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CFTC Issues Proposed Interpretation on Virtual Currency "Actual Delivery" in Retail Transactions
December 15, 2017--The Commodity Futures Trading Commission (CFTC) today announced a Proposed Interpretation concerning its authority over retail commodity transactions involving virtual currency, such as bitcoin.
Specifically, the Proposed Interpretation sets out the CFTC's view regarding the "actual delivery" exception that may apply to virtual currency transactions. The Proposed Interpretation is open for public comment for 90 days from publication in the Federal Register.
Section 2(c)(2)(D) of the Commodity Exchange Act (CEA) provides the CFTC with direct oversight authority over "retail commodity transactions"-defined as agreements, contracts or transactions in any commodity that are entered into with, or offered to retail market participants on a leveraged or margined basis, or financed by the offeror, the counterparty or a person acting in concert with the offeror or counterparty on a similar basis.
view the Retail Commodity Transactions Involving Virtual Currency Proposed Interpretation
Source: CFTC.gov
2017 IPO Market: Good, But Not Great
December 15, 2017--The 2017 IPO market delivered 160 deals, 50% more IPOs than 2016, with proceeds nearly doubling to $36 billion. Driving activity were biotechs, technology and the return of Chinese issuers. However, given the underlying strength in the broader stock market, the activity level should have been higher.
Holding back issuance, we believe, were uncertainties over the massive tax overhaul and the disappointing debuts of technology unicorns Snap and Blue Apron. The average IPO returned 21%, respectable by historic standards, but only in line with the broader market indexes. The main contributors to IPO performance were biotech and technology, some with spectacular returns, such as AnaptysBio, Argenx and Roku, partly offset by a large number of conspicuous underperformers, such as Blue Apron, Qudian, and Altice USA, all of which had company-specific fundamental issues.
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Source: Renaissance Capital
Renaissance Capital Scheduled U.S. IPOs
December 15, 2017--Scheduled U.S. IPOs-Week of 12/15/17
IPO Index Performance
The Renaissance IPO Index has returned 33.7% so far this year, compared to 18.5% for the S&P 500.
IPOUSA
IPO Activity
There have been 158 IPOs priced so far this year, a +50% change from last year.
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Source: Renaissance Capital
Treasury International Capital Data For October
December 15, 2017--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for October 2016. The next release, which will report on data for November 2016, is scheduled for January 18, 2017.
The sum total in October of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC inflow of $18.8 billion.
Of this, net foreign private inflows were $60.5 billion, and net foreign official outflows were $41.7 billion.
Foreign residents decreased their holdings of long-term U.S. securities in October; net sales were $6.0 billion. Net purchases by private foreign investors were $32.8 billion, while net sales by foreign official institutions were $38.8 billion.
U.S. residents decreased their holdings of long-term foreign securities, with net sales of $15.4 billion.
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Source: treasury.gov
CFTC.gov Commitments of Traders Reports Update
December 15, 2017--The current reports for the week of December 12, 2017 are now available.
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Source: CFTC.gov
Financial Stability Oversight Council Releases Annual Report
December 14, 2017--The Financial Stability Oversight Council (Council) today published its 2017 annual report. The report describes significant financial market and regulatory developments, potential emerging threats to U.S. financial stability, recommendations to promote financial stability, and the activities of the Council.
The report was developed collaboratively by the members of the Council and their agencies and respective staff and was approved unanimously by voting members of the Council.
view the Financial Stability Oversight Council Annual Report 2017
Source: treasury.gov
Pimco Cyclical outlook-Peak Growth
December 14, 2017--The good news first: Barring a zombie apocalypse or a sudden spontaneous collapse in asset prices, the current Goldilocks environment of synchronized, above-trend global economic growth and low but gently rising inflation will likely persist in 2018.
In fact, recent growth momentum has been even better than expected across many economies, providing a strong ramp into next year. Moreover, easier financial conditions (reflecting buoyant markets for risk assets and still-low interest rates) imply sustained near-term tailwinds, and fiscal stimulus in the U.S. and elsewhere in the advanced economies is forthcoming.
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Source: Pimco
Thomson Reuters-U.S. Weekly FundFlows Insight Report: Despite New Market Highs, Investors Are Net Redeemers of Equity Funds for the Week
December 14, 2017--For the sixth week in a row investors were net purchasers of fund assets (including those of conventional funds and ETFs), injecting $13.5 billion. However, the headline number was a little misleading.
Investors padded the coffers of money market funds (+$30.7 billion) and municipal bond funds (+$217 million) while being net redeemers of equity funds (-$16.2 billion, their eleventh largest weekly net outflows on record) and taxable bond funds (-$1.2 billion) for the week.
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Source: Thomson Reuters
New Index Offers Benchmark for Global Balanced Portfolios-New Frontier Advisors launches the New Frontier Global Balanced Index (NFGBI)
December 14, 2017--New Frontier Advisors, LLC, a Boston-based institutional research, global technology, and investment advisory firm, today announced the launch of the New Frontier Global Balanced Index (ticker: NFGBI).
The index is designed to provide institutional asset managers and long-term investors with a unique benchmark to track the performance of an institutional quality global multi-asset risk-managed portfolio.
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Source: New Frontier Advisors
Hartford Funds Expands Fixed Income Offerings with Launch of Municipal Bond ETF
December 14, 2017--Hartford Funds today announced the listing of its fourth actively managed fixed income and 11th overall exchange-traded fund ("ETF"), Hartford Municipal Opportunities ETF (NYSE: HMOP).
Sub-advised by Wellington Management Company LLP ("Wellington Management"), this actively managed ETF is designed to provide financial advisors and their clients with an investing strategy that seeks tax-exempt income by investing in opportunities in investment grade and high-yield municipal bonds.
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Source: Hartford Funds
