Americas ETP News
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How Mifid Has Made Its Mark in the US
May 5, 2019--Fund managers across America, nudged by the SEC, seek to replicate European rules.
The launch of Mifid II represented Europe's biggest shake-up in the relationship between banks and investors in a generation. Now an unusual switch from US regulators may help elements of it to spread across the Atlantic.
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Source: FT.com
Report: Facebook considering its own bitcoin for payments
May 3, 2019--The Wall Street Journal reports that Facebook plans a cryptocurrency-based payment system that it could launch for billions of users worldwide.
The system would use a digital coin similar to bitcoin, but different in that Facebook would aim to keep the coin's value stable. Bitcoin and similar cryptocurrencies have been susceptible to wild fluctuations in value.
It could reportedly undermine credit cards by sidestepping the processing fees that generate much of their revenue.
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Source: apnews.com
CFTC.gov Commitments of Traders Reports Update
May 3, 2019--The current reports for the week of May 3, 2019 are now available.
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Source: CFTC.gov
WBI to Liquidate Two Funds: WBIR and WBIH
May 3, 2019--WBI Investments, Inc., a leading provider of wealth-building strategies targeting an optimal blend of bear market protection and bull market return, today announced that it will close and liquidate two exchange-traded funds with plans to launch additional funds of the Absolute Shares Trust.
WBI's commitment to responding to investors' needs includes a regular review of its product lineup, which has led to a decision to liquidate the following funds: WBI BullBear Global High Income ETF (WBIH) and WBI BullBear Global Rotation ETF (WBIR) (each a "Fund" and, collectively, the "Funds"). WBI intends to launch new fund(s) nearly concurrently with the liquidations.
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Source: WBI
Cboe Global Markets Reports April 2019 Trading Volume
May 3, 2019--Cboe Global Markets, Inc. (Cboe: CBOE), one of the world's largest exchange holding companies, today reported April monthly trading volume.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of April and year-to-date trading statistics and market share by business segment, volume in select index products, and Revenue Per Contract (RPC), which is reported on a one-month lag across business lines.
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Source: Cboe Global Markets, Inc.
CBO-Updated Budget Projections: 2019 to 2029
May 2, 2019-CBO projects a deficit of $896 billion for 2019-$1 billion less than the deficit it projected in January. Federal debt held by the public is projected to grow from 78 percent of gross domestic product in 2019 to 92 percent in 2029.
Summary
As it typically does each spring, the Congressional Budget Office has updated the baseline budget projections it published early in the year. If no further legislation is enacted this year that affects the federal budget, the total federal deficit for fiscal year 2019 will be nearly the same as the agency estimated it to be in January 2019, according to CBO's projections. If current laws remained unchanged, the deficit would generally increase in nominal terms through 2029 and would be considerably larger as a share of the nation's output (gross domestic product, or GDP) than its average over the past 50 years, CBO estimates. As a result, debt held by the public would rise significantly from its already high level.
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Source: Congressional Budget Office (CBO)
New Research from Fidelity(R) Finds Institutional Investments in Digital Assets Are Likely to Increase over the Next Five Years
May 2, 2019--Institutional Investors See a Place for Digital Assets in Investment Portfolios
Institutional investors are finding appeal in digital assets and many are looking to invest more in digital assets over the next five years, according to new research from Fidelity Investments(R).
According to the survey, about 22% of institutional investors already have some exposure to digital assets, with most investments having been made within the past three years. Four in ten respondents say they are open to future investments in digital assets over the next five years.
These findings are part of a Fidelity Investments research study to better understand how institutions, advisors, and investors think about digital assets both overall, and as part of an investment portfolio. More than 400 U.S. institutional investors were surveyed, including pensions, family offices, crypto and traditional hedge funds, financial advisors and endowments and foundations.
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Source: Fidelity
U.S. Weekly FundFlows Insight Report: Despite Record Highs for the S&P 500, Investors are Net Redeemers of Equity Funds for the Week
May 2, 2019--For the second week in a row, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $15.0 billion for Lipper’s fund-flows week ended May 1, 2019. However, the headline numbers are misleading. Fund investors were net purchasers of money market funds (+$16.0 billion) and municipal bond funds (+$1.2 billion), but were net redeemers of equity funds (-$1.8 billion) and taxable fixed income funds (-$352 million).
Market Wrap-Up
The S&P 500 Index strung together three consecutive days of record closes during the fund-flows week ended May 1, 2019, as investors cheered generally strong Q1 earnings reports and a continuation of talks with Chinese trade delegates. While the NASDAQ Composite Index got a shot in the arm early in the flows week on encouraging news from the likes of Facebook, disappointing sales figures from Alphabet weighed on the tech-heavy index toward the end of the flows week. However, the major U.S. indices remained range-bound during the flows week—most posting downside returns—as investors focused on mixed economic data and the Federal Open Market Committee meeting that concluded on Wednesday.
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Source: Refinitiv
French newcomer to list hedge fund clone ETF in the US
May 2, 2019--iM Global Partners is set to make its ETF debut by listing a managed futures ETF that clones the asset allocations of America's top commodity trading advisor hedge funds.
The iM DBi Managed Futures Strategy ETF (DBMF) will use a proprietary quantitative model to get a good idea of “the current asset allocation of a selected pool of the largest commodity trading advisor hedge funds,” the prospectus says. It will then work to try and clone them, going entirely off the model.
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Source: etfstream.com
Mexico needs a new strategy to boost growth, fight poverty and improve well-being for all
May 2, 2019--The Mexican economy is expanding at a moderate pace, underpinned by a strong macroeconomic framework and robust exports tied to the country's deep integration into global value chains.
A new strategy is now needed to boost growth, reduce high levels of poverty and inequalities, and improve well-being for all Mexicans, according to a new report from the OECD.
The latest OECD Economic Survey of Mexico discusses the links between low living standards and stagnant productivity, poor educational outcomes, weak rule of law, obstacles to competition and widespread informality. The Survey projects growth of about 1.6% this year and 2.0% in 2020, in the context of a slowing world economy and persistent trade tensions that risk disrupting exports, private sector investment and global value chains.
view the OECD Mexico Economic Snapshot
Source: OECD
