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Thompson Hine Investment Management Update-SEC Grants No-Action Relief for Initial Coin Offering
April 9, 2019--Key Notes:
No-action relief granted for offer and sale of tokens without registration as a security
FinHub releases framework for analyzing the offer and sale of digital assets under the Howey test
On April 3rd, 2019, the U.S. Securities and Exchange Commission's Strategic Hub for Innovation and Financial Technology (FinHub) published a framework for analyzing whether a digital asset is offered and sold as an investment contract, and, therefore, is a security.
Its statement on the framework of an "investment contract" coincides with the Division of Corporation Finance issuing a response to a no-action request, indicating that the Division will not recommend enforcement action to the Commission if the digital asset described in the request is offered or sold without registration under the U.S. federal securities law.
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Source: Thompson Hine
ETFs that don't disclose holdings daily set for SEC nod
April 8, 2019--Market regulators are poised to approve trading of a new kind of product that could bring more stockpickers to U.S. exchange-traded funds, according to a filing on Monday.
The U.S. Securities and Exchange Commission's conditional approval would allow Precidian Investments to license a new type of actively managed exchange-traded fund (ETF) that, like traditional active mutual funds, will not be required to disclose what it owns on a daily basis as most current active ETFs must.
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Source: Reuters
TD Ameritrade Expands Lineup of Securities in 24-Hour Trading Program to 24 ETFs
April 8, 2019--TD Ameritrade today announced an expansion of 10 additional securities available in its 24/5 trading offering, now totaling 24 products, to allow clients broader exposure to markets during the overnight trading session.
The additions come one year after TD Ameritrade became the first U.S. retail broker dealer to allow investors access to trade select securities 24 hours a day, 5 days a week.
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Source: TD Ameritrade Holding Corporation
Wall Street Economists Wade Into the MMT Debate in a Big Way
April 8, 2019--Hatzius sees bigger risks in private debt than public deficit
BofA, Standard Chartered say MMT only helps in sharp downturns
Modern Monetary Theory is getting validation from some Wall Street economists even as it's slammed by others for offering a "free lunch," another sign the progressive school of thought is gaining traction.
Goldman Sachs Group Inc.'s chief economist, Jan Hatzius, was among analysts who released research Monday on the theory. MMT has come under the spotlight in recent months as left-leaning politicians including Alexandria Ocasio-Cortez pitch it as a way to fund ambitious social programs.
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Source: Bloomberg
CBO-Monthly Budget Review for March 2019
April 5, 2019--The federal budget deficit was $693 billion for the first half of fiscal year 2019, the Congressional Budget Office estimates, $94 billion more than the deficit recorded during the same period last year.
Revenues were $9 billion (or 1 percent) higher and outlays were $103 billion (or 5 percent) higher than during the first half of 2018.
Total Receipts: Up Slightly in the First Half of Fiscal Year 2019
Receipts totaled $1,506 billion during the first half of fiscal year 2019, CBO estimates-$9 billion (or 1 percent) more than during the same period last year.
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Source: Congressional Budget Office (CBO)
CFTC Commitment of Traders report
April 5, 2019--The current reports for the week of April 5, 2019 are now available.
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Source: CFTC.gov
Fed preps draft white paper on cyber risk
April 5, 2019--US regulator seeks industry input for initiative on classifying and modelling threats.
The US Federal Reserve has launched a project to find a common way of classifying and modelling cyber risk, amid continued fears over banks' collective readiness to meet the existential threat it poses to the financial system.
The initiative, which was showcased by representatives from the Fed board at a workshop hosted by the Federal Reserve Bank of Richmond on March 28, seeks to synthesise ideas from risk managers, academics and policy-makers, before disseminating them to the broader market.
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Source: risk.net
2026 target-maturity bond ETF debuts from iShares
April 5, 2019--iShares has launched the iShares iBonds Dec 2026 Term Muni Bond ETF on the Cboe Global Markets. The ETF buys US municipal bonds with a target maturity of December 2026.
The iShares iBonds Dec 2026 Term Muni Bond ETF selects investments from a cap-weighted index of investment-grade municipal bonds that at the end of February had 12,331 issues.
ETF Ticker: IBMO
Expense Ratio: 0.18%
Source: SmartBrief
Lipper U.S. Weekly FundFlows Insight Report: Funds Take in Net New Money Driven by Demand for Taxable Bond Funds
April 4, 2019--Lipper's fund asset groups (including both mutual funds and ETFs) experienced net inflows of $1.9 billion for the fund-flows trading week ended Wednesday, April 3. Taxable bond funds (+$3.7 billion) took in the most net new money, while money market funds (+$1.4 billion) and municipal debt funds (+$714 million) also contributed to the net positive flows. Equity funds (-$3.9 billion) were the lone asset group to experience net outflows.
Market Overview
The major equity indices all posted positive returns for the fund-flows trading week. The NASDAQ Composite Index (+3.30%) led the gains, while the S&P 500 Index and the Dow Jones Industrial Average posted solid increases of 2.42% and 2.31%, respectively. All of the indices recorded double-digit gains, paced by the NASDAQ (+16.49%) and followed by the S&P 500 (+13.07%) and the Dow (+11.15%). The markets took strength on optimism over the progress of trade talks between the U.S. and China, as well as better than expected manufacturing data from the same two countries.<>view more
Source: Refinitiv
Virtu and MarketAxess Partner on Fixed-Income ETF
April 4, 2019--Virtu Financial, Inc. and MarketAxess Holdings, Inc., two global leaders in electronic trading, today announced a partnership to provide institutions with enhanced trading tools and access to global exchange-traded funds (ETFs) and fixed income securities.
The effort, which includes the distribution of Virtu's streaming eNAV ETF fair value offering, is expected to launch in the third quarter.
The partnership will provide:
Global, multi-asset and multi-currency coverage to MarketAxess and Virtu RFQ-hub clients...read more
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Source: marketsmedia.com
