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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
Tradeweb Reports Record March Trading Volume
April 3, 2020--Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported a record average daily volume (ADV) of $1.0 trillion (trn) in aggregate for the month of March 2020, an increase of 41.5 percent (%) year over year (YoY).
For the first quarter of 2020, Tradeweb reported record ADV of $897.8 billion (bn), up 39.0 % YoY, and preliminary average variable fees per million dollars of volume traded of $2.65.view more
Source: tradeweb.com
Updating CBO's Economic Forecast to Account for the Pandemic
April 2, 2020--CBO expects that the economy will contract sharply during the second quarter of 2020 as a result of the continued disruption of commerce stemming from the spread of the novel coronavirus. The following are CBO's very preliminary estimates, which are based on information about the economy that was available through this morning and which include the effects of an economic boost from recently enacted legislation.
Gross domestic product is expected to decline by more than 7 percent during the second quarter. If that happened, the decline in the annualized growth rate reported by the Bureau of Economic Analysis would be about four times larger and would exceed 28 percent. Those declines could be much larger, however.
The unemployment rate is expected to exceed 10 percent during the second quarter, in part reflecting the 3.3 million new unemployment insurance claims reported on March 26 and the 6.6 million new claims reported this morning.
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Source: Congressional Budget Office (CBO)
Invesco cuts value of Barnett's unquoted holdings by 60%
April 1, 2020--US fund manager to offload problem investments to avoid Neil Woodford-style liquidity crunch
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Source: FT.com
OCC March Total Volume Up 62.8 Percent from a Year Ago-Highest Volume Month Ever for U.S. Equity Options Industry
April 1, 2020--OCC, the world's largest equity derivatives clearing organization, announced today that March 2020 total cleared contract volume was 670,646,998 contracts, the U.S. equity options industry's highest month ever-up 62.8 percent from March 2019.
This exceeds the previous record of 568,899,108 cleared contracts set in February 2020. OCC's year-to-date average daily total cleared contract volume is 28,407,644 contracts.
Options: Total exchange-listed options cleared contract volume was 662,813,919 in March 2020, up 63.5 percent from 405,356,124 in March 2019. Equity options volume was 590,743,481 contracts, up 61.6 percent from March 2019. This includes ETF option cleared contract volume of 303,013,572, a 104.1 percent increase compared to 148,462,660 ETF options contracts cleared in March 2019.
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Source: OCC
Innovator Expands Category-Creating Defined Outcome ETF Suite with April Series of Nasdaq 100 and Russell 2000 Power Buffer Listings, Announces New Upside Caps for April Series of S&P 500 Buffer ETFs
April 1, 2020--New ETFs provide US Technology, and US Small Cap exposures up to a cap, with 15% downside buffers over a one-year Outcome Period
The only Buffer ETFs available based on the Nasdaq 100, and Russell 2000 Indexes
Innovator's Defined Outcome ETFs are the subject of a patent application filed with the U.S. Patent and Trademark Office
Innovator Capital Management, LLC (Innovator) announced today the April series Innovator Nasdaq-100 Power Buffer ETFTM (NAPR) and Innovator Russell 2000 Power Buffer ETFTM (KAPR) are scheduled to begin trading, expanding its category-creating Defined Outcome ETFTM suite to forty-three Buffer ETFs in total.
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Source: finance.yahoo.com
Esoterica Capital Launches Active ETF That Invests in 5G Ecosystem
March 31, 2020--Esoterica Capital has launched the first active ETF that invests in the 5G ecosystem. The Esoterica NextG Economy ETF (WUGI) began trading on Cboe on Tuesday with an expense ratio of 0.75%.
Esoterica co-founder and chairman Karan Trehan said the speed, responsiveness and capacity of 5G will transform the world’s data economy.
"We have assembled a portfolio of 35 or so companies principally in the US and Asia (China, Taiwan), that are expected to benefit disproportionately from this digital transformation," Trehan said. "The ETF is non-diversified, with high conviction holdings.”
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Source: etftrends.com
