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SEC Approves Final and Proposed Rules in Latest Open Meeting
June 28, 2018--The Securities and Exchange Commission today voted on several final rules and rule proposals that together represent material progress toward many Commission priorities.
"Over the past year, I have been increasingly impressed by the breadth of expertise at the SEC, and the diversity of topics the Commission considered today is proof of that," said Chairman Clayton. "Commission staff is actively working on issues that touch all corners of our marketplace, including, importantly, our Main Street investors. I am pleased that we are making steady, thoughtful progress on many of the Commission initiatives detailed on our regulatory flexibility agenda. I cannot thank the staff enough for their dedication. Our capital markets are ever changing and the staff is committed to taking action to ensure that, as they have been for the past 80 years, they remain the best markets for investors, issuers, and our economy."
The Commission today approved:
1.Adoption of amendments to modernize the definition of "smaller reporting company," which was established in 2008. The full release on these amendments can be found here.
view the final rule
Source: SEC.gov
US advisers shy away from newfangled ETFs
June 28, 2018--Why some investment veterans still prefer to stick to no-frills vanilla products
As exchange traded funds grow in popularity, designers are devising new flavours of the investment vehicles in order to expand the marketplace.
However, rather than embracing these new offerings, the registered investment advisers (RIAs) that have been the most enthusiastic about ETFs are content to stick with the classic hits that attracted them to the products in the first place.
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Source: FT.com
SEC Proposes Making It Easier to Start Exchange-Traded Funds
June 28, 2018--Agency plan would make it easier to set up plain-vanilla ETFs
Proposal wouldn't cover more complex, leveraged products
The fast-growing $3.6 trillion U.S. market for exchange-traded funds is closer to getting a shot in the arm after Wall Street's main regulator advanced a proposal for streamlining its approval process for the products.
The Securities and Exchange Commission plan approved for public comment on Thursday would make it easier to bring new ETFs to market by laying out formal steps for setting up less-complicated funds.
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Source: Bloomberg
CBO-How Changes in Economic Conditions Might Affect the Federal Budget
June 28, 2018--CBO has developed "rules of thumb”"that show how changes in four key economic variables might affect revenues, outlays, and deficits. An interactive workbook allows users to see the budgetary effects of their own alternative scenarios.
One source of uncertainty in budget projections stems from the fact that the federal budget is highly sensitive to economic conditions, which are difficult to predict. If conditions differed from those in CBO's economic forecast, budgetary outcomes could diverge from those in the agency's baseline budget projections.
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Source: Congressional Budget Office (CBO)
SEC Officials Blast Leveraged ETFs, Other Funds Get Easier Path
June 28, 2018--Any rule on leveraged funds needs Chairman Clayton's support
Concern that investors don't know how 'dangerous' products are
Two top officials at the Securities and Exchange Commission are sounding the alarm over leveraged exchange-traded funds--even as the agency looks to streamline sales of simpler ETFs.
Robert Jackson Jr., who holds a Democratic seat on the SEC, criticized a failure to address these...
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Source: Bloomberg
Barclays reshuffles management to oversee digital strategy
June 28, 2018--Barclays has made several key senior promotions within the corporate and investment banking unit with the aim to digitise its markets business.
The digital strategy is a priority for the bank and with advancements in technology, Barclays explained that it will be implemented to defend the business and to pursue new revenue opportunities. A spokesperson at Barclays confirmed the moves.
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Source: thetradenews.com
CFTC.gov Swaps Report Update
June 27, 2018--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
BNY Mellon Launches FX Options
June 26, 2018--NY Mellon is now live with foreign exchange options, enabling clients to better hedge currency exposure and express their views on the future direction of FX markets1.
BNY Mellon clients now have access to a full-service currency trading desk, offering spot, forwards, non-deliverable forwards as well as options. This offering complements an existing suite of broader FX services including FX custody, payments and hedging.
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Source: BNY Mellon
Broadest Israel ETF (ISRA) Celebrates Fifth Year Providing Exposure to Israel's Global Economy
June 26, 2018--Israel's resiliency has made it one of the top performing developed markets in 2018
VanEck is today marking the fifth anniversary of the VanEck Vectors(R) Israel ETF (NYSE Arca: ISRA(R)), a fund designed to offer broad and diversified exposure to Israel's globally oriented economy.
"We launched ISRA to provide a comprehensive solution for investors who are attracted to Israel's compelling growth story," said Ed Lopez, Head of ETF Product at VanEck. "The underlying index allows the ETF to provide the broadest exposure to Israel's economy from a U.S.-listed ETF by including Israeli equities trading globally. It also shares a similar philosophy to VanEck's other country funds by including companies with meaningful exposure to Israel in a well-diversified way."
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Source: VanEck
World Gold Council and State Street Global Advisors Launch Low-Cost Gold Exchange-Traded Fund
June 26, 2018--SPDR(R) Gold MiniShares Trust Offers Lowest Fees of Any Gold ETF
The World Gold Council1, the market development organization for the gold industry, and State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), today announced the launch of SPDR Gold MiniShares Trust (Symbol: GLDM).
GLDM offers the lowest available total expense ratio among all gold exchange-traded products2, with a net and gross expense ratio of 0.18 percent. GLDM will be initially listed at a per-share trading price of 1/100th of an ounce of gold, as represented by the LBMA Gold Price PM (USD).3
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Source: State Street Corporation
