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WisdomTree Launches Global Hedged SmallCap Dividend ETF (HGSD)
HGSD Offers Opportunity to Access Dividends of Global Small Caps
while Neutralizing Currency Exposure
November 19, 2015--WisdomTree, an exchange-traded fund ("ETF") and exchange-traded product ("ETP") sponsor and asset manager, today announced the launch of the WisdomTree Global Hedged SmallCap Dividend Fund (HGSD) on the BATS Exchange.
HGSD seeks to provide exposure to dividend-paying, small-capitalization companies in the U.S., developed and emerging markets while neutralizing exposure to fluctuations of foreign currency movements relative to the U.S. dollar. HGSD has an expense ratio of 0.43%.
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Source: WisdomTree
How CBO Estimates the Automatic Stabilizers: Working Paper 2015-07
November 19, 2015--Federal receipts and outlays regularly respond to cyclical movements in the economy. When the economy is operating below its potential, personal income and other tax bases are depressed, causing revenues to be lower than if the economy was operating at its potential. At such times, outlays for unemployment insurance benefits and other types of transfer programs are elevated.
By contrast, when the economy is operating above its potential, revenues are higher and transfer payments are lower than would be the case if the economy was operating at its potential. Those "automatic stabilizers" thus tend to dampen the size of cyclical movements in the economy, by supporting or restraining private spending.
view the How CBO Estimates Automatic Stabilizers
Source: Congressional Budget Office (CBO)
CBO's Assessment of the Economic Outlook Over the Next Decade
November 19, 2015--Presentation by Wendy Edelberg, CBO's Assistant Director for Macroeconomic Analysis, at the University of Michigan's 63rd Annual Economic Outlook Conference.
Under current law, CBO expects economic activity to expand modestly this year, to grow at a more solid pace in 2016 and 2017, and then to moderate in subsequent years.
view the CBO's Assessment of the Economic Outlook Over the Next Decade
Source: Congressional Budget Office (CBO)
Minutes of the Federal Open Market Committee, October 27-28, 2015
November 18, 2015--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on October 27-28, 2015.
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Source: federalreserve.gov
SEC Proposes Rules to Enhance Transparency and Oversight of Alternative Trading Systems
November 18, 2015--The Securities and Exchange Commission today announced it has voted to propose rules to enhance operational transparency and regulatory oversight of alternative trading systems (ATSs) that trade stocks listed on a national securities exchange (NMS stocks), including "dark pools."
"Investors and other market participants need more and better information about how alternative trading systems work," said SEC Chair Mary Jo White. "The proposed changes would represent a critical step forward in delivering greater transparency to investors and enhancing equity market structure."
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Source: SEC.gov
AGF Takes Ownership Stake in ETF Strategist FFCM
November 17, 2015--Strategic acquisition will strengthen AGF's quantitative capabilities
AGF Management Limited (AGF) today announced that it acquired the majority of the equity of FFCM LLC (FFCM), a Boston-based ETF advisor and asset management firm whose expertise is delivered through a family of alternative and smart-beta ETFs and a number of ETF managed solutions
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Source: research.tdwaterhouse.ca
IMF-Mexico: Selected Issues
November 17, 2015--As fiscal consolidation begins in Mexico, the question of the size of fiscal multipliers becomes highly relevant. Estimates of fiscal multipliers-obtained from state-level spending-fall within 0.6-0.7 after accounting for dynamic effects.
However, the size of multipliers varies with the output gap. Point estimates for the cumulative multiplier can exceed one when the output gap is sufficiently negative, while they decline and even turn statistically insignificant when the output gap is above 0.5 percent. The planned fiscal consolidation-under the estimated multipliers-is projected to subtract on average ½ percentage points from growth over 2015–2020.
view the IMF-Mexico: Selected Issues report
Source: IMF
Smart Beta: The Facts
November 17, 2015--Cass has produced a series of papers for Invesco PowerShares looking at the origins, the source of performance and due diligence challenges of Smart Beta.
Smart beta is a transparent, rules based weighting scheme that is different from market capitalisation weights.
view the working papers:
Part 1: Origins
Part 2: What lies beneath?
Part 3: Factors assembled
Part 4: Monitoring challenges
Source: Invesco PowerShares
NYSE to eliminate "stop orders" from February
November 17, 2015--Investors will not be able to make "stop orders" and "good till cancelled orders" on the New York Stock Exchange and NYSE MKT from Feb. 26, the exchange said, as it looks to reduce risks during choppy trading.
A "good till cancelled order" is valid until an investor cancels it or the trade is executed, while a "stop order" allows an investor to buy or sell a stock when it exceeds a particular price.
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Source: Reuters
Debt Market Distortions Go Global as Nothing Makes Sense Anymore
November 15, 2015--Rates on interest-rate swaps plunge below Treasury yields
Worries over 'something bigger brewing under the surface'
Something very strange is happening in the world of fixed income.
Across developed markets, the conventional relationship between government debt--long considered the risk-free benchmark--and other assets has been turned upside-down.
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Source: Bloomberg
