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U.S. Regulators Looking into Limits on ETF Company Stock Holdings
February 15, 2019--Amid the rapid growth of passively managed index and ETFs, the U.S. Federal Trade Commission held a hearing on whether asset mangers' stakes in company stocks hurt consumers, but prominent players are fighting back.
Late last year, the FTC discussed a theory called common ownership, which suggested that if investors own shares across a range of companies in the same industry, the managers of those companies have less incentives to invest in new products or services or try to entice customers from rivals, essentially becoming less competitive, the Financial Times reports.
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Source: ETFtrends.com
CFTC Commitments Of Traders Reports Update
February 15, 2019--The current reports for the week of February 15, 2019 are now available.
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Source: CFTC.gov
SEC Starts Review of NYSE Arca's Bitcoin ETF Rule Change ProposalErisX to CFTC: Regulated ETH Futures Would Result in More Robust, Liquid Market
February 15, 2019--The United States Securities and Exchange Commission (SEC) started reviewing a rule change proposal for NYSE Arca's Bitcoin (BTC) exchange-traded fund (ETF) on Feb. 11, according to an official document published today, Feb. 15.
According to the notice, the NYSE Arca exchange filed a rule change proposal to list and trade shares of the Bitwise Bitcoin ETF Trust under its NYSE Arca Rule 8.201-E on Jan. 28.
The SEC is now expected to provide an initial decision to approve or reject the proposal within 45 days starting from the day of publication of the announcement, Feb. 15.
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Source: cointelegraph.com
NYSE Arca Filing Kicks Off Countdown for New Bitcoin ETF
February 15, 2019--The clock just started on the latest effort to launch a bitcoin exchange-traded fund (ETF).
The U.S. Securities and Exchange Commission (SEC) announced it was beginning its review of a bitcoin ETF rule change proposal filed by NYSE Arca and Bitwise Asset Management on Feb. 11, and the proposal itself was published in the Federal Register on Feb. 15, meaning the regulator has 45 days to make its initial decision on whether to approve, reject or extend the proposal.
The SEC has at most 240 days to make a final decision on whether to approve or reject the ETF.
Members of the general public looking to file responses to the rule change proposal have three weeks to submit any comments.
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Source: coindesk.com
US exchange giants try to thwart SEC pricing plan
February 15, 2019--NYSE and Nasdaq file petition to DC court, saying regulators' move is unlawful
The New York Stock Exchange and Nasdaq have gone to court in an effort to block a plan from their main regulator to study the incentive schemes underpinning the world's biggest equities market.
In two 400-page petitions, the two biggest US listings exchanges said they would fight a move by the Securities and Exchange Commission to impose fee caps on 1,400 listed stocks, in order to test the effects of exchanges' fees and rebates.
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Source: FT.com
BMO launches three asset allocation ETFs
February 15, 2019--Firm also introduces four other ETFs
Toronto-based BMO Asset Management Inc. has launched three risk-based asset allocation ETFs and four additional ETFs,the investment manager announced Friday.
The asset allocation ETFs are:
BMO Conservative ETF (ZCON), which targets exposure of 60% fixed income and 40% equity.
BMO Balanced ETF (ZBAL), which targets exposure of 40% fixed income and 60% equity.
BMO Growth ETF (ZGRO), which targets exposure of 20% fixed income and 80% equity.
The funds provide diversified exposure with quarterly rebalancing, notes Kevin Gopaul, global head of ETFs, BMO Global Asset Management, in a statement.
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Source: advisor.ca
CFTC Official Argues Against SEC's Grounds for Disapproving Bitcoin ETFs
February 14, 2019--Brian Quintenz, a Commissioner at the United States Commodity Futures Trading Commission (CFTC), has argued against the Securities and Exchange Commission's (SEC) grounds for not approving a Bitcoin (BTC) exchange traded fund (ETF). Quintenz made his remarks during a panel at the BiPartisan Policy Center in Washington D.C. on Feb. 12.
Quintenz specifically argued that potential price manipulation should not be a barrier to the SEC approving a Bitcoin ETF. The CFTC Commissioner participated in the panel alongside SEC Commissioner Heister Peirce. Peirce has notably earned the moniker of "crypto mom" due to her vocal dissent against the SEC's move to twice reject a BTC ETF proposal from the Winklevoss twins.
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Source: cointelegraph.com
JPMorgan Chase to create digital coins using blockchain for payments
February 14, 2019--JPMorgan Chase & Co said on Thursday it plans to launch its own digital coins, called "JPM Coin", that customers will be able to use for instant transfer of payments over a blockchain network.
The largest U.S. bank by assets said customers, on depositing money at the bank, will be issued the cryptocurrency that they will be able to use for transactions over the network with other JPMorgan clients.
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Source: Reuters
Managing Volatility-Considerations for Defensive Strategies
February 14, 2019--Recent market turbulence has refocused attention on the potential long-term benefits of defensive investment strategies.
In our new paper, "Implementation considerations for defensive strategies: A look at three approaches," we take an in-depth look at three such approaches: Low Volatility Factor (LVF), Minimum Variance (Min Var) and Equal Risk Contribution (ERC).
view the Implementation considerations for defensive strategies-A look at three approaches paper
Source: FTSE Russell
Financial advisers head to cash as stocks move up
February 14, 2019--Bigger cash weightings reveal a preference for safety over returns as the bull market ages.
Never mind that the stock market is up more than 8% from the start of the year. For a lot of professional investors and financial advisers, the risk-off mood that was triggered late last year has been hard to shake.
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Source: investmentnews.com
