Americas ETP News
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Grayscale Investments Hires Samantha McDonald to Lead Finance Team
April 24, 2018--McDonald joins leading digital currency asset manager from SPDR Gold Trust, where she served as Chief Financial Officer and Treasurer
Grayscale Investments, LLC, a global leader in digital currency asset management, today announced that Samantha McDonald has joined the company as Vice President, Finance. McDonald most recently served as Chief Financial Officer and Treasurer of SPDR Gold (NYSEARCA: GLD) and SPDR Long Dollar Gold Trust (NYSEARCA: GLDW). GLD is the largest ETF to invest directly in physical gold. Reporting to Grayscale CEO Barry Silbert, McDonald will oversee finance, accounting, and legal for Grayscale.
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Source: Grayscale Investments, LLC
ETFGI reports ETFs and ETPs listed in Canada gathered net inflows of US$2.27 Bn US dollars in March 2018
April 24, 2018--ETFGI, a leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported today that ETFs and ETPs listed in Canada gathered US$2.27 Bn in net inflows in March 2018. YTD 2018 net inflows are at US$6.06 Bn which is more than the US$4.93 Bn in net inflows at this point last year. (All dollar values in USD unless otherwise noted.)
Highlights
Net new assets gathered by ETFs/ETPs listed in Canada were $2.27 Bn in March
March 2018 marked the 6th consecutive month of net inflows into ETFs/ETPs listed in Canada
Assets invested in ETFs/ETPs listed in Canada increased by 0.89%, or $1.04 Bn, during March, to $117.97 Bn
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Source: ETFGI
Cboe Exchange Wants to Lower Its Bitcoin Futures Prices
April 24, 2018--The Cboe wants to change the way it prices bitcoin futures contracts, a move that comes just months after the exchange operator first debuted its inaugural cryptocurrency product.
In a newly published letter to the Commodity Futures Trading Commission (CFTC) dated April 17, CBOE Future Exchange (CFE) managing director Matthew McFarland announced a proposed rule amendment that would lower the minimum increment on its futures contracts from 10 points (worth $10) to 5 points (worth $5) sometime on or after May 1.
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Source: coindesk.com
Labor Department Says Do-Good Investments Are Not Always 'Prudent'
April 24, 2018--Trump administration clarifies guidelines for retirement funds
ESG investors say rules could sow confusion among managers
The Trump administration unveiled guidance aimed at the burgeoning socially-responsible investment industry that left some investors scratching their heads.
The Department of Labor, which oversees retirement-plan funds, published guidelines on Monday that said investments based on environmental, social and governance issues aren't always a "prudent choice" and that such factors shouldn't "too readily" be considered as economically relevant by fiduciaries.
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Source: Bloomberg
SEC rule would create distinct but 'comparable' regimes for RIAs and broker-dealers
April 24, 2018--The SEC is trying to avoid a wholesale disruption of brokerage industry, but firms could face a major overhaul of their compliance programs should the regulator's proposed best interest standard for brokers become rule.
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Source: financial-planning.com
AdvisorShares Weekly Market Review-Markets Don't Close 4/20 On A High
April 23, 2018--Highlights of the Prior Week Ending 4/20/2018
Macro
Domestic equity markets started strong last week but struggled into Friday's close managing to hold some gains. The Dow Jones Industrial Average was up 0.40%, the S&P 500 gained 0.50% and the NASDAQ added 0.60%.
Barron's devoted a lot of pixels to the latest goings on with the slope of the yield curve. Earlier in the week the 2-10 treasury spread got close to 40 basis points before widening out to 49 basis points at the end of the week. This is something we have been closely following here for months. It is important to understand at a basic level why yield curve dynamics are so important. When the curve is positively sloped, which is the normal relationship, then access to capital is easier from the standpoint that lending money is a profitable endeavor for the banks. Accessing capital is crucial for growth, plant expansion, capacity expansion and so on.
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Source: AdvisorShares
The $5tn ETF market balances precariously on outdated rules
April 23, 2018-- In 25 years, the exchange-traded fund has become one of the most popular financial innovations of the modern era.
In 2016, seven of the 10 most actively traded US securities were ETFs. But the sector is a regulatory backwater. Even though these funds pose distinctive risks and the industry continues to...
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Source: FT.com
Cboe Working to Improve VIX Settlement Process After Wild Swing
April 23, 2018--Exchange says allegations of manipulation have no merit
Buy-order imbalance responsible for last week's swing
Cboe Global Markets Inc. said it is looking at ways to improve the settlement process for its Cboe Volatility Index, whose swings before expiration have been looked upon with suspicion in the market.
Allegations of manipulation are "without merit," the Chicago-based exchange operator said in a letter to customers and traders that was included in a filing Monday.
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Source: Bloomberg
Nasdaq proposes letting companies decide where their shares trade
April 23, 2018--Nasdaq Inc (NDAQ.O) on Monday said it will ask regulators to let it give thinly-traded companies that list on its main U.S. stock exchange a choice as to whether their shares can be traded on other exchanges, with the aim of making it easier for investors to buy the stocks.
There are 13 U.S. stock exchanges and currently, regardless of where a company is listed, its shares trade on all of them, as well as around 40 private broker-run trading venues. Critics say this fragments trading activity, making it more difficult for buyers and sellers to find each other.
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Source: Reuters
Renaissance Capital-Scheduled U.S. IPOs this week
April 20, 2018--Scheduled U.S. IPOs-Week of 04/23/18
DocuSign (DOCU)-San Francisco, CA
Deal Size: $542 mil
Exchange: Nasdaq
Lead Underwriter: Morgan Stanley
Provides a cloud-based electronic signature platform.
Ceridian HCM Holding (CDAY)-Minneapolis, MN
Deal Size: $420 mil
Exchange: NYSE
Lead Underwriter: Goldman Sachs
Provides enterprises with human capital management software.
IPO Commentary
How do listed companies perform with a US IPO?
US equity markets are an attractive source of capital and liquidity, even for companies that are already listed on foreign exchanges or the OTC markets. Frankfurt-listed MorphoSys (MOR) began trading...read more
The number of 2018 US tech IPOs will double over the next 10 days A wave of US tech IPOs has taken over the April IPO calendar. Five US tech companies are going public over the next 10 days, more than...read more
IPO Index Performance
The Renaissance IPO Index has returned 3.2% so far this year,
compared to 0.7% for the S&P 500.view more
Source: Renaissance Capital
