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SEC Proposes Actions to Improve Cross-Border Application of Security-Based Swap Requirements
May 10, 2019--The Securities and Exchange Commission today proposed a package of rule amendments and interpretive guidance to improve the framework for regulating cross-border security-based swaps transactions and market participants.
The proposals are intended to improve the regulatory framework by pragmatically addressing implementation issues and efficiency concerns, and in some cases further harmonizing the regulatory regime governing security-based swaps administered by the Commission with the regulatory regime governing swaps administered by the Commodity Futures Trading Commission (CFTC).
view the Proposed Rule Amendments and Guidance Addressing Cross-Border Application of
Certain Security-Based Swap Requirements
Source: SEC.gov
U.S. regulators approve new Silicon Valley stock exchange
May 10, 2019--U.S. regulators on Friday approved a new stock exchange that is the brainchild of a Silicon Valley entrepreneur, a move that will give high-growth technology companies more options to list their shares outside of the traditional New York exchanges.
The U.S. Securities and Exchange Commission approved the creation of the Long-Term Stock Exchange, or LTSE, a Silicon Valley-based national securities exchange promoting what it says is a unique approach to governance and voting rights, while reducing short-term pressures on public companies.
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Source: Reuters
CFTC.gov Commitments of Traders Reports Update
May 10, 2019----The current reports for the week of May 10, 2019 are now available.
view updates
Source: CFTC.gov
Accelerate Launches Initial Suite of Alternative Exchange Traded Funds
May 10, 2019-- Accelerate Financial Technologies Inc., ("Accelerate"), is pleased to announce the launch of three zero management fee, performance fee only alternative exchange traded funds ("Accelerate Alt ETFs"). Each Accelerate Alt ETF listed in the table below has closed the initial offering of units, and those units will start trading on the Toronto Stock Exchange ("TSX") today.
"Accelerate was founded with the mission to democratize alternative investments by offering hedge fund and private equity-like strategies in low-cost ETFs accessible by any investor," said Julian Klymochko, CEO at Accelerate.
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Source: Accelerate Financial Technologies Inc.
iShares Advances ESG Lineup with Over $800 Million Investment from Ilmarinen
May 10, 2019--iShares ESG MSCI USA Leaders ETF (SUSL) launched yesterday with more than $800 million in investment from Ilmarinen, Finland's largest pension insurance company.
Ilmarinen is making this investment by moving assets from its S&P 500 equity exposure into SUSL, a strategy that offers exposure to the top environmental, social, and governance (ESG) performers within a broad U.S. equity solution.
Established in 1961, Ilmarinen has more than EUR 47 billion in investment assets (as of March 31, 2019) and has made sustainability an integral aspect of its overall company philosophy and investment strategy for more than five decades.
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Source: iShares
U.S. yield curve inverts for first time since March
May 9, 2019--A part of the U.S. Treasury yield curve has inverted again, possibly foreshadowing an economic recession.
The yield on 10-year Treasury notes fell below the three-month bill yield for the first time since March.
Normally the spread is positive to compensate investors for inflation risk, so when it turns negative, it may herald an economic slump. This so-called yield curve inversion occurred earlier this year in March, hanging around for about a week before the premium for longer-dated debt was restored.
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Source: bnnbloomberg.com
CBO-An Analysis of the President's 2020 Budget
May 9, 2019--Summary
On March 18, 2019, the Administration submitted the full details of its annual set of budgetary proposals to the Congress. In this report, the Congressional Budget Office examines how those proposals, if enacted, would affect budgetary outcomes relative to CBO's most recent baseline budget projections. Those projections extend from 2019 to 2029 and incorporate the assumption that current laws governing federal spending and revenues will generally remain in place.
The analysis is based on CBO's baseline economic projections, which were published in January. According to CBO's estimates, the Administration's proposals would have the following major effects:
Federal debt held by the public would equal 87 percent of gross domestic product (GDP) in 2029 under the President's budget, compared with 92 percent in CBO's baseline and 78 percent in 2019 (see figure below).
The federal deficit would be $1.5 trillion smaller under the President's budget than in CBO's baseline over the 2020–2029 period, CBO estimates. By contrast, the Administration estimates that the deficit would be $4.1 trillion smaller than the amounts in CBO's baseline during that period. Differing estimates of revenues—which in turn are largely driven by differences in projected wage growth later in the projection period—account for nearly threequarters of that difference.
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Source: Congressional Budget Office
Lipper U.S. Weekly FundFlows Insight Report: Funds Take in Net New Money for the Third Straight Week
May 9, 2019--Lipper's fund asset groups (including both mutual funds and ETFs) had net positive flows of $12.6 billion for the fund=flows trading week ended Wednesday, May 8. Money market funds (+$22.0 billion) paced the net inflows, followed by the taxable bond funds (+$1.8 billion) and municipal debt funds (+$1.5 billion) asset groups.
Equity funds were the only group to suffer net outflows, as they saw $12.7 billion leave their coffers.
Market Overview
The major equity indices all finished the fund-flows trading week in the red. The Dow Jones Industrial Average took the biggest hit (-1.75%), followed by the S&P 500 Index (-1.52%) and the NASDAQ Composite Index (-1.32%). The markets suffered the majority of their losses for the week on one trading day (Tuesday, May 7) as trade tensions between the U.S. and China rose to the forefront again. On this day, the U.S. confirmed it had plans to increase tariffs (from 10% to 25%) on $200 billion of Chinese goods on Friday, May 10.
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Source: Refinitiv
Amplify ETFs Launches the Amplify CrowdBureau(R) Peer-to-Peer Lending & Crowdfunding ETF (NYSE Arca: LEND)
May 9, 2019-ETF offers access to the growing P2P lending & equity crowdfunding industry
Amplify ETFs announces the launch of the Amplify CrowdBureau(R) Peer-to-Peer Lending & Crowdfunding ETF (NYSE Arca: LEND), an index-based ETF that seeks exposure to the peer-to-peer (P2P) lending and equity crowdfunding ecosystem.
LEND seeks investment results that generally correspond to the CrowdBureau(R) Peer-to-Peer Lending & Equity Crowdfunding Index (the “Index”). To be eligible for inclusion in the index, companies must operate within one of the four business segments: 1) peer-to-peer lending and equity crowdfunding platforms, 2) providers of technology and software solutions to the P2P lending and equity crowdfunding industry, 3) social networking platforms, and 4) financial institutions with dedicated P2P lending & equity crowdfunding platforms.
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Source: Amplify ETFs
FTSE Russell-Deeper Knowledge can drive better outcomes
May 9, 2019--With the proliferation of Exchange Traded Funds (ETFs), understanding their underlying benchmark has never been more important than today.
Whether advising clients or selecting investments for client portfolios, FTSE Russell's guide to indexes and ETFs is designed to help make better informed decisions.
Indexes are what power ETFs. But not all indexes are created equal. A better understanding of indexes and passive strategies can help improve investment outcomes
Understanding how indexes work reveals the capabilities of ETFs and allows for smarter portfolio choices
When constructing portfolios, advisors rely on passive strategies both for their ability to accurately capture targeted exposures and for their cost-efficiency
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Source: FTSE Russell
