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Clayton: SEC Plans to Update Equity Market Rules This Year
March 8, 2019--The plans address issues raised in a series of roundtables with market participants and investors last year. Last year the Securities and Exchange Commission's Division of Trading and Markets held a series of roundtables on issues related to structure of the U.S. equity market, including market data and access, thinly traded securities, and retail fraud and how to prevent it.
On Friday, SEC Chairman Jay Clayton and the division’s director, Brett Redfearn, in a public talk at Fordham University in New York City discussed how the agency plans to address this year some of the issues raised in those roundtables.
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Source: thinkadvisor.com
FTSE Russell Blog-Gender equality-more to be done across the board
March 8, 2019--Index IDEA: US equity markets come together in times of stress
As the old saying,goes, birds of a feather flock together. According to new insight from Tabb Group, CME and FTSE Russell, this has also been true in US equity market indexes during times of market stress
Gender equality-more to be done across the board
Equal boardoom balance remains a distant prospect, our data shows.
Factor valuation considerations
The increasing popularity of factor investing have raised questions about the valuation of factors.
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Source: FTSE Russell
GSAM Launches ETFs to Track Motif Indexes That Focus on the Next Wave of Innovation
March 7, 2019--The Goldman Sachs Motif ETFs provide exposure to companies that are driving the long-term global impact of technology across sectors
Goldman Sachs Asset Management (GSAM) today announced the launch of a suite of five exchange-traded funds (ETFs) that invest in the creators and adopters of innovation, across a range of sectors, market caps and geographies. The ETFs seek to track indices created by Motif, a leading provider of systematic, data-driven indices and strategies.
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Source: Goldman Sachs Asset Management, L.P. (GSAM)
Vanguard Files For Its First Actively Managed ESG Fund
March 7, 2019--Vanguard today added to its current environmental, social, and governance (ESG) fund offerings with Vanguard Global ESG Select Stock Fund. The new active equity fund will be managed by Wellington Management Company LLP and is expected to be available for investment in mid-2019.
"Vanguard's new Global ESG Select Stock Fund is taking a distinctive approach to ESG investing, seeking long-term outperformance through the selection of companies that integrate leading ESG practices into their corporate strategies," said Matthew Brancato, head of Vanguard's Portfolio Review Group.
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Source: Vanguard
ETFLogic Launches Advanced Analytics "Pages" Platform Providing Users With Unique Data Points on the US ETF Market
March 7, 2019--ETFLogic, the leading New York City-based ETF analytics and data technology company, today announced that ETFLogic Pages, a powerful new platform for discovering Exchange Traded Funds (ETFs) and uncovering investment trends, is now available for free.
Desjardins launches two RI ETFs
March 7, 2019--The ETFs track global and emerging market indices
Montreal-based Desjardins Global Asset Management Inc. (DGAM) has launched two ETFs that follow a responsible investment policy.
Both Desjardins RI Emerging Markets Multifactor Low CO2 ETF (DFRE) and Desjardins RI Global Multifactor Fossil Fuel Reserves Free ETF (DRFG) began trading on the Toronto Stock Exchange Thursday.
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Source: advisor.ca
Exclusive: SEC scrutinizes fairness of stock exchange pricing
March 7, 2019--The U.S. Securities and Exchange Commission is investigating whether the multi-tiered pricing system used by stock exchanges favors large brokers at the expense of small ones, according to a person familiar with the matter.
Under the current system, Wall Street banks and other massive traders get hefty rebates based on how much business they funnel to exchanges. The result of this complex and often opaque system is that big users can end up trading for free, or even get paid to trade, while small brokers pay substantial fees.
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Source: Reuters
Tradeweb Markets Files for IPO, Months After Blackstone Deal
March 7, 2019--Tradeweb Markets Inc., the bond and derivative platform co-owned by financial-data platform Refinitiv, filed for a U.S. initial public offering, kicking off plans to go public five months after being acquired as part of a $17 billion buyout.
Tradeweb filed with an initial offering size of $100 million, typically a placeholder amount used to calculate fees that's likely to change. The IPO is being led by JPMorgan Chase & Co., Citigroup Inc., Goldman Sachs Group Inc. and Morgan Stanley, according to a filing with the U.S. Securities & Exchange Commission Thursday.
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Source: bnnbloomberg.ca
CBO-Monthly Budget Review for February 2019
March 7, 2019--The federal budget deficit was $537 billion for the first five months of fiscal year 2019. CBO estimates. $146 billion more than the deficit recorded during the same period last year. Revenues were $4 billion lower and outlays were $142 billion higher than during the first five months of 2018.
However. outlays in the first five months of last year were reduced because certain payments were shifted from October 2017 (fiscal year 2018) into September 2017 (fiscal year 2017). That occurred because October 1. 2017. the first day of fiscal year 2018. fell on a weekend. If not for that timing shift. the deficit for the first five months of last year would have been $44 billion greater. and the deficit increase so far this year would have been $102 billion rather than $146 billion.
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Source: Congressional Budget Office (CBO)
The FED Beige Book-March 6, 2019
March 6, 2019--Overall Economic Activity
Economic activity continued to expand in late January and February, with ten Districts reporting slight-to-moderate growth, and Philadelphia and St. Louis reporting flat economic conditions. About half of the Districts noted that the government shutdown had led to slower economic activity in some sectors including retail, auto sales, tourism, real estate, restaurants, manufacturing, and staffing services.
Consumer spending activity was mixed across the country, with contacts from several Districts attributing lower retail and auto sales to harsh winter weather and to higher costs of credit. Manufacturing activity strengthened on balance, but numerous manufacturing contacts conveyed concerns about weakening global demand, higher costs due to tariffs, and ongoing trade policy uncertainty. Activity in the nonfinancial services sector increased at a modest-to-moderate pace in most Districts, driven in part by growth in the professional, scientific, and technical services sub-sector. Residential construction activity was steady or slightly higher across most of the U.S., but residential home sales were generally lower.
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Source: federalreserve.gov
