Americas ETP News
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Exchange Traded Concepts to Close and Liquidate ETC Gavekal Asia Pacific Government Bond ETF
October 23, 2023--After careful consideration, Exchange Traded Concepts, LLC, the Fund's investment adviser, in consultation with Gavekal Capital Limited, the Fund's sub-adviser and sponsor, has recommended, and the Board of Trustees of Exchange Listed Funds Trust has approved, the termination and liquidation of the Fund pursuant to the terms of a Plan of Liquidation.
Accordingly, the Fund is expected to cease operations and liquidate on or about November 17, 2023 (the "Liquidation Date").
The Fund will be closed to orders for new creation units on November 14, 2023, and the last day of trading of the Fund's shares on the NYSE Arca, Inc. will be on or about November 15, 2023.
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Source: Exchange Traded Concepts, LLC
Financial Stability Report-October 2023
October 20, 2023--1. Asset valuations. Equity prices grew faster than expected earnings, pushing the forward price-to-earnings ratio into the upper ranges of its historical distribution. Risk premiums in corporate bond markets narrowed somewhat and remained near the middle of their historical distributions. Prices of residential and commercial properties remained high relative to fundamentals.
2. Borrowing by businesses and households. Balance sheets of many nonfinancial businesses and households remained solid. Growth of business debt continued to decline through the first half of the year, although business debt remained high when measured relative to gross domestic product (GDP) or business assets. Measures of the ability of firms to service their debt remained strong. Household debt remained at modest levels relative to GDP, with most of that debt owed by households with strong credit histories or considerable home equity.
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Source: federalreserve.gov
Ark finds silver lining in massive ETF losses: years of tax benefits
October 22, 2023--Quick Summary:
Even so, mutual funds collectively continue to hold a much larger piece of the US investment pie than ETFs.
Ark said in its Thursday quarterly fund webinar that its December 2025 estimate was a conservative one, and that its capital losses could be sufficient to offset tax liabilities as far out as September 2027.
Wood noted on Thursday's webinar that she thought the potential to save on taxes offered by her company's ETFs was underappreciated."I don’t think many people understand what an asset we have in terms of those tax-loss carry-forwards," Wood said.
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Source: beamstart.com
SEC Proposes Rule to Address Volume-Based Exchange Transaction Pricing for NMS Stocks
October 18, 2023--The Securities and Exchange Commission today proposed a new rule that would prohibit national securities exchanges from offering volume-based transaction pricing in connection with the execution of agency or riskless principal ("agency-related") orders in NMS stocks.
The proposal also would require national securities exchanges to have certain anti-evasion rules and written policies and procedures and disclose certain information if they offer volume-based transaction pricing for member proprietary volume in NMS stocks.
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Source: SEC.gov
SEC Won't Appeal Loss in Grayscale Case, Boosting the Odds GBTC Can Become a Bitcoin ETF
October 16, 2023--Bitcoin's price immediately shot up after the news came out.
The SEC was rebuked by a court in August for how it rejected Grayscale's application to turn its bitcoin (BTC) trust into an ETF.
The regulator won’t appeal that loss, a person familiar with the matter said Friday, boosting the odds the Grayscale Bitcoin Trust (GBTC) can be turned into a more-appealing ETF.
BTC's price jumped on the news.
The Securities and Exchange Commission won't appeal a court's scathing reversal of its decision not to let Grayscale convert its bitcoin trust into a more investor-friendly exchange-traded fund, according to a person familiar with the matter, possibly clearing the way for the first bitcoin ETF in the U.S.
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Source: coindesk.com
SEC Division of Examinations Announces 2024 Priorities
October 16, 2023--The Securities and Exchange Commission's Division of Examinations today released its 2024 examination priorities to inform investors and registrants of the key risks, examination topics, and priorities that the Division plans to focus on in the upcoming year. This year's examinations will prioritize areas that pose emerging risks to investors or the markets in addition to core and perennial risk areas.
"The Division of Examinations plays a critical role in protecting investors and facilitating capital formation," said SEC Chair Gary Gensler. "In examining for compliance with our time-tested rules, the Division helps registrants understand the rules as well as ensures that markets work for investors and issuers alike. The Division's efforts, as laid out in the 2024 priorities, enhance trust in our ever-evolving markets."
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Source: SEC.gov
Neuberger Berman Expands Actively Managed ETF Lineup With Conversion of Greater China Equity Fund & Global Real Estate Fund
October 16, 2023--Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce the completion of the conversion of two actively managed mutual funds to ETFs: Neuberger Berman China Equity ETF ("China ETF"-NYSE: NBCE) and Neuberger Berman Global Real Estate ETF ("Real Estate ETF"-NYSE: NBGR).
Neuberger Berman believes ETFs can deliver the firm's investment expertise to a potentially wider range of investors. The ETFs are designed to provide investors with a unique opportunity to gain exposure to growth markets in China and the global real estate sector, supported by a rigorous, research-based approach to active management. Neuberger Berman's team of investment professionals bring together deep market expertise, innovative data science capabilities, and strong corporate engagement tools to manage these investment solutions.
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Source: Neuberger Berman
World Bank-Economic Review-Latin America and the Caribbean-October 2023 Digital Connectivity for Inclusion and Growth
October 14, 2023--Latin America and the Caribbean achieved significant progress in macroeconomic resilience over the past three decades, providing greater resilience against shocks such as rising inflationary pressures, global uncertainty, increased debt, and low commodity prices, along with the convergence of poverty and employment levels to pre-pandemic levels.
The report estimates that the regional Gross Domestic Product (GDP) will grow by 2percent in 2023, slightly above the previously projected 1.4 percent, but still below that of all other regions in the world. Growth rates of 2.3 percent and 2.6 percent are expected for 2024 and 2025, respectively. These rates, similar to those of the 2010s, are not sufficient to achieve the much-needed advances in inclusion and poverty reduction.
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Source: worldbank.org
Western Hemisphere Regional Economic Outlook: Securing Low Inflation and Nurturing Potential Growth
October 13, 2023--Following a strong rebound from the pandemic and continued resilience in early 2023, economic growth in Latin America and the Caribbean is projected to moderate from 4.1 percent in 2022 to 2.3 percent in 2023. Headline inflation in the region (excluding Argentina and Venezuela) has been declining and is anticipated to reach 5 percent in 2023, compared to 7.8 percent in 2022.
Thanks to improved macroeconomic management, the region can focus on how to boost growth by addressing long-lasting challenges, including lackluster productivity, low investment, and labor market rigidities.
The changing global environment also presents new challenges and opportunities, like climate change and the irruption of new digital technologies. Preserving social cohesion should be a centerpiece of any policy plans, including through strengthening social protection mechanisms and tackling insecurity.
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Source: imf.org
SEC Adopts Rule to Increase Transparency in the Securities Lending Market
October 13, 2023--The Securities and Exchange Commission today adopted new Rule 10c-1a, which will require certain persons to report information about securities loans to a registered national securities association (RNSA) and require RNSAs to make publicly available certain information that they receive regarding those lending transactions. The rule is intended to increase the transparency and efficiency of the securities lending market.
"Securities lending played a role in the 2008 financial crisis, and, currently, the securities lending market is opaque," said SEC Chair Gary Gensler. "In the Dodd-Frank Act, Congress mandated that the Commission enhance the transparency of the securities lending market. Such transparency gets to the heart of the SEC's mission. It promotes competition. It promotes fair, orderly, and efficient markets. In fulfilling Congress's mandate, today’s adoption will promote greater transparency in the securities lending markets both to regulators and the public."
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Source: SEC.gov
