Americas ETP News
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Exchanges compete to improve ETF investor experience
February 3, 2021--Fee cuts and other measures have been made to attract and retain listings
The competition among exchanges for ETF business is driving innovations that help make buying and selling shares easier and more attractive to investors, executives say. Cboe's BZX Exchange debuted a programme on Monday that allows ETF market makers to receive better payments from the exchange for providing liquidity on heavily traded products, rather than receiving a flat incentive payment for taking on lead market maker duties.
This payment, which is capped at 0.39 cents per share, is roughly double the standard rebate that the exchange provides for adding liquidity to the exchange, according to exchange documents.view more
Source: FT.com
Tradeweb Markets to acquire Nasdaq fixed income trade platform for $190M
February 2, 2021--Tradeweb Markets (TW), announced that it has entered into a definitive agreement to acquire Nasdaq's (NDAQ) fixed income electronic trading platform. The Nasdaq platform, formerly known as eSpeed is a fully executable central limit order book for electronic trading in on-the-run U.S. Treasuries
Nasdaq's CLOB will become part of Dealerweb, serving the firm's wholesale sector. Tradeweb CEO Lee Olesky. The $190M, all-cash transaction is expected to close later in 2021 subject to the satisfaction of customary closing conditions, including the receipt of required regulatory approvals. Upon closing the transaction will be accretive to Tradeweb's adjusted earnings. Upon completion of this transaction, Dealerweb clients will have even more flexibility in how they trade OTR U.S. Treasuries, utilizing either the new CLOB or Tradeweb's innovative direct streams protocol.
view filing
Source: thefly.com
Buffered ETF popularity surges but regulatory hurdle threatens
February 1, 2021--The products reduce risk, but there are calls to 'bundle' them with leveraged and inverse ETPs
Risk-reducing buffered ETFs that aim to take some of the danger out of investing in stock markets enjoyed a banner year in 2020 with a surge in the number of launches and assets under management.
However, a push by a grouping of the exchange traded fund industry's biggest players could potentially derail the fast-growing sector by stripping funds of their designation as ETFs.
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Source: FT.com
New York Life Investments and American Heart Association Introduce Thematic ESG ETF Focused on Health and Wellbeing
February 1, 2021--In connection with the ETF, New York Life Investments and IndexIQ will make continuing contributions to the American Heart Association's Social Impact Fund to further promote health equity
IndexIQ, a New York Life Investments company, today announced, in alignment with the American Heart Association(R) , the launch of the IQ Healthy Hearts ETF (NYSE: HART).
HART is IndexIQ's first "Dual Impact" ESG ETF, designed to offer investors an innovative thematic strategy tied to key sustainability priorities.
Investing From the HART
HART adopts a thematic ESG investment approach aligned with the AHA's overall mission of helping people live longer, healthier lives. It invests in companies that reflect core AHA initiatives, research and programming, with a specific focus on those that provide:
Diagnosis and/or treatment of cardiovascular diseases
Manufacturing and distribution of healthy food or wellness products
view filing
Source: New York Life Investments
Crypto exchange Coinbase has chosen Nasdaq as its direct listing venue
February 1, 2021--Exchange operator Coinbase has chosen Nasdaq as the venue for its direct listing, according to two sources familiar with the San Francisco crypto unicorn's plans.
The firm's plan to tap the public markets in the coming weeks follows a secondary offering on Nasdaq Private Market.
On January 25, Nasdaq Private Market launched a secondary market for Coinbase stock, a move that allowed shareholders with vested equity to sell shares. Nasdaq Private Market offers services for companies ahead of an IPO, including "controlled liquidity programs for pre-IPO companies looking to raise secondary capital for shareholders and investors."
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Source: theblockcrypto.com
Innovator ETFs Announces New Upside Caps for February Series of S&P 500 Buffer ETFs
February 1, 2021--ETFs provide S&P 500 exposure up to a cap, with downside buffer levels of 9%, 15% or 30% over one-year Outcome Period starting February 1st
Innovator Capital Management, LLC (Innovator) today announced the new upside caps and return profiles for the February Series of the S&P 500 Buffer ETFsTM- Innovator S&P 500 Buffer ETFTM- February (BFEB), Innovator S&P 500 Power Buffer ETFTM- February (PFEB) and Innovator S&P 500 Ultra Buffer ETFTM- February (UFEB)- which completed their first outcome period and reset at the end of the month.
It was an extraordinarily volatile year that saw the premier large-cap benchmark of the U.S. stock market reach record levels in the first month of the outcome period before the most rapid bear market drawdown and subsequent rebound in the history of the index, hitting fresh highs within six months of reaching its coronavirus bear market low.
Return profiles for the Innovator S&P 500 Buffer ETFsTM- February Series, as of 2/01/2021
Ticker: BFEB
Name: Innovator S&P 500 Buffer ETFTM-February
Buffer Level: 9.00%
Caps* :18.00%
Outcome Period: 12 months
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Source: Innovator ETFs
CBO-An Overview of the Economic Outlook: 2021 to 2031
February 1, 2021--CBO projects that the economic expansion that began in mid-2020 will continue. Real GDP is projected to return to its prepandemic level in mid-2021. The number of people employed is projected to return to its prepandemic level in 2024
Summary
The 2020-2021 coronavirus pandemic caused severe economic disruptions last year as households, governments, and businesses adopted a variety of mandatory and voluntary measures-collectively referred to here as social distancing-to limit in-person interactions that could spread the virus. The impact was focused on particular sectors of the economy, such as travel and hospitality, and job losses were concentrated among lower-wage workers.
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Source: CBO(congressional Budget Office)
Robinhood will allow 'limited buys' of stocks like GameStop starting Friday
January 28, 2021--Halting purchases was 'a risk management decision,' the company said in a blog post
Robinhood has announced that, beginning on Friday, January 29th, it will allow "limited buys" on restricted stocks, potentially signaling the end of a brutal day-long hold on GameStop, AMC, BlackBerry, Nokia, and other stocks.
"Starting tomorrow, we plan to allow limited buys of these securities," the company said in a blog post. "We'll continue to monitor the situation and may make adjustments as needed." The company's statement does not elaborate on how limited purchases will be for GameStop and the other restricted stocks.
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Source: theverge.com
Federal Reserve issues FOMC statement
January 27, 2021--The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. The pace of the recovery in economic activity and employment has moderated in recent months, with weakness concentrated in the sectors most adversely affected by the pandemic.
Weaker demand and earlier declines in oil prices have been holding down consumer price inflation. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.
The path of the economy will depend significantly on the course of the virus, including progress on vaccinations. The ongoing public health crisis continues to weigh on economic activity, employment, and inflation, and poses considerable risks to the economic outlook.
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Source: federalreserve.gov
ICE ETF Hub Report-2020 in Review
January 27, 2021--2020 was a year like no other. The pandemic stressed financial markets and heightened volatility. During this time, ICE ETF Hub adoption increased. Market participants needed efficiencies to meet market demands and the Hub delivered by automating the ETF creation and redemption process, and streamlining workflows. The Hub was tested by extraordinary volatility and proved to be reliable and resilient.
We launched several key enhancements including Financial Information eXchange (FIX) access to issuers, market makers and authorized participants; custom basket negotiation technology; and multi-order functionality and connectivity between the ETF Hub and ICE FI Select. We launched a pilot program, welcoming many more authorized participants and market makers to the Hub.
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Source: nyse.com
