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Research Paper-Do High Frequency Traders Need to be Regulated? Evidence from Algorithmic Trading on Macro News
March 30, 2015--Abstract
Stock index ETF and futures prices respond to macroeconomic announcement surprises within a tenth of a second, with trading intensity increasing ten-fold in the quarter second following the news release. Trading profits, however, are relatively small and decline in recent years.
We find no evidence that the controversial practice of selling early access to macro news produces incremental profits. Our findings suggest that algorithmic traders operate in a highly competitive environment. Consistent with this view, we find event profits are decreasing in quote intensity. Order flow also becomes less informative over time as quotes respond to news directly rather than indirectly through trading.
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Source: Goizueta Business School, Emory University
Yieldcos: For Energy Investors Seeking Dividends
March 30, 2015--Yieldcos: For Renewable Energy Investors Who Love Dividends
Have you heard of Yieldcos?
This popular new option on the stock market is a win-win: it allows people to earn income from operating renewable energy plants, while giving developers access to capital for future projects.
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Source: Nasdaq.com
Horizons ETFs announces closure of certain ETFs
March 30, 2015--Horizons ETFs Management (Canada) Inc. ("Horizons ETFs" or the "Manager") announced today that it will be terminating certain exchange traded funds ("ETFs") effective at the close of business on Friday, June 12, 2015
(the "Termination Date"). The ETFs being terminated (collectively, the "Terminated ETFs") are as follows:
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Source: Horizons ETFs Management
Time to find out hard way if asset management is systemic risk
March 30, 2015--Scan the financial horizon of late and you might come away with two impressions.
First, that the world is about to end. Last Monday, senior Federal Reserve official James Bullard spoke of the "devastating consequences" that will ensue from fast-growing asset price bubbles if the Fed fails to raise interest rates soon.
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Source: FT.com
Fed's Fischer Says More Work Needed to Protect Financial System
March 27, 2015--Federal Reserve Vice Chairman Stanley Fischer said while the non-bank financial industry appears less vulnerable since the financial crisis, more work must be done to reduce risks in short-term wholesale funding markets.
"While progress has been substantial, areas for continued work remain," Fischer said in the text of remarks prepared for delivery Friday in Frankfurt.
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Source: Bloomberg BusinessWeek
First Trust Reschedules Investment Objective Changes for 7 AlphaDEX(R) ETFs
March 27, 2015--First Trust Advisors L.P. ("FTA") previously announced that on or about April 14, 2015, each of the seven index exchange-traded funds listed below (each a "Fund") will change its investment objective and seek investment results that correspond generally to the price and yield (before the Fund's fees and expenses) of a NASDAQ AlphaDEX(R) Equity Index.
These changes to each Fund’s investment objective are being rescheduled and will occur no later than October 8, 2015.
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Source: MarketWatch
New HFT Oversight Viewed as Hollow Victory for U.S. Regulators
March 27, 2015--The U.S. Securities and Exchange Commission took its first shot Wednesday at boosting regulation of high-speed traders. The industry says it dodged a blow.
The SEC's proposal, approved Wednesday by the five-member commission, will force some high-frequency traders to become members of the Financial Industry Regulatory Authority, which oversees brokerage firms' practices.
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Source: Bloomberg
Source EURO STOXX 50 ETF to Close and Liquidate
March 26, 2015--The Board of Trustees of the Source ETF Trust has decided to close and liquidate the Source EURO STOXX 50 ETF (NYSE: ESTX), which is managed and marketed by Source Exchange Traded Investments, LLC.
The last day of trading of the Fund's shares on the NYSE Arca will be April 10, 2015. Shareholders may sell Fund shares through a broker in the standard manner through this date. Customary brokerage charges may apply to such transactions.
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Source: Source ETF
BlackRock, Morningstar and Ric Edelman Team Up For New ETF
March 26, 2015--The iShares Exponential Technologies ETF (XT) that launched this week is an unusual collaboration between a noted financial advisor, a respected financial research firm and the global leader in exchange-traded funds.
What it offers investors, according to its creators, is a way to invest in technologies and themes that could potentially transform society and offer investment growth opportunities.
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Source: fa-mag.com
BNY Mellon-Consultant 360-Volume I 2015
March 26, 2015--The BNY Mellon-Consultant 360-Volume I 2015 is now available.
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Source: BNY Mellon
