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SEC Proposes to Expand "Test-the-Waters" Modernization Reform to All Issuers
February 19, 2019--The Securities and Exchange Commission voted to propose an expansion of a popular modernization reform that would permit investor views about potential offerings to be taken into account at an earlier stage in the process than is the case today. The new rule and related amendments would expand the "test-the-waters" accommodation-currently available to emerging growth companies or "EGCs"-to all issuers, including investment company issuers.
This proposal would allow all prospective issuers, not just EGCs, to gauge market interest in a possible initial public offering or other proposed registered securities offering by permitting discussions with certain investors prior to the filing of a registration statement.
View the SEC-Proposed rule Solicitations of Interest Prior to a Registered Public Offering
Source: SEC.gov
ETFGI reports assets invested in US listed ETFs and ETPs rise to US$3.63 trillion at the end of January 2019
February 19, 2019--ETFGI, a leading independent research and consultancy firm covering trends in the global ETF/ETP ecosystem, reported today that ETFs and ETPs listed in the US saw net outflows of US$1.56 billion in January.
Assets invested in the US ETF/ETP industry finished the month up 6.95%, from US$3.39 trillion at the end of December, to US$3.63 trillion, according to ETFGI's January 2019 US ETF and ETP industry landscape insights report, an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
Assets invested in the US ETF/ETP industry rise 6.95% in January.
During January 2019, ETFs/ETPs listed in the US saw $1.56 Bn in net outflows.
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Source: ETFGI
The Eurekahedge Report-February 2019
February 19, 2019--Highlights from this month's report
The Eurekahedge Hedge Fund Index was up 2.32% in January, as the risk-on sentiment returned to the market, propelling the MSCI AC World Index (Local) up 7.36% during January. Throughout 2018, hedge fund managers posted losses of 4.08%, outperforming the global equity market which slumped 10.18% over the year.
The global hedge fund industry saw its assets decline US$154.4 billion throughout 2018, down 6.3% from its end-2017 figure-the largest yearly percentage drop since 2008, as fund managers struggled under the global trade tension and aggressive Fed rate hikes which caused elevated market volatility level through the better part of the year. Investors redeemed US$93.4 billion during the year, and US$61.0 billion of performance losses were recorded.
The long/short equities mandate suffered US$23.1 billion of performance losses and US$40.0 billion of net investor outflows in 2018, resulting in a 7.3% decline in total assets over the year. Fund managers utilising equity strategies kicked off 2019 with performance gains totalling US$23.1 billion in January. Despite that, investor redemptions of US$1.8 billion were recorded.
North American hedge fund managers recorded US$38.8 billion of performance-based losses, as well as US$46.0 billion of investor outflows in 2018, resulting in the biggest yearly decline in assets under management since the 2008 global financial crisis, during which the region's asset base saw a US$214.4 billion decline.
Fund managers utilising AI/machine learning strategies returned 2.48% in January, after posting losses in eight out of the 12 months last year. Quant strategies continued their struggle with the CTA/managed futures mandate seeing US$29.0 billion of net outflows in 2018.
Returns across the CBOE Eurekahedge Volatility Indexes were mixed in January, with long volatility mandate down 5.28% and short volatility mandate up 4.02% as market volatilities dwindled throughout the month. The CBOE VIX Index plummeted 34.35% in January as the risk-off sentiment among investors eased off.
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Source: Eurekahedge
Lipper U.S. Weekly FundFlows Insight Report: Funds Experience Significant Net Inflows for the Second Consecutive Week
February 16, 2019--Lipper's fund asset groups (including both mutual funds and ETFs) took in almost $26.0 billion in net new money for the fund-flows trading week ended Wednesday, February 13.
All four asset groups recorded positive net flows for the week, paced by money market funds (+$18.7 billion). Taxable bond funds, municipal debt funds, and equity funds contributed $4.6 billion, $1.5 billion, and $1.3 billion, respectively, to the total net inflows. Funds have grown their coffers by almost $57 billion during the last two trading weeks, which is the largest two-week increase since +$60.5 billion for the fund-flows weeks ending November 22 and November 29 in 2017.
ETFs
ETFs took in net new money for the second consecutive week (+$4.6 billion). Taxable bond ETFs (+$3.3 billion) were the main contributor to the week's net inflows, while equity ETFs chipped in almost $1.3 billion.
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Source: Refinitiv
NYSE, Cboe, Nasdaq move to block SEC transaction fee pilot program
February 15, 2019--New York Stock Exchange and its affiliated exchanges asked a federal court on Thursday to stop the SEC's transaction fee pilot program.
Nasdaq and Cboe filed similar petitions Friday.
The Securities and Exchange Commission approved a transaction fee pilot program Dec. 19 to measure the effects of maker-taker rebates on equity trade execution.
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Source: Pensions & Investments
Hedge-fund reporting requirements should be scaled back, pair of US regulators say
February 15, 2019--Fewer hedge funds should have to report portfolio information as part of systemic risk monitoring, a pair of Republican members of the US Securities and Exchange Commission and the US Commodity Futures Trading Commission said.
The CFTC's Brian Quintenz and the SEC's Hester Peirce this week called for the $1.5 billion asset filing threshold established after the financial crisis to be raised.
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Source: https://mlexmarketinsight.com
FTSE Russell Blog-Did defensive strategies get the job done in the recent downturn?
February 15, 2019--Five ESG transition tips for pensions trustees
Transitioning a portfolio to address ESG risks and opportunities can appear daunting. Here are five insights that may help.
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The Go-Between: Index firms' balancing act
Indexers' role as the bridge between investors and regulators means they will always be expected to deliver independence and transparency, says Waqas Samad.
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Did defensive strategies get the job done in the recent downturn?
By Mark Barnes, managing director, head of US research
Recent market turbulence has awakened memories of the painful side of stock volatility. It has also revived interest in defensive strategies that can provide long-term downside protection without sacrificing upside participation.
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Source: FTSE Russell
U.S. Regulators Looking into Limits on ETF Company Stock Holdings
February 15, 2019--Amid the rapid growth of passively managed index and ETFs, the U.S. Federal Trade Commission held a hearing on whether asset mangers' stakes in company stocks hurt consumers, but prominent players are fighting back.
Late last year, the FTC discussed a theory called common ownership, which suggested that if investors own shares across a range of companies in the same industry, the managers of those companies have less incentives to invest in new products or services or try to entice customers from rivals, essentially becoming less competitive, the Financial Times reports.
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Source: ETFtrends.com
CFTC Commitments Of Traders Reports Update
February 15, 2019--The current reports for the week of February 15, 2019 are now available.
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Source: CFTC.gov
SEC Starts Review of NYSE Arca's Bitcoin ETF Rule Change ProposalErisX to CFTC: Regulated ETH Futures Would Result in More Robust, Liquid Market
February 15, 2019--The United States Securities and Exchange Commission (SEC) started reviewing a rule change proposal for NYSE Arca's Bitcoin (BTC) exchange-traded fund (ETF) on Feb. 11, according to an official document published today, Feb. 15.
According to the notice, the NYSE Arca exchange filed a rule change proposal to list and trade shares of the Bitwise Bitcoin ETF Trust under its NYSE Arca Rule 8.201-E on Jan. 28.
The SEC is now expected to provide an initial decision to approve or reject the proposal within 45 days starting from the day of publication of the announcement, Feb. 15.
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Source: cointelegraph.com
