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Vanguard consolidates five funds
The fund giant plans to consolidate five funds and eliminate $10K minimum for advisers on some funds
October 16, 2013--The Vanguard Group Inc. announced Wednesday that it plans to consolidate five of its mutual funds and has increased individual-investor access to its lower-cost Admiral Shares by eliminating Signal Shares.
The $16.3 billion Vanguard Developed Markets Index Fund will be merged with the $18.4 billion Vanguard Tax-Managed International Fund. The company explained that the funds share similar holdings and seek to track the same benchmark, the FTSE Developed ex-North America Index.
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Source: Investment News
SEC Charges Knight Capital With Violations of Market Access Rule
October 16, 2013--The Securities and Exchange Commission today announced that Knight Capital Americas LLC has agreed to pay $12 million to settle charges that it violated the agency's market access rule in connection with the firm's Aug. 1, 2012 trading incident that disrupted the markets.
An SEC investigation found that Knight Capital did not have adequate safeguards in place to limit the risks posed by its access to the markets, and failed as a result to prevent the entry of millions of erroneous orders. Knight Capital also failed to conduct adequate reviews of the effectiveness of its controls.
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Source: SEC.gov
BlackRock Canada Launches Suite of Outcome-Oriented Balanced Mutual Funds
BlackRock Strategic Portfolio Series- delivering the diversification and efficiencies advisors and their clients need in today's markets
Industry-leading iShares ETFs now available to all Canadian investors
October 15, 2013--BlackRock Asset Management Canada Limited (BlackRock Canada), an indirect, wholly-owned subsidiary of BlackRock, Inc. (BlackRock), today launched a suite of balanced mutual funds-BlackRock Strategic Portfolio Series built with iShares ETFs-
now available for purchase in Canada through your financial advisor or brokerage firm. Leveraging the success of its iShares ETF platform and its leading asset management and risk analytics capabilities, this new fund series is designed to provide both advisors and investors with much needed alternative investment strategies during a time of ever changing market conditions.
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Source: BlackRock
Purpose Investments Launches the World's First High Interest Savings ETF
October 15, 2013--Purpose Investments Inc. ("Purpose") is pleased to announce the launch of the Purpose High Interest Savings ETF, which will begin trading today on the Toronto Stock Exchange.
The Purpose High Interest Savings ETF seeks to maximize monthly income while preserving capital and liquidity. The Fund invests substantially all of its assets in high interest deposit accounts with one or more Chartered Banks and/or Canadian credit unions, providing investors with greater yield than traditional money market funds.
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Source: Purpose Investments Inc.
ISE Trades 20 Millionth Contract through Implied Order Functionality
Unique Functionality Improves Executions of Multi-Legged Orders on ISE
October 15, 2013--The International Securities Exchange (ISE) today announced that trading of multi-legged strategy orders through its Implied Order* functionality has exceeded 20 million contracts. ISE's Implied Order functionality has accounted for approximately seven percent of all non-crossing, multi-legged contract volume executed on ISE year-to-date.
With the ongoing success of Implied Orders, the functionality has tightened spreads on ISE's regular order book, improving executions for exchange members with both single- and multi-legged orders.
"We are very pleased to have surpassed 20 million contracts through our Implied Order functionality, further validating ISE as the industry leading destination for multi-legged orders," said Boris Ilyevsky, Managing Director of ISE's Options Exchanges. "We look forward to introducing further enhancements to our multi-legged order functionality, and to continuing to grow this important segment of our business."
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Source: ISE (International Securities Exchange)
NYSE Euronext new listings- 2 iShares ETFs
October 15, 2013-Summary: NYSE Euronext (NYSE:NYX) is pleased to announce that on Wednesday, October 17, 2013, the following ETFs will be listed on NYSE Arca and will begin trading as a new issue
iShares 0-5 Year Investment Grade Corporate Bond
Trading Symbol:SLQD
iShares 0-5 Year High
Yield Corporate Bond
Trading Symbol: SHYG
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Source: NYSE Euronext
Credit Suisse Announces October Monthly Coupon Payments on its Gold Shares Covered Call ETN and on its Silver Shares Covered Call ETN
October 14, 2013--On October 14, 2013, Credit Suisse declared $0.0829 per ETN monthly Coupon Payment for the Gold Shares Covered Call ETN (the "GLDI ETN") and declared $0.1554 per ETN monthly Coupon Payment for the Silver Shares Covered Call ETN (the "SLVO ETN").
The respective Coupon Payments are payable on October 25, 2013 to holders of record on October 22, 2013. The ex-dividend date is October 18, 2013.
The Coupon Payments represent a current yield of approximately 6.78% per annum on the GLDI ETN and a current yield of approximately 10.88% per annum on the SLVO ETN. The "current yield" equals the current monthly Coupon Payment annualized and divided by the Closing Indicative Value of the applicable ETN on October 11, 2013.
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Source: MSN Money
NYSE Euronext new listings-Renaissance Capital
October 14, 2013--Summary: NYSE Euronext (NYSE:NYX) is pleased to announce that on Wednesday, October 16, 2013, the following ETF
will be listed on NYSE Arca
and will begin trading as a new issue
Renaissance IPO ETF.
Trading symbol: IPO
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Source: NYSE Euronext
NASDAQ OMX Expands the NASDAQ BulletShares Index Family
NASDAQ BulletShares Ladder Indexes Start Disseminating Today
October 14, 2013--The NASDAQ OMX Group, Inc. (Nasdaq:NDAQ) is launching eight new indexes today in the NASDAQ BulletShares(R) Index Family.
The new NASDAQ BulletShares Ladder Indexes are traditional bond ladders implemented through indexes utilizing target maturity bond ETFs.
"These new indexes will provide the financial community a benchmark for tracking one of the most common types of fixed-income investing, bond-laddering," said John Jacobs, Executive Vice President, NASDAQ OMX Global Indexes. "The NASDAQ BulletShares Ladder Indexes are the next step for NASDAQ and Accretive Asset Management in creating new ways to measure fixed income investing."
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Source: NASDAQ OMX Global Indexes
Statement from Chairman and CEO Richard G. Ketchum on FINRA's Report on Conflicts of Interest
October 14, 2013--Today, FINRA published a report on conflicts of interest in the broker-dealer industry to highlight effective conflicts management practices that may go beyond current regulatory requirements and identify potential problem areas.
In July 2012, FINRA initiated a dialogue with several large firms to review their conflicts management practices to better understand how the industry identifies and manages conflicts.
While many firms have made progress in improving the way they manage conflicts, our review reveals that firms should do more. To help firms analyze the conflicts they face and implement a conflicts management framework appropriate to the size and scope of their business, we are publishing examples of how some large broker-dealer firms address conflicts. These practices-as well as those that are based on FINRA's experience and analysis-help firms of all sizes improve their conflicts management practices. Of course, there is no one-size-fits-all framework. Firms need to assess the approach that is most effective for their particular circumstances.
view the FINRA Report on Conflicts of Interest
Source: FINRA
