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Brazil: Staff Concluding Statement of the 2018 Article IV Mission
May 25, 2018--A mild recovery supported by accommodative monetary and fiscal policies is underway. But the output gap is large, public debt is high and increasing, and, more importantly, medium-term growth prospects remain uninspiring, absent further reforms.
Against the backdrop of tightening global financial conditions, placing Brazil on a path of strong, balanced and durable growth requires an earnest pursuit of fiscal consolidation, ambitious structural reforms, and a strengthening of the financial sector architecture.
This will require strong leadership and resolve. Recent measures, notably the ceiling on federal expenditures, and reforms of the labor and subsidized credit markets are welcome and should help boost confidence, but much more is needed. Over the near term, since inflation is below target and expectations are anchored, monetary policy should remain accommodative to facilitate a durable recovery, while fiscal consolidation should accelerate.
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Source: IMF
CFTC.gov Commitments of Traders Reports Update
May 25, 2018--The current reports for the week of May 25, 2018 are now available.
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Source: CFTC.gov
Trump signs bill easing U.S. bank rules into law
May 24, 2018--U.S. President Donald Trump signed into law on Thursday a bill that would ease rules on most banks for the first time since the 2007-2009 financial crisis.
The legislation eases regulations on all but a handful of the nation's largest banks, and marks a significant victory in Trump's efforts to cut rules in a bid to spur economic growth.<>view more
Source: Reuters
Thomson Reuters-U.S. Weekly Fund Flows Insight Report: Investors Inject Net New Money Into the U.S. Fund Industry for a Fifth Consecutive Week
May 24, 2018--For the fifth week in a row investors were net purchasers of fund assets (including those of conventional funds and ETFs), adding a little more than $9.9 billion for the fund-flows week ended May 23, 2018.
Despite continued trade war concerns and an initial jump in Treasury yields, fund investors were net purchasers of equity funds (+$3.7 billion), taxable bond funds (+$3.1 billion), money market funds (+$3.0 billion), and municipal bond funds (+$233 million).
Market Wrap-Up
During the flows week volatility, while on the retreat, remained ever present as investors worried about the ongoing China/U.S. trade talks, a possible oil disruption from Iran and Venezuela-leading to a rally in crude oil, and-at least initially-a persistent rise in the ten-year Treasury yield.
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Source: Thomson Reuters
Canadian securities regulators focus on areas for reducing regulatory burden for investment funds
May 24, 2018-The Canadian Securities Administrators (CSA) today published CSA Staff Notice 81-329 Reducing Regulatory Burden for Investment Fund Issuers, which outlines the CSA's plan to pursue four initiatives in the near-term that would remove redundancies and streamline disclosure requirements for investment fund issuers.
"Reviewing regulatory burden for investment fund issuers is a key priority for our 2016-2019 Business Plan," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. "We have identified areas to lessen regulatory burden for investment funds, while maintaining investor protection and the efficient functioning of the capital markets."
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Source: Canadian Securities Administrators
ETFGI reports ETFs and ETPs listed in Canada gathered net inflows of 502.72 million US dollars in April 2018, the lowest since September 2017
May 24, 2018--ETFGI, a leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported today that ETFs and ETPs listed in Canada gathered US$502.72 Mn in net inflows in April 2018, the lowest since September 2017 which suffered US$12.77 Mn. YTD 2018 net inflows are at US$6.56 Bn which is slightly more than the US$6.46 Bn in net inflows at this point last year. (All dollar values in USD unless otherwise noted.)
Highlights
Net new assets gathered by ETFs/ETPs listed in Canada were $502.72 Mn in April
April 2018 marked the 7th consecutive month of net inflows into ETFs/ETPs listed in Canada
Assets invested in ETFs/ETPs listed in Canada increased by 1.23%, or $1.46 Bn, during April, to $119.43 Bn
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Source: ETFGI
CFTC.gov Swaps Report Update
May 23, 2018--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Aretex Capital Partners to Acquire Alerian
May 23, 2018--Aretex Capital Partners ("Aretex"), a global private equity firm, today announced that it has entered into a definitive agreement to acquire Alerian, the market leading provider of energy infrastructure indices and market intelligence based in Dallas, Texas.
The terms of the transaction were not disclosed.
Alerian develops and maintains a series of indices for the energy sector and equips investors to make informed decisions about investments in energy infrastructure. Alerian licenses its indices to third parties for the creation of investment vehicles, such as Exchange Traded Products (ETPs).
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Source: Aretex Capital Partners
SEC Proposes FAIR Act Rules to Promote Research Reports on Investment Funds
May 23, 2018--The Securities and Exchange Commission today proposed rules and amendments that would promote research on mutual funds, exchange-traded funds, registered closed-end funds, business development companies, and similar covered investment funds.
The proposal would reduce obstacles to providing research on investment funds by harmonizing the treatment of such research with research on other public entities.
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Source: SEC.gov
Research Affiliates-Food for Thought: Integrating vs. Mixing
May 23, 2018--Key Points
The diversified approach of a multi-factor strategy offers a "smoother ride" through economic and market cycles than a single-factor strategy.
Investors should consider both the quantitative and qualitative characteristics of the two most popular multi-factor strategy construction methods-mixing and integrating-before deciding which is best suited for achieving their desired investment outcome.
Integrating can be a good candidate for a quant active strategy when high active risk is allowed, capacity is not the primary concern, and sophisticated implementation can mitigate trading cost concerns.
Investors who value full transparency, diversification, minimal governance oversight, and low fees, should find a mixing multi-factor index strategy a sensible choice.
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Source: Research Affiliates
