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IMF Staff Country Report-Columbia
March 23, 2023--A. The Policy Response to Previous High Inflation and Low Growth
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1. Colombia, as many other emerging market economies, has been particularly susceptible to shocks that pushed inflation above central bank targets and lowered growth.
These shocks have often given rise to monetary policy tradeoffs, as the central bank must balance the need to increase the policy rate to address inflationary pressures and prevent inflation expectations from becoming unanchored against the need to support growth to offset negative income effects of terms of trade shocks or other supply shocks. The magnitude of these trade-offs tends to be larger in economies in which inflation expectations are not well anchored (Bems and
others, 2021 and IMF, 2018a).
2. The monetary and fiscal policy response to shocks has varied across countries depending on the strength of their policy frameworks. Empirical analysis using a panel VAR framework (PVAR) based on a sample of 24 inflation targeting small-open economies from 2000-21 (quarterly), including Colombia, shows that terms-of-trade shocks (which often move inflation and growth in opposite directions) have been accompanied by a tightening in monetary policy, particularly in countries with the largest deviation between medium-term inflation expectations and the central bank target.
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Source: imf.org
Blue Tractor Group Announces Licensing agreement with F/m Investments
March 22, 2023--Blue Tractor Group-a leader in the semi-transparent, actively managed ETF space- today announced it has entered into a licensing agreement with F/m Investments ("F/m"), an affiliate of The Diffractive Managers Group, a multi-affiliate asset manager and centralized distribution platform whose affiliates manage more than $20 Billion in total AUM.
This collaboration between F/m and Blue Tractor will be spearheaded by Diffractive affiliate North Slope Capital, an ETF company with expertise in issuing and marketing white-label ETFs. Since its creation in August of 2022, North Slope has launched five ETFs and raised approximately $1 billion of AUM.
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Source: Blue Tractor Group, LLC
U.S. SEC threatens to sue Coinbase over some crypto products
March 22, 2023-- The U.S. Securities and Exchange Commission (SEC) has threatened to sue Coinbase Global Inc (COIN.O) over some of the crypto exchange's products, turning up the heat on the largely unregulated sector.
Shares of Coinbase dropped nearly 13% to $67.33 in extended trading after the company said on Wednesday that the regulator had issued it a Wells notice-a formal declaration that SEC staff intend to recommend an enforcement action.
The potential enforcement actions would be tied to aspects of Coinbase's spot market as well as its Earn, Prime and Wallet products, the company said.
The SEC has been ratcheting up efforts to crack down on the crypto industry since the implosion of FTX last year, and staking services such as Coinbase's Earn are under increased scrutiny for not being registered.
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Source: reuters.com
Bitwise Launches BITC, a New Type of Bitcoin-Linked ETF Designed for Long-Term Investors
March 21, 2023--The strategy, which leverages decades of research on commodities pricing, seeks to mitigate contango for long-term investors by investing selectively in bitcoin futures across the entire futures curve
Bitwise Asset Management, one of the world's leading crypto asset managers, today announced the launch of the Bitwise Bitcoin Strategy Optimum Roll ETF (ticker: BITC).
The fund was built to offer investors regulated, professionally managed exposure to bitcoin with a unique design that minimizes pricing inefficiencies that can emerge in bitcoin-linked ETFs focused on front-month or near-month futures contracts.
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Source: Bitwise Asset Management
J.P. Morgan Asset Management Launches JPMorgan Active China ETF (JCHI)
March 16, 2023--The newest active ETF offering focuses on China equities
J.P. Morgan Asset Management announced today the launch of its newest active ETF, the JPMorgan Active China ETF (JCHI).
The Fund is designed to provide investors with access to a "best ideas" portfolio of Chinese equities and focuses on an investment process driven by bottom-up stock selection, while being mindful of macro and policy considerations.
The Fund is managed by JPMorgan Asset Management (Asia Pacific) Limited, and comprehensively leverages the Greater China research team within J.P. Morgan's Emerging Markets and Asia Pacific (EMAP) Equities team which has an extensive local research footprint that seeks to identify high-conviction ideas. It is priced at 65 basis points.
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Source: J.P. Morgan Asset Management
Multisector Floating Income ETF Launched by American Century
March 16, 2023--Today, American Century Investments(R) launched a new Exchange Traded Fund (ETF). American Century Multisector Floating Income ETF (FUSI) is now listed on the New York Stock Exchange (NYSE) and is the latest addition to the $211 billion* asset manager's active ETF lineup.
"FUSI compliments our current ETF income offerings, Short Duration Strategic Income ETF (SDSI) and American Century Multisector Income ETF (MUSI), by adding a floating rate product to the suite that is primarily focused on high credit quality," said Sandra Testani, vice president, ETF product and strategy. "We believe a diversified floating rate mandate has the potential to mitigate downside risk and increase income, and we are excited to offer this on our ETF platform."
SEC Proposes New Requirements to Address Cybersecurity Risks to the U.S. Securities Markets view more US active ETF sales soar while passive counterparts bleed cash
The US industry-wide $1.8bn outflow marked ETFs' first money-losing month since April last year. view more
First Trust Launches First Trust Bloomberg Inflation Sensitive Equity ETF When inflation rises, the purchasing power of money erodes, and it becomes important to seek strategies to generate additional income. Concerns over high inflation have led investors on a search for ways to seek durable return streams that have the potential to keep pace with inflation. FTIF aims to navigate the challenging effects of inflation by investing in companies in the energy, materials, and real estate sectors that generate high free cash flow and have shown historically strong performance during inflationary cycles. view more High yield ETF influence on underlying bond market jumps view more
Source: American Century Investments
March 15, 2023--The Securities and Exchange Commission today proposed requirements for broker-dealers, clearing agencies, major security-based swap participants, the Municipal Securities Rulemaking Board, national securities associations, national securities exchanges, security-based swap data repositories, security-based swap dealers, and transfer agents (collectively, "Market Entities") to address their cybersecurity risks.
I am pleased to support this proposal because, if adopted, it would set standards for Market Entities' cybersecurity practices," said SEC Chair Gary Gensler. "The nature, scale, and impact of cybersecurity risks have grown significantly in recent decades. Investors, issuers, and market participants alike would benefit from knowing that these entities have in place protections fit for a digital age. This proposal would help promote every part of our mission, particularly regarding investor protection and orderly markets."
Source: SEC.gov
March 15, 2023--Investors pulled more than $10bn from index-tracking ETFs in February, while active peers attracted $8.6bn
Active exchange traded fund sales trounced those of their passive counterparts last month, powered by JPMorgan Asset Management's line-up.
Data from Morningstar shows the active side of the US industry garnered $8.6bn in February inflows, while passive ETFs shed $10.4bn.
Source: ft.com
March 14, 2023--First Trust Advisors L.P. ("First Trust"), a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it has launched a new ETF, the First Trust Bloomberg Inflation Sensitive Equity ETF (NYSE Arca: FTIF) (the "fund").
The fund seeks investment results that correspond generally to the price and yield (before the fund’s fees and expenses) of an equity index called the Bloomberg Inflation Sensitive Equity Index (the "index")
Source: First Trust
March 13, 2023--A study of five of the largest ETFs finds they accounted for nearly half the daily trade of the bonds they owned in 2022
The influence of some corporate bond exchange traded funds on their underlying holdings has shot up, as electronification of fixed income trading creates an upheaval in how bonds are traded.
Research by Coalition Greenwich, a data analytics company, shows the trading volumes of 12 of the largest corporate bond ETFs rose from 18 per cent of the turnover in their constituent investment grade and high-yield bonds in 2021 to 23 per cent in 2022.
Source: ft.com
