IndexIQ has brought to Nasdaq a large-cap equity exchange-traded fund linked to the Chaikin Power Gauge stock-rating model, which investment strategist Marc Chaikin developed. The model analyzes Nasdaq US 300 Index stocks based on value, growth, technical and market-sentiment factors.
Goldman Sachs reportedly wants 100% margin from some clients for clearing bitcoin futures trades, inclusive of margin requirements by Cboe Global Markets and CME Group. "Margin decisions are based on multiple factors and vary on a case-by-case basis," Goldman spokeswoman Tiffany Galvin said.
Britain's withdrawal from the EU is challenging a fundamental goal of Europe's revised Markets in Financial Instruments Directive: to improve market transparency. The situation could prompt a rewrite of rules.
The Federal Reserve reportedly has dropped a proposed requirement that banks report exposure data from client clearing of derivatives in annual stress tests because of pressure from industry participants. Industry groups had complained the data would have skewed stress test models.
Chinese traders are hoping domestic oil futures launch by Christmas now that Shanghai Futures Exchange has finished a fifth round of testing and has met State Council requirements. "The Western market would be quiet [during Christmas] and allow the Shanghai exchange, as well as Chinese investors, to adjust in the early days," said trader Yuan Quwei.
Wells Fargo has laid off roughly 60 mortgage employees -- about 40 in the mortgage inspection group and about 20 lending managers -- as regulators continue to examine its lending practices. The bank is looking to hire 1,500 mortgage employees, though its total employee count of roughly 268,000 will remain steady.
Eric Roberge is a 38-year-old financial planner who embraces modern business models by aiming squarely at millennials, describing himself as "a personal trainer for finances," charging a flat monthly fee and making extensive use of online technology and social media. He argues that millennial clients want financial professionals to offer help and solutions rather than simply sell them products, and he warns that older planners must adapt their methods to the new environment.
Regulators should keep close watch on the risks created by digital currencies and financial-technology innovations, the Financial Stability Oversight Council says in its annual report. "New applications of technology ... can be disruptive and can create risks and vulnerabilities that are difficult to anticipate," the report said.
Squarespace, a startup that makes it easy for people to create websites, has raised $200 million in a funding round that gives it a $1.7 billion valuation. Most of the money will be used to cash out early employees and investors.
Ginkgo Bioworks, a startup that creates microbes for clients in various fields, raised $275 million in its most recent funding round. The company recently formed a joint venture with global agricultural chemical company Bayer.