Americas ETP News
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Atlanta brokerage to pay $700,000 for sales of risky ETFs: FINRA
December 5, 2013--An Atlanta-based securities brokerage must pay back a total of more than $700,000 to 84 customers for selling them risky types of exchange-traded funds and frequently switching clients' mutual funds to boost commissions, Wall Street's industry-funded watchdog said on Thursday.
The Financial Industry Regulatory Authority (FINRA) found J.P. Turner & Co LLC allowed its brokers to recommend leveraged and inverse exchange-traded funds (ETFs) during 2008-2009 without adequate training or understanding the risks the ETFs posed to investors, according to a settlement. The firm also did not properly supervise sales of the securities, FINRA said.
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Source: Reuters
National Income and Product Accounts Gross Domestic Product, 3rd quarter 2013 (second estimate)
Corporate Profits, 3rd quarter 2013 (preliminary estimate)
December 5, 2013--Real gross domestic product -the output of goods and services produced by labor and property
located in the United States -increased at an annual rate of 3.6 percent in the third quarter of 2013 (that
is, from the second quarter to the third quarter), according to the "second" estimate released by the
Bureau of Economic Analysis. In the second quarter, real GDP increased 2.5 percent.
The GDP estimate released today is based on more complete source data than were available for
the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 2.8
percent (see "Revisions" on page 3). With this second estimate for the third quarter, the increase in
private inventory investment was larger than previously estimated.
The increase in real GDP in the third quarter primarily reflected positive contributions from private inventory investment, personal consumption expenditures (PCE), exports, nonresidential fixed investment, residential fixed investment, and state and local government spending that were partly offset by a negative contribution from federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
The acceleration in real GDP growth in the third quarter primarily reflected an acceleration in private inventory investment, a deceleration in imports, and an acceleration in state and local government spending that were partly offset by decelerations in exports, in PCE, and in nonresidential fixed investment.
view the GROSS DOMESTIC PRODUCT: THIRD QUARTER 2013 (SECOND ESTIMATE) CORPORATE PROFITS: THIRD QUARTER 2013 (PRELIMINARY ESTIMATE)
Source: Bureau of Economic Analysis
S&P Dow Jones Indices Announces Changes To The S&P/TSX Canadian Indices
A Spinout For The S&P/TSX Venture Composite And Venture Select Indices
December 5, 2013--S&P Dow Jones Canadian Index Services will make the following changes in the S&P/TSX Canadian Indices:
The Plan of Arrangement between Fission Uranium Corp. (TSXVN:FCU) and Alpha Minerals Inc. (TSXVN:AMW) has received all shareholder and court approvals.
As part of the larger transaction involving the two companies, Fission Uranium will spin out, on a 1-for-1 basis, shares of a new TSX Venture-listed company to be named Fission 3.0 Corp. The ticker symbol of Fission 3.0 is not yet known. The spun out shares of Fission 3.0 will be added at zero price to the S&P/TSX Venture Composite and Venture Select Indices after the close of trading on Monday, December 9, 2013.
Source: S&P Dow Jones Canadian Index Services
Regulators Seek Pro-Business Recipe for Asset-Backed Bond Market
December 5, 2013--Global regulators are seeking to coax institutional investors, from insurers to pension funds, back into the market for asset-backed bonds to boost non-bank funding for businesses.
"The focus of reviving these markets should be to build a sustainable non-bank investor base, and to avoid a system where you are just recycling the credit among banks," Greg Medcraft, chairman of the International Organization of Securities Commissions, or Iosco, said in a phone interview.
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Source: Bloomberg
New rules on derivatives draw suit
December 5, 2013--Wall Street trade groups are launching a coordinated legal challenge against new rules for international derivatives trades-a pillar of the 2010 Dodd-Frank law intended to bring more light to once dark markets.
At stake in a lawsuit filed Wednesday against the Commodity Futures Trading Commission is how to police the multitrillion-dollar derivatives market that was a source of the 2008 financial crisis but that the industry argues could buckle under the weight of new rules-a charge advocates of tighter oversight say is an attempt to gut needed reforms.
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Source: politico.com
Northern Trust's ETF reboot finding its footing
December 5, 2013--FlexShares has been on a hiring spree this year as its assets under management have more than tripled.
Northern Trust's two-year-old exchange traded fund business grew its sales force by 50 per cent, bringing its number of wholesalers to 18.
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Source: FT.com
U.S. House passes bill to exempt private equity funds from rules
December 4, 2013--The U.S. House of Representatives passed a bill on Wednesday that would largely spare private equity fund advisers from federal regulations enacted after the 2007-2009 financial crisis.
The bill would exempt many private equity fund advisers from a provision in the 2010 Dodd-Frank Wall Street Reform law which required advisers with more than $150 million in assets under management to register with the U.S. Securities and Exchange Commission
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Source: Reuters
CFTC.gov Swaps Report Update
December 4, 2013--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Fidelity undercuts Vanguard''s target date funds
Mutual fund giant getting aggressive in the low-cost battle
December 4, 2013--Fidelity Investments is becoming aggressive in the low-cost battle against index fund giant Vanguard.
Fidelity has lowered the fees on its Fidelity Freedom Index Funds to just 16 basis points, or $16 a year for every $10,000 invested, from 19 basis points. It's not a big cut in real dollars, but it does make the Freedom Index Fund lineup slightly cheaper than The Vanguard Group Inc.'s target date funds, which charge 18 basis points.
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Source: Investment News
NASDAQ OMX Monthly Index Performance Report
December 4, 2013--The NASDAQ OMX Index Monthly Performance Report (as of 11/29/13)is now available.
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Source: NASDAQ OMX
