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U.S. securities regulator proposes new rules on use of derivatives in exchange traded funds
November 25, 2019--The U.S. securities regulator on Monday proposed new regulations for the use of derivatives by investment funds to introduce some safeguards for more risky products and increase competition.
The proposal from the Securities and Exchange Commission (SEC), which is subject to public consultation, would address concerns over the risks posed by so-called inverse and leveraged exchange traded funds (ETF), after some products experienced heavy losses during a spike in volatility in February 2018 subsequently dubbed "volmageddon."
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Source: Reuters
U.S. Dollar Increasingly Strong Against the Euro
November 22, 2019--After going through a bit of soft phase at the beginning of 2018, the U.S. dollar has gained quite a bit of value opposite the Euro. Most recently, US$1 was buying 0.9 Euros.
This trend is mirrored with many other global currencies and the currencies of U.S. major trade partners.
The strength of the dollar has advantages (namely cheaper imports) but there have been many critical of the strong dollar, including U.S. President Donald Trump. Trump said repeatedly that he would support a FED policy weakening the dollar, because it would aid U.S. companies doing business abroad. Currently, businesses who have to convert foreign earnings back into dollars are getting out less and are therefore potentially less competitive.
view more Jim Ross, SPDR Chairman and ETF Innovator, to Retire view more Charles Schwab in advanced talks to buy TD Ameritrade: source view more US Federal Reserve assessing central bank digital currency view more CBO-H.R. 4329, ESG Disclosure Simplification Act of 2019 view more Minutes of the Federal Open Market Committee, October 29-30, 2019 view more The U.S. Securities and Exchange Commission Issues Notice of Intention to Permit Blue Tractor Group's Shielded AlphaSM ETF Structure
The Shielded AlphaSM structure is a 'wrapper' that facilitates management of actively managed portfolio strategies within an ETF rather than in a traditional mutual fund, thereby conferring the benefits of an ETF to advisors and investors alike, including lower cost, greater tax efficiency and intra-day liquidity. Similar to a fully transparent active ETF, the Shielded AlphaSM wrapper is a highly transparent structure designed to ensure efficient primary and secondary market trading. view more Grayscale Bitcoin Trust Files Form 10 with SEC view more Fidelity's Digital-Currency Business Gets Green Light from New York State
You will find more infographics at Statista
Source: Statista
November 21, 2019--State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), announced today that Jim Ross, chairman, Global SPDR, will be retiring from the firm at the end of March 2020 after a distinguished 27-year career.
Ross, who joined State Street in 1992, was instrumental in creating, developing and bringing to market many of the world’s first ETFs, earning him the moniker of the "godfather of ETFs." The product grew from inception in 1993 when SPY was launched on the American Stock Exchange, to an industry that today stands at almost $6 trillion worldwide and is still one of the fastest-growing investment products in the market.
Source: State Street Global Advisors
November 21, 2019--Charles Schwab Corp (SCHW.N) is in advanced talks to acquire TD Ameritrade Holding Corp (AMTD.O), a person familiar with the matter said on Thursday, in a deal that could exceed $26 billion and combine the two largest U.S. discount brokerages.
The companies are hoping their combination, which is bound to be scrutinized heavily by regulators, will give them more scale to withstand the impact of the industry's move toward zero commission for trades, the source said.
Source: Reuters
October 21, 2019--Yesterday, the head of the US Federal Reserve Jerome Powell responded to a letter from two Congressmen on central bank digital currencies (CBDCs). He confirmed that the Reserve has analyzed whether a digital currency makes sense for the US and that it has been considering several options.
Fed continues to explore CBDC benefits
In September, French Hill and Bill Foster penned a letter asking the central bank whether it has explored the possibility of a CBDC, and, if it hadn't, urging it to consider doing so.
Source: ledgerinsights.com
November 20, 2019--Summary
H.R. 4329 would require the Securities and Exchange Commission (SEC) to issue rules that define environmental, social, and governance (ESG) metrics and require publicly traded companies to disclose their views about those metrics to their shareholders and the SEC annually. The SEC also would be required to establish a permanent advisory committee, composed of up to 20 members, to advise the agency on sustainable finance issues.
Using information from the SEC, CBO estimates that implementing H.R. 4329 would cost $6 million over the 2020-2024 period for the SEC to issue rules and support the advisory committee. However, because the SEC is authorized to collect fees each year to offset its annual appropriation, CBO expects that any net change in discretionary spending over the 2020-2024 period would be negligible, assuming appropriation actions consistent with that authority.
Source: Congressional Budget Office
November 20, 2019--Information received since the Federal Open Market Committee met in September indicates that the labor market remains strong and that economic activity has been rising at a moderate rate.
Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has been rising at a strong pace, business fixed investment and exports remain weak. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed.
Source: federalreserve.gov
November 20, 2019--Shielded AlphaSM structure is 180 degrees differentiated from Precidian's non-transparent ActiveShares(R), providing fund advisors with real choice over what ETF wrapper to use for active portfolio management
The Shielded AlphaSM ETF structure is available for license by fund advisors seeking to manage active strategies within an ETF wrapper, while still fully protecting their alpha generation strategy.
Blue Tractor Group, LLC ("Blue Tractor") is pleased to announce that the U.S. Securities and Exchange Commission ("SEC") has issued notice of its intention to permit Blue Tractor's groundbreaking Shielded AlphaSM exchange-traded fund ("ETF") structure. Blue Tractor wishes to thank the SEC for its constructive and collaborative regulatory approval process. The SEC issued its notice on November 14, 2019 and formal approval is anticipated on or about December 10, 2019.
Source: Blue Tractor Group
November 19, 2019--Grayscale Investments(R), the largest digital currency asset manager and sponsor of Grayscale(R) Bitcoin Trust, today announced that it has publicly filed a Registration Statement on Form 10 with the Securities and Exchange Commission (SEC) on behalf of Grayscale Bitcoin Trust.*
This is a voluntary filing that is subject to SEC review. If deemed effective, it would designate the Trust as an SEC reporting company and register its shares pursuant to Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").** It would also designate the Trust as the first digital currency investment vehicle to attain the status of a reporting company by the SEC.
Source: Grayscale Investments
November 19, 2019--The step is expected to help the financial firm recruit new clients to its fledgling platform for storing and trading bitcoin
Fidelity Investments' digital-currency business won state regulatory approval to operate in New York, a step expected to help the financial firm recruit new clients to its fledgling platform for storing and trading bitcoin.
New York's Department of Financial Services said Tuesday it had granted Fidelity Digital Asset Services LLC a trust-company charter, authorizing the business to offer custody and trading services to institutional and individual investors.
