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CFTC.gov Swaps Report Update
August 1, 2018--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Thompson Hine Update-SEC's Proposed ETF Rule Removes Some Conditions Compared to Prior Exemptive Orders, But Adds Others
August 1, 2018--Key Notes:
Proposed rule 6c-11 omits representations and conditions contained in prior exemptive orders, including the requirement for the dissemination of an intraday indicative value and certain marketing requirements.
The rule also includes additional requirements not found in prior orders, including those relating to custom baskets and website disclosures.
All exchange-traded funds (ETFs) operate subject to a variety of conditions and required representations imposed by their respective exemptive orders they received from the Securities and Exchange Commission (SEC). While ETFs would be spared the expense and delay of obtaining an exemptive order if newly proposed rule 6c-11 under the Investment Company Act of 1940 (1940 Act) is adopted, they nevertheless would be required to satisfy a number of conditions
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Source: Thompson Hine
U.S. bank regulator allows fintech firms to seek federal charter
July 31, 2018--A U.S. bank regulator said on Tuesday it would start accepting national charter applications from financial technology companies, giving so-called fintech firms a path to federal oversight for the first time.
The move by the U.S. Office of the Comptroller of the Currency (OCC) will be cheered by the likes of OnDeck Capital Inc (ONDK.N), Kabbage and LendingClub Corp (LC.N) because it opens the door to operating nationwide under a single licensing and regulatory regime instead of a patchwork of state licenses.
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Source: Reuters
Treasury Releases Report on Nonbank Financials, Fintech, and Innovation
July 31, 2018--Fourth report in a series on the Administration's Core Principles for Financial Regulation
The U.S. Department of the Treasury today released a report identifying improvements to the regulatory landscape that will better support nonbank financial institutions, embrace financial technology, and foster innovation.
"American innovation is a cornerstone of a healthy U.S. economy. Creating a regulatory environment that supports responsible innovation is crucial for economic growth and success, particularly in the financial sector,” said Secretary Steven T. Mnuchin. "America is a leader in innovation. We must keep pace with industry changes and encourage financial ingenuity to foster the nation's vibrant financial services and technology sectors."
The report issued today is Treasury's fourth report in response to Executive Order 13772. Issued by President Trump in February 2017, this E.O. calls on Treasury to identify laws and regulations that are inconsistent with the Core Principles for financial regulation it set forth.
view the A Financial System That Creates Economic Opportunities Nonbank Financials, Fintech, and Innovation report
Source: Treasury.gov
ETFGI reports that assets invested in ETFs and ETPs listed in Latin America reached US$7.99 billion at the end of June 2018
July 31, 2018--ETFGI, a leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported today that that assets invested in ETFs listed in Latin America reached US$7.99 billion at the end of June 2018; increasing by 3.91% from US$7.69 billion at the end of May. (All dollar values in USD unless otherwise noted.)
Highlights
Assets invested in ETFs listed Latin America increased by 3.91% during June 2018 to reach $7.99 Bn.
Year-to-date, assets have increased by 17.6%, from $6.80 Bn at the end of 2017.
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Source: ETFGI
Global X Funds Introduces TargetIncomeTM Family of ETFs
July 31, 2018--The ETFs, structured as fund-of-funds, aim to deliver specified yield
Global X Funds, the New York-based provider of exchange-traded funds (ETFs), today announced the launch of the Global X TargetIncomeTM 5 ETF (CBOE: TFIV), and the Global X TargetIncomeTM Plus 2 ETF (CBOE: TFLT).
TFIV seeks to achieve a 5% yield, net of fees, while TFLT seeks to achieve the yield on the current 10 Year US Treasury Note, plus 2%, with both funds expected to pay distributions on a monthly basis.
In a decades long shift from defined benefit (DB) plans, which provide investors with predictable income streams in retirement, to defined contribution (DC) plans, individual investors have assumed much of the risk relating to their retirements. With an outcome-based approach, TFIV and TFLT seek to help investors achieve a specific income levels from their retirement assets.
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Source: Global X
AdvisorShares Active ETF Market Share Update-Week Ending 7/27/2018
July 31, 2018--Assets in actively managed ETFs added $456 million last week to cross over the $60 billion mark, reaching $60.41 billion in total net assets.
JP Morgan took the top spot in new AUM growth with $128 million, followed by PIMCO with a $77 million dollar gain. There were no fund launches and one fund closure, which lowered the total of actively managed ETFs currently trading to 235.
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Treasury Announces Marketable Borrowing Estimates During the October-December 2018 quarter, Treasury expects to borrow $440 billion in privately-held net marketable debt, assuming an end-of-December cash balance of $390 billion.2 view more U.S. GDP growth hit 4.1 percent in the second quarter view more Research Affiliates Where Is the Global Economy Going?
The three most common expressions in aviation are: Why is it doing that? Where are we? and Oh crap!-Anonymous view more
Source: AlphaBaskets
July 30, 2018--The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the July-September 2018 and October-December 2018 quarters:
During the July-September 2018 quarter, Treasury expects to borrow $329 billion in privately-held net marketable debt, assuming an end-of-September cash balance of $350 billion.
The borrowing estimate is $56 billion larger than announced in April 2018. The increase in borrowing is driven by both changes in the cash balance and lower net cash flows.[2]
Source: Treasury.gov
July 27, 2018--The U.S. economy sped up in the second quarter, expanding 4.1 percent, the Commerce Department said Friday. It's the first time in four years economic growth broke the 4 percent mark.
Strong consumer and government spending fueled the increase, as did a short-term jump in trade ahead of tariffs announced by the White House and U.S. trading partners. First-quarter growth was also revised to 2.2 percent, a slight increase from the previous estimate.
Source: cbsnews.com
July 27, 2018--Key Points
Investors are wise to look at more granular classifications of the business cycle and not just relatively infrequent NBER recessions.
Yield-curve slopes and equity market returns can be used as nowcasting signals to identify turning points of the business cycle.
Market signals are implying a number of developed markets-notably, Japan, the United States, and Germany-are now entering the correction phase of the business cycle. Trade wars, Brexit, debt issues in Italy and Spain, and political problems in Germany and Italy can make the road ahead a lot bumpier than the road we have grown accustomed to.
Source: Research Affiliates
