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News Article | May 23, 2017
Site: www.prnewswire.com

"Thanks to the hard work of our many partners, today's national Bank On Conference is filled with exciting progress and a truly committed, multi-sector banking access community," said Jonathan Mintz, President and CEO, Cities for Financial Empowerment Fund. "More and more financial institutions are now offering accounts certified as meeting Bank On National Account Standards, we're making enormous strides on constructive approaches to both data reporting and banking connectivity strategies, and local leaders are redoubling their successful approaches to vibrant coalitions." "Bank On National Account Standards have been a game changer, thanks to the CFE Fund's leadership," said Naomi Camper, Head of Nonprofit Engagement at JPMorgan Chase, Bank On's seed funder. "JPMorgan Chase is proud to partner with CFE Fund to build the capacity of local governments and nonprofits to work with banks to promote asset building and financial empowerment." "We're committed to supporting the Cities for Financial Empowerment Fund and its ongoing efforts to provide access to responsible financial products and solutions for families across the U.S.," said Angie Lathrop, Community Affairs executive, Bank of America and Bank On programmatic supporter. "Connecting people and communities to financial resources is an important part of building financial security to plan for a more stable future." "At Wells Fargo, we share the CFE Fund's commitment to strengthening the economic viability of our communities, and to offering accounts and services that meet the financial needs of the underserved," said Mike Rizer, director of Community Relations at Wells Fargo and Bank On programmatic supporter. "Today's conference was a powerful display of that shared commitment, and we're proud to be a sponsor of this important event. We're also proud of our recent investment in the Bank On program, which will provide seed funding for the new Bank On Fellows program. Together, we will help provide safe, affordable financial services to underserved families across the country." The goal of Bank On is to ensure that everyone has access to safe and affordable financial products and services. The Bank On National Account Standards identify critical product features for appropriate bank or credit union accounts, making it easier for local coalitions across the country to connect consumers to accounts that meet their needs. Core account features include low costs, no overdraft fees, robust transaction capabilities such as a debit or prepaid card, and online bill pay. Earlier this year, the CFE Fund announced a streamlined process through which financial institutions can submit online for certification, at no charge, accounts that they believe meet the Bank On National Account Standards. At the Conference, the CFE Fund announced that 9 financial institutions now have accounts that meet Bank On National Account Standards; these accounts are now available at 24,137 branches in 49 states and Washington, DC. Newly certified accounts include: Dart Bank's Bank On Checking Account, First Commonwealth Bank's SmartPay Card, First National Bank's Access Debit Account, and KeyBank's Hassle-Free Account. These newly-certified accounts join Bank of America's Safe Balance Banking account, Chase Liquid, Citi's Access Account, U.S. Bank's Safe Debit Account, and Wells Fargo's EasyPay Card. Local Bank On coalitions will be able to use certification program to identify other local and regional financial institutions, including both banks and credit unions, that offer accounts that meet the Standards. "Dart Bank is proud of our partnership with Bank On," said Sally Rae, Executive Vice President, Dart Bank. "As a community bank we feel a responsibility to help individuals re-establish themselves financially, and this program helps us to do this." "Now more than ever, people look to cities to ensure everyone has a safe, affordable place to keep their money and build wealth," said José Cisneros, Treasurer, City and County of San Francisco. "Since the pioneering launch of Bank On San Francisco ten years ago, we have helped over 75,000 people open their first account and move into the financial mainstream. Now is the time to double down on this progress. San Francisco is proud to lead a strong coalition of nonprofit and financial institution partners committed to supporting all our residents achieve greater financial security and prosperity under Bank On." The CFE Fund also announced the release of new Bank On resources, including an updated Bank On website and new chapters in the Bank On Coalition Playbook. The resources in the Playbook cover a range of topics, including constructively partnering with financial institutions. The Playbook, available online, now includes a new chapter on the Bank On Listserv; previous chapters include Bank On National Account Standards (2017-2018), Bank On Guiding Principles, and a partnership template Bank On Coalition Financial Institution Partnerships: Statement of Principles. Additionally, the CFE Fund highlighted the recent announcement of a competitively-awarded Bank On Fellowship opportunity, supported by Wells Fargo, which will provide match funding to up to five Bank On coalitions to support a full-time staff position for two years, a "Fellow," to lead coalition activities. The Bank On Fellowship Program focuses on building a multi-city cohort of successful Bank On program coordinators, equipping them with the training, tools, and resources to make significant advancements in local banking access efforts and at the same time generating best practices for other coalitions around the country. The Bank On Fellowship application is open now; coalitions are encouraged to apply here. The CFE Fund leads the national Bank On movement, supporting city coalitions working to connect individuals and families to the financial mainstream through partnerships between local governments, financial institutions, and community organizations. To learn more about Bank On and the National Account Standards click here, or follow the conversation on Twitter @CFEfund #BankOn. About the Cities for Financial Empowerment Fund (CFE Fund) The CFE Fund supports municipal efforts to improve the financial stability of households by leveraging opportunities unique to local government. By translating cutting edge experience with large scale programs, research, and policy in cities of all sizes, the CFE Fund assists mayors and other local leaders to identify, develop, fund, implement, and research pilots and programs that help families build assets and make the most of their financial resources. The CFE Fund is currently working in over 40 cities, and has disbursed over $25 million to city governments and their partners to support these efforts. For more information, please visit www.cfefund.org or follow us on Twitter at @CFEFund. Bank On coalitions are locally-led partnerships between local public officials; city, state, and federal government agencies; financial institutions; and community organizations that work together to help improve the financial stability of unbanked and underbanked individuals and families in their communities. The Bank On national initiative builds on a grassroots movement of dozens of coalitions in cities across the country, offering national account standards, capacity grant support, pilot funding, and a learning community. These first-generation banking access programs have already connected hundreds of thousands of people to safe and affordable accounts. In addition to connecting unbanked individuals to accounts, Bank On programs raise public awareness, target outreach to the unbanked, and expand access to financial education. Visit www.cfefund.org/bankon for more information. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/growing-banking-access-movement-stakeholders-gather-in-washington-dc-300462248.html


