rule Regarding Margin for Uncleared Swaps
Source: CFTC.gov
Bond Traders to Fed: Your Rate Forecasts Are Still Too Ambitious
December 16, 2015--Derivatives market signaling two rate boosts likely next year
Policy makers projecting four moves in the year ahead
Debt traders anticipate fewer interest-rate increases next year than the Federal Reserve does, after the central bank lifted its target from near zero and pledged a gradual retreat from crisis-era borrowing costs.
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Source: Bloomberg
Central GoldTrust Announces Termination of Definitive Agreement with Purpose Investments Inc.
December 16, 2015--Central GoldTrust ("GoldTrust") announced today that GoldTrust has entered into an agreement (the "Letter Agreement"), with, among others, Purpose Investments Inc. ("Purpose") and Sprott Asset Management Gold Bid LP, pursuant to which Purpose has terminated the definitive agreement, dated November 26, 2015 (the "Purpose Agreement"), among GoldTrust, Purpose,
Silver Administrators Ltd.,Silver Bullion Trust and Central Gold Managers Inc., with respect to GoldTrust and its proposed conversion to an exchange traded fund.
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Source: federalreserve.gov
With Fed's Interest Rate Move, a Test of the Stock Markets
December 16, 2015--The extraordinarily low interest rates of the last seven years have stoked a bull market in stocks, fueled a global boom in commodities, prompted a wave of corporate mergers and led companies to borrow trillions of dollars in the markets.
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Source: New York Times
Exchange operator BATS files to go public
December 16, 2015--BATS Global Markets Inc filed for an initial public offering with U.S. regulators on Wednesday, in what would be the exchange operator's second attempt at going public.
The company told the U.S Securities and Exchange Commission in a preliminary prospectus that Morgan Stanley, Citigroup, BofA Merrill Lynch and J.P. Morgan were among those underwriting the IPO.
