Americas ETP News
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ETFs provide a route to much-needed bond market liquidity
April 22, 2023--The primary function of financial markets is to provide more liquid means to facilitate transactions. Before stock markets, the only way to participate in the ownership of a company was to actually own a share of the business. Before the futures market, pork and cotton had to be sold in a physical market.
Market trade instruments that are more liquid than their underlying assets.
Fixed-income exchange-traded funds could be a route to much-needed bond market liquidity, just as commodity futures provided liquidity to physical markets and stocks facilitated easy transfer of corporate ownership.
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Source: biz.crast.net
Federal Reserve issues initial findings from its 2022 triennial payments study
April 21, 2023--April 21, 202--The Federal Reserve on Friday issued initial findings from its 2022 triennial payments study. The information shows how consumers and businesses chose to make noncash payments, using checks, different types of cards, and the automated clearinghouse (ACH). Additional details will be available as analysis is completed.
The data show that the average values of consumers' and businesses' ACH, check, and card payments increased substantially from 2018 to 2021. The data also show that consumers and businesses made more noncash payments, leading to a greater total value of noncash payments in the same time period. Cards were used most frequently, and accounted for 84 percent of the increase in the number of payment transactions. The increase in total value, however, was driven almost entirely by the increase in the value of ACH payments.
The Federal Reserve Payments Study is a collaborative effort of the Federal Reserve Bank of Atlanta and the Federal Reserve Board. The triennial study has been conducted every three years since 2001 with annual supplements since 2017.
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Source: federalreserve.gov
CBOE tells Goldman climate ETF it must find more investors
April 21, 2023--A Goldman Sachs environmental, social and governance-focused ETF may be delisted because it has not attracted enough investors, filings show.
The $8.5mn Goldman Sachs ActiveBeta Paris-Aligned Climate US Large Cap Equity ETF (GPAL) has had fewer than 50 beneficial owners for more than 30 days and is therefore in violation of the Chicago Board Options Exchange BZX Exchange's listing standards, the firm disclosed in a filing earlier this month.
The fund first listed in December 2021, and it was found to have been short of the listing requirements since early January 2023, the filing states.
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Source: ft.com
Emerge Canada's debt to suspended ETFs described as 'unusual'
April 21, 2023--The amount the funds were owed rose to C$2.54mn by June 2022 from C$1.12mn at the end of 2021
Fund industry analysts have expressed surprise at the "unusual" financial arrangements of a family of Canadian exchange traded funds that are subject to a trading ban.
The Ontario Securities Commission suspended trading in 11 ETFs after their sponsor, Emerge Canada, failed to file audited financial statements by a March 31 deadline after parting company with its auditor, BDO Canada, in November last year.
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Source: ft.com
J.P. Morgan Asset Management Expands BetaBuilders ETF Suite with Launch of BBLB, BBIB and BBSB
April 20, 2023--Funds include three new fixed income ETFs
J.P. Morgan Asset Management (JPMAM) today announced the launch of three new fixed income Betabuilders ETFs: JPMorgan BetaBuilders U.S Treasury Bond 20+ Year ETF (BBLB), JPMorgan BetaBuilders U.S Treasury Bond 3-10 Year ETF (BBIB) and JPMorgan BetaBuilders U.S Treasury Bond 1-3 Year ETF (BBSB).
All of the new ETFs are listed on the CBOE Global Markets.
BBLB, BBIB and BBSB will be index-tracking, offering low-cost Beta-exposure as an addition to JPMAM's active offerings. The new ETFs complement the firm's existing BetaBuilders ETF line-up which consists of funds such as the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF (BBSA), the JPMorgan BetaBuilders U.S. Aggregate Bond ETF (BBAG), the JPMorgan BetaBuilders USD Investment Grade Corp (BBCB) and the JPMorgan BetaBuilders USD High Yield Corp (BBHY).
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Source: J.P. Morgan Asset Management
The U.S. Dollar as an International Currency and Its Economic Effects: Working Paper 2023-04
April 17, 2023--Summary
The U.S. dollar plays an important role as the most widely used currency in global goods, services, and financial markets. Strong international demand for U.S. dollars and dollar-denominated assets associated with the dollar's status as an international currency has increased the value of the dollar in foreign exchange markets and the value of dollar-denominated assets in financial markets.
As a result, the dollar's status has contributed to persistent U.S. trade deficits and, by lowering interest rates, to increased access to credit for U.S. households, businesses, and the federal government. Over the next decade, the dollar's international use is expected to decline very gradually, in the Congressional Budget Office's assessment, but it will not be overtaken by either of its closest competitors, the euro or the Chinese renminbi.
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Source: CBO (Congressional Budget Office)
Former NFL player to acquire $7bn ETF shop
April 17, 2023--Casey Crawford will acquire boutique investment, advisory and financial services firm Vident and its affiliates
Super Bowl winner and entrepreneur Casey Crawford will acquire Vident Investment Advisory and its affiliates, the firm has announced earlier this month.
The terms of the deal were not disclosed. The transaction is expected to close by the end of the third quarter.
All of the boutique firm's investment, advisory and financial services lines will be renamed Vident Asset Management, according to the announcement.
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Source: ft.com
BlackRock Ditches 60/40 Portfolio in New Regime of High Inflation
April 17, 2023--April 17, 2020-- Fund manager's strategists call for broader portfolio mix
Sticky inflation means low-rate environment will not return
BlackRock Inc. strategists are ditching the 60/40 portfolio in favor of public and private investments as well as tactical holdings of bonds to navigate higher interest rates.
Strategists from BlackRock Investment Institute, the research arm of the world's largest asset manager, recommend "breaking up traditional asset allocation buckets, moving away from broad allocations to public equities and bonds," according to a Tuesday note.
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Source: bloomberg.com
Investors trapped in Canadian ETFs after trading ban
April 14, 2023--Emerge Canada funds suspended following failure to file financial statements
Investors in a suite of Canadian exchange traded funds face being trapped for an extended period after regulators imposed an "indefinite" trading ban on the funds.
Both primary and secondary market trading has been suspended in 11 ETFs after their sponsor, Emerge Canada, failed to file audited financial statements by a March 31 deadline.
SEC Reopens Comment Period for Proposed Amendments to Exchange Act Rule 3b-16 and Provides Supplemental Information
April 14, 2023--The Securities and Exchange Commission today reopened the comment period and provided supplemental information on proposed amendments to the definition of "exchange" under Exchange Act Rule 3b-16.
The Commission initially proposed the amendments in January 2022 and reopened the comment period in May 2022. The reopened comment period closed on June 13, 2022.
The reopening release reiterated the applicability of existing rules to platforms that trade crypto asset securities, including so-called "DeFi" systems, and provides supplemental information and economic analysis for systems that would be included in the new, proposed exchange definition. The reopening release also requested information and public comment on crypto asset securities trading on such systems and certain aspects of the proposed amendments applicable to all securities.
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Source: SEC.gov