News Article | May 9, 2017
Site: www.businesswire.com

NEW YORK--(BUSINESS WIRE)--Index Industry Association (IIA), a global organization of index administrators, has today announced the addition of three new members. CBOE Holdings (CBOE), China Central Depository & Clearing Co., Limited (CCDC) and the Tokyo Stock Exchange, Inc. (TSE) will join IIA in promoting awareness of the function of indices in global markets. Since its launch in 2012, IIA has offered the index industry a way to advocate for independence and transparency in indices in order to serve the needs and interests of investors. The indices created by CBOE, CCDC and TSE align with the IIA mission for indices to operate as the best measures of the markets, apart from any specific outcome. CCDC and TSE represent the organization’s expansion of Asian-based members, and speak to the growing global interest in promoting best practices in the index industry. “The addition of CBOE, CSDC and TSE emphasizes the advantages that members of the Index Industry Association feel that investors will realize from educating the global investor community about the importance of proper index design, administration, maintenance, and calculation,” said Richard Redding, chief executive officer of IIA. “We look forward to working together to promote standards across the industry as the importance of independent indices continues to grow.” CBOE is the creator of index options and the leading developer of volatility indices that measure market volatility. It also creates strategy performance indices to help investors track the performance of investment strategies that use options or volatility products to help manage risk and enhance yield. The CBOE Volatility Index (VIX) Index is the centerpiece of CBOE’s volatility franchise which includes more than three-dozen volatility-related benchmarks. CBOE currently publishes data on more than 30 strategy performance benchmark indices. CBOE’s Bats Europe exchange offers 39 benchmark indices across 15 major European markets. CCDC is a central securities depository (CSD) approved and owned by the State Council of China and is the only government bond depository authorized by the Ministry of Finance. ChinaBond Pricing Data is drawn from the CSD and published as the ChinaBond Index. Since 2002, the ChinaBond family of Indices has been a reference for the onshore Renminbi (RMB) bond market. CCDC published more than 70 indices – and hundreds of sub-indices – on a daily basis, covering more than 30,000 constituents of the China domestic bond markets. TSE, as a cash exchange operating subsidiary of Japan Exchange Group, Inc. provides a variety of index products that gauge the performance of the Japanese equities market, and are employed by investors and financial services firms worldwide. The exchange offers more than 300 indices, with composition determined by metrics including style, size, risk and sector. IIA was founded as the first-ever trade association for the index industry, and is continuing its expansion to serve the global investor community. Created as a not-for-profit organization for the fast-growing community of index providers, the IIA membership is open to independent index administrators worldwide. For more information about the IIA or to speak with Richard Redding, please contact Intermarket Communications at IIA@intermarket.com or 212.754.5181. IIA is an independent, not-for-profit organization based in New York that represents the global index industry. Founded in March 2012, the association is the first ever index industry trade body and it is committed to representing the global index industry by working with market participants, regulators, and other representative bodies to promote sound practices in the index industry that strengthen markets and serve the needs of investors. Our members have calculated indices since 1896 and, in the aggregate, the members of IIA calculate approximately two million indices for their clients, covering a number of different asset classes, including equities, fixed income, and commodities. Many of the leading index providers in the world are members of IIA, including Bloomberg Barclays, Chicago Booth Center for Research in Security Prices, FTSE Russell, Intercontinental Data Services, IHSMarkit, Morningstar, MSCI Inc., Nasdaq Global Indices, S&P/Dow Jones Indices, SGX and STOXX. Further information on IIA is available at www.indexindustry.org. CBOE Holdings, (BATS: CBOE | NASDAQ: CBOE), owner of the Chicago Board Options Exchange, the Bats exchanges, CBOE Futures Exchange (CFE) and other subsidiaries, is one of the world’s largest exchange holding companies and a leader in providing global investors cutting-edge trading and investment solutions. The company offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S. and European equities, exchange-traded funds (ETFs), and multi-asset volatility and global foreign exchange (FX) products. CBOE Holdings’ 14 trading venues include the largest options exchange in the U.S. and the largest stock exchange in Europe, and the company is the second-largest stock exchange operator in the U.S. and a leading market globally for ETF trading. For more information, visit www.cboe.com. About China Central Depository & Clearing Co., Ltd: China Central Depository & Clearing Co., Ltd. (CCDC) is the sole Central Securities Depository (CSD) established with the approval of the State Council of China. The institution, as a core financial market infrastructure, supports the daily operation of China Interbank Bond Market (CIBM) and functions as a core platform for CIBM opening up. Up to now, CCDC has over 93 trillion RMB of all types of financial assets under its depository, among which 43 trillion are bond assets (including the vast majority of sovereign, quasi-sovereign and high-grade bonds in China), and had settled transactions valuing more than 1,000 trillion RMB over 2016. Investors currently hold more than 800 billion RMB of bond assets, accounting for 90% of the total bond holdings of overseas investors in CIBM. For more information, visit www.chinabond.com.cn/cb/en. Tokyo Stock Exchange, Inc. (TSE) is a licensed financial instruments exchange under the Financial Instruments and Exchange Act of Japan, which is engaged in the provision of market facilities for trading of securities, publication of stock prices and quotations, ensuring fair trading of securities and other financial instruments, and other matters related to the operation of exchange financial instruments markets. TSE developed and started calculation of "TSE Stock Average" in September 1950. Later in July 1969, TSE developed and began calculation and publication of TOPIX (Tokyo Stock Price Index). Since then TSE has developed, and calculates and publishes a wide variety of indices. For the complete list of TSE’s indices, please refer to the following website. For more information, visit www.jpx.co.jp/.


News Article | May 10, 2017
Site: www.businesswire.com

HOUSTON--(BUSINESS WIRE)--McCann Cyber’s financial forensics expert, Dorothy Filippov, explains the growth of the bitcoin economy in a new video released today, available at http://mccann-cyber.com/bitcoin-introduction-cryptocurrency-video/. McCann Cyber provides digital forensic services as well as financial forensic services to the legal and investigative communities. The bitcoin video provides an overview of the history of bitcoin, its key developers, and the underlying ideology in the bitcoin economy. Fully understanding bitcoin requires recognizing achievements in the field of cryptography combined with knowledge of the evolution of financial systems and exchange. Learn how bitcoin is simultaneously a payment system, a currency, a property, and an investment product and understand the ramifications of each category in disputes. Explore additional materials including an introduction to the Tor browser, the darknet, and more on cryptocurrency at www.mccann-cyber.com. Dorothy A. Filippov, CFE, MAFF, is a Senior Analyst at McCann Investigations. She is a licensed private investigator and has an MBA in Decision and Information Science. Her background in data analytics, systems analysis, and database implementation as well as experience creating financial models, analyzing both traditional and digital historical financial records, and conducting research in litigation and valuation engagements allows for a thorough examination of bitcoin.


