Americas ETP News
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U.S. Oil Fund to Move Giant WTI Position as Market Sours
April 17, 2020--Key ETF to roll some of its futures contracts to next month
Fund says it may not be able to meet its investment goal.
The $3.8 billion U.S. Oil Fund, which accounts for about 25% of all outstanding contracts in the most-traded West Texas Intermediate crude futures, said it will alter some of its position, citing market and regulatory conditions.
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Source: bloomberg.com
BNY Mellon Launches Comprehensive Technology Solution for ActiveShares ETFs
April 15, 2020--NY Mellon today announced the launch of an end-to-end technology solution to support ActiveSharesSM non-transparent actively managed exchange-traded funds (ETFs). This solution delivers a digital workflow from order placement through execution of underlying securities associated with creation and redemption activity.
Within BNY Mellon's digital platform, the new solution incorporates the Authorized Participant Representative (APR) and Verified Intraday Indicative Value Agent (VIIV Agent) in daily ETF workflows to enable efficient investor access without daily holding disclosure. The platform includes security restriction and approval processing features within the order ticket, eliminating the need for off-line phone and email communications. This results in a fully digital audit trail for all ETF orders and brings the APR role into deal handling.
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Source: bnymellon.com
BNY Mellon Investment Management Introduces ETF Range
April 9, 2020--Expands investment solutions to deliver BNY Mellon's leading index capabilities in an ETF fund structure
BNY Mellon US Large Cap Core Equity ETF and BNY Mellon Core Bond ETF to be first zero-fee ETFs with no fee waivers or restrictions in two of the largest U.S. market categories
BNY Mellon Investment Management, one of the world's largest asset managers with $1.9 trillion in assets under management1, today announced the expansion of its investment solutions line-up with the introduction of eight Exchange-Traded Funds (ETFs) designed to cover the core exposures in a typical asset allocation strategy.
The first three Morningstar-benchmarked equity ETFs (BNY Mellon US Large Cap Core Equity ETF; BNY Mellon US Mid Cap Core Equity ETF; BNY Mellon US Small Cap Core Equity ETF) will commence trading today on the New York Stock Exchange (NYSE).
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Source: BNY Mellon Investment Management
Minutes of the Federal Open Market Committee. March 15, 2020
April 8, 2020--The Federal Reserve Board and the Federal Open Market Committee on Wednesday released the attached minutes of the Committee meeting held on March 15, 2020, and of the conference call held on March 2, 2020.
Developments in Financial Markets and Open Market Operations
The System Open Market Account (SOMA) manager first reviewed developments in domestic and global financial markets. Financial markets remained exceptionally volatile amid the global spread of the coronavirus and uncertainty regarding its effects.
Since the meeting of the FOMC in late January, the S&P 500 index declined 18 percent, nominal U.S. Treasury yields moved 60 to 100 basis points lower, and market-based measures of inflation compensation fell 75 to 100 basis points
Investment-grade and high-yield credit spreads widened about 120 basis points and 360 basis points, respectively. The U.S. dollar appreciated notably against most currencies, with the exception of other safe-haven currencies, and crude oil prices dropped 40 percent. Against this backdrop, expectations for the path of the federal funds rate adjusted sharply.
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Source: federalreserve.gov
ETFMG and Wedbush Collaborate on Pure-Play Global Cloud Computing ETF: IVES
April 7, 2020--ETFMG, leading thematic ETF issuer, in collaboration with Wedbush Securities, leading financial services and investment banking firm, launches the Wedbush ETFMG Global Cloud Technology ETF (NYSE Arca: IVES)*, answering investor demand for direct access to a pure-play cloud technology product.
IVES, named for prominent Wedbush technology analyst and visionary of the ETF, Dan Ives, is designed for direct access to the cloud infrastructure and cloud "enabler" companies, expected to be major beneficiaries in the estimated $1T in enterprise cloud spending over the next decade. 1 The Fund gives global exposure to companies at the forefront of the next wave of cloud technology.
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Source: ETFMG
NYSE to review circuit-breaker system after vertiginous drops
April 7, 2020--The New York Stock Exchange is planning to review the effectiveness of market-wide systems designed to dampen extreme volatility after circuit-breakers were tripped several times last month during a stampede from risky asset
In mid-March US markets saw a series of 15-minute halts to trading following big drops in the S&P 500 index, as investors spooked by the spread of coronavirus scrambled to dump positions.
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Source: afr.com
CBO-Monthly Budget Review for March 2020
April 7, 2020--The federal budget deficit was $741 billion in the first half of fiscal year 2020, CBO estimates, $50 billion more than the deficit recorded during the same period last year. Revenues and outlays alike were higher through March of this year-by 6 percent and 7 percent, respectively-than during the first half of fiscal year 2019.
Those results were not significantly affected by the novel coronavirus pandemic or by the federal government's response to it. The budgetary effects of the pandemic's impact on economic activity and of the legislation recently enacted in response will become more noticeable in April.
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Source: CBO (congressional Budget Office)
NYSE in talks with SEC to ease listing rules during coronavirus volatility
April 6, 2020--The New York Stock Exchange said on Monday it was in talks with regulators to temporarily ease its listing requirements to take the strain off companies that may have fallen out of compliance due to the market rout spurred by the coronavirus.
The U.S. Securities and Exchange Commission initially rejected a proposal to waive certain ongoing listing requirements until the end of June that the NYSE, owned by Intercontinental Exchange Inc, had filed on Friday as immediately effective, Farrell Kramer, a spokesman for the exchange said.
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Source: reuters.com
Fed taps Pimco and State Street for funding programme
April 3, 2020--Appointment of managers for commercial paper facility comes after BlackRock was hired to run bond purchases
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Source: FT.com
CFTC.gov Commitments of Traders Update
April 3, 2020--The current reports for the week of March 31, 2020 are now available.
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Source: CFTC.gov
