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Statement of CFTC Chairman J. Christopher Giancarlo on Proposed Amendments to Registration and Compliance Requirements for Commodity Pool Operators and Commodity Trading Advisors
October 9, 2018-In response to the Request for Information issued as part of Project KISS, the Commission received a number of letters from members of the asset management industry suggesting areas of potential rulemaking that, in their view, would make the Commission’s regulations more efficient and less burdensome.
I believe that today's notice of proposed rulemaking furthers both of those interests.
This proposal would incorporate relief from registration and compliance obligations for commodity pool operators (CPOs) and commodity trading advisors (CTAs) consistent with relief currently provided by staff letters and advisories.
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Source: CFTC.gov
UBS Suspends Further Sales of ETRACS Monthly Pay 2xLeveraged Small Cap
High Dividend ETN
October 9, 2018--UBS AG today announced that it has suspended further sales from inventory of its outstanding
ETRACS Monthly Pay 2xLeveraged Small Cap High Dividend ETN (NYSE Arca Ticker: SMHD). This suspension will remain in effect until further notice from UBS AG.
As previously announced on October 8, 2015, UBS AG does not intend to issue any new notes of this ETN, which is part of a series of UBS AG debt securities designated as "Medium-Term Notes, Series A."
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Source: UBS
Managing Risk in Latin America and the Caribbean Key During Fragile Recovery
October 5, 2018--The economies of Latin America and the Caribbean (LAC) are growing again after a number of difficult years, but the fragile recovery highlights the need to increase efforts to build resilience and manage risks.
In its latest regional semiannual report, "From Known Unknowns to Black Swans: How to Manage Risk in Latin America and the Caribbean," the World Bank's Chief Economist Office for Latin America and the Caribbean finds that the growth prospects for 2018 are falling short of initial expectations due to challenges faced by some of the countries in our region, particularly in South America.
view more CBO-Monthly Budget Review for September 2018
The 2018 deficit equaled an estimated 3.9 percent of gross domestic product (GDP), up from 3.5 percent in 2017. (If not for the timing shifts, the 2018 deficit would have equaled 4.1 percent of GDP.) Fiscal year 2018 was the third consecutive year in which the deficit increased as a percentage of GDP. view more Lipper U.S. Weekly FundFlows Insight Report: Money Market Funds Again Drive Overall Net Outflows Market Overview view more First Trust to Launch the First Trust IPOX(R) Europe Equity Opportunities ETF view more Federal Court Finds that Virtual Currencies Are Commodities view more AdvisorShares Active ETF Market Share Update-Week Ending 9/28/2018 view more PIMCO buys muni bond manager Gurtin
Source: Thomson Reuters
October 5, 2018--The federal budget deficit was $782 billion in fiscal year 2018, the Congressional Budget Office estimates, $116 billion more than the shortfall recorded in fiscal year 2017. As was the case last year, this year’s outlays were affected by shifts in the timing of certain payments that otherwise would have been due on a weekend.
If not for those shifts, the deficit for the year would have been $826 billion-$162 billion larger than last year's amount.
Source: Congressional Budget Office (CBO)
October 5, 2018-Lipper's fund asset groups (including both mutual funds and ETFs) saw $8.8 billion net leave their coffers for the fund-flows week ended Wednesday, October 3.
Money market funds (-$10.1 billion) led the net outflows, bettered by taxable bond funds (-$235 million) and municipal debt funds (-$44 million). Equity funds (+$1.5 billion) were the only asset group taking in net new money.
The Dow Jones Industrial Average and the S&P 500 Index appreciated 1.68% and 0.67%, respectively, for the fund-flows week. Trade worries eased and the markets rallied when the North American Free Trade Agreement was repackaged as a trilateral agreement between the U.S., Canada, and Mexico on Monday, October 1.
Source: Thomson Reuters
October 4, 2018--October 4, 2018--Index-tracking ETF that measures the performance of the top 100 European-domiciled IPOs
First Trust Advisors L.P. ("First Trust"), a leading exchange-traded fund ("ETF") provider and asset manager, announced today that it expects to launch a new ETF, the First Trust IPOX(R) Europe Equity Opportunities ETF (NASDAQ Global: FPXE) (the "fund"), on October 5, 2018.
The fund seeks investment results that correspond generally to the price and yield (before the fund’s fees and expenses) of an equity index called the IPOX(R) 100 Europe Index (the "index"). The index is a market-cap weighted portfolio measuring the performance of the 100 largest and typically most liquid initial public offerings ("IPOs") (including spin-offs and equity carve-outs) of companies that are economically tied to Europe, ranked quarterly by market capitalization, in the IPOX(R) Global Composite Index.
Source: First Trust
October 3, 2018--Court Denies Defendants' Motion to Dismiss in Commodity Fraud Case Involving the Virtual Currency My Big Coin
On September 26, 2018, Senior Judge Rya W. Zobel of the U.S. District Court for the District of Massachusetts, entered an order holding that the Commodity Futures Trading Commission (CFTC) has the power to prosecute fraud involving virtual currency and denying the defendants' motion to dismiss the CFTC's amended complaint
Source: CFTC.gov
October 2, 2018--Actively managed ETFs gained $1.03 billion last week to reach $65.8 billion in total net assets.
Invesco and Hartford led weekly AUM growth among sponsors with $464 million and $143 million gains respectively.
There was one fund launch and no fund closures this week, which held the total number of actively managed ETFs at 239.
Source: AdvisorShares
October 2, 2018--PIMCO, a part of German insurer Allianz SE (ALVG.DE), on Tuesday said it will buy municipal bond manager Gurtin, and together manage $38 billion in dedicated municipal bond assets.
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Source: Reuters