LONDON, UK / ACCESSWIRE / May 9, 2017 / Active Wall St. blog coverage looks at the headline from CBOE Holdings, Inc. (NASDAQ: CBOE). Bats, America's second-largest stock market and a part of CBOE Holdings announced on May 08, 2017, that it is propositioning to implement a new alternative system to the end of the day closing auctions that currently take place in the Primary markets. The new system, named Bats Market Close (BMC), is competitively priced and is to be used in the closing auctions of non-Bats listed securities. The proposal is subject to the approval of regulatory authorities. Register with us now for your free membership and blog access at: One of CBOE Holdings' competitors within the Diversified Investments space, Apollo Global Management, LLC (NYSE: APO), reported on April 28, 2017, results for Q1 ended March 31, 2017. AWS will be initiating a research report on Apollo Global Management in the coming days. Today, AWS is promoting its blog coverage on CBOE; touching on APO. Get all of our free blog coverage and more by clicking on the link below: CBOE Holdings is one of the world's largest exchange holding Companies and is the owner of the Chicago Board Options Exchange, the Bats Exchanges, CBOE Futures Exchange (CFE), and other subsidiaries. The Company offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, US and European equities, exchange-traded funds (ETFs), and multi-asset volatility, and global foreign exchange (FX) products. Commenting on the BMC, Bryan Harkins, Head of US Equities and Global FX of Bats said: "Over the past few years, we have seen the primary market auction operators steadily increasing auction fees while, conversely, intraday exchange trading fees have steadily dropped as a result of competition. This has made a critical part of the trading day markedly more expensive. As a result, market participants have asked us to provide competitive pressure of the sort that we apply during the trading day. The Bats Market Close is our response that provides an alternative that reduces costs for market orders but preserves a single, consolidated closing price, all through an exchange platform." As per the proposed design of BMC, participants of the stock exchanges can choose to route their Market-On-Close (MOC) orders via BMC on Bats' BZX Exchange. These MOC's will then be pre-matched with other MOC orders at 3.35 p.m. ET. These pre-matched trades will be then executed when the exchange publishes the closing price. Due to this, the participants obtain the closing price for a fraction of the cost. Another feature of BMC is that the timing of the match allows any unmatched MOC orders to be routed back to their primary exchange closing auctions. If the BMC receives the requisite regulatory approvals, it will become the first equity venture operator to offer such a facility that integrates the unique on-exchange features with anonymity and trade transparency. The BMC is not a rival system that adds on the cost of closing end of day trades for non-listed securities. Instead, the main USP is that BMC avoids removing Limit-On-Close orders from forming price in the primary market closing auctions by focusing on only pre-matched MOC orders. The result is the participants pay less fees without distorting auction price formation. The need for an alternative system arose from industry participants who are faced with the increasing costs of closing auction trading fees at the exchanges. According to Bats, the last five years have seen the closing auction fees go up from 16% - 16% at the New York Stock Exchange (NYSE) and NASDAQ, respectively. During the same period, the volume of trades executed has increased by over 70%. In 2012, the exchanges handled trades of nearly 200 million shares per day which has gone up to nearly 350 million shares per day in 2016. As per a study conducted by Credit Suisse in 2016, the percentage of the day's US stock-trading volume around the MOC or MOC print has increased from 8.4% to 9.8% in the last two years. These figures easily indicate how the cost of trading has skyrocketed and become expensive for participants. Bats new system is a direct strike on the NYSE and NASDAQ and is sure to heat up the battle between the exchanges. Just a few days back, on May 04, 2017, Bats had announced its plans to launch a new complex order functionality on its EDGX options exchange which is designed to create an efficient and adaptable complex order book in operation. The new system will include features like new order handling, risk management, and trade-through protections and if receives regulatory approval will be launched on October 23, 2017. At the closing bell on May 08, 2017, CBOE Holdings' share price finished the trading session at $82.26, falling 1.79%. A total volume of 989.48 thousand shares exchanged hands. The stock has surged 31.49% and 32.21% in the last six months and past twelve months, respectively. Furthermore, since the start of the year, shares of the Company have rallied 11.69%. The stock is trading at a PE ratio of 36.17 and has a dividend yield of 1.22%. The market capital of the stock is $9.27 billion. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute. LONDON, UK / ACCESSWIRE / May 9, 2017 / Active Wall St. blog coverage looks at the headline from CBOE Holdings, Inc. (NASDAQ: CBOE). Bats, America's second-largest stock market and a part of CBOE Holdings announced on May 08, 2017, that it is propositioning to implement a new alternative system to the end of the day closing auctions that currently take place in the Primary markets. The new system, named Bats Market Close (BMC), is competitively priced and is to be used in the closing auctions of non-Bats listed securities. The proposal is subject to the approval of regulatory authorities. Register with us now for your free membership and blog access at: One of CBOE Holdings' competitors within the Diversified Investments space, Apollo Global Management, LLC (NYSE: APO), reported on April 28, 2017, results for Q1 ended March 31, 2017. AWS will be initiating a research report on Apollo Global Management in the coming days. Today, AWS is promoting its blog coverage on CBOE; touching on APO. Get all of our free blog coverage and more by clicking on the link below: CBOE Holdings is one of the world's largest exchange holding Companies and is the owner of the Chicago Board Options Exchange, the Bats Exchanges, CBOE Futures Exchange (CFE), and other subsidiaries. The Company offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, US and European equities, exchange-traded funds (ETFs), and multi-asset volatility, and global foreign exchange (FX) products. Commenting on the BMC, Bryan Harkins, Head of US Equities and Global FX of Bats said: "Over the past few years, we have seen the primary market auction operators steadily increasing auction fees while, conversely, intraday exchange trading fees have steadily dropped as a result of competition. This has made a critical part of the trading day markedly more expensive. As a result, market participants have asked us to provide competitive pressure of the sort that we apply during the trading day. The Bats Market Close is our response that provides an alternative that reduces costs for market orders but preserves a single, consolidated closing price, all through an exchange platform." As per the proposed design of BMC, participants of the stock exchanges can choose to route their Market-On-Close (MOC) orders via BMC on Bats' BZX Exchange. These MOC's will then be pre-matched with other MOC orders at 3.35 p.m. ET. These pre-matched trades will be then executed when the exchange publishes the closing price. Due to this, the participants obtain the closing price for a fraction of the cost. Another feature of BMC is that the timing of the match allows any unmatched MOC orders to be routed back to their primary exchange closing auctions. If the BMC receives the requisite regulatory approvals, it will become the first equity venture operator to offer such a facility that integrates the unique on-exchange features with anonymity and trade transparency. The BMC is not a rival system that adds on the cost of closing end of day trades for non-listed securities. Instead, the main USP is that BMC avoids removing Limit-On-Close orders from forming price in the primary market closing auctions by focusing on only pre-matched MOC orders. The result is the participants pay less fees without distorting auction price formation. The need for BMC The need for an alternative system arose from industry participants who are faced with the increasing costs of closing auction trading fees at the exchanges. According to Bats, the last five years have seen the closing auction fees go up from 16% - 16% at the New York Stock Exchange (NYSE) and NASDAQ, respectively. During the same period, the volume of trades executed has increased by over 70%. In 2012, the exchanges handled trades of nearly 200 million shares per day which has gone up to nearly 350 million shares per day in 2016. As per a study conducted by Credit Suisse in 2016, the percentage of the day's US stock-trading volume around the MOC or MOC print has increased from 8.4% to 9.8% in the last two years. These figures easily indicate how the cost of trading has skyrocketed and become expensive for participants. Bats new system is a direct strike on the NYSE and NASDAQ and is sure to heat up the battle between the exchanges. Just a few days back, on May 04, 2017, Bats had announced its plans to launch a new complex order functionality on its EDGX options exchange which is designed to create an efficient and adaptable complex order book in operation. The new system will include features like new order handling, risk management, and trade-through protections and if receives regulatory approval will be launched on October 23, 2017. At the closing bell on May 08, 2017, CBOE Holdings' share price finished the trading session at $82.26, falling 1.79%. A total volume of 989.48 thousand shares exchanged hands. The stock has surged 31.49% and 32.21% in the last six months and past twelve months, respectively. Furthermore, since the start of the year, shares of the Company have rallied 11.69%. The stock is trading at a PE ratio of 36.17 and has a dividend yield of 1.22%. The market capital of the stock is $9.27 billion. Active Wall Street (AWS) produces regular sponsored and non-sponsored reports, articles, stock market blogs, and popular investment newsletters covering equities listed on NYSE and NASDAQ and micro-cap stocks. AWS has two distinct and independent departments. One department produces non-sponsored analyst certified content generally in the form of press releases, articles and reports covering equities listed on NYSE and NASDAQ and the other produces sponsored content (in most cases not reviewed by a registered analyst), which typically consists of compensated investment newsletters, articles and reports covering listed stocks and micro-caps. Such sponsored content is outside the scope of procedures detailed below. AWS has not been compensated; directly or indirectly; for producing or publishing this document. The non-sponsored content contained herein has been prepared by a writer (the "Author") and is fact checked and reviewed by a third party research service company (the "Reviewer") represented by a credentialed financial analyst, for further information on analyst credentials, please email info@activewallst.com. Rohit Tuli, a CFA® charterholder (the "Sponsor"), provides necessary guidance in preparing the document templates. The Reviewer has reviewed and revised the content, as necessary, based on publicly available information which is believed to be reliable. Content is researched, written and reviewed on a reasonable-effort basis. The Reviewer has not performed any independent investigations or forensic audits to validate the information herein. The Reviewer has only independently reviewed the information provided by the Author according to the procedures outlined by AWS. AWS is not entitled to veto or interfere in the application of such procedures by the third-party research service company to the articles, documents or reports, as the case may be. Unless otherwise noted, any content outside of this document has no association with the Author or the Reviewer in any way. AWS, the Author, and the Reviewer are not responsible for any error which may be occasioned at the time of printing of this document or any error, mistake or shortcoming. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of this document. AWS, the Author, and the Reviewer expressly disclaim any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on the information in this document. Additionally, AWS, the Author, and the Reviewer do not (1) guarantee the accuracy, timeliness, completeness or correct sequencing of the information, or (2) warrant any results from use of the information. The included information is subject to change without notice. This document is not intended as an offering, recommendation, or a solicitation of an offer to buy or sell the securities mentioned or discussed, and is to be used for informational purposes only. Please read all associated disclosures and disclaimers in full before investing. Neither AWS nor any party affiliated with us is a registered investment adviser or broker-dealer with any agency or in any jurisdiction whatsoever. To download our report(s), read our disclosures, or for more information, visit http://www.activewallst.com/disclaimer/. For any questions, inquiries, or comments reach out to us directly. If you're a company we are covering and wish to no longer feature on our coverage list contact us via email and/or phone between 09:30 EDT to 16:00 EDT from Monday to Friday at: CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.


