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Canadian securities regulators provide additional guidance on securities law implications for offerings of tokens
June 11, 2018--The Canadian Securities Administrators (CSA) today published CSA Staff Notice 46-308 Securities Law Implications for Offerings of Tokens, which provides additional guidance on the applicability of securities laws to offerings of coins or tokens, including ones that are commonly referred to as "utility tokens."
"Since publishing initial guidance, we have engaged with numerous businesses considering token offerings and have found that most of these offerings involve securities," said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. "Our notice sets out additional guidance based on situations we have seen to date and common inquiries we have received from businesses and their advisors."
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Source: Canadian Securities Administrators
Thompson Hine-SEC Proposals Promote Distribution of Research on Investment Funds
June 11, 2018--Key Notes:
The Securities and Exchange Commission (SEC) is promoting research on investment funds by proposing new Rule 139b under the Securities Act of 1933 (Securities Act) , which would allow unaffiliated brokers or dealers to publish research reports for certain "covered investment funds" without those reports being considered offers for sale.
The SEC is also proposing new Rule 24b-4 under the Investment Company Act of 1940 , as amended (1940 Act) , which would exempt a covered investment fund research report from the filing requirements of Section 24(b) of the 1940 Act.
In addition , the SEC proposes a conforming amendment to Rule 101 of Regulation M that would permit distribution participants to provide information about covered securities if certain conditions are satisfied.
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Source: Thompson Hine
ETF price war extends to new corners of the market
June 11, 2018--Fixed income and gold funds are being sold with lowest-ever fees
The exchange-traded fund price war is intensifying and spreading, with BlackRock chainsawing the costs of $50bn worth of ETFs and investors continuing to flood into the cheapest options in the passive investment industry.
Last week, BlackRock cut the prices of 11 of its equity and bond ETFs with total assets of $50bn. While fees on the four stock funds were trimmed modestly, some of the fixed income ETFs had their fees slashed by up to 70 per cent
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Source: FT.com
VanEck Lowers Expense Ratio For VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (EMLC) And VanEck Vectors Emerging Markets Aggregate Bond ETF (EMAG)
June 8, 2018--VanEck announced today that it is lowering the expense ratio on two ETFs: VanEck Vectors J.P. Morgan EM Local Currency Bond ETF (NYSE Arca: EMLC) and VanEck Vectors Emerging Markets Aggregate Bond ETF (NYSE Arca: EMAG).
Effective June 8, 2018, the expense cap for EMLC will be reduced from 0.42% to 0.30%1, and the expense cap for EMAG will be reduced from 0.49% to 0.35%2.
EMLC is the largest and most liquid U.S listed ETF providing access to emerging markets local currency bonds. It seeks to track the J.P. Morgan GBI-EMG Core Index (GBIEMCOR), which is comprised of bonds issued by emerging markets governments and denominated in the local currency of the issuer.
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Source: VanEck
Annual Russell US Indexes reconstitution measures a resilient US equity market
June 8, 2018--US equity markets continue to climb despite heightened volatility, rising interest rates and unpredictability in geopolitical events.
Small caps have turned the table on large caps, with stronger returns, and smaller microcap stocks lead all US cap tiers.
Apple largest stock for 6th year in a row while Amazon moves to prime position in technology-led Russell 1000(R) Index.
A total of 211 companies will join the Russell 2000® Index at this year's reconstitution.
Today FTSE Russell, a leading global index, data and analytics provider, posted its official preliminary lists of companies set to enter or leave the US broad-market Russell 3000(R) Index and the Russell Microcap(R) Index when the Russell US Indexes complete their annual rebalance after US equity markets close on Friday, June 22. The lists of projected additions and deletions for the Russell US Indexes are now available on the FTSE Russell website.
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Source: FTSE Russell
CBO-Monthly Budget Review for May 2018
June 7, 2018--The federal budget deficit was $530 billion for the first eight months of fiscal year 2018, the Congressional Budget Office estimates, $97 billion more than the shortfall recorded during the same period last year
Revenues and outlays were higher, by 3 percent and 6 percent, respectively, than they were during the first eight months of 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, outlays and the deficit through May would have been larger, by roughly $40 billion, both this year and last year-but the year-to-year changes would not have been very different.
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Source: Congressional Budget Office (CBO)
Susquehanna Is Opening Crypto Trading, Starting with BTC Futures
June 7, 2018--American global trading and technology firm Susquehanna International Group is opening cryptocurrency trading to its clients, initially in the form of Bitcoin (BTC) futures, the New York Times reported June 5.
The company, based in Bala Cynwyd, Pennsylvania, is one of the largest financial firms in the world, trading traditional investments, such as stocks, options, and exchange traded funds (ETFs).
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Source: cointelegraph.com
CFTC.gov Commitments of Traders Reports Update
June 7, 2018--The current reports for the week of June 8, 2018 are now available.
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Source: CFTC.gov
U.S. Weekly FundFlows Insight Report: Despite Market Rally, Investors Are Net Redeemers of Equity Funds and ETFs for the Week
June 7, 2018--For the seventh week in a row investors were net purchasers of fund assets (including those of conventional funds and ETFs) in general, adding a little more than $29.6 billion for Thomson Reuters Lipper's fund-flows week ended June 6, 2018. However, the headline number was misleading.
Despite upbeat economic reports and a market rally during the flows week, fund investors were net redeemers of equity funds (-$4.3 billion) and taxable bond funds (-$1.2 billion). Perhaps as a result of continuing trade war and geopolitical concerns, money market funds (+$34.9 billion) were the primary recipients of investor assets, followed at a distance by municipal bond funds (+$189 million).
Market Wrap-Up
During the flows week investors generally shrugged off trade war concerns and cheered a better-than-expected nonfarm jobs report, a possible resolution to Italy’s political woes, and a rally in tech and financial issues.
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Source: Thomson Reuters
Bitcoin endorsement from SEC could provide a regulatory domino effect
June 7, 2018--Lack of clarity on the regulation of cryptocurrencies has proved to be a major barrier for institutional investors looking to trade digital assets.
Institutional investors are waiting for regulatory approval from the US Securities and Exchange Commission (SEC) before stepping into the cryptocurrency trading world< according to experts.
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Source: Thetradenews.com
