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Regulators Tie High-Speed Trading to Treasury Volatility
July 12, 2015--U.S. officials have concluded that high-frequency trading contributed to the Treasury market's wild ride last October, a finding that will probably add to regulatory scrutiny of the industry.
While a soon-to-be-published government report won't point to just one cause, it will cite speed traders as playing a key role, according to a person with direct knowledge of the study. Treasury yields plunged the most in five years on Oct. 15, 2014, before recovering, fueling a months-long debate over whether something has fundamentally changed in a $12.7 trillion market that most investors consider a safe haven.
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Source: Bloomberg
COLUMN-Banking regulators heighten financial market risk
June 12, 2015--During the 2008 financial crisis, the authors of this editorial were in unique positions to observe the near-collapse of our financial system.
One of us was at the White House serving on the President's Council for Economic Advisors and the other was a senior executive of a global operator of trading platforms for cash and derivatives financial products.
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Source: Reuters
NYSE Outage Shows a Need for Plan B
The last 15 minutes of the trading are crucial
July 10, 2015--U.S. regulators called on top exchange officials two years ago to strengthen the plumbing that underpins the stock market after a series of trading disruptions.
The exchanges did an analysis and concluded they needed a backup plan for the crucial 15-minute closing auction each day when traders are guaranteed they'll get the final price. Yet when the New York Stock Exchange suspended trading for hours on Wednesday, there were unanswered questions.
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Source: Bloomberg
Direxion files with the SEC
July 10, 2015--Direxion has filed a post-effective amendment, registration statement with the SEC.
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Source: SEC.gov
SEC should make all money funds float shares, IMF says
July 10, 2015--The US Securities and Exchange Commission should extend its new floating-value rule to all money market funds rather than limiting it
just to prime funds used by institutional investors, the International Monetary Fund said.
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Source: mlexfs-core.com
First Asset's CanBanc Income Corp. to Convert to an ETF
July 10, 2015--First Asset Investment Management Inc. announces that the shareholders of CanBanc Income Corp. (the "Fund") (TSX: CIC.UN) approved the elimination of the Fund's fixed termination date and the conversion of the Fund into an exchange-traded fund ("ETF").
The implementation of the conversion of the Fund into an ETF (the "ETF Conversion") is subject to certain third party and regulatory approvals.
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Source: First Asset
OFR Private Fund Data Shed Light on Liquidity Funds
July 9, 2015-This brief analyzes for the first time a new confidential dataset collected by the Securities and Exchange Commission (SEC), the Form PF filings of liquidity funds.2
Like money market funds and banks' short-term investment funds, liquidity funds generally invest in short-term assets and have portfolios structured to meet investors' near-term liquidity needs. According to first quarter data, Form PF filers managed $288 billion in liquidity funds and an additional $359 billion in parallel managed accounts.3 In comparison with prime money market funds, liquidity funds hold assets with relatively longer maturities, have larger holdings of Treasury securities, and invest in a broader range of asset classes.
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Source: Office of Financial Research (OFR)
Principal EDGE Active Income ETF Seeks Current Income with Proven Multi-Asset Class Approach
July 9, 2015--The Principal Financial Group(R) today listed its first exchange-traded fund (ETF) on the NYSE Arca. The Principal EDGE Active Income ETF (ticker: YLD) is subadvised by EDGE Asset Management,
a leading manager of equity, fixed income, and asset allocation strategies and an investment boutique of Principal Global Investors.
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Source: Principal Global Investors
NYSE shut down for nearly four hours by technical glitch
June 9, 2015--The New York Stock Exchange was forced to suspend trading for several hours on Wednesday in the biggest outage to hit a U.S. financial market in nearly two years, unnerving investors already rattled by the meltdown in Chinese stocks and the Greek debt crisis.
The exchange, a unit of Intercontinental Exchange Inc (ICE.N), reopened at 3:10 p.m. EDT after being halted shortly after 11:30 a.m. EDT. NYSE said the outage was due to an internal technical issue and not the result of a cyberattack. Other exchanges were trading normally.
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Source: Reuters
Short Sales Are at Their Highest Level Since the Financial Crisis
July 9, 2015--U.S. equity bears, mired in the longest streak of losses in 25 years, are getting bolder.
Unfazed by three years of money-losing bets against stocks, short sellers increased their bearish wagers in June to the highest level since the financial crisis, according to data compiled by the New York Stock Exchange.
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Source: Bloomberg