News Article | May 12, 2017
Site: www.prweb.com

According to the 2016 Department of Defense Survey of Active Duty Spouses, there is approximately a 23 percent unemployment rate among active duty spouses, and on average they spend five months looking for a new job.* Recognizing that military spouses who are in the job market crave flexibility to create their own hours and need a virtual office as a result of frequent military Permanent Change of Station (PCS) moves, home-based travel agency franchise Dream Vacations A CruiseOne Company partnered with Military Spouse magazine to host a contest for military spouses who want to enter the travel industry. This Military Spouse Appreciation Day, Fredericksburg, Va. resident and Army wife Stacy Evans has been awarded a free Dream Vacations franchise. “Being a military spouse is one of the hardest jobs there is. As a result of having spouses who serve in the military and spend extended periods of time away from home as well as require frequent career moves, military spouses are extremely resilient, well-traveled and have to be organized,” said Tim Courtney, CFE, vice president of franchise development and ambassador of veteran affairs. “These traits are the glue which keeps families together and also makes a successful franchise owner. We believe owning a travel franchise is one way military spouses can earn extra income, while having the flexibility of working from home.” Evans has an entrepreneurial background and in 2002 launched an internet company providing updated BIOS (Basic Input Output System) chips for desktop computers and sold it in 2009. That job afforded her the time to be a stay-at-home mom and in 2014 she decided she wanted to go back to work. In 2015 she graduated from the 61st Basic Police Academy and started working with the Animal Protection Unit shortly after. Due to the long hours and commute resulting in many hours away from home, she decided to find a home-based business opportunity that gives her the flexibility to be there for her kids. “When my friend shared the link to the Dream Vacations Franchise contest on Facebook, I thought, that would be a perfect fit for me,” said Evans. “I truly believe everyone should have a hobby or activity just for them that brings them happiness. I’d want a business that would be portable if we were to move again. A business doing something that I enjoy.” Candidates participated in a phone interview and wrote a brief essay describing why owning a home-based travel franchise would be a valuable opportunity for their family. Twenty finalists were identified, with one final winner. The grand prize is valued at $12,700 and includes a complimentary Dream Vacations franchise and weeklong franchise training at the Dream Vacations’ state-of-the-art world headquarters in Fort Lauderdale, Fla. In addition to the waived $9,800 initial start-up fee and monthly service fees, Evans will be reimbursed up to $500 for travel and receive complimentary accommodations during the weeklong training. Following training, Evans will be able to take the business on the road if her husband is relocated. Dream Vacations has a “5-Star Ranking” as a member of the International Franchise Association’s (IFA) VetFran initiative. Committed to giving back to the military community, Dream Vacations hosts “Operation Vetrepreneur,” an annual contest which awards five franchises to veterans; gives a 20 percent discount off the franchise fee; and offers additional discounts for hiring former members of the U.S. military or active-duty military spouses as associates. Dream Vacations has received many national accolades as a franchise opportunity for veterans. It’s military-friendly awards include a number one ranking the past three years in a row by Military Times in its “Best for Vets: Franchises” list, inclusion on G.I. Jobs annual “Hot Franchises for Veterans” the past six years and recognition by MSC Cruises in its first-ever Seaside Salute Award. Additional accolades include being named “Top 10 Military Friendly Franchise” by Forbes, “Top Veteran-Friendly Franchise” by Entrepreneur and U.S. Veterans magazines and inclusion on USA Today’s “50 Top Franchises for Military Veterans.” Military spouses and others who have a passion for travel and entrepreneurism who are interested in opening a Dream Vacations travel franchise, please visit http://www.DreamVacationsFranchise.com or call 888-249-8235. Dream Vacations A CruiseOne Company is part of World Travel Holdings, the world’s largest cruise agency and award-winning leisure travel company. As an experiential brand, Dream Vacations is the only travel franchise opportunity to have a name that speaks to the variety of vacation experiences its franchisees sell. With unrivaled buying power, franchisees can provide competitive prices and exclusive offers when selling memorable vacation experiences such as cruises, resort stays and land tours. For more information on Dream Vacations, visit DreamVacationsFranchise.com. Like Dream Vacations on Facebook at Facebook.com/DreamVacationsFranchise, and follow on Twitter at @Dream_Franchise.


