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BlackRock and Vanguard face heavy burden of US sanctions on China
January 12, 2021--The Vanguard FTSE Emerging Markets ETF/Index Fund is among the top three mutual fund shareholders in five blacklisted Chinese firms.
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Source: FT.com
Credit Suisse's Former CEO Thiam to Start Blank-Check Firm
January 11, 2021--JPMorgan is helping with fundraising of the investment vehicle
Thiam left Credit Suisse early last year after spying scandal.
Ex-Credit Suisse Group Inc. Chief Executive Officer Tidjane Thiam is planning a $250 million vehicle to invest in financial services in developed and emerging markets, according to a person with knowledge of the matter.
The special purpose acquisition vehicle will be listed in New York, according to the person, who asked not to be identified because the matter is private. JPMorgan Chase & Co. is helping with the fundraising, the person said.
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Source: bloomberg.com
TikTok and Discord Are the New Wall Street Trading Desks
January 11, 2021-Pandemic has led to surge of day trading, helping push stocks like NIO and Tesla to records amid online buzz
A new army of social media-enabled day traders is helping push stocks to records and turning companies into market sensations.
As trading by individual investors boomed during the coronavirus pandemic, so has the popularity of online communities where they gather. Platforms including TikTok, Twitter, YouTube, Reddit, Instagram, Facebook and messaging platform Discord have become the new Wall Street trading desks. Individual investors gather to talk about hot stocks like Tesla Inc., boast of gains and commiserate about losses.
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Source: wsj.com
State Street to insist companies disclose diversity data
January 10, 2021-Asset manager will vote against those who do not reveal racial and ethnic make-up of boards.
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Source: FT.com
Deutsche Bank to Pay Nearly $125M to Resolve US Bribery, Metals Charges
January 8, 2021-Deutsche Bank AG will pay nearly $125 million to avoid U.S. prosecution on charges it engaged in foreign bribery schemes and manipulated precious metals markets, the latest blow for a bank trying to rebound from a series of scandals.
Germany's largest lender agreed to the payout as it entered a three-year deferred prosecution agreement with the U.S. Department of Justice, and a related civil settlement with the U.S. Securities and Exchange Commission.
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Source: voanews.com
Active non-transparent ETF provider hits distribution hurdle
January 7, 2021--Platforms are taking their time to evaluate the new structures, ETF executives say.
Concerns about limited uptake by distributors of non-transparent exchange traded funds in the near term drove AdvisorShares to change its mind about using the structure for two recently launched ETFs, the company’s chief executive has said.
AdvisorShares, an active ETF specialist, launched the Q Dynamic Growth and Q Portfolio Blended Allocation ETFs at the end of December. The products had received the green light to use Precidian Investments' ActiveShares methodology that allows active non-transparent ETFs to skirt daily full portfolio disclosure requirements. However, instead the ETFs launched as fully transparent active ETFs.
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Source: FT.com
Fintech start-up SoFi to go public via SPAC backed by Chamath Palihapitiya
January 7, 2021-- Fintech start-up SoFi says it will merge with a special purpose acquisition company, or SPAC, backed by venture capital investor Chamath Palihapitiya.
The merger with Palihapitiya's SPAC values SoFi at $8.65 billion.
Palihapitiya has taken multiple companies public through SPACs, including Virgin Galactic.
Online finance start-up SoFi is set to go public by merging with a blank-check company run by venture capital investor Chamath Palihapitiya, the companies announced Thursday.
The merger with Palihapitiya's SPAC, Social Capital Hedosophia Corp V, will value SoFi at $8.65 billion.
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Source: cnbc.com
NYSE Reverses Course Again, Will Delist Three Chinese Telecom Stocks
January 6, 2021--New guidance from Treasury Department spurs exchange to delist shares to comply with Trump executive order
The New York Stock Exchange will move forward with delisting three Chinese telecommunications companies targeted by an executive order from President Trump, reversing course yet again after the NYSE said earlier this week that it wouldn’t delist them.
The NYSE said Wednesday that trading of the U.S.-listed shares of China Mobile Ltd, China Telecom Corp. and China Unicom (Hong Kong) Ltd. would be suspended at 4 a.m. ET on Monday. Mr. Trump's order seeks to ban trading in securities of companies that the administration says have links to the Chinese military.
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Source: wsj.com
TrueShares Structured Outcome January ETF (Ticker: JANZ) has launched January 4th.
January 5, 2021--JANZ is expected to provide an 8-12% downside buffer (with the advisor targeting 10%) on the first losses of the S&P 500 Price Index over a 12-month investment period.
In addition to the downside buffer, JANZ will seek upside returns similar to the S&P 500 Price Index.
As of 12/31/2020, the estimated upside market participation rate range is 79-81%. TrueShares Structured Outcome January ETF (Ticker: JANZ) has launched January 4th.
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Source: truesharesetfs.com
NYSE Scraps Plan to Delist China Telcos in 'Bizarre' U-Turn
January 5, 2021--The New York Stock Exchange said it will no longer delist China's three biggest state-owned telecommunications companies, backtracking on a plan that had threatened to escalate tensions between the world's largest economies.
NYSE's U-turn came with scant explanation just four days after the exchange said it would remove the shares to comply with a U.S. executive order barring investments in bu
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Source: bloombergquint.com
