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U.S. High-Grade Bond Sales Set Record, Reach $1.346 Trillion
August 17, 2020-- Yields tumbled to record lows amid robust investor demand
Total issuance seen approaching $2 trillion by end of year
U.S. corporate investment-grade issuance reached a record $1.346 trillion Monday, surpassing 2017's full-year total in less than eight months amid seemingly endless investor appetite following the Federal Reserve's unprecedented steps to bolster liquidity.
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Source: bloomberg.com
CFTC Unanimously Approves Proposals Amending Margin Requirements for Swap Dealers and Major Swap Participants
August 14, 2020--The Commodity Futures Trading Commission today announced it has voted unanimously to approve two proposals amending certain margin requirements for swap dealers (SDs) and major swap participants (MSPs).
The Division of Swap Dealer and Intermediary Oversight delivered a staff presentation on the proposed rule makings during the Open Meeting held on July 22, 2020. Both proposed rules have a 30-day comment period following publication in the Federal Register.
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Source: CFTC.gov
The Spac race: Wall St banks jostle to get in on hot new trend
August 12, 2020--'Blank cheque' companies now account for one in five dollars raised in IPOs.
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Source: FT.com
Fed Ramps Up Auto Bond Buying With Industry Starting to Recover
August 11. 2020--Fed bought more in the sector than any other, per CreditSights
'There's the math and then there's the mission,' investor says
The Federal Reserve's historic foray into the credit market has benefitted auto companies the most, supporting an industry that's borrowed its way through the pandemic and is starting to show signs of recovery.
The central bank can only buy shorter-dated debt of companies that mostly employ Americans, making notes linked to car manufacturers prime candidates.
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Source: bloomberg.com
SEC Charges Interactive Brokers With Repeatedly Failing to File Suspicious Activity Reports
August 11, 2020-August 10, 2020--The Securities and Exchange Commission today announced that Interactive Brokers LLC will pay an $11.5 million penalty to settle charges it repeatedly failed to file Suspicious Activity Reports (SARs) for U.S. microcap securities trades it executed on behalf of its customers.
In parallel actions, the Financial Industry Regulatory Authority (FINRA) and the Commodity Futures Trading Commission (CFTC) today announced settlements with Interactive Brokers related to anti-money laundering failures in which the registered broker-dealer agreed to pay penalties of $15 million and $11.5 million, respectively, for a total of $38 million in penalties paid to the three agencies.
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Source: sec.gov
CBO-Monthly Budget Review for July 2020
August 10, 2020--August 10, 2020--The federal budget deficit in July 2020 was $61 billion, CBO estimates, compared with a deficit of $120 billion in the same month last year. That decrease, following three months of substantially larger deficits, occurred because payment deadlines for individual and corporate income taxes were delayed from April and June to July, so tax receipts were unusually large this July.
All told, for the period from April through July, revenues were down 10 percent from last year's amounts.
A shift in the timing of certain payments had the opposite effect-increasing the deficit in July. Federal payments totaling $57 billion were made in July rather than August because August 1 fell on a weekend; no such shift occurred in July 2019.
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Source: CBO (congressional Budget Office)
IMF Staff County Reports-United States: Financial System Stability Assessment
August 10, 2020--Summary:
Much of the Financial Sector Assessment Program (FSAP) work was conducted prior to the COVID-19 pandemic. The lockdown of the economy has led to a massive growth shock. Following the precipitous fall, risk asset prices have rebounded, and financial conditions eased.
The vulnerability analysis has been updated and largely captures this shock. Recommendations on strengthening policy and institutional frameworks remain pertinent. The approach to financial regulation and supervision was risk-focused given the high degree of compliance against international standards assessed during the 2015 FSAP.
view the IMF Staff County Reports-United States: Financial System Stability Assessment
Source: IMF
Interested in Social-Impact Investing? Here's How to Start
August 9, 2020--Investments that support racial justice and help community development are becoming more accessible
The pandemic and other recent events that point to racial injustice have made many investors think about how they can make a difference with their pocketbooks.
Certainly, large corporations and wealthy individuals have long been able to influence change through foundations and charitable gifts. For the average person, investment options to directly support social goals are more limited. But this could change as demand for such opportunities grows.
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Source: wsj.com
Top 10 institutional investors fuel market volatility, study finds
August 8, 2020--Researchers say concentration of ownership adds to mispricings embedded in shares
BlackRock, Vanguard, State Street, Fidelity and Capital Group are driving up equity market volatility and fuelling mispricing in company stocks, according to an analysis that raises fresh questions over the regulatory oversight of the largest asset managers.
Global regulators have wrestled for more than a decade over whether large asset managers should be classified alongside big banks as systemically important financial institutions. Tighter rules would drive up running costs and cut the profits of these businesses.
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Source: FT.com
SEC committee which backed ESG disclosures in row over nominations
August 7, 2020--New nominations procedure will limit committee expertise in sustainability-related areas, says Commissioner
The US Securities and Exchange Commission (SEC) is revamping the nominations process for an independent advisory committee which previously broke ranks with the regulator by supporting standardised ESG corporate disclosures and proxy advisors.
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Source: responsible-investor.com
