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CFTC.gov Commitments of Traders Reports Update
December 6, 2013--The current reports for the week of December 2, 2013 are now available.
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Source: CFTC.gov
BMO Asset Management Inc. Announces that BMO 2013 Corporate Bond Target Maturity ETF Will Continue Operations as Short-Term Bond ETF
December 6, 2013--BMO Asset Management Inc. ("BMO AM") today announced that, effective December 31, 2013, BMO 2013 Corporate Bond Target Maturity ETF ("ZXA") will continue its operations as an exchange traded short-term bond fund as originally provided for in its prospectus.
This will enable investors to continue to hold their existing units as well as providing the opportunity for investors to purchase and sell units at their discretion instead of at a set termination date.
In connection with continuing ZXA past its target maturity date, BMO AM would like to notify unitholders of the following changes (collectively, the "ZXA Changes"):
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Source: BMO Financial Group
Horizons ETFs Announces Unit Consolidation
December 6, 2013--December 6, 2013--Horizons ETFs Management ( Canada ) Inc. ("Horizons ETFs"), the manager and trustee of the Horizons US Dollar Currency ETF (the "ETF"), listed on the Toronto Stock Exchange ("TSX") under the symbols DLR and DLR.U, has announced today that it intends to consolidate the units of the ETF,
as outlined below:
Unit Consolidation
After the TSX has closed for trading on Friday, December 20, 2013 , the units of the ETF will be consolidated on the basis of a ratio (the "Consolidation Ratio") yet to be determined, such that the net asset value ("NAV") of the units of the ETF traded on the TSX under the ticker symbol DLR.U will equal $10.00 USD upon such consolidation. The units of the ETF will begin trading on a consolidated basis on Monday December 23, 2013 , the effective date of the consolidation.
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Source: Horizons ETFs Management (Canada) Inc
Credit Suisse Announces the Acceleration for Early Redemption of its LPLT, IPLT, UOIL and DOIL ETNs
December 6, 2013--December 6, 2013--Credit Suisse announced today that it will redeem four ETNs. Credit Suisse AG will accelerate for early redemption its VelocityShares(TM) 2x Long Platinum ETNs ("LPLT"), 2x Inverse Platinum ETNs ("IPLT"), 3x Long Brent Crude ETNs ("UOIL") and 3x Inverse Brent Crude ETNs ("DOIL"), in each case on December 27, 2013.
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Source: Credit Suisse AG
US equity bulls eye 2,014 for 2014
December 6, 2013--After stellar gains for the S&P 500 this year, investors are looking ahead
Manhattan street vendors are already hawking New Year's eve spectacles moulded in the shape of 2014 and it's a look that resonates with some equity bulls.
This week, Morgan Stanley published its US equity strategy outlook for the S&P 500 next year with the catchy title: 2014 for 2014.
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Source: FT.com
CB0 Monthly Budget Review for November 2013
December 6, 2013--The federal government ran a budget deficit of $231 billion for the first two months of fiscal year 2014, $61 billion less than the shortfall recorded in October and November of last year, CBO estimates.
Total Receipts: Up by 10 Percent in the First Two Months of Fiscal Year 2014
Receipts for the first two months of fiscal year 2014 totaled $380 billion, CBO estimates-$34 billion more than receipts during the same period last year.
view the CBO Monthly Budget Review for November 2013
Source: Congressional Budget Office (CBO)
Fidelity's feverish fee cuts a bid to cure market share woes
How low will it go? Battle against Vanguard becomes a war of basis points
December 6, 2013--"Vanguarditis," the asset manager infection that leads to fee cuts and happier advisers, has worked its way into the heart of the Boston Behemoth.
Over the past few weeks, Fidelity Investments has made strategic fee cuts and launched new products to ensure that its products are the cheapest in two categories in which the Vanguard Group Inc. has been eating their lunch for a decade.
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Source: Investment News
BlackRock Canada Announces Final Dissolution Proceeds Related to the Termination of iShares Managed Futures Index ETF
December 5, 2013--BlackRock Asset Management Canada Limited ("BlackRock Canada"), an indirect, wholly-owned subsidiary of BlackRock, Inc. ("BlackRock") today announces additional information regarding the termination of the iShares Managed Futures Index ETF (the "Fund") that was announced on September 17, 2013.
The common units of the Fund ("CMF") and the advisor class units of the Fund ("CMF.A") were delisted from the Toronto Stock Exchange on November 28, 2013.
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Source: BlackRock Asset Management Canada Limited (iShares)
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
