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What the Charles Schwab-TD Ameritrade acquisition means
November 26, 2019--In our capitalist system, the supposed purposes of financial markets are twofold: To coordinate resources, getting them to their most productive economic uses, and to provide corporate governance via the votes that come with stock ownership. By trading assets and pursuing personal profit, investors on financial markets are supposed to power both goals.
This is because trading is presumably happening with some kind of strategy and intent: human beings investigate companies and industries and make their trades accordingly-or they rely on other people who specialize in giving that advice. That's why brokerage giants like Charles Schwab and the somewhat-less-gigantic TD Ameritrade traditionally provided their customers with financial advisers as a core part of their business.
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Source: theweek.com
Charles Schwab to Buy TD Ameritrade as Free Trading Takes Over
November 25, 2019--The merger would create a brokerage giant with roughly $5 trillion in assets as the industry copes with zero commissions on stock trades.
Charles Schwab, which helped pioneer discount investing in the 1970s, said Monday that it would acquire TD Ameritrade for $26 billion, a deal that underscores the dramatic changes in the business of helping people manage their money.
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Source: NY Times
Mexican Economy Stagnated in Third Quarter
November 25, 2019--Economy widely expected to show little or no growth in all of 2019
Mexico's economic activity was flat in the third quarter following three quarters of negative output, putting the economy on track for its worst yearly performance in a decade.
Gross domestic product, which measures output of goods and services, was unchanged from the second quarter in seasonally adjusted terms, the National Statistics Institute said Monday.
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Source: wsj.com
U.S. securities regulator proposes new rules on use of derivatives in exchange traded funds
November 25, 2019--The U.S. securities regulator on Monday proposed new regulations for the use of derivatives by investment funds to introduce some safeguards for more risky products and increase competition.
The proposal from the Securities and Exchange Commission (SEC), which is subject to public consultation, would address concerns over the risks posed by so-called inverse and leveraged exchange traded funds (ETF), after some products experienced heavy losses during a spike in volatility in February 2018 subsequently dubbed "volmageddon."
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Source: Reuters
U.S. Dollar Increasingly Strong Against the Euro
November 22, 2019--After going through a bit of soft phase at the beginning of 2018, the U.S. dollar has gained quite a bit of value opposite the Euro. Most recently, US$1 was buying 0.9 Euros.
This trend is mirrored with many other global currencies and the currencies of U.S. major trade partners.
The strength of the dollar has advantages (namely cheaper imports) but there have been many critical of the strong dollar, including U.S. President Donald Trump. Trump said repeatedly that he would support a FED policy weakening the dollar, because it would aid U.S. companies doing business abroad. Currently, businesses who have to convert foreign earnings back into dollars are getting out less and are therefore potentially less competitive.
view more Jim Ross, SPDR Chairman and ETF Innovator, to Retire view more Charles Schwab in advanced talks to buy TD Ameritrade: source view more US Federal Reserve assessing central bank digital currency view more CBO-H.R. 4329, ESG Disclosure Simplification Act of 2019 view more Minutes of the Federal Open Market Committee, October 29-30, 2019 view more
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Source: Statista
November 21, 2019--State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), announced today that Jim Ross, chairman, Global SPDR, will be retiring from the firm at the end of March 2020 after a distinguished 27-year career.
Ross, who joined State Street in 1992, was instrumental in creating, developing and bringing to market many of the world’s first ETFs, earning him the moniker of the "godfather of ETFs." The product grew from inception in 1993 when SPY was launched on the American Stock Exchange, to an industry that today stands at almost $6 trillion worldwide and is still one of the fastest-growing investment products in the market.
Source: State Street Global Advisors
November 21, 2019--Charles Schwab Corp (SCHW.N) is in advanced talks to acquire TD Ameritrade Holding Corp (AMTD.O), a person familiar with the matter said on Thursday, in a deal that could exceed $26 billion and combine the two largest U.S. discount brokerages.
The companies are hoping their combination, which is bound to be scrutinized heavily by regulators, will give them more scale to withstand the impact of the industry's move toward zero commission for trades, the source said.
Source: Reuters
October 21, 2019--Yesterday, the head of the US Federal Reserve Jerome Powell responded to a letter from two Congressmen on central bank digital currencies (CBDCs). He confirmed that the Reserve has analyzed whether a digital currency makes sense for the US and that it has been considering several options.
Fed continues to explore CBDC benefits
In September, French Hill and Bill Foster penned a letter asking the central bank whether it has explored the possibility of a CBDC, and, if it hadn't, urging it to consider doing so.
Source: ledgerinsights.com
November 20, 2019--Summary
H.R. 4329 would require the Securities and Exchange Commission (SEC) to issue rules that define environmental, social, and governance (ESG) metrics and require publicly traded companies to disclose their views about those metrics to their shareholders and the SEC annually. The SEC also would be required to establish a permanent advisory committee, composed of up to 20 members, to advise the agency on sustainable finance issues.
Using information from the SEC, CBO estimates that implementing H.R. 4329 would cost $6 million over the 2020-2024 period for the SEC to issue rules and support the advisory committee. However, because the SEC is authorized to collect fees each year to offset its annual appropriation, CBO expects that any net change in discretionary spending over the 2020-2024 period would be negligible, assuming appropriation actions consistent with that authority.
Source: Congressional Budget Office
November 20, 2019--Information received since the Federal Open Market Committee met in September indicates that the labor market remains strong and that economic activity has been rising at a moderate rate.
Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has been rising at a strong pace, business fixed investment and exports remain weak. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed.
Source: federalreserve.gov
