The SEC has proposed new and amended rules intended to modernize data reporting for open-end funds, which allow investors to redeem their shares daily and includes mutual funds and exchange-traded funds (ETFs). The SEC proposals also cover liquidity risk management and swing pricing, and are “part of the Commission’s initiative to enhance its monitoring and… Read More >>
SEC Slams 13 Firms for Relaying False Performance Data
A baker’s dozen of investment advisory firms has been penalized by the SEC for allegedly “spreading the false claims” of an investment management firm, proving that it can be costly to pass along data The SEC enforcement sweep yielded 13 investment advisers that the regulator says “accepted and negligently relied upon claims by F-Squared Investments… Read More >>
State Street, Bloomberg Join Forces for Fixed Income ETFs
Custodian and asset manager State Street Corp. and market data and news provider Bloomberg have joined forces for a Bloomberg terminal enhancement that improves workflow and settlement for fixed income exchange traded funds (ETFs). The combined effort has led to an integration between Bloomberg’s Fixed Income ETF Basket service (BSKT<GO>) and State Street’s TotalETF automated… Read More >>
TSX Jolts the Mutual Funds Market in Canada
The Toronto Stock Exchange (TXS) is taking on the operational and cost inefficiencies in the processing of mutual fund transactions via the launch of TSX NAVex for Canadian market participants, namely dealers and mutual fund manufacturers. The TXS NAVex is an attempt to provide automation for mutual fund processing, which is mostly manual now, says… Read More >>
FINRA Fines Wedbush $675K on Supervisory Violation Charges
The Financial Industry Regulatory Authority (FINRA) reports that it has censured and levied a $675,000 fine against Wedbush Securities Inc. for “supervisory violations” that concerned a client’s “chronic fails to deliver” after so-called naked trades of leveraged exchange-traded funds (ETFs), during the January 2010 to March 2012 period. The Wedbush client was broker-dealer Scout Trading,… Read More >>
European Firms Dump Derivatives for Easier ETFs
Exchange traded funds (ETFs) are gathering momentum among European institutional investors due to lower fees, ease of use and operational simplicity compared to derivatives. In fact, firms are increasingly using ETFs instead of derivatives and as a tool for diversification and rebalancing portfolios, according to a new report ETFs in the European Institutional Channel, from… Read More >>
SEC Puts Industry on Notice for 2016 Exams
Liquidity controls, public pension advisers, product promotion, exchange-traded funds and variable annuities are on the SEC’s radar as far as issues that have risen to the top for the regulator’s examination priorities in 2016. Through the Office of Compliance Inspections and Examinations (OCIE), the SEC is setting priorities for the new year, and in addition… Read More >>
SEC Targets Mutual Funds, ETFs via Curbs on Derivatives
As expected, the SEC has voted to propose new derivatives rules that would limit leverage and other risks for mutual funds, exchange-traded funds (ETFs) and other registered investment companies in the derivatives markets. After a 90-day comment period, the commission is likely to move forward on the new rules. New rules are needed, the commission… Read More >>
NSX Relaunch Will Bring Light to Dark Corners of Trading: CEO
(Editor’s note: Mark Sulavka, the chairman, CEO and president of the National Stock Exchange (NSX), is working hard to relaunch the bourse 17 months after it closed in May 2014. Sulavka is overseeing the final stages of bringing back the exchange for trading equity securities and exchange-traded fund (ETFs) by early next month. The heart… Read More >>
National Stock Exchange Announces Its Resurrection
After closing for 17 months, the National Stock Exchange (NSX) is in the final stages of relaunching a national securities exchange for trading equity securities and exchange-traded fund (ETFs) with a strategy to become “the leader in low-fee market access,” say NSX officials. The low-fee strategy is intended to drive higher levels of activity than… Read More >>
