The Securities and Exchange Commission today announced that Lucas Moskowitz has been named the agency’s chief of staff.
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Investing for the Long Run. (arXiv:1705.03929v1 [q-fin.PM])
This paper studies long term investing by an investor that maximizes either expected utility from terminal wealth or from consumption. We introduce the concepts of a generalized stochastic discount factor (SDF) and of the minimum price to attain target payouts. The paper finds that the dynamics of the SDF needs to be captured and not the entire market dynamics, which simplifies significantly practical implementations of optimal portfolio strategies. We pay particular attention to the case where the SDF is equal to the inverse of the growth-optimal portfolio in the given market. Then, optimal wealth evolution is closely linked to the growth optimal portfolio. In particular, our concepts allow us to reconcile utility optimization with the practitioner approach of growth investing. We illustrate empirically that our new framework leads to improved lifetime consumption-portfolio choice and asset allocation strategies.
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BM&FBOVESPA: Provision Of Services To Other Financial Market Infrastructures
According to the External Communication available below, BM&FBOVESPA has submitted to public consultation, for comments and review by its participants and other interested parties, the rules, operating procedures and commercial conditions that will govern the access by other financial market infrastructures to the following services:
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Initial Results Of The 100-Day Action Plan Of The U.S. - China Comprehensive Economic Dialogue
President of the United States Donald Trump and President of the People’s Republic of China Xi Jinping agreed at their Mar-a-Lago meeting to advance U.S. - China economic cooperation with a 100-day action plan under the framework of the U.S. - China Comprehensive Economic Dialogue. Under the leadership of the co-chairs, Secretary of the Treasury Steven T. Mnuchin, Secretary of Commerce Wilbur Ross of the United States and Vice Premier Wang Yang of China, both nations have negotiated intensively to make progress on key issues. The three co-chairs reached consensus on initial commitments under the 100-day plan and objectives for next steps.
In approximately one month following the Presidential Summit, the two sides reached consensus on addressing issues in areas including agricultural trade, financial services, investment, and energy. For details, see the attached U.S.-China joint fact sheet.
Both sides also identified other issues that will require significant effort to resolve and achieve progress on within the 100-day period. Both sides further committed to strengthen communication and coordination to jointly advance those issues and achieve resolution as soon as possible. Further, as concrete progress is made in implementing the actions under the 100-day plan, the two sides will begin discussing a one-year plan to further solidify actions in promoting U.S. - China economic engagement and cooperation. Following implementation of the 100-day plan, the United States and China look forward to deepening engagement on these and other issues at the first meeting of the Comprehensive Economic Dialogue, to be held in the United States in the summer of 2017.
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Play a Bigger Game: How to Achieve More, Be More, Do More, Have More
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Communications Writing and Design: The Integrated Manual for Marketing, Advertising, and Public Relations
Communications Writing and Design is an integrated, project-based introduction to effective writing and design across the persuasive domains of communication.
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Communications Writing and Design: The Integrated Manual for Marketing, Advertising, and Public Relations
Communications Writing and Design is an integrated, project-based introduction to effective writing and design across the persuasive domains of communication.
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London Stock Exchange Welcomes ADES To The Main Market
London Stock Exchange today welcomes ADES International Holding (ADES), the Middle East-based oil and gas drilling and production services firm to the Main Market. The company successfully raised $170 million of primary proceeds at IPO with a further $73 million offered by existing shareholders. At the $16.50 offer price, ADES will have a market capitalisation of $693 million at the start of unconditional trading this morning.
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Deutsche Börse And Malta Stock Exchange Extend Trading Technology Agreement
The Malta Stock Exchange is to continue its use of Deutsche Börse trading technology. The two stock exchanges have extended their agreement retroactively from 1 January 2017, for another five years, until 31 December 2021. In this context, the Malta Stock Exchange has also extended its trading hours. Daily trading in a number of products is now possible from 9.00 a.m. to 3.30 p.m.
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Bulgarian Stock Exchange Main Market Summary April 2017
Click here to download the statistics for the market performance of the Bulgarian Stock Exchange in April, 2017.
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Millennium Exchange Release 9.2 Oslo Børs – Invitation To Technical User Groups In Stockholm And Oslo
Oslo Børs upgrades Millennium Exchange trading system to release 9.2 in order to be MiFID-compliant in Q4 2017. Important project dates, such as opening of upgraded test environment, customer dress rehearsal and go-live date, will be announced in due course.
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Multistakeholder Action Needed To Move From Cash To e-Payments
With its impressive rates of smartphone and broadband penetration, ASEAN is ripe for a digital payments revolution that can replace cash as the predominant mode of payment, although much work lies ahead for creating the requisite infrastructure and ecosystem.
At a session entitled Dethroning Cash as King at the World Economic Forum on ASEAN, business leaders agreed the task would require a multistakeholder approach and encompass steps at every level of the value chain, including customer education, creation of enabling e-commerce laws, policies and regulation, development, customization and deployment of technology.
