Americas ETP News
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Mitchell Harris on reshaping BNY Mellon's $1.9tn asset arm
May 6, 2018--Chief executive talks about the fund industry's future, AI... and Jersey cows
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Source: FT.com
Renaissance Capital-Scheduled U.S. IPOs this week
May 4, 2018--Scheduled U.S. IPOs-Week of 05/07/18
AXA Equitable Holdings (EQH)-New York, NY
Deal Size: $3,500 mil Exchange: NYSE
Lead Underwriter: Morgan Stanley
US operations of life insurance and asset management firm AXA.
HUYA (HUYA)-China
Deal Size: $165 mil Exchange: NYSE
IPO Commentary
Can Unity Biotechnology find a cure for age?
One of the largest biotechs of the 2018 IPO market is going public this week. Unity Biotechnology (UBX) plans to raise $85 million at a market cap of $787 million. Its goal? To grasp the holy grail of...read more
IPO Index Performance
The Renaissance IPO Index has returned -0.5% so far this year,
compared to -1.6% for the S&P 500.
IPOUSA
IPO Activity
There have been 64 IPOs priced so far this year, a +28% change from last year.
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Source: Renaissance Capital
After rocky start to SOFR, investors may be slow to embrace futures
May 4, 2018--The CME will launch next week futures based on a new benchmark rate published by the Federal Reserve, but investors may be slow to embrace them after unexpected volatility and a calculation error led to a rocky start for the new rate.
The CME Group's (CME.O) launch of the contracts tracking the Secured Overnight Financing Rate, or SOFR, is part of a multi-year effort to move around $200 trillion in U.S.-dollar based derivatives and loans away from the use of the London interbank offered rate (Libor) as a benchmark. Cleared interest rate swaps based on the rate are also slated for this year.
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Source: Reuters
CFTC.gov Commitments of Traders Reports Update
May 4, 2018--The current reports for the week of May 4, 2018 are now available.
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Source: CFTC.gov
Cboe Global Markets Reports April 2018 Trading Volume
May 4, 2018--Cboe Global Markets, Inc. (Cboe: CBOE | Nasdaq: CBOE), one of the world's largest exchange holding companies, today reported April monthly trading volume and average revenue per contract (RPC)/net revenue capture data at www.cboe.com/monthlyvolrpc.
The data sheet "Cboe Global Markets Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of April statistics. Data sheets are available on an as reported and combined basis for 2017.
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Source: Cboe Global Markets, Inc.
U.S. Fund-Flows Weekly Report: Funds Take in Net New Money for the Second Straight Week
May 4, 2018--Thomson Reuters Lipper's fund asset groups (including both mutual funds and ETFs) had net-positive flows of $2.5 billion for the fund-flows week ended Wednesday, May 2. The week's net inflows followed the prior week's $8.0 billion increase and were paced by the equity funds asset group (+$1.1 billion), followed by taxable bond funds (+$916 million) and money market funds (+$845 million).
The municipal bond funds group (-$345 million) was the only one seeing its coffers shrink.
Market Overview
The Dow Jones Industrial Average and the S&P 500 Index both retreated during the fund-flows trading week; the indices closed down 0.66% and 0.14%, respectively. The week started off on the right foot with both indices up approximately 1.0% on the first trading day on the strength of solid Q1 2018 corporate earnings results.
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Source: Thomson Reuters
Robert Nestor Joins Direxion As President
May 3, 2018--Former BlackRock Executive to Lead Growth Strategy and Product Diversification
Direxion today announces the hiring of Robert D. Nestor as President.
Mr. Nestor brings over 25 years of experience in investment management, including more than 15 years directly in the ETF industry. He will be based in New York and report to Direxion CEO Dan O'Neill. This hire bolsters Direxion's senior management team, as the duties of President have been performed by Mr. O'Neill for several years.
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Source: Direxion
CFTC Officials Want Close Cooperation With SEC on Crypto Rules
May 3, 2018--Two officials at the Commodity Futures Trading Commission (CFTC) spoke about regulating cryptocurrencies this week, stressing the need for cooperation between their agency and another powerful U.S. regulator, the Securities and Exchange Commission (SEC).
Addressing the FIA Law and Compliance conference in Washington, D.C. on Wednesday, commissioner Brian Quintenz spoke out about "an effort that is underway at both the SEC and CFTC to coordinate and harmonize regulatory oversight."
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Source: coindesk.com
ProShares Launches First S&P 500 Bond ETF
May 3, 2018--25 Years After First S&P 500 Equity ETF Introduced
ProShares, a premier provider of ETFs, today launched the first S&P 500 Bond ETF. The ProShares S&P 500 Bond ETF (NYSE:SPXB) tracks the S&P 500(R)/MarketAxess(R) Investment Grade Corporate Bond Index.
"The S&P 500(R) served as the basis for the first ETF over 25 years ago. Today's launch of a bond ETF tied to the S&P 500 is another important moment in the evolution of ETFs," said Michael Sapir, co-founder and CEO of ProShare Advisors, LLC, the advisor to ProShares. "We believe SPXB will be an attractive option to investors considering bond ETFs. SPXB offers the most liquid, high quality bonds issued by companies in the S&P 500, the widely known and most-used securities benchmark."
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Source: ProShares
Greenwich Associates Study Finds More Than 80 Percent of Institutional Investors Surveyed Who Use Exchange-Listed Options Are Satisfied with Performance
May 3, 2018--The Options Industry Council (OIC), an industry resource funded by OCC, the world's largest equity derivatives clearing organization, today shared the results of a new study by Greenwich Associates, How Institutional Investors Use and Think About Exchange-Listed Options, which found that more than 80 percent of institutional investors surveyed who currently use exchange-listed options are satisfied with the performance against major market benchmarks.
OIC sponsored a Greenwich Associates study to take a closer look at how institutional investors use and perceive exchange-listed options strategies. Greenwich Associates interviewed 80 institutional investors in the U.S., including asset managers, corporate pension plans, public pension plans and endowments with total combined assets under management of more than $1 trillion.
view the How Institutional Investors Use and Think About Exchange-Listed Options study
Source: OCC
