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Treasury's $4 Trillion Funding Task Signals Record Auction Slate
May 3, 2020--Treasury Secretary Steven Mnuchin is likely to boost the government's quarterly round of debt auctions to unprecedented levels this week to finance a deficit that's set to surpass estimates of $4 trillion for this year as lawmakers discuss additional economic stimulus.
Treasury's announcement Wednesday on its issuance plans for the coming months will signal how Mnuchin plans to manage a debt burden that's poised to eclipse the record seen in the wake of World War II as a share of the economy.
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Source: bnnbloomberg.ca
JPMorgan Chase removes former oil boss from independent director role
May 2, 2020--Largest US bank bows to pressure from climate activists to demote Lee Raymond.
JPMorgan Chase has promised to announce a new lead independent director by the end of September, bringing an end to the 19-year tenure of former ExxonMobil chief Lee Raymond and satisfying demands for change led by New York City's comptroller and climate groups.
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Source: FT.com
CFTC.gov Commitments of Traders Update
May 1, 2020--The current reports for the week of April 28, 2020 are now available.
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Source: CFTC.gov
Will U.S. exchange trading floors still be relevant post-coronavirus?
May 1, 2020--The coronavirus pandemic has upended U.S. equities trading with unprecedented market volatility and forced bourses like the New York Stock Exchange to close their trading floors, raising questions about the need for such spaces.
The NYSE, which is owned by Intercontinental Exchange Inc (ICE.N), closed its stock and options trading floors in New York and San Francisco in March 23 after traders and an ICE employee tested positive for the virus. Rivals CME Group (CME.O), Cboe Global Markets Inc (CBOE.Z) and Nasdaq Inc (NDAQ.O) also closed their options and futures pits in Chicago and Philadelphia.
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Source: reuters.com
ETFMG, Nasdaq and PureFunds agree settlement
May 2, 2020--ETF Managers Group (ETFMG), Nasdaq, and PureShares have agreed on a settlement that resolves two lawsuits pertaining to the alleged theft of several exchange-traded funds including the world's first dedicated cybersecurity ETF.
While the exact terms of the settlement are not yet public, ETFMG is expected to transfer certain cash payments to both Nasdaq and PureShares as well as intellectual property (understood to be the ETFs) to a Nasdaq affiliate.
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Source: ETFMG
Hamilton plans comprehensive ETF revamp
May 1, 2020--Hamilton Capital, a Canadian issuer of ETFs specializing in the financial sector, has proposed a shake-up of its entire product suite.
The changes include the termination of the firms' existing five ETFs as the funds merge with new lower-cost ETFs with slightly altered investment strategies.
Each new ETF will be listed on Toronto Stock Exchange and will offer a ten basis point reduction in management fee compared to the terminating fund.
Each merger requires unitholders within the ETF to approve the transaction in a special shareholder meeting due to be held on 17 June.
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Source: etfstrategy.com
BlackRock's growing clout carries risks for asset manager
April 30, 2020--Group faces increased scrutiny as central banks ask it to help run stimulus packages.
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Source: FT.com
More ETFs Closed Than Launched
April 30, 2020--In a reversal of fortune more exchange-traded products were shut down this year than new funds being launched
Out of a total of 107 funds closed as of April 30, 30 were exchange-traded notes (ETNs) and the rest were exchange-traded funds (ETFs), according to CFRA, a New York research house. The number of funds liquidated was almost twice as much as the 60 funds launched in 2020, according to Morningstar.
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Source: Forbes
U.S. Economy Shrank at 4.8% Pace in First Quarter
April 29, 2020--Gross domestic product recorded steepest contraction since the last recession
The U.S. economy in the first quarter shrank at its fastest pace since the last recession as the coronavirus pandemic shut down large parts of the country, ending the longest economic expansion on record.
Gross domestic product, the broadest measure of goods and services produced across the economy, contracted at a seasonally and inflation adjusted annual rate of 4.8% in the first three months, the Commerce Department said Wednesday. The decline marks the beginning of a near-certain recession, economists say, and is the bigg
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Source: wsj.com
SoFi Extends Fee Waiver on ETFs to Mid-2021
April 29, 2020--Despite the current financial environment, the fintech company will continue to offer no-fee ETFs through the first half of next year.
SoFi filed a supplement Tuesday with the Securities and Exchange Commission to continue to waive management fees on two of its exchange traded funds through at least the first half of 2021.
The current prospectuses for the SoFi Select 500 ETF (SFY) and SoFi Next 500 ETF (SFYX) had waived fees through June 30, 2020.
Last year, SoFi, an online financial services firm, became the first company to offer zero-fee ETFs, shaking up the asset management industry. Toroso Investments serves as the investment advisor for the two funds and hired Exponential ETFs to run day-to-day operations.
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Source: wealthmanagement.com
