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Low VIX Points to Tumble Ahead for Stocks, UBS Says
May 22, 2015--Investor concern about an impending drop in U.S. stocks, as measured by the CBOE Volatility Index, continues to plunge.
The VIX on Friday slumped 1% to 11.99 in recent trading, declining below 12 for the first time in 2015. The index is an options-based metric of the prices investors are willing to pay for insurance against declines in the S&P 500.
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Source: Barron's
ISE Announces Two New Board Members
May 21, 2015--The International Securities Exchange Holdings,Inc. today announced the addition of Eric Levine and Tyler Sorba to the Boards of Directors of its two exchanges.
Additionally, eight non-industry directors, two exchange directors, and the Chief Executive Officer director were re-elected.
ISE's Board of Directors consists of both exchange and non-industry directors as well as the CEO director. Of the exchange directors, each ISE membership type is represented by two directors on the Board who serve two-year terms.
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Source: International Securities Exchange Holdings,Inc.
How Firms Are Attracting Millennial Advisors
May 21, 2015--Despite all the talk about the aging financial advisor force, the industry still has a problem attracting and retaining young talent. But several Wall Street firms discussed their new techniques for bringing millennials into the business during a Securities Industry and Financial Markets Association seminar on Wednesday.
Speakers at the seminar quantified the aging advisor problem: a Cerulli study found the average advisor is older than 50; a third of advisors plan to retire in the next 10 years; and only 11 percent of advisors are under the age of 35. Just 5 percent are younger than 30.
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Source: Wealth Management
AdvisorShares Weekly Market Update:Time to Go Active
May 21, 2015--For the week of May 11-May 15
Macro
Last week the news was more volatile than the equity market.
The week started with a throwback story of an AOL merger..
Later in the
week came a fraudulent buyout offer of the other big multilevel marketing firm.
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Source: AdvisorShares
Federal Reserve Proposes Adding Certain Investment Grade General Obligation State And Local Municipal Bonds To Types Of Assets Big Banks May Hold To Meet Liquidity Needs During Time Of Financial Stress
May 21, 2015--The Federal Reserve Board on Thursday proposed adding certain general obligation state and municipal bonds to the range of assets a banking organization may use to satisfy regulatory requirements designed to ensure that large banking organizations have the capacity to meet their liquidity needs during a period of financial stress.
Under the Liquidity Coverage Ratio (LCR) requirement adopted by the federal banking agencies last September, large banking organizations are required to hold high-quality liquid assets (HQLA) that can be easily and quickly converted into cash within 30 days during a period of financial stress.
view the Liquidity Coverage Ratio: Treatment of U.S. Municipal Securities as High-Quality
Liquid Assets
Source: FRB (Federal Reserve Board)
Chinese Commercial Paper Attracts Investors in the US Fixed Income ETF Market
May 21, 2015--E Fund Management (Hong Kong) Co., Ltd. ("E Fund HK"), the Hong Kong subsidiary of E Fund Management Co., Ltd., is pleased to announce that the China Commercial Paper ETF, jointly launched and managed with KraneShares, has been operated smoothly since its establishment, and become the largest RQFII bond ETF in the US market.
Listed on 3 December 2014 on the New York Stock Exchange (NYSE), the ETF, seeking to deliver yields from investment grade commercial papers issued in Mainland China, is the first RQFII commercial paper ETF in the United States and the first short term RQFII bond ETF with interbank market access outside China.
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Source: Bloomberg
ETF model puts active managers to the test
NextShares offers a way to trade an active fund on an exchange
May 20, 2015--As this column often notes, active investors charge too much.
This is only in part because they are greedy. It mainly reflects the problem that their costs exceed the small returns they can collectively eke out of stock markets over and above market benchmarks.
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Source: FT.com
U.S. SEC to propose rules to gather more data on asset managers
May 20, 2015--U.S. securities regulators were poised to propose new rules on Wednesday that would require mutual funds and other asset managers to report much more detailed data about their holdings
The Securities and Exchange Commission's plan is one of a series of reforms announced late last year by SEC Chair Mary Jo White.
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Source: Reuters
BlackRock, SSgA push beyond ETFs for asset allocation
May 20, 2015--BlackRock and State Street Global Advisors are deepening their push into all-exchange traded fund portfolios by repackaging strategies they offer advisers in other vehicles as mutual funds.
SSgA filed last month to offer mutual fund versions of State Street Income Allocation, State Street Multi Asset Real Return and State Street Global Allocation funds. It currently offers those products as ETFs of ETFs.
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Source: FT.com
U.S. SEC to propose rules to gather more data on asset managers
May 20, 2015--U.S. securities regulators were poised to propose new rules on Wednesday that would require mutual funds and other asset managers to report much more detailed data about their holdings.
The Securities and Exchange Commission's plan is one of a series of reforms announced late last year by SEC Chair Mary Jo White.
view more
Source: Reuters