News Article | May 10, 2017
Site: www.prnewswire.com

The Fund invests in securities of issuers located throughout the world, including U.S. and foreign companies in foreign and emerging market securities. The Fund typically holds investments tied economically to at least three countries outside of the U.S. More information is available here. Laura Morrison, Senior Vice President, Global Head of Exchange-Traded Products at Bats, said: "Growing our issuer list to include investing and retirement leaders like Principal has been a goal of ours since the creation of the Bats ETF Marketplace and we are proud to welcome them today." Year-to-date, Bats has welcomed 36 ETFs to its U.S. market. In the first quarter of 2017, Bats welcomed a total of 23 ETFs from eight issuers to the Bats ETF Marketplace, and year to date, has won 39% of all new U.S. ETF listings. There are now 171 ETFs listed on Bats ETF Marketplace, from 33 different issuers. Additional information regarding listing and trading on the Bats ETF Marketplace is available on ETFMarketplace.com. Firms interested in listing products with Bats may email listings@bats.com. CBOE Holdings, Inc. (BATS: CBOE | NASDAQ: CBOE), owner of the Chicago Board Options Exchange, the Bats exchanges, CBOE Futures Exchange (CFE) and other subsidiaries, is one of the world's largest exchange holding companies and a leader in providing global investors cutting-edge trading and investment solutions. The company offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S. and European equities, exchange-traded funds (ETFs), and multi-asset volatility and global foreign exchange (FX) products.  CBOE Holdings' 14 trading venues include the largest options exchange in the U.S. and the largest stock exchange in Europe, and the company is the second-largest stock exchange operator in the U.S. and a leading market globally for ETF trading. CBOE Holdings is home to the CBOE Volatility Index (VIX Index), the world's barometer for equity market volatility; the CBOE Options Institute, the company's world-renowned education arm; CBOE Livevol, a leading provider of options technology, trading analytics and market data services; CBOE Vest, an asset management company specializing in target-outcome investment strategies; CBOE Risk Management Conferences (RMC), the premier financial industry forums on derivatives and volatility products; ETF.com, a leading provider of ETF news, data and analysis; and Hotspot, a leading platform for global FX trading. The company is headquartered in Chicago with offices in Kansas City, New York, London, San Francisco, Singapore and Ecuador.  For more information, visit www.cboe.com. CBOE®, Chicago Board Options Exchange®, CFE®, BATS®, Livevol®, CBOE Volatility Index® and VIX® are registered trademarks, and CBOE Futures ExchangeSM, CBOE VestSM and CBOE Options InstituteSM are service marks of CBOE Holdings, Inc. and its subsidiaries. All other trademarks and service marks are the property of their respective owners. Bats, a CBOE Holdings company, and its affiliates do not recommend or make any representation as to possible benefits from any securities or investments, or third-party products or services. Investors should undertake their own due diligence regarding their securities and investment practices. You cannot invest directly in an index. This press release speaks only as of this date. Bats disclaims any duty to update the information herein. Nothing in this announcement should be considered a solicitation to buy or an offer to sell any shares of the portfolio in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bats-welcomes-new-issuer-principal-to-the-bats-etf-marketplace-300455377.html


News Article | May 11, 2017
Site: www.prnewswire.com

The Hartford Multifactor Low Volatility US Equity ETF (Bats: LVUS) seeks to provide investment results that, before fees and expenses, correspond to the total return performance of an index that tracks the performance of exchange traded U.S. equity securities. More information is available here. "These strategies arrive at a time when market volatility is top-of-mind for investors," said Darek Wojnar, Head of ETFs at Hartford Funds. "They were designed to reduce volatility for investors pursuing long-term growth potential while introducing positive exposure to other potentially return-enhancing factors such as value, momentum, quality and size." Added Laura Morrison, Senior Vice President, Global Head of Exchange-Traded Products at Bats: "The utility of ETFs in packaging expert strategies into cost-competitive, tax-efficient liquid products is epitomized by today's launches, and we are looking forward to introducing investors to Hartford Funds through the Bats ETF Marketplace." Year-to-date, Bats has welcomed 38 ETFs to its U.S. market. In the first quarter of 2017, Bats welcomed a total of 23 ETFs from eight issuers to the Bats ETF Marketplace, and year to date, has won 39 percent of all new U.S. ETF listings. There are now 173 ETFs listed on Bats ETF Marketplace, from 34 different issuers. Additional information regarding listing and trading on the Bats ETF Marketplace is available on ETFMarketplace.com. Firms that are interested in listing products with Bats may email listings@bats.com. CBOE Holdings, Inc. (BATS: CBOE | NASDAQ: CBOE), owner of the Chicago Board Options Exchange, the Bats exchanges, CBOE Futures Exchange (CFE) and other subsidiaries, is one of the world's largest exchange holding companies and a leader in providing global investors cutting-edge trading and investment solutions. The company offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S. and European equities, exchange-traded funds (ETFs), and multi-asset volatility and global foreign exchange (FX) products.  CBOE Holdings' 14 trading venues include the largest options exchange in the U.S. and the largest stock exchange in Europe, and the company is the second-largest stock exchange operator in the U.S. and a leading market globally for ETF trading. CBOE Holdings is home to the CBOE Volatility Index (VIX Index), the world's barometer for equity market volatility; the CBOE Options Institute, the company's world-renowned education arm; CBOE Livevol, a leading provider of options technology, trading analytics and market data services; CBOE Vest, an asset management company specializing in target-outcome investment strategies; CBOE Risk Management Conferences (RMC), the premier financial industry forums on derivatives and volatility products; ETF.com, a leading provider of ETF news, data and analysis; and Hotspot, a leading platform for global FX trading. The company is headquartered in Chicago with offices in Kansas City, New York, London, San Francisco, Singapore and Ecuador.  For more information, visit www.cboe.com. CBOE®, Chicago Board Options Exchange®, CFE®, BATS®, Livevol®, CBOE Volatility Index® and VIX® are registered trademarks, and CBOE Futures ExchangeSM, CBOE VestSM and CBOE Options InstituteSM are service marks of CBOE Holdings, Inc. and its subsidiaries. All other trademarks and service marks are the property of their respective owners. Bats, a CBOE Holdings company, and its affiliates do not recommend or make any representation as to possible benefits from any securities or investments, or third-party products or services. Investors should undertake their own due diligence regarding their securities and investment practices. You cannot invest directly in an index. This press release speaks only as of this date. Bats disclaims any duty to update the information herein. Nothing in this announcement should be considered a solicitation to buy or an offer to sell any shares of the portfolio in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/bats-welcomes-new-issuer-hartford-funds-to-the-bats-etf-marketplace-300455953.html


