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Uncommon Sense: Why the Federal Reserve Needs to Bury the Ghost of 193
Is the Federal Reserve's lower-for-longer policy on interest rates really a good thing for risk assets in the long term?
June 8, 2015--When I think of my parents, most of my childhood memories involve them scolding us kids about the dangers of excess.
Stay up too late and you’ll oversleep for school. Eat too much
candy and you'll end up with a stomachache. And so on. Of
course,, it was good advice, and these days I catch myself saying the same thing to my own children.
This leads me to wonder if a little parental common sense can also be applied to the current situation with the financial markets given the unprecedented level of stimulus from a number of central banks. Specifically, will the sugar high of a six-year bull market in risk assets, fueled largely by zero interest rate policies, lead to stomach pains down the road? It seems the overwhelming sentiment is that a Federal Reserve (Fed) that remains "lower for longer" by delaying rate hikes would help stocks.
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Source: State Street Global Advisors
Justice Department probes banks for rigging Treasuries market
June 8, 2015--The Justice Department is looking into possible fraudulent manipulation of the $12.5 trillion Treasurys market, The Post has learned.
Government lawyers are said to be in the early stages of a probe and have reached out in recent months to at least three of the 22 financial institutions that act as primary government debt dealers to request information, said a person close to one of the banks who was briefed on the matter.
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Source: NY Post
IMF-Colombia: Selected Issues Paper
June 8, 2015--OVERVIEW1
1. Colombia has enjoyed several years of macro-financial stability and strong growth, which supported improvements in the labor market and social conditions.
Economic growth in Colombia has been among the highest in Latin America during the last several years, underpinned by macroeconomic stability and a strong policy framework, including an inflation-targeting regime,
a flexible exchange rate, and fiscal policy guided by a structural balance rule.
Prudent financial supervision and regulation have supported financial deepening and macro-financial stability.
Colombia's broad-based growth has underpinned important gains in social indicators, including a decline in poverty, inequality, and unemployment.
2. Against the backdrop of a dimmer external outlook, Colombia's key medium-term challenge will be to preserve macroeconomic stability while sustaining strong and inclusive growth.
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Source: IMF
A $300 billion institution is about to make a move that will send chills down all of private equity's spine
June 8, 2015--First they came for the hedge funds. Now it's private equity's turn.
Next Monday, The Wall Street Journal reports, the California Public Employees' Retirement System (Calpers) will slice the number of private-equity firms and real-estate funds in half.
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Source: Business Insider
Stifel to Buy Barclays's U.S. Wealth Management Ops
Securities firm continues to bulk up broker business, closing acquisition of Sterne Agee last week
June 8, 2015--Stifel Financial Corp. agreed to acquire Barclays PLC's U.S. wealth and investment management unit, adding to a string of recent acquisitions
Barclays's U.S. business had roughly 180 financial advisers and total client assets of about $56 billion as of May 31.
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Source: Wall Street Journal
Expedited Process for Reinstatement as ETP Holder and Registering Persons is Now Available
July 6, 2015--Expedited Process for Reinstatement as Equity Trading Permit ("ETP") Holder and Registering Associated Persons is now available for registered broker-dealers that were NSX ETP Holders in good standing as of May 30, 2014.
Please refer to Information Circular 15-001 for additional information.
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Source: NSX (National Stock Exchange)
The endangered female fund manager
June 7, 2015--The belief that female fund managers are an endangered species on the verge of extinction has been reinforced by findings showing women run just 2 per cent of fund management assets in the US.
According to research from Morningstar, the data provider, women are much more likely to become doctors, lawyers or accountants than portfolio managers.
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Source: FT.com
This Week's IPO Calendar from Renaissance Capital
June 5, 2015--The Renaissance Capital's IPO Calendar-Week of 6/8/2015.
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Source: Renaissance Capital
CFTC.gov Commitments of Traders Reports Update
June 5, 2015--The current reports for the week of June 2, 2015 are now available.
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Source: CFTC.gov
UPDATE 1-SEC probing whether activist investors secretly acted jointly-source
June 5, 2015--The U.S. Securities and Exchange Commission is investigating whether some activist investors secretly acted jointly to target companies, one hedge fund industry source said.
The SEC's enforcement division recently opened multiple investigations and sent requests for information to a number of hedge funds, The Wall Street Journal reported earlier, citing people familiar with the matter.
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Source: Reuters
