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CFTC Closes Investigation Concerning the Silver Markets
September 25, 2013--The Commodity Futures Trading Commission (CFTC or Commission) Division of Enforcement has closed the investigation that was publicly confirmed in September 2008 concerning silver markets.
The Division of Enforcement is not recommending charges to the Commission in that investigation. For law enforcement and confidentiality reasons, the CFTC only rarely comments publicly on whether it has opened or closed any particular investigation. Nonetheless, given that this particular investigation was confirmed in September 2008, the CFTC deemed it appropriate to inform the public that the investigation is no longer ongoing. Based upon the law and evidence as they exist at this time, there is not a viable basis to bring an enforcement action with respect to any firm or its employees related to our investigation of silver markets.
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Source: CFTC.gov
What Makes Alternative Beta Smart?
September 25, 2013--A growing variety of alternative beta strategies have come to market in recent years. Many of these strategies are purported to be "Smart Betas." Are they? What makes them smart?
According to Towers Watson (2013), a leading global investment-consulting firm, “Smart beta is simply about trying to identify good investment ideas that can be structured better... smart beta strategies should be simple, low cost, transparent and systematic.” This straightforward definition indicates what investors ought to expect of a "Smart Beta." Our research suggests that many alternative beta strategies fall short of this definition. Some are overly complex and opaque in the source of their value added. Others will incur unnecessary implementation costs. Many alternative beta strategies don’t seem so smart.
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Source: Research Affiliates
Edward Kerschner Joins Emerging Global Advisors as Vice Chairman
Firm's strategy team adds thematic investing veteran
September 25, 2013--Emerging Global Advisors (EGA), the asset manager to the EGShares exchange-traded fund (ETF) offering, announced today that Edward Kerschner joined the firm as Vice Chairman.
In this role, Mr. Kerschner will be an integral part of the strategy team and will be responsible for helping wealth managers understand developing market investment opportunities.
Mr. Kerschner joins EGA with 35 years of experience in the securities industry across a number of strategy roles, including Chief Investment Strategist and Chairman of the Investment Policy Committee at PaineWebber, Chief Global Strategist for UBS Investment Research, Chief Investment Officer for Citi Investment Research and the Chief Investment Strategist for Citi Global Wealth Management.
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Source: Emerging Global Advisors (EGA)
Federal Debt and the Statutory Limit, September 2013
September 25, 2013--The Congress has traditionally placed a limit on the total amount of debt that the Department of the Treasury can issue to the public and to other federal agencies. Law-makers have enacted numerous increases to the debt limit-commonly known as the debt ceiling-some of which have been temporary but many of which have been permanent.
The Treasury's borrowing has been at the current limit since May, although it has employed a well-established toolbox of so-called extraordinary measures that allow it to borrow additional funds without breaching the debt ceiling.
On September 25, 2013, the Treasury estimated that its ability to borrow under those extraordinary measures will be exhausted no later than October 17, leaving a cash balance of approximately $30 billion. CBO currently projects that the Treasury will exhaust all of the borrowing authority created by those measures, as well as its cash balance, between October 22 and the end of the month. (It is possible, however, that the date could fall outside of that range.)
view the Federal Debt and the Statutory Limit, September 2013
Source: Congressional Budget Office (CBO)
ETF providers position funds for rising interest rate environment
September 24, 2013--Exchange-traded fund companies are coming to market with a rash of new products and strategies designed to protect income investors from the dangers of rising interest rates.
Even though the Federal Reserve deferred the start of a rising rate era when it held policy steady last week, "the narrative still holds," said Matt Tucker, head of fixed income strategy at BlackRock's iShares.
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Source: Reuters
American Independence Launches Risk-Managed Allocation Fund, an ETF-Based Asset Allocation Strategy Focused on Long Term Growth
JAForlines will sub-advise a new fund, designed to appeal to investors concerned about volatility
September 24, 2013--American Independence Financial Services, LLC (American Independence), a New York-based investment advisory firm and manager of mutual funds and separate accounts, today announced the launch of the American Independence Risk-Managed Allocation Fund (A: AARMX C: ACRMX I: RMAIX) (the "Fund"), an actively managed, ETF-based global asset allocation strategy.
The sub-advisor for the Fund is J.A. Forlines, LLC, a leading asset manager specializing in risk-managed, ETF-based global allocation investment solutions. The Fund will be marketed to financial intermediaries throughout the U.S.
The Risk-Managed Allocation Fund seeks to achieve long-term capital appreciation while providing lower than average risk. The Fund is an actively managed, multi-asset class portfolio that uses ETFs to take advantage of market trends globally.
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Source: American Independence Financial Services, LLC
Horizons ETFs Management (USA) LLC Appoints Head of Sales
September 24, 2013--Horizons ETFs Management (USA) LLC ("Horizons USA"),a subsidiary of Mirae Asset Global Investments Co., Ltd. ("MAGI") is pleased to announce the appointment of Michael Fardy as Executive Vice President and Head of Sales for Horizons USA.
Mr. Fardy is an investment industry executive with nearly two decades of experience in business development and strategic relationship management. Previously, Mr. Fardy was a Director at BlackRock responsible for expanding the presence of the iShares exchange traded funds across the northeastern United States. Prior to that, he was a Regional Vice President with Dreyfus Mutual Funds and a Regional Marketing Director with Putnam Investments.
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Source: Horizons Exchange Traded Funds Inc
Chicago upstart takes on Vix 'fear gauge'
September 24, 2013--There's a fearsome battle brewing in Chicago.
For two decades, the Vix index run by the Chicago Board Options Exchange has been the financial industry's go-to method for measuring expectations of volatility in the wider marketplace. But in recent years, with the Vix trading persistently low, some critics have proclaimed Wall Street's "fear gauge" to be seriously outdated.
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Source: FT.com
CFTC Certifies Futures Contract on S&P BSE 100 Index Submitted by BSE Ltd (BSE)
September 24, 2013--Contract May be Offered to U.S. Persons Effective September 24, 2013
The Commodity Futures Trading Commission's (CFTC) Division of Market Oversight issued a letter advising the BSE that its S&P BSE 100 Index futures contract submitted for review on August 8, 2013 is deemed certified.
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Source: CFTC.gov
T. Rowe Price Asks SEC to Approve Actively Managed ETF
September 24, 2013--T. Rowe Price Group Inc. (TROW) has asked the U.S. Securities and Exchange Commission for permission to offer actively managed exchange-traded funds that wouldn't disclose their holdings daily.
The first of the funds, if approved by regulators, would aim to beat the Standard & Poor’s 500 Index, according to the request, filed yesterday with the SEC. T. Rowe Price, based in Baltimore, joins BlackRock Inc. (BLK) and Eaton Vance Corp. (EV) among money managers seeking the go-ahead to offer so-called non-transparent active ETFs.
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Source: Bloomberg