"We were pleased to complete our acquisition of Bats this quarter and hit the ground running with a comprehensive integration plan to realize the opportunities we see to enhance our financial strength, accelerate our strategic growth initiatives and provide new areas of growth to deliver greater value to CBOE shareholders," said Edward T. Tilly, CBOE Holdings' Chairman and Chief Executive Officer. Mr. Tilly continued, "While the Bats integration is a top priority, we also remain laser focused on growing our proprietary products.  Despite record low realized volatility in the first quarter, trading on VIX futures rose 18 percent while trading in our index options increased 7 percent compared with first-quarter 2016, led by record trading in SPX options and significantly outpacing the options industry, which posted a 4 percent decline in average daily volume." "Our strong cash flow generation allowed us to reduce our debt position of $1.65 billion to $1.50 billion at quarter end," said Alan Dean, CBOE Holdings' Chief Financial Officer.  "In addition, we are very pleased with our progress on synergy realization, reinforcing our confidence in meeting or exceeding our stated goals of $50 million in annualized synergies in year three and $65 million in year five post the close." (1)A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables. (2) Organic net revenue excludes the net revenue contribution resulting from the acquisition of Bats to arrive at net revenue for legacy CBOE.  See "Non-GAAP Information" in the accompanying financial tables. Table 1 below presents summary selected unaudited condensed consolidated financial information for the company as reported on a GAAP basis and non-GAAP adjusted basis for the three months ended March 31, 2017 and 2016. (1) A full reconciliation of our non-GAAP and pro forma results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables. (2) Organic net revenue excludes the net revenue contribution resulting from the acquisition of Bats to arrive at net revenue for legacy CBOE.  See "Non-GAAP Information" in the accompanying financial tables.  NM= Not Meaningful Table 2 below presents summary selected unaudited pro forma condensed consolidated statement of operations data for the three months ended March 31, 2017 and 2016 reflect the merger and related financing transactions as if they had occurred on January 1, 2016. (1) A full reconciliation of our non-GAAP and pro forma results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables. Discussion of Results by Business Segment Based on Pro Forma Financials: CBOE Holdings currently expects the following for the year ending December 31, 2017.  This guidance takes into account the company's acquisition of Bats. (1)A full reconciliation of our non-GAAP results to our GAAP results is included in the attached tables. See "Non-GAAP Information" in the accompanying financial tables.  (2)Specific quantifications of the amounts that would be required to reconcile the company's adjusted operating expenses guidance are not available. The company believes that there is uncertainty and unpredictability with respect to certain of its GAAP measures, primarily related to acquisition-related expenses, that would be required to reconcile to GAAP operating expenses, which preclude the company from providing accurate guidance on certain forward-looking GAAP to non-GAAP reconciliations.  The company believes that providing estimates of the amounts that would be required to reconcile the range of the company's adjusted operating expenses would imply a degree of precision that would be confusing or misleading to investors for the reasons identified above. The company paid cash dividends of $28 million, or $0.25 per share, for the first quarter of 2017. At March 31, 2017, the company had cash of $153.3 million, which includes $41.0 million of cash collected for Section 31 fees, and long-term debt of $1.5 billion, which reflects a debt payment of $150 million made during the quarter towards the company's $1 billion term loan. Executives of CBOE Holdings will host a conference call to review its first-quarter financial results today, May 9, 2017, at 8:30 a.m. ET/7:30 a.m. CT.  The conference call and any accompanying slides will be publicly available via live webcast from the Investor Relations section of the company's website at www.cboe.com under Events & Presentations.  Participants may also listen via telephone by dialing (877) 255-4313 from the United States, (866) 450-4696 from Canada or (412) 317-5466 for international callers.  Telephone participants should place calls 10 minutes prior to the start of the call. The webcast will be archived on the company's website for replay.  A telephone replay of the earnings call also will be available from approximately 11:00 a.m. CT, May 9, 2017, through 11:00 p.m. CT, May 16, 2017, by calling (877) 344-7529 from the U.S., (855) 669-9658 from Canada or (412) 317-0088 for international callers, using replay code 10103636. CBOE Holdings, Inc. (BATS: CBOE | NASDAQ: CBOE), owner of the Chicago Board Options Exchange, the Bats exchanges, CBOE Futures Exchange (CFE) and other subsidiaries, is one of the world's largest exchange holding companies and a leader in providing global investors cutting-edge trading and investment solutions. The company offers trading across a diverse range of products in multiple asset classes and geographies, including options, futures, U.S. and European equities, exchange-traded funds (ETFs), and multi-asset volatility and global foreign exchange (FX) products. CBOE Holdings' 14 trading venues include the largest options exchange in the U.S. and the largest stock exchange in Europe, and the company is the second-largest stock exchange operator in the U.S. and a leading market globally for ETF trading. CBOE Holdings is home to the CBOE Volatility Index (VIX Index), the world's barometer for equity market volatility; the CBOE Options Institute, the company's world-renowned education arm; CBOE Livevol, a leading provider of options technology, trading analytics and market data services; CBOE Vest, an asset management company specializing in target-outcome investment strategies; CBOE Risk Management Conferences (RMC), the premier financial industry forums on derivatives and volatility products; ETF.com, a leading provider of ETF news, data and analysis; and Hotspot, a leading platform for global FX trading. The company is headquartered in Chicago with offices in Kansas City, New York, London, San Francisco, Singapore and Ecuador. For more information, visit www.cboe.com. