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CME Group Self-Certifies Bitcoin Futures to Launch Dec. 18
December 1, 2017--CME Group, the world's leading and most diverse derivatives marketplace, today announced that it has self-certified the initial listing of its Bitcoin futures contract to launch Monday, December 18, 2017.
"We are pleased to bring Bitcoin futures to market after working closely with the CFTC and market participants to design a regulated offering that will provide investors with transparency, price discovery, and risk transfer capabilities," said Terry Duffy, CME Group Chairman and Chief Executive Officer.
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Source: CME Group
CFTC Statement on Self-Certification of Bitcoin Products by CME, CFE and Cantor Exchange
December 1, 2017--Today, the Chicago Mercantile Exchange Inc. (CME) and the CBOE Futures Exchange (CFE) self-certified new contracts for bitcoin futures products, and the Cantor Exchange (Cantor) self-certified a new contract for bitcoin binary options.
"Bitcoin, a virtual currency, is a commodity unlike any the Commission has dealt with in the past," said CFTC Chairman J. Christopher Giancarlo. "As a result, we have had extensive discussions with the exchanges regarding the proposed contracts, and CME, CFE and Cantor have agreed to significant enhancements to protect customers and maintain orderly markets. In working with the Commission, CME, CFE and Cantor have set an appropriate standard for oversight over these bitcoin contracts given the CFTC’s limited statutory ability to oversee the cash market for bitcoin."
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Source: CFTC.gov
Arrow Capital Management Inc. launches its first ETF
December 1, 2017--Arrow Capital Management Inc. ("Arrow") is pleased to announce the launch of its first actively managed bond exchange-traded fund (ETF) series.
This innovatively structured ETF series is an additional access point to the Exemplar Investment Grade Fund (the "Fund"). Units of the ETF will begin trading today on the Toronto Stock Exchange ("TSX") under the ticker symbol CORP.
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Source: Arrow Capital Management Inc.
Renaissance Capital Scheduled U.S. IPOs
December 1, 2017--Scheduled U.S. IPOs-Week of 12/04/17
IPO Index Performance
The Renaissance IPO Index has returned 33.8% so far this year, compared to 18.3% for the S&P 500.
IPO Activity
There have been 151 IPOs priced so far this year, a +54% change from last year.
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Source: Renaissance Capital
CFTC.gov Commitments of Traders Reports Update
December 1, 2017--The current reports for the week of November 28, 2017 are now available.
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Source: CFTC.gov
Eaton Vance Launches Floating-Rate NextSharesTM Fund
November 30, 2017--Eaton Vance Management ("Eaton Vance"), a subsidiary of Eaton Vance Corp. (NYSE: EV), today announced the launch of a new NextShares exchange-traded managed fund.
Eaton Vance Floating-Rate NextShares (Nasdaq: EVFTC) (the "Fund") seeks a high level of current income by investing primarily in income producing floating-rate loans and other floating-rate debt securities.
Methodology is based on Harvard economist's 51-page paper. view more CBO-Federal Debt and the Statutory Limit, November 2017 view more VanEck Launches Four UCITS ETFs on the Mexican Stock Exchange view more Merk Investments-Buy or Sell? A Question of Risk Management
That said, the investment industry is geared towards talking you out of that fear; after all, markets "always go up in the long run", don't they?
ETFs aren't always the simple index funds people think they are.
Sometimes they behave like hedge funds. Now a Northern California investment manager wants to turn them into private equity portfolios.
Source: Bloomberg
November 30, 2017--Under current law, on December 9, federal debt will be at the statutory limit and the Treasury will need to use "extraordinary measures" to continue to raise cash. Those measures would probably be exhausted in late March or early April.
The debt limit-commonly called the debt ceiling-is the maximum amount of debt that the Department of the Treasury can issue to the public or to other federal agencies. The amount is set by law and has been increased over the years to finance the government's operations. Currently, there is no statutory limit on the issuance of new federal debt because the Continuing Appropriations Act, 2018 and Supplemental Appropriations for Disaster Relief Requirements Act, 2017 (Public Law 115-56), enacted in September 2017, suspended the limit through December 8, 2017. On December 9, 2017, however, the limit will be reset to reflect cumulative borrowing through the period of suspension.
Source: Congressional Budget Office (CBO)
November 30, 2017--VanEck Investments Ltd. announces the listing of four VanEck Vectors UCITS Exchange Traded Funds (ETFs) on the Bolsa Mexicana de Valores-VanEck Vectors J.P. Morgan EM Local Currency Bond UCITS ETF (Ticker: EMLC; ISIN: IE00BDS67326), VanEck Vectors Gold Miners UCITS ETF (Ticker: GDX; ISIN: IE00BQQP9F84), VanEck Vectors Junior Gold Miners UCITS ETF (Ticker: GDXJ; ISIN: IE00BQQP9G91) and VanEck Vectors Morningstar US Wide Moat UCITS ETF (Ticker: MOAT; ISIN: IE00BQQP9H09).
All four funds are denominated in US dollar and trade in Mexican Pesos. The focus is on the listing and trading of depositary receipts. Income for VanEck's UCITS ETFs is reinvested, thus dividend withholding tax does not apply.
Source: VanEck
November 30, 2017--Whether you ride this bull market or stay on the sidelines is not a matter of brilliance, but of risk management. To illustrate, we look at lessons to be learned from the "greatest predictor" of market returns (hint: it isn't).
Nobody knows whether the market is going to plunge next year, but anyone who fears that it might may be well served taking that that into account, as staying fully invested presumably implies taking on more risk than one is comfortable with.
