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Bats Takes a Swing at NYSE and Nasdaq in Closing Auctions Spat
August 3, 2017--Bats, the CBOE Holdings Inc-owned exchange operator, lambasted the New York Stock Exchange and Nasdaq Inc over their criticism of a Bats plan to compete for end-of-day stock orders, calling it disingenuous in a letter to regulators.
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Source: NY Times
CBOE Holdings Reports July 2017 Trading Volume
August 3, 2017--CBOE Holdings, Inc. (BATS: CBOE|NASDAQ: CBOE) today reported July monthly trading volume and average revenue per contract (RPC)/net revenue capture data at www.cboe.com/monthlyvolrpc.
The data sheet "CBOE Holdings Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of July statistics for options (Chicago Board Options Exchange® (CBOE®), C2 Options Exchange (C2), BZX® and EDGX®); CBOE Futures Exchange (CFE®); U.S. equities (BZX®, BYX®, EDGA®, EDGX®); global FX (Bats Hotspot); and European equities. Data sheets are also available on an as reported basis for 2017 and on a combined basis for 2016.
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Source: CBOE Holdings, Inc
Fund of Funds Investor Loses Appeal on Excessive Fee Case-Investment Management Update
August 2, 2017--On July 24, 2017, the U.S. Court of Appeals for the Eighth Circuit affirmed a district court's finding that a shareholder in a mutual fund operating as a fund of funds does not have standing to sue the fund's investment adviser under Section 36(b) of the Investment Company Act of 1940 for fees charged by the underlying funds owned by the fund of funds.
The plaintiff invested in a fund of funds advised by the investment adviser, who also advised the underlying funds in which the fund of funds invested. Section 36(b) allows fund shareholders to bring an action against the fund's investment adviser for excessive fees it receives from the fund. In this case, the plaintiff did not allege that the investment adviser breached its duty under Section 36(b) with respect to the fund of funds, but rather as a result of the fees charged by the underlying funds in which the fund of funds invested.
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Source: ThompsonHine.com
Transamerica Debuts DeltaShares, a New Suite of Strategic Beta ETFs Designed to Help Investors Manage Risk and Achieve Long-Term Goals
August 2, 2017--Transamerica Asset Management, Inc. today launched the DeltaShares by Transamerica suite of strategic beta exchange-traded funds (ETFs). The DeltaShares suite includes four ETFs designed to provide core equity strategies with an embedded risk-management feature.
DeltaShares by Transamerica are the first and only suite of ETFs that track the S&P Managed Risk 2.0 Index Series so that investors can track the performance of a given segment of the equity market while seeking to control volatility.
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Source: Transamerica
CFTC.gov Swaps Report Update
August 2, 2017--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
U.S. commodity funds post biggest outflows of 2017-ICI
August 2, 2017--U.S.-based commodities funds posted the largest withdrawals of 2017, bleeding $1.2 billion during the latest week and sending a contrarian signal to rising
oil and gold markets, Investment Company Institute (ICI) data
showed on Wednesday.
Crude oil futures and gold have both generated more than 4 percent returns apiece over the last month, but
withdrawals accelerated for U.S. funds heavily invested in those
assets.
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Source: Reuters
Box Options wins approval to put humans on trading floor
Score one for the humans.
August 2, 2017--Box Options Exchange, an all-electronic equity options market, has won regulatory approval to set up an open-outcry exchange in Chicago in stark contrast to the trend that has sent most trades to computer screens.
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Source: FT.com
CFTC.gov Swaps Report Update
August 2, 2017--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
CBOE and Gemini Enter Into Exclusive Global License Agreement to Use Bitcoin Market Data
August 2, 2017--Multi-year license will allow both firms to explore bitcoin derivatives opportunities
Pending regulatory review, the collaboration begins with plans to launch cash-settled bitcoin futures on CBOE Futures Exchange (CFE) in the fourth quarter of 2017 or early 2018
Agreement builds on the existing relationship between the CBOE family and Gemini
Trading volume of the bitcoin market has grown substantially in the last two years
CBOE Holdings, Inc. (BATS: CBOE | NASDAQ: CBOE) and Gemini Trust Company, LLC (Gemini) today announced an agreement that provides Chicago Board Options Exchange, Incorporated (CBOE) and its affiliates with an exclusive global license to use Gemini's bitcoin market data for bitcoin derivatives and indices.
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Source: CBOE Holdings, Inc
IMF Working paper-When Gambling for Resurrection is Too Risky
August 1, 2017--Summary:
Rather than taking on more risk, US insurers hit hard by the crisis pulled back from risk taking, relative to insurers not hit as hard by the crisis. Capital requirements alone do not explain this risk reduction: insurers hit hard reduced risk within assets with identical regulatory treatment.
State level US insurance regulation makes it unlikely this risk reduction was driven by moral suasion. Other financial institutions also reduce risk after large shocks: the same approach applied to banks yields similar results. My results suggest that, at least in some circumstances, franchise value can dominate, making gambling for resurrection too risky.
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Source: IMF