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as may, might, should, expect, plan, anticipate, believe, estimate, predict, potential or continue, and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements. We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; increasing price competition in our industry; decreases in trading volumes or a shift in the mix of products traded on our exchanges; legislative or regulatory changes; increasing competition by foreign and domestic entities; our dependence on third party service providers; our index providers' ability to maintain the quality and integrity of their indexes and to perform under our agreements; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to accommodate trading volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; our ability to protect our systems and communication networks from security risks, including cyber-attacks; the accuracy of our estimates and expectations; our ability to maintain access fee revenues; our ability to meet our compliance obligations, including managing potential conflicts between our regulatory responsibilities and our for-profit status; the ability of our compliance and risk management methods to effectively monitor and manage our risks; our ability to attract and retain skilled management and other personnel; our ability to manage our growth and strategic acquisitions or alliances effectively; restrictions imposed by our debt obligations; unanticipated difficulties or expenditures relating to the recently-completed acquisition of Bats Global Markets, Inc., including, without limitation, difficulties that result in the failure to realize expected synergies, efficiencies and cost savings from the acquisition within the expected time period (if at all), whether in connection with integration, combining trading platforms, broadening distribution of product offerings or otherwise; our ability to maintain an investment grade credit rating; disruptions of our current plans, operations and relationships with market participants caused by the Bats acquisition; and potential difficulties in our ability to retain employees as a result of the Bats acquisition. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2016 and other filings made from time to time with the SEC. We do not undertake, and expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The condensed consolidated statements of income, balance sheets and statements of cash flows are unaudited and subject to reclassification. CBOE®, Chicago Board Options Exchange®, CFE®, Bats®, BZX®, BYX®, EDGX®, EDGA®, Livevol®, CBOE Volatility Index® and VIX® are registered trademarks and CBOE Futures ExchangeSM, CBOE Options Institute, CBOE VestSM, C2SM and C2 Options ExchangeSM are service marks of CBOE Holdings Inc. and its subsidiaries. All other trademarks and service marks are the property of their respective owners. In addition to disclosing results determined in accordance with GAAP, CBOE Holdings has disclosed certain non-GAAP measures of operating performance.  These measures are not in accordance with, or a substitute for, GAAP, and may be different from or inconsistent with non-GAAP financial measures used by other companies.  The non-GAAP measures provided in this press release include adjusted operating expenses, adjusted operating income, organic net revenue, adjusted operating margin, adjusted net income allocated to common stockholders and adjusted diluted earnings per share, EBITDA, EBITDA margin, adjusted EBITDA and adjusted EBITDA margin. Management believes that the non-GAAP financial measures presented in this press release, including adjusted net revenue, organic net revenue and adjusted operating expenses, provide useful and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons.  Non-GAAP financial measures disclosed by management are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results. Organic net revenue: Is a non-GAAP financial measure that excludes or has otherwise been adjusted for the impact of our acquisition of Bats.  Management believes the organic net revenue (non-GAAP) growth measure provides users with useful supplemental information regarding the company's ongoing revenue performance and trends by presenting revenue growth excluding the impact of the Bats acquisition. Amortization expense of acquired intangible assets: We amortize intangible assets acquired in connection with various acquisitions. Amortization of intangible assets is inconsistent in amount and frequency and is significantly affected by the timing and size of our acquisitions. As such, if intangible asset amortization is included in performance measures, it is more difficult to assess the day-to-day operating performance of the businesses, the relative operating performance of the businesses between periods and the earnings power of CBOE. Therefore, we believe performance measures excluding intangible asset amortization expense provide investors with a more useful and consistent basis for comparison across accounting periods. Acquisition-related expenses: From time to time, we have pursued small bolt-on acquisitions and in 2017 completed a larger transformative acquisition, which have resulted in expenses which would not have otherwise been incurred. These expenses include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and the amount of such expenses vary significantly based on the size, timing and complexity of the transaction. Accordingly, we exclude these costs for purposes of calculating non-GAAP measures which provide a more meaningful analysis of CBOE's ongoing operating performance or comparisons in CBOE's performance between periods. Other significant items: We have excluded certain other charges that are the result of other non-comparable events to measure operating performance. For 2017, other significant items primarily included interest and other borrowing costs incurred prior to the close of the Bats transaction and accelerated stock-based compensation that was incurred due to a change in the vesting schedule for equity award grants. The information below shows the reconciliation of each financial measure from GAAP to non-GAAP.  The non-GAAP financial measures exclude the impact of those items detailed below and are referred to as adjusted financial measures. EBITDA (earnings before interest, income taxes, depreciation and amortization) is a widely used non-GAAP financial measure of operating performance. EBITDA margin represents EBITDA divided by revenues less cost of revenues (net revenue). It is presented as supplemental information that the Company believes is useful to investors to evaluate its results because it excludes certain items that are not directly related to the Company's core operating performance. EBITDA is calculated by adding back to net income interest expense, income tax expense, depreciation and amortization. EBITDA should not be considered as substitutes either for net income, as an indicator of the Company's operating performance, or for cash flow, as a measure of the Company's liquidity. In addition, because EBITDA may not be calculated identically by all companies, the presentation here may not be comparable to other similarly titled measures of other companies.  EBITDA margin represents EBITDA divided by net revenue. The accompanying unaudited pro forma condensed consolidated financial statements have been prepared by recording pro forma adjustments to the historical consolidated financial statements of CBOE Holdings. The pro forma consolidated condensed income statements for the three months ended March 31, 2017 and 2016 have been prepared as if the Bats acquisition closed on January 1, 2016. Due to the transformative nature of the Bats acquisition, the company believes that providing a discussion of its results and operations on a pro forma basis provides management and investors a more meaningful perspective on the company's financial and operational performance and trends. These pro forma consolidated financial statements are not necessarily indicative of the financial position or results of operations that would have occurred had the transactions been effected on the assumed dates. Additionally, future results may vary significantly from the results reflected in the pro forma consolidated income statements. These statements should be read in conjunction with our audited consolidated financial statements and the related notes for the year ended December 31, 2016 included in our 2016 Form 10-K and other filings made from time to time with the SEC. To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cboe-holdings-reports-first-quarter-2017-results-reported-results-include-bats-effective-march-1-300453854.html


