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FINRA Releases 2018 Regulatory and Exam Priorities
January 8, 2018--The Financial Industry Regulatory Authority (FINRA) today released its 2018 Regulatory and Examination Priorities Letter, highlighting topics that FINRA will focus on in the coming year, including new and ongoing areas of focus.
The Priorities Letter-alongside FINRA's 2017 Examination Findings Report-serves as a resource for broker-dealers to enhance their compliance, supervisory and risk management programs and to prepare for their FINRA examination. Among the topics identified in the letter as areas of focus in 2018 are fraud, high-risk firms and brokers, operational and financial risks-including technology governance and cybersecurity-and market regulation.
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Source: Financial Industry Regulatory Authority (FINRA)
Big-three credit raters still dominate business due to entry barriers, SEC says
January 8, 2018--The bond-rating business continues to be dominated by Standard & Poor's Rating Services, Moody's Investors Service and Fitch Ratings a decade after the financial crisis due to entry barriers, a US Securities and Exchange Commission report said.
But inroads are being made by other firms in winning business to rate US asset-backed securities,...
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Source: mlexfs-core.com
Fund managers say bitcoin ETF proposals withdrawn due to SEC concern
January 8, 2018--Two U.S. companies shelved proposals to launch bitcoin exchange-traded funds, citing ongoing concerns by the Securities and Exchange Commission (SEC), filings showed on Monday.
Staff at the regulatory agency "expressed concerns regarding the liquidity and valuation" of futures contracts based on the digital asset, according to one of the filings.
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Source: Reuters
CBO-Monthly Budget Review for December 2017
January 8, 2018--The federal budget deficit was $228 billion in the first quarter of fiscal year 2018, the Congressional Budget Office estimates-$18 billion more than the one recorded during the same period last year. Revenues and outlays were higher, by 4 percent and 5 percent, respectively, than during the first quarter 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 or a holiday. If not for those shifts, outlays and the deficit through December would have been slightly larger, both this year and last year-and the year-to-year changes would not have been very different.
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Source: Congressional Budget Office (CBO)
Bitcoin boost propelled 2017's best-performing ETFs
January 7, 2018-Funds exposed to China and tech stocks among the top traditional strategies
The surge in the value of bitcoin last year helped a New York investment boutique claim the title of best-performing exchange traded fund of 2017. Ark Investments, which specialises in strategies based on new technologies and disruptive innovations, included an exposure to bitcoin in the Ark Innovation.
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Source: FT.com
There could soon be a new way to bet on bitcoin-and it promises to be an even wilder ride than the cryptocurrency
January 6, 2018--The New York Stock Exchange is looking to list a number of funds linked to bitcoin futures on its NYSE Arca venue.
The leveraged ETFs, which go long and short, would multiple the spine-tingling volatility of bitcoin.
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Source: Business Insider
CFTC.gov Commitments of Traders Reports Update
January 5, 2018--The current reports for the week of January 2, 2018 are now available.
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Source: CFTC.gov
Renaissance Capital Scheduled U.S. IPOs
January 5, 2018--Industrial Logistics Properties Trust (ILPT)-Newton, MA
Deal Size: $590 mil
Exchange: Nasdaq
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IPO Index Performance
The Renaissance IPO Index has returned 1.0% so far this year,
compared to 1.9% for the S&P 500.
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Source: Renaissance Capital
Harvest Announces Filing of the Preliminary Prospectus for Canada's First Blockchain Technologies ETF
January 5, 2018--Harvest Portfolios Group Inc. ("Harvest") is pleased to announce that it has filed a preliminary prospectus with the Canadian securities regulators for Canada's first blockchain technologies ETF, Blockchain Technologies ETF ("HBLK"). This innovative ETF is designed to provide Canadian investors access to the developing blockchain technology sector.
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Source: Harvest Portfolios Group Inc.
CAPE Fear: Why CAPE Naysayers Are Wrong
Beware the consequences of assuming that elevated CAPE ratios are here to stay, but if they are the "new normal," low future returns are likely to be the "new normal' as well.
Key Points
The CAPE (cyclically adjusted PE) ratio is not a useful timing signal for market turning points, but is a powerful predictor of long-term market returns.
Many arguments have been offered to justify elevated CAPE ratios. Most or all of the factors underlying these arguments are inherently temporary and subject to either near-term or eventual mean reversion. Beware the consequences of assuming that elevated CAPE ratios are here to stay, but if they are the "new normal," low future returns will be as well.
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Source: Research Affiliates
