Americas ETP News
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Renaissance Capital Scheduled U.S. IPOs
March 2, 2018--IPO Commentary
After falling 23%, has Box's drop boxed in Dropbox's valuation?
Box (BOX) fell 23% on Thursday after giving weak revenue guidance for the coming year. Unless Dropbox's (DBX) enterprise product is taking market share, Box's decline should weigh on...
The Dropbox IPO is here. Where are the rest of the decacorns?
Dropbox may have kicked off a unicorn stampede. Last week's filing sets it up for a $500 million IPO that can come as early as March 22. Privately valued at $10 billion, the cloud storage company...
IPO Index Performance
The Renaissance IPO Index has returned 0.4% so far this year,
compared to 0.2% for the S&P 500.
IPOUSA
IPO Activity
There have been 28 IPOs priced so far this year, a +65% change from last year.
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Source: Renaissance Capital
Trading firm Virtu distances itself from phony cryptocurrency
March 2, 2018--- Virtu Financial Inc (VIRT.O) on Friday distanced itself from a fake cryptocurrency called VirtCoin that falsely claims to be affiliated with the global trading firm, highlighting the potential risks associated with the digital currency craze.
Regulators around the world have been grappling with how to police digital currencies, which companies issue via"initial coin offerings" that are sold to investors in return for a crypto-currency like bitcoin or ether.
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Source: Reuters
Rafferty Asset Management Closing Equity ETF
March 2, 2018--The Board of Trustees of the Direxion Shares ETF Trust has decided to liquidate and close the Direxion iBillionaire Index ETF (IBLN) ("the Fund") based on the recommendation of Rafferty Asset Management, LLC, the Fund's adviser.
The Fund will cease trading on the NYSE Arca,Inc. ("NYSE") and will be closed to purchase by investors as of the close of regular trading on the NYSE on April 6, 2018 (the "Closing Date"). The Fund will not accept purchase orders after the Closing Date.
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Source: Direxion
Thomson Reuters-U.S. Weekly Fund Flows Insight Report: Equity Funds Take in Net New Money for the Week in Spite of Growing Inflation Fears
March 1, 2018--For the second week in a row investors were net purchasers of fund assets (including those of conventional funds and ETFs), injecting $6.4 billion. While fund investors were net redeemers of municipal bond funds (-$591 million) and money market funds (-$7.1 billion), they padded the coffers of equity funds (+$13.3 billion) and taxable bond funds (+$854 million) for the fund-flows week ended February 28, 2018.
Investors cautiously pushed equity markets up ahead of new Federal Reserve Board Chair Jerome Powell's testimony before Congress, only to turn tail after Powell's testimony fueled inflation and interest rate-hike fears. However, for the fund-flows week the Dow Jones Industrial Average Price Only Index (+0.93%) and the NASDAQ Composite Price Only Index (+0.76%) posted returns in the black, while the Russell 2000 Price Only Index (-1.27%) suffered the only major decline of the U.S. broad-based indices.
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Source: Thomson Reuters
Staff Letter: Engaging on Fund Innovation and Cryptocurrency-related Holdings
March 1, 2018--On January 18, 2018 the SEC issued a staff letter with reference to Engaging on Fund Innovation and Cryptocurrency-related Holdings.
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Source: SEC.gov
Nasdaq Sues 'Flash Boys' Exchange IEX for Patent Infringement
March 1, 2018--Claims IEX ripped off key parts of Nasdaq exchange technology
IEX calls Nasdaq claims an attempt to obstruct competition
Nasdaq Inc. sued IEX Group Inc. for patent infringement, claiming the smaller firm stole aspects of its trading technology.
In a lawsuit filed Thursday, Nasdaq said seven of its patents were violated by IEX, which transformed itself from a private trading venue to a full-fledged stock exchange in 2016.
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Source: Bloomberg
CFTC.gov Swaps Report Update
February 28, 2018--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Evolve ETFs to Launch Canada's First Actively Managed Blockchain ETF
February 28, 2018--Evolve Blockchain ETF Files Final Prospectus and Will Begin Trading on March 6, 2018
Evolve Funds Group Inc. ("Evolve ETFs") is pleased to announce that it has filed a final prospectus to launch the Evolve Blockchain ETF ("LINK"). Units of LINK have been conditionally approved for listing on the Toronto Stock Exchange ("TSX") to begin trading on March 6, 2018, under the ticker symbol LINK.
LINK seeks to maximize total return by actively investing primarily in equity securities of issuers whose principal business is the research, development, use or supply of blockchain technologies and applications, including technology hardware.
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Source: Evolve ETFs
US economic growth revised down to 2.5 percent
February 28, 2018--The U.S. economy grew slightly slower in the final months of 2017 than first reported, the Commerce Department reported Wednesday.
Commerce revised its first estimate of economic growth in the fourth quarter of 2017 to 2.5 percent, down 0.1 percent from its earlier estimate. The economy grew 2.3 percent through 2017, up from 1.5 percent in 2016.
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Source: thehill.com
Options traders lost big from tweak in short volatility ETPs: strategists
February 28, 2018--Options traders suffered big losses due to recent changes in the investment objective of ProShare Capital Management LLC's two exchange traded funds that track near-term equity volatility futures, derivatives strategists said on Wednesday.
Traders who owned options on ProShares Short VIX Short-Term Futures ETF (SVXY.P) and ProShares Ultra VIX Short-Term Futures ETF (UVXY.P) have lost at least $100 million in premiums, according to Pravit Chintawongvanich, head of derivatives strategy at Macro Risk Advisors in New York.
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Source: Reuters