News Article | May 12, 2017
Site: www.prweb.com

On Thursday, May 11, 2017, the Schott Foundation for Public Education (@schottfound) marked 25 years of fighting to end educational inequities in America’s public schools by honoring grassroots, community and philanthropy figures who have led the charge for education justice. Among them was noted civil rights activist Rev. Dr. William J. Barber II, who received the foundation’s Lifetime Achievement Award, and The Atlantic Philanthropies former Chief Strategy Advisor for Equity Initiatives and Human Capital Development Kavitha Mediratta, who received the Philanthropy Changemaker Award. The foundation also honored the Campaign for Fiscal Equity (CFE) with the Lilo Leeds Legacy Award. For the more than a decade, CFE rallied for equitable funding for New York City schools, and its work led to a landmark litigation victory proving the state underfunded schools and denied students their constitutional right. Lilo Leeds was a cofounder of the Schott Foundation. “This is a moment of reflection for us as a foundation,” said Schott President and CEO Dr. John H. Jackson. “For the past two and a half decades, we’ve been privileged to support a number of grassroots and advocacy campaigns that have successfully called out and dealt with the unequal ways we treat our nation’s students, be it in terms of disciplinary policies, district funding, wraparound services or school climate issues.” “It’s also a pivotal moment for us and our allies fighting for equity in education. We’re operating in a different landscape, but the challenge to keep equity and inclusion in public schools at the fore is greater than ever.” Established in 1991, the Schott Foundation has been rooted in a commitment to high-quality education for all young people. Over the past 25 years, Schott has transitioned into a public charity and become a national leader in social justice philanthropy, promoting equity in public education for all students, regardless of race, gender, sexual orientation or zip code. Rev. Dr. Barber has been a staunch defender of education as a civil right, and has lent support to the CFE campaign in New York and has led education equity campaigns in North Carolina, where he founded the nonprofit Repairers of the Breach. "Access to a high-quality, well-funded, constitutionally diverse public education is a moral issue," said Barber. "The work done by the Schott Foundation for Public Education, to fight educational inequities in America's public schools is what's needed to move our nation forward. I'm honored to receive this award tonight." As a funder, Mediratta has worked on the front lines of creating opportunities for deeper collaboration between philanthropy, students and advocates. Her work has driven significant system change to improve school discipline policies and practice. It has also increased the awareness of issues of racial equity in American public education. She is currently executive director of the Atlantic Fellows for Racial Equity. At the heart of Mediratta’s work at Atlantic was the belief that all people have the right to opportunity, equity, and dignity. School disciplinary exclusion—and its racially biased undertones and high economic and social costs to society—led Atlantic to launch a $47 million initiative to change policy and practice and demonstrate that there is a better, more effective way to create safe, successful, and inclusive schools. She and funding partners worked alongside young people, parents, civil rights advocates, judges, educators, academics, and government leaders, to bring school discipline to the forefront of education policy and discussion in the United States. “The successes young people have had in putting school discipline and racial injustice on the national agenda give me great hope about what can be achieved in the coming years,” said Mediratta. The awards gala was hosted by actor Lamman Rucker, known for his role on OWN’s Greenleaf and Tyler Perry’s Meet the Browns—but who is also an educator and activist. Students from city schools, including LaGuardia Arts High School, Success Academy High School of Liberal Arts, and the Celia Cruz Bronx High School of Music, performed at the event, along with the Mama Foundation Choir. Singer and actress Cheryl “Pepsii” Riley entertained. The gala is the culmination of a yearlong series of activities by the Schott Foundation, looking back at the past 25 years of supporting grassroots efforts for public education and ahead toward the urgent task of accelerating the advocacy necessary to create healthy living and learning communities that provide every child an opportunity to learn. For more information, visit http://schottfoundation.org/25-years. The Schott Foundation for Public Education aims to develop and strengthen a broad-based and representative movement to achieve fully resourced, quality PreK-12 public education. Schott’s core belief is that well-resourced grassroots campaigns can lead to systemic change in the disparities poor children and children of color face in our nation’s schools. In helping to build these campaigns into a movement, Schott recognizes its pivotal role as both funder and advocate to ensure that all children have an opportunity to learn.


MEXICO CITY & SAN JOSE, Calif.--(BUSINESS WIRE)--Silver Spring Networks, Inc. (NYSE: SSNI) today announced the expansion of its program for Comisión Federal de Electricidad’s (CFE) ‘Reducción de Pérdidas de Energía en Distribución’ (Loss Reduction Projects on Distribution) smart grid program, in partnership with Tecnologías EOS. Silver Spring Networks’ standards-based wireless IoT technology will be integrated into EOS subsystems to connect approximately 92,000 Advanced Metering Infrastructure (AMI) devices across Mexico City’s Southern District and approximately 71,000 AMI devices in Southeast Mexico through cabinet-based solutions. Silver Spring Networks previously detailed the award to connect 71,000 AMI devices in Southeast Mexico during its second quarter 2016 earnings conference call on August 4, 2016. CFE, the largest utility in the Americas, serves more than 40 million customers across 16 divisions throughout Mexico. With today’s announcement, Silver Spring will be present in three of CFE’s divisions. In 2015, Silver Spring announced its selection to connect 140,000 AMI devices in Mexico City’s Central District. CFE recently unveiled its 2017-2021 Plan, which includes a $13.7 billion investment in distribution networks, including modernization and the development of a smart grid. Silver Spring has partnered with Tecnologías EOS at CFE to integrate Silver Spring’s IPv6 platform and SensorIQ™, an application for data collection and delivery to enable remote reading, command, and control of the meters housed in a cabinet to help prevent non-technical loss for residents and businesses. The cabinet solution will also enable Tecnologías EOS to provide remote indoor displays to help customers monitor their energy usage. “Silver Spring Networks’ deployment in Mexico delivers on its promised benefits by helping CFE improve the reliability of its service and give its customers the tools to better manage their energy usage,” said Bernardo Castro Inclan, CEO, Tecnologías EOS. “Its proven multi-application network delivers the security, scalability, performance and range required to meet the unique needs of these service areas dramatically varied dense urban and remote rural topographies.” “Through our collaboration with Tecnologías EOS, CFE, the largest utility in the Americas, is deploying Silver Spring Networks’ smart grid solutions in two of Mexico City’s three service districts,” said Dave Whalen, General Manager – Americas, Silver Spring Networks. “Advanced metering helps address inefficient use of energy, improves grid reliability, lowers pollution, and enables the utility to deliver better quality of service for increased customer satisfaction. CFE’s success with loss reduction through its use of smart grid solutions provides a clear example for other energy providers in high-growth markets that are looking to modernize their infrastructure while maintaining profitability.” With more than 26 million enabled devices delivered, Silver Spring works with utilities on five continents including AEP Ohio, AusNet Services, Baltimore Gas & Electric, CESC Limited, CitiPower and Powercor, ComEd, Consolidated Edison, CPFL Energia, CPS Energy, Dubai Electricity and Water Authority, Florida Power and Light Company, Pepco Holdings Inc., and Singapore Power, to deliver its proven, reliable and IPv6 standards-based platform. For more information, please visit www.ssni.com/solutions/smart-utilities/. Silver Spring Networks enables the Internet of Important Things™ by reliably and securely connecting things that matter. Cities, utilities, and companies on five continents use the company’s cost-effective, high-performance IoT network and data platform to operate more efficiently, get greener, and enable innovative services that can improve the lives of millions of people. With more than 26.0 million devices delivered, Silver Spring provides a proven standards-based platform safeguarded with military grade security. Silver Spring Networks’ customers include Baltimore Gas & Electric, CitiPower & Powercor, ComEd, Consolidated Edison, CPS Energy, Florida Power & Light, Pacific Gas & Electric, Pepco Holdings, and Singapore Power. Silver Spring has also deployed networks in Smart Cities including Copenhagen, Glasgow, Paris, Providence, and Stockholm. To learn more, visit www.ssni.com. This press release contains forward-looking statements about Silver Spring Networks’ expectations, plans, intentions, and strategies, including, but not limited to statements regarding the scope and benefits of Silver Spring’s engagement with Tecnologías EOS and CFE. Statements including words such as “anticipate”, “believe”, “estimate”, “expect” or “future” and statements in the future tense are forward-looking statements. These forward-looking statements involve risks and uncertainties, as well as assumptions, which, if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties include the successful implementation and deployment of the engagement, as well as those described in Silver Spring Networks’ documents filed with or furnished to the Securities and Exchange Commission. All forward-looking statements in this press release are based on information available to Silver Spring Networks as of the date hereof. Silver Spring Networks assumes no obligation to update these forward-looking statements.

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