Americas ETP News
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Principal Financial to buy Wells Fargo's retirement unit for $1.2 billion
April 9, 2019-- U.S. retirement plan administrator Principal Financial Group said on Tuesday it would buy Wells Fargo & Co's retirement plan services business for $1.2 billion, as it seeks a larger presence in markets serving mid-sized companies.
The move, first revealed last month by Reuters, marks the latest divestment from Wells Fargo, which has been streamlining its business as it grapples with the fallout of customer abuse scandals.
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Source: Reuters
Several Deutsche Bank exchange-traded-notes to cease trading Thursday
April 9, 2019--A dozen of Deutsche Bank's exchange-traded notes that provide exposure to oil, metals and other commodities are set to stop trading on Thursday, according to a recent filing by the bank.
Exchange-traded notes, including the DB FI Enhanced Global High Yield ETN, the DB Crude Oil Long ETN and the Elements Dogs of the DOW Dow Jones High Yield Select 10 Total Return ETN, will be delisted at the close of trading on Thursday, according to an April 2 filing with the U.S. Securities and Exchange Commission.
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Source: Reuters
Global X Launches GNOM: An ETF targeting the Transformative Genomics Industry
April 9, 2019-- Global X ETFs, the New York-based provider of exchange-traded funds, announced today the launch of the 13th fund in its Thematic Growth suite, the Global X Genomics & Biotechnology ETF (Nasdaq: GNOM).
Designed to track the Solactive Genomics Index, the fund holds a basket of companies that potentially stand to benefit from advances in the field of genomic science, such as companies involved in gene editing, genomic sequencing, genetic medicine/therapy, computational genomics, and biotechnology.
GNOM's launch comes at a time when the DNA sequencing market is experiencing significant growth, with estimates expecting the market to grow from $6.2 billion in 2017 to $25.5 billion by 2025-representing a compound annual growth rate of 19%.i As a result of significant technological advances in the field, it's estimated that anyone with $100 can now sequence their DNA, down from the $100 million it was estimated to cost in 2001.ii
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Source: Global X
CBO-The 2019 Budget and Economic Outlook
April 9, 2019--In CBO's projections, the federal budget deficit is about $900 billion in 2019 and exceeds $1 trillion each year beginning in 2022. Over the coming decade, deficits (after adjustments to exclude shifts in the timing of certain payments) fluctuate between 4.1 percent and 4.7 percent of gross domestic product (GDP), well above the average over the past 50 years.
CBO's projection of the deficit for 2019 is now $75 billion less-and its projection of the cumulative deficit over the 2019-2028 period, $1.2 trillion less-than it was in spring 2018. That reduction in projected deficits results primarily from legislative changes—most notably, a decrease in emergency spending.
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Source: Congressional Budget Office (CBO)
Thompson Hine Investment Management Update-SEC Grants No-Action Relief for Initial Coin Offering
April 9, 2019--Key Notes:
No-action relief granted for offer and sale of tokens without registration as a security
FinHub releases framework for analyzing the offer and sale of digital assets under the Howey test
On April 3rd, 2019, the U.S. Securities and Exchange Commission's Strategic Hub for Innovation and Financial Technology (FinHub) published a framework for analyzing whether a digital asset is offered and sold as an investment contract, and, therefore, is a security.
Its statement on the framework of an "investment contract" coincides with the Division of Corporation Finance issuing a response to a no-action request, indicating that the Division will not recommend enforcement action to the Commission if the digital asset described in the request is offered or sold without registration under the U.S. federal securities law.
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Source: Thompson Hine
ETFs that don't disclose holdings daily set for SEC nod
April 8, 2019--Market regulators are poised to approve trading of a new kind of product that could bring more stockpickers to U.S. exchange-traded funds, according to a filing on Monday.
The U.S. Securities and Exchange Commission's conditional approval would allow Precidian Investments to license a new type of actively managed exchange-traded fund (ETF) that, like traditional active mutual funds, will not be required to disclose what it owns on a daily basis as most current active ETFs must.
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Source: Reuters
TD Ameritrade Expands Lineup of Securities in 24-Hour Trading Program to 24 ETFs
April 8, 2019--TD Ameritrade today announced an expansion of 10 additional securities available in its 24/5 trading offering, now totaling 24 products, to allow clients broader exposure to markets during the overnight trading session.
The additions come one year after TD Ameritrade became the first U.S. retail broker dealer to allow investors access to trade select securities 24 hours a day, 5 days a week.
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Source: TD Ameritrade Holding Corporation
Wall Street Economists Wade Into the MMT Debate in a Big Way
April 8, 2019--Hatzius sees bigger risks in private debt than public deficit
BofA, Standard Chartered say MMT only helps in sharp downturns
Modern Monetary Theory is getting validation from some Wall Street economists even as it's slammed by others for offering a "free lunch," another sign the progressive school of thought is gaining traction.
Goldman Sachs Group Inc.'s chief economist, Jan Hatzius, was among analysts who released research Monday on the theory. MMT has come under the spotlight in recent months as left-leaning politicians including Alexandria Ocasio-Cortez pitch it as a way to fund ambitious social programs.
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Source: Bloomberg
CBO-Monthly Budget Review for March 2019
April 5, 2019--The federal budget deficit was $693 billion for the first half of fiscal year 2019, the Congressional Budget Office estimates, $94 billion more than the deficit recorded during the same period last year.
Revenues were $9 billion (or 1 percent) higher and outlays were $103 billion (or 5 percent) higher than during the first half of 2018.
Total Receipts: Up Slightly in the First Half of Fiscal Year 2019
Receipts totaled $1,506 billion during the first half of fiscal year 2019, CBO estimates-$9 billion (or 1 percent) more than during the same period last year.
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Source: Congressional Budget Office (CBO)
CFTC Commitment of Traders report
April 5, 2019--The current reports for the week of April 5, 2019 are now available.
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Source: CFTC.gov