Cash promotes the “grey” economy, while digitizing payments has a direct and measurable impact on GDP growth, Timothy Murphy, General Counsel and Chief Franchise Officer at Mastercard, told participants. “Formal identity of consumers is a critical component,” he said, adding that governments around the world, notably India, are taking steps to provide all citizens with a secure, verified and unique online identity. As important are secure transaction channels, education of users about benefits, and access to the internet – gaps that must be filled in ASEAN and which need closer policy focus.
“The high cost of remittance is one of the great tragedies in the world,” Nick Nash, Group President of Sea Group, said, adding that digital payments could one day make cross-border money transfer easy and inexpensive. “The missing ingredient is deregulation,” he added, explaining that it is often difficult for ASEAN-based companies to get licences to operate in fellow-ASEAN countries, and making a case for allowing local and regional champions to emerge.
"ASEAN is the cheapest place to be rich and the most expensive place to be poor,” he said, implying that small businesses bear a disproportionate burden of compliance with expensive procedures and regulations, and adding that this must change.
Small businesses, in particular, can gain from e-payments, said Rahul Singhal, General Manager, South-East Asia, PayPal Pte Ltd. He pointed out that ASEAN has 3.5 million freelancers – people who work from home with a computer and a high-speed internet connection – who can take their services global and scale up rapidly with e-payments. However, he cautioned against protectionism and anti-globalization tendencies, saying that an e-payments ecosystem requires an acceptance of global data centres and the extraterritorial nature of the cloud.
Governments have to strike a careful balance on what and how much to regulate, the panellists agreed. Murphy pointed out that governments are by far the largest economic actors in most countries, so if they move systematically to collect revenue and make payments digitally, it can spur a dramatic move towards a cashless economy.
Creating infrastructure and an ecosystem requires calibrated, concerted action by a range of stakeholders including government, private businesses, small retailers, buyers and other users. One key element has to be security, and technology must be openly shared and made available so that people do not waste resources reinventing the wheel, said In Channy, President and Group Managing Director of ACLEDA Bank Plc, one of Cambodia’s largest commercial banks. He called for partnerships between large/wholesale lenders and millions of small borrowers, such as micro-finance customers, to promote the use of digital payments, as well as collaboration with the private sector to help regulators build capacity.
Nash emphasized that regulation must aim to achieve the best outcome for the largest number of people, pointing out that in ASEAN entrenched interests are often able to lobby to ensure that their interests are not undercut.
More than 700 business, government and civil society leaders from 40 countries are participating in the 26th World Economic Forum on ASEAN in Phnom Penh, Cambodia, from 10 to 12 May 2017. The theme of the meeting is Youth, Technology and Growth: Securing ASEAN's Digital and Demographic Dividends.
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Westpac Selects InsurTech Start-Up Audeamus Risk For Top 200 Businesses Of Tomorrow
Audeamus Risk, the world's firstBusiness Interruption Insurance trading platform, has been recognised by an independent panel, led by major Australian Bank Westpac, among the top 200 Australian Businesses of Tomorrow.
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VolkerWessels Lists On Euronext - € 575 Million Raised, Market Capitalisation Of Approximately € 1,840 Million
Euronext Amsterdam today welcomed Koninklijke VolkerWessels N.V. (ticker symbol: KVW), a leading integrated and diversified construction group. The listing follows the company’s successful Initial Public Offering (IPO), with a total offering of € 575 million.
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UK's Financial Conduct Authority And Hong Kong's Securities And Futures Commission Sign Fintech Co-Operation Agreement
The Financial Conduct Authority (FCA) today entered into a co-operation agreement with the Securities and Futures Commission (SFC) in Hong Kong to foster collaboration in support of financial technology (Fintech) innovation.
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Taiwan Futures Exchange (TAIFEX) Monthly Newsletter - May 2017
TAIFEX announced to list TWD-denominated futures contracts on S&P 500® and Dow Jones Industrial Average® (DJIA) indices on May 15, along with the commencement of the After-Hour Trading Session. Varied by products, the session will be operated from either 15:00 or 17:25 to 05:00 of the next day.
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Malawi Stock Exchange Weekly Trading Report - 12 May, 2017
Click here to download Malawi Stock Exchange's weekly trading report.
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Prodways Lists On Euronext - Market Capitalisation Around €232 Million On The Day Of The Listing And The Transaction Amounted To A Total Of €51 Million
Euronext today welcomed Prodways Group, specialist in industrial and professional 3D printing solutions in Europe, to compartment B of its regulated market Euronext Paris. Prodways joins the 330 technology companies listed on the Euronext pan-European markets and reflects this sector’s dynamism. Prodways’ initial public offering has been particularly successful amongst retail investors who have committed around €51 million. This participation is a record for a small and mid-cap company since the creation of EnterNext in May 2013.
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Hong Kong's Securities And Futures Commission And UK's Financial Conduct Authority Sign Fintech Cooperation Agreement
The Securities and Futures Commission (SFC) today entered into a cooperation agreement with the UK Financial Conduct Authority (FCA) to foster collaboration in support of financial technology (Fintech) innovation (Note 1).
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Former Employees Of Borsa İstanbul Group Detained Over Gulen Links - Haberturk
According to the Turkish media outlet Haberturk, the Turkish prosecutor's office has detained 102 former employees of the Borsa Ä°stanbul Group.
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