Headlines and Happenings

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Click the link to read our 2nd Quarter newsletter of 2018

NWQ2ndQuarterNewsletter

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Click the link to read our first Newsletter of 2018

NWQ1stQuarter2018Newsletter

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The current U.S. economic cycle has been unusually long, sparking fears that it may die of old age. We have a different take. Looking at the quantity of recovery rather than the time it has taken reveals an economy with ample slack to power on. Its remaining lifespan may be clocked in years, not quarters.

If growth persists for some time and valuations on stocks are more reasonable than historical averages suggest, the biggest danger investor’s face may be a premature flight to safety. Indeed, we believe the old adage holds: make hay while the sun is shining. The global economy has settled into a steady growth rate slightly above the post-crisis trend. Investors may want to embrace the implications of a durable economic expansion and favor risk assets like stocks over bonds.

Stick to your guns in stocks. An earnings recovery is supporting equities globally

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T+2 Shortened Settlement Cycle

Following the 2008 financial crisis, our industry has increased its focus on reducing risk, achieving greater transparency, and improving efficiency in order to establish a safer market environment.

On September 5, 2017, the financial industry shortened the settlement cycle process that underlies a significant volume of U.S. financial activity. Specifically, the settlement cycle will shorten from three business days after the trade date (“T+3”) to two business days after the trade date (“T+2”). This change will reduce a number of risks for individual investors and the financial markets as a whole, including credit risk, market risk, and liquidity risk and, as a result, systemic risk.

Shortening the settlement cycle to T+2 on September 5, 2017, is expected to provide immediate benefits including expediting the movement of cash and securities. In addition, the move to T+2 will increase the global settlement harmonization of U.S. securities as it will align the settlement cycle with other global markets (European Union, Hong Kong, etc.).

Products subject to the shortened settlement cycle include:

• Equities

• Corporate and municipal bonds

• Unit Investment Trusts

• Other financial instruments comprised of these security types (i.e., mutual funds, ETFs, ETPs, ADRs, options, rights, and warrants)

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