Americas ETP News
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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
Investors Elbow Past Dealers to Grab Treasuries at U.S. Auctions
Government sells $58 billion of notes and bonds
June 9, 2015--Investors are crowding out Wall Street's biggest bond dealers, making it easier for the Treasury Department to finance the federal government's debt.
The 22 primary dealers, ranging from Goldman Sachs Group Inc. to Cantor Fitzgerald LP, are winning smaller allotments of Treasuries at auctions as investor concern about Greece,s ability to remain in the euro and China's stock-market plunge led investors to take a larger share of the debt.
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Source: Bloomberg
F-Squared files for bankruptcy
Firm struggled to get back on its feet after a settlement with regulators over bogus performance claims
July 8, 2015--F-Squared Investments Inc. filed for bankruptcy protection Wednesday and arranged for its investment strategies to be managed by a new firm, capping the rise-and-fall story of an exchange-traded fund manager once popular with financial advisers.
The firm filed documents seeking Chapter 11 bankruptcy protection, and asked the court to allow it to sell its investment strategies, contracts to manage money and other intellectual property to a competing, Chicago-based money manager.
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Source: Investment News
New York BitLicense Regulations Virtually Certain to Significantly Impact Transactions in Virtual Currencies
July 8, 2015---Advisory
The New York State Department of Financial Services (NYDFS) recently issued its final BitLicense regulations with respect to Bitcoin and other virtual currencies.
The new regulations require the licensing of, and establish minimum standards of conduct for, any person who engages in a virtual currency business activity involving New York or a New York resident.[1]
The regulations impact a wide spectrum of potential businesses, although they exclude merchants and consumers who use virtual currencies in connection with transactions for goods or services, persons chartered under the New York Banking Law and approved to engage in a virtual currency business activity, and persons who engage in the mere "development and dissemination of software in and of itself."[2]
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Source: Katten Muchin Rosenman LLP
CBO-Monthly Budget Review for June 2015
July 8, 2015--The federal government ran a budget deficit of $314 billion for the first nine months of fiscal year 2015, CBO estimates.
That deficit was $52 billion smaller than the one recorded during the same period last year. Revenues and outlays were both higher than the amounts recorded during the same period in fiscal year 2014-by 8 percent and 5 percent, respectively.
Total Receipts: Up by 8 Percent in the First Nine Months of Fiscal Year 2015.
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Source: Congressional Budget Office (CBO)
Minutes of the Federal Open Market Committee, June 16-17, 2015
July 8, 2015--A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, June 16, 2015, at 1:00 p.m. and continued on Wednesday, June 17, 2015, at 9:00 a.m.
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Source: Federalreserve.gov
Minutes of the Federal Open Market Committee, June 16-17, 2015
July 8, 2015--A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Tuesday, June 16, 2015, at 1:00 p.m. and continued on Wednesday, June 17, 2015, at 9:00 a.m.
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Source: Federalreserve.gov
New pressure on city as Wall Street jobs sail away
New Jersey is offering a bucketful of tax breaks if JPMorgan Chase will move jobs across the Hudson. It's a movie we've all seen many, many times.
July 8, 2015--Twenty years ago, if you wanted to work on Wall Street, odds are you ended up in Manhattan.
After all, it was where the jobs were, with 27% of the industry's workforce huddled around the warrens of the financial district or the office towers of midtown. Today, New York is still where the action is. But it's not where the jobs are.
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Source: Crain's New York
In Day's Second Big Computer Glitch, NYSE Halts Trading
July 8, 2015--It's a heckuva day for IT professionals. At around 11:30 am today, trading on the New York Stock Exchange came to an abrupt halt,
and while the reasons for the disruption are still unclear, in a statement, the NYSE confirmed that "technical issues" are to blame.
