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CFTC's Division of Swap Dealer and Intermediary Oversight Issues a Staff Advisory on Best Practices for Complying with the Gramm-Leach-Bliley Act Security Safeguards
February 26, 2014--The U.S. Commodity Futures Trading Commission's (Commission) Division of Swap Dealer and Intermediary Oversight (Division) today issued a Staff Advisory that outlines recommended best practices for covered financial institutions to comply with Title V and Part 160 of the Commission's regulations concerning security safeguards.
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Source: CFTC.gov
Economic Growth Is Projected to Be Solid in the Near Term, but Weakness in the Labor Market Will Probably Persist
February 26, 2014--After a frustratingly slow recovery from the severe recession of 2007 to 2009, the economy will grow at a solid pace in 2014 and the next few years, averaging about 3 percent per year, according to CBO's most recent economic projections, which were published earlier this month in The Budget and Economic Outlook: 2014 to 2024.
From 2018 to 2024, CBO projects the growth of real (inflation-adjusted) gross domestic product (GDP) will average 2.2 percent per year.
What Is the Outlook for the Economy Through 2017?
Over the next few years, CBO anticipates that increases in housing construction and investment by businesses will boost overall output, employment, and incomes, and, therefore, consumer spending. In addition, under current law, federal fiscal policy will restrain the growth of the economy by much less than it has recently. As measured by the change from the fourth quarter of the previous year, real GDP is projected to increase by 3.1 percent this year, by 3.4 percent per year in 2015 and 2016, and by 2.7 percent in 2017; by comparison, real GDP increased by 2.7 percent in 2013 (see the figure below). By the second half of 2017, CBO projects, real GDP will return to its average historical relationship with potential (or maximum sustainable) GDP-that is, slightly below its potential level.
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Source: Congressional Budget Office (CBO)
CFTC.gov Swaps Report Update
February 26, 2014--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Meet the Force Behind the Scenes in the $2.4 Trillion ETF Market
February 26, 2014--Reginald Browne tilts his 6-foot-5-inch frame forward to reach a chirping phone.
"What do you want, what do you need?" he asks.
It's his standard greeting for just about anyone who calls, Bloomberg Markets magazine will report in its April 2014 issue. This time, it's a representative of a large public pension fund who's thinking about moving money into exchange-traded funds for the first time.
Browne launches into his education mode, patiently answering questions on how closely an ETF will really track its index, how quickly the investor can get in and out and how much it will cost to trade.
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Source: Bloomberg
JPMorgan's Push Into 'Smart Beta' ETFs Takes Shape
February 26, 2014--In the same week that J.P. Morgan Chase (JPM) announced deep cuts in its mortgage-lending business, the firm's push into exchange-traded funds is coming into public view.
Last night, JPM detailed three planned offerings in a regulatory filing which underscore an interest in "smart beta" ETFs. The envisioned funds look a bit like Northern Trust's FlexShares, the best example of an old-line bank making a sudden success in fast-growing ETFs.
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Source: Barron's
ISE and ISE Gemini Named "Best Options Trading Venue" at Wall Street Letter 2014 Institutional Trading Awards
February 26, 2014--The announced today that it received the Wall Street Letter 2014 Institutional Trading Award for "Best Options Trading Venue" for its two exchanges, ISE and ISE Gemini.
In addition to that honor, ISE Holdings also received a second award for "Most Innovative Fee Structure." ISE Holdings' options business highlights in 2013 were anchored by the launch and early success of its second options exchange, ISE Gemini. ISE Gemini was the fastest new exchange to reach two percent market share and crossed the 20 million contract milestone within three months. ISE saw additional success in its Implied Order Functionality, surpassing the 20 million contracts traded milestone in October 2013.
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Source: International Securities Exchange Holdings, Inc. (ISE Holdings)
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices
A Deletion From The S&P/TSX Preferred Share Index
February 26, 2014--
S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
TransCanada Corporation (TSX:TRP) has announced that it will redeem for $CDN50.00 cash (plus $CDN0.2455 accrued and unpaid dividends) per share all of the outstanding shares of its TransCanada Pipelines 5.60% Cumulative Redeemable First Preferred Shares Series Y (TSX:TCA.PR.Y) at the close on March 5, 2014.
The shares of this issue will be removed from the S&P/TSX Preferred Share and the S&P/TSX North American Preferred Stock Indices after the close of trading on Wednesday, March 5, 2014.
Source: S&P Dow Jones Canadian Index Services
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices
A Deletion From The S&P/TSX Global Mining Index
February 26, 2014--S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
Alumina Ltd. (NYSE:AWC) has announced that it will delist its American Depositary Receipts (ADRs) from the New York Stock Exchange after the close of trading on Thursday, February 27,2014.
The ADR's will continue to trade in the OTC market. The shares of Alumina Ltd. ADR will be removed from the S&P/TSX Global Mining, the S&P/TSX Global Base Metals and the S&P/TSX Equal Weight Global Base Metals Indices after the close of trading on Thursday, February 27, 2014.
Source: S&P Dow Jones Canadian Index Services
iShares Expands its Factor ETF Offering
February 26, 2014--iShares, the Exchange Traded Funds (ETFs) business of BlackRock (NYSE: BLK), is expanding its factor ETF line-up with the launch tomorrow of two iShares Enhanced International ETFs.
The iShares Enhanced International Large-Cap ETF (NYSEArca: IEIL) and iShares Enhanced International Small-Cap ETF (NYSEArca: IEIS) seek to provide investors with long-term capital appreciation and are managed using BlackRock research rather than tracking an index.
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Source: BlackRock
WisdomTree Extends Global Reach in Latin America
Peruvian Pension Regulator Approves Sale of 12 ETFs in Peru
February 26, 2014--WisdomTree Investments, Inc. (Nasdaq:WETF), an exchange-traded fund ("ETF") sponsor and asset manager, today announced the Superintendencia de Banca, Seguros y AFP (SBS), the Peruvian pension funds investment regulator, has approved 12 WisdomTree ETFs for sale to Peruvian pension funds.
This is a necessary condition before they can be purchased in accordance with pension plan investment guidelines. There are currently approximately $40 billion (USD) in assets invested in Peruvian pension funds.(1)
"ETF adoption continues to increase throughout Latin America. We are pleased that 12 of our ETFs are approved for sale to Peruvian pension funds, further expanding our global footprint," said Luciano Siracusano,, WisdomTree Chief Investment Strategist.
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Source: WisdomTree
