Americas ETP News
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US Department of Labor proposes rule to remove barriers to considering environmental, social, governance factors in plan management
October 13, 2021--Protecting security of families, businesses, workers from climate-related financial risks
The U.S. Department of Labor today announced a proposed rule that would remove barriers to plan fiduciaries' ability to consider climate change and other environmental, social and governance factors when they select investments and exercise shareholder rights.
The proposed rule,"Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights," follows Executive Order 14030, signed by President Biden on May 20, 2021. The order directs the federal government to implement policies to help safeguard the financial security of America's families, businesses and workers from climate-related financial risk that may threaten the life savings and pensions of U.S. workers and families.
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Source: dol.gov
SEC Modernizes Filing Fee Disclosure and Payment Methods
October 13, 2021--Amendments Will Help Automate Filing Fee Calculation and Validation, Update Fee Payment Options
The Securities and Exchange Commission today adopted amendments to modernize filing fee disclosure and payment methods. Operating companies and investment companies (funds) pay filing fees when engaging in certain transactions, including registered securities offerings, tender offers, and mergers and acquisitions.
The amendments revise most fee-bearing forms, schedules, and related rules to require companies and funds to include all required information for filing fee calculation in a structured format. The amendments also add new options for Automated Clearing House (ACH) and debit and credit card payment of filing fees and eliminate infrequently used options for filing fee payment via paper checks and money orders. The amendments are intended to improve filing fee preparation and payment processing by facilitating both enhanced validation through filing fee structuring and lower-cost, easily routable payments through the ACH payment option.
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Source: SEC.gov
SEC's 'complex' ETP probe could impact crypto ETFs
October 13, 2021--Investors are increasingly finding ways to access bitcoin outside the regulator's remit, lawyers and analysts warn
The Securities and Exchange Commission's indication that it is going to look more closely at how it regulates complex exchange traded products has implications for future bitcoin ETF rules, say attorneys and analysts.
Last week, SEC Chair Gary Gensler directed staff to study the risks of ETFs employing strategies "more complex than typical stocks and bonds" and draft potential rules to address those concerns.
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Source: ft.com
BlackRock's revenues hit record high but assets stall shy of $10tn
October 13, 2021--Chief executive says assets under management held back by strong dollar
Overall assets under management at BlackRock tallied $9.46tn at the end of September, up 21 per cent on the year, but down slightly from $9.49tn
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Source: ft.com
Coinbase Follows FTX.US Into NFT Trading
October 12, 2021--The exchange's marketplace will support Ethereum-based NFTs and comes a day after the release of an NFT marketplace from rival exchange FTX.US.
Coinbase is joining the non-fungible token (NFT) arms race.
The U.S. crypto exchange is launching "Coinbase NFT," a marketplace that will allow its users to buy and sell Ethereum-based digital collectibles, the company announced Tuesday.
Coinbase's NFT platform is expected to launch by the end of the year, sources told CoinDesk.
The move comes just a day after rival exchange FTX.US announced a marketplace for Solana-based NFTs, with plans to support other blockchains, including Ethereum, in the future.
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Source: coindesk.com
BlackRock U.S. bond ETFs hit by large capital outflows as industry booms
October 11, 2021--Similar products held by rivals such as Vanguard have attracted big inflows
BlackRock has been hit by large outflows from some of its best-known U.S. exchange-traded funds this year, even as the industry has posted near-record net inflows of $ 161 billion since the start of the year.
Since the start of the year, the world's largest asset manager has recorded net outflows of 22-25% of assets from its iShares iBoxx $ Investment Grade Corporate Bond (LQD), iShares iBoxx $ High Yield Corporate Bond ETFs ETF (HYG) and iShares Short Treasury Bond ETF (SHV), according to FactSet data.
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Source: ft.com
SEC throws sop to US investors with bitcoin 'lite' equity ETFs
October 9, 2021-Latest regulatory approval and fund launches still leave direct investment in crypto via ETFs off limits in the US
Two bitcoin "lite" equity ETFs have begun trading in the US and a third has been approved by the Securities and Exchange Commission as the regulator throws out a sop to investors calling for a bona fide bitcoin ETF.
The SEC has so far refused to approve any exchange traded funds that invest in the cryptocurrency itself, even though a slew of asset managers have applied to do so and similar vehicles are already up and running in Sweden, Switzerland, Jersey, Germany and Canada.
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Source: ft.com
Shares for the Cure: Simplify Introduces Health Care ETF Benefiting Susan G. Komen
October 8, 2021--The Simplify Health Care ETF, trading under the symbol PINK, will donate all net profits from managing the fund on an annual basis to Susan G. Komen, the world's leading breast cancer organization -New ETF is actively managed by renowned hedge fund manager Michael Taylor, who brings more than two decades of healthcare and biotech investing experience
Simplify Asset Management ("Simplify"), an innovative provider of Exchange Traded Funds ("ETFs"), today announced the launch of the Simplify Health Care ETF (PINK), the first ETF committed to donating all of its net profits from managing the fund on an annual basis to Susan G. Komen(R), the world's leading breast cancer organization.
PINK will be actively managed by renowned hedge fund investor Michael Taylor, who has more than 20 years of direct experience investing in the healthcare and biotech spaces, and who brings a rigorous research approach, due diligence processes, and deep knowledge of these sectors to build and run PINK's underlying portfolio.
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Source: Simplify Asset Management Inc.
CBO-Monthly Budget Review: September 2021
October 8, 2021--Summary
The federal budget deficit was $2.8 trillion in fiscal year 2021, the Congressional Budget Office estimates-$362 billion less than the deficit recorded in fiscal year 2020. Although outlays rose by an estimated $265 billion (or 4 percent), revenues rose more-by an estimated $627 billion (or 18 percent).
Programs and policies implemented in response to the coronavirus pandemic-notably, refundable tax credits (particularly the recovery rebates), expanded unemployment compensation, and the Small Business Administration's Paycheck Protection Program-substantially boosted spending, in both 2021 and 2020. Outlays in fiscal year 2021 were about $2.4 trillion more than spending in 2019, an increase of more than 50 percent. Outlays in 2020 rose almost as much. As a result, the annual deficits recorded in 2020 and 2021 were significantly larger than the $984 billion shortfall recorded in fiscal year 2019.
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Source: CBO (Congressional Budget Office)
Citadel-Backed Exchange That Shook Up Treasuries Takes On Crypto
October 7, 2021--A Chicago-based exchange backed by some of the top names in trading has added cryptocurrency-related futures to its product list.
The Small Exchange, which counts Citadel Securities, Jump Capital, Interactive Brokers Group Inc. and Peak6 Investments among its investors, has already made its mark with smaller-sized contracts on stocks, Treasuries and precious metals.
Now it has debuted a product designed to track the performance of the digital-asset industry: futures on the Small Cryptocurrency Index, which has 17 components that include Grayscale Bitcoin Trust, Coinbase Global Inc., Paypal Holdings Inc. and Square Inc.
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Source: bnnbloomberg.ca
