Americas ETP News
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CME Group Announces First Trades of New SOFR Futures
May 8, 2018--CME Group, the world's leading and most diverse derivatives marketplace, today announced the first trades of the new Secured Overnight Financing Rate (SOFR) futures contract, launched on May 7, 2018.
The total volume through the first trading day was 3,257 contracts, the majority of which traded with minimum tick markets, demonstrating liquidity through the tightest possible bid-offer spreads. More than 50 firms participated in the first day of trading. Open interest reached 2,033 contracts as of May 7.
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Source: CME Group
Cryptocurrency creeps into the mainstream
May 8, 2018--The irony is delicious. Bitcoin, biggest of the cryptocurrencies, was heralded as a technology that would set us free from the sclerotic institutions of a fetid financial system: central banks, commercial bank oligopolies, bought-and-paid-for regulators. What has happened instead?
As an alternative medium of exchange, bitcoin has gone essentially nowhere. It has thrived only as a speculative asset-and, in that capacity, trading in bitcoin is being pulled slowly into the very edifice it was meant to pull down.
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Source: FT.com
S-Network Expands Direct Index Lineup with SMArtX
May 8, 2018--S-Network Global Indexes, Inc. is pleased to announce a second round of indexes available for direct investment on SMArtX Advisory Solutions' Turnkey Asset Management Platform (TAMP).
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Source: S-Network Global Indexes
State Street Global Advisors Appoints Sue Thompson as Head of Americas Distribution for SPDR ETFs
May 7, 2018---State Street Global Advisors, the asset management business of State Street Corporation (NYSE: STT), today announced the appointment of Sue Thompson as head of Americas Distribution for SPDR ETFs, effective immediately.
Thompson will be based in Boston and report to Rory Tobin, global head of SPDR ETFs.
In this newly created role, Thompson will be responsible for developing and leading the SPDR ETF distribution strategy across all client channels in the Americas, including institutional, intermediary and strategic relationships.
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Source: State Street Global Advisors
AdvisorShares-This Week in Active ETFs: Gaining More Traction
May 7, 2018--I had the opportunity to participate at a conference sponsored by the NYSE. The entire conference was focused on active ETFs, which is a great milestone to have a fully dedicated event towards active ETFs.
One of the panels focused on the firms seeking approval for non-transparent ETFs (there are several each with different approaches). While we don't have anything against non'transparent ETFs, we are advocates of transparency.
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Source: AdvisorShares
CBO-Monthly Budget Review for April 2018
May 7, 2018--The federal budget deficit was $382 billion for the first seven months of fiscal year 2018, the Congressional Budget Office estimates, $37 billion more than the shortfall recorded during the same period last year.
Revenues and outlays were higher, by 4 percent and 5 percent, respectively, than they were during the first seven 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 April 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)
Reality Shares Offers Three ETFs on E*TRADE's Commission-Free ETF Platform
May 7, 2018--Investors now have another low-cost option to access several of Reality Shares' quantitative strategies
Reality Shares' an innovative asset management firm' ETF issuer and index provider' now offers three of its rules-based ETFs on E*TRADE's Commission-Free ETF Platform.
As of May 1, 2018, investors utilizing the E*TRADE platform can access the following Reality Shares ETFs with zero-commission trading:
The Reality Shares DIVS ETF (NYSE Arca: DIVY)
The Reality Shares DIVCON Leaders Dividend ETF (BATS: LEAD)
The Reality Shares Nasdaq NexGen Economy ETF (Nasdaq: BLCN)
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Source: Reality Shares
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
