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Bitcoin Takes Bigger Wall Street Stage With Smooth CME Debut
December 18, 2017--Trading follows similar offering by Cboe exchange a week ago
CME futures off to faster start as underlying bitcoin climbs
The world's biggest exchange just joined the bitcoin revolution.
Bitcoin futures started trading Sunday night at CME Group Inc.'s venue, a week after Chicago rival Cboe Global Markets Inc. introduced similar derivatives on the volatile cryptocurrency.
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Source: Bloomberg
Three Shares Traded on TASE Join Today Israeli Global Hi-Tech Companies Index: TA-BIGITech(R)
December 17, 2017--Following the update the Index includes 77 Companies with an Aggregate Market Cap of $89 Billion
BlueStar Indexes(R) announced the semiannual update of the TASE-BlueStar Israel Global Technology IndexTM-TA-BIGITechT(R)-that includes the Israeli, or Israeli-linked hi-tech companies, traded in the Tel-Aviv Stock Exchange (TASE) and/or abroad.
Following the index update that will come into effect, today December 17th, 2017, the index will include 77 companies with an aggregate market cap of approximately $89 billion. 42 of the companies are traded only overseas (in the U.S., London, Australia Singapore and Hong-Kong), 26 companies are dual-listed, and 9 are traded only in the TASE.
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Source: TASE
CFTC Launches Virtual Currency Resource Web Page
December 15, 2017-- The Commodity Futures Trading Commission (CFTC) today launched a virtual currency resource Web page, cftc.gov/bitcoin. This dedicated page is a central repository for Commission-produced resources about virtual currency, and is designed to educate and inform the public about these commodities, including the possible risks associated with investing or speculating in virtual currencies or recently launched Bitcoin futures and options.
The newly launched Web page provides quick access to the CFTC's virtual currency primer; CFTCTalks podcast episode featuring CFTC staff discussing virtual currencies; LabCFTC, the Commission's FinTech effort; and a fact sheet explaining the CFTC's role in oversight of virtual currencies.
view the CFTC Customer Advisory: Understand the Risks of Virtual Currency Trading
Source: CFTC.gov
CFTC Issues Proposed Interpretation on Virtual Currency "Actual Delivery" in Retail Transactions
December 15, 2017--The Commodity Futures Trading Commission (CFTC) today announced a Proposed Interpretation concerning its authority over retail commodity transactions involving virtual currency, such as bitcoin.
Specifically, the Proposed Interpretation sets out the CFTC's view regarding the "actual delivery" exception that may apply to virtual currency transactions. The Proposed Interpretation is open for public comment for 90 days from publication in the Federal Register.
Section 2(c)(2)(D) of the Commodity Exchange Act (CEA) provides the CFTC with direct oversight authority over "retail commodity transactions"-defined as agreements, contracts or transactions in any commodity that are entered into with, or offered to retail market participants on a leveraged or margined basis, or financed by the offeror, the counterparty or a person acting in concert with the offeror or counterparty on a similar basis.
view the Retail Commodity Transactions Involving Virtual Currency Proposed Interpretation
Source: CFTC.gov
2017 IPO Market: Good, But Not Great
December 15, 2017--The 2017 IPO market delivered 160 deals, 50% more IPOs than 2016, with proceeds nearly doubling to $36 billion. Driving activity were biotechs, technology and the return of Chinese issuers. However, given the underlying strength in the broader stock market, the activity level should have been higher.
Holding back issuance, we believe, were uncertainties over the massive tax overhaul and the disappointing debuts of technology unicorns Snap and Blue Apron. The average IPO returned 21%, respectable by historic standards, but only in line with the broader market indexes. The main contributors to IPO performance were biotech and technology, some with spectacular returns, such as AnaptysBio, Argenx and Roku, partly offset by a large number of conspicuous underperformers, such as Blue Apron, Qudian, and Altice USA, all of which had company-specific fundamental issues.
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Source: Renaissance Capital
Renaissance Capital Scheduled U.S. IPOs
December 15, 2017--Scheduled U.S. IPOs-Week of 12/15/17
IPO Index Performance
The Renaissance IPO Index has returned 33.7% so far this year, compared to 18.5% for the S&P 500.
IPOUSA
IPO Activity
There have been 158 IPOs priced so far this year, a +50% change from last year.
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Source: Renaissance Capital
Treasury International Capital Data For October
December 15, 2017--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for October 2016. The next release, which will report on data for November 2016, is scheduled for January 18, 2017.
The sum total in October of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a monthly net TIC inflow of $18.8 billion.
Of this, net foreign private inflows were $60.5 billion, and net foreign official outflows were $41.7 billion.
Foreign residents decreased their holdings of long-term U.S. securities in October; net sales were $6.0 billion. Net purchases by private foreign investors were $32.8 billion, while net sales by foreign official institutions were $38.8 billion.
U.S. residents decreased their holdings of long-term foreign securities, with net sales of $15.4 billion.
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Source: treasury.gov
CFTC.gov Commitments of Traders Reports Update
December 15, 2017--The current reports for the week of December 12, 2017 are now available.
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Source: CFTC.gov
Financial Stability Oversight Council Releases Annual Report
December 14, 2017--The Financial Stability Oversight Council (Council) today published its 2017 annual report. The report describes significant financial market and regulatory developments, potential emerging threats to U.S. financial stability, recommendations to promote financial stability, and the activities of the Council.
The report was developed collaboratively by the members of the Council and their agencies and respective staff and was approved unanimously by voting members of the Council.
view the Financial Stability Oversight Council Annual Report 2017
Source: treasury.gov
Pimco Cyclical outlook-Peak Growth
December 14, 2017--The good news first: Barring a zombie apocalypse or a sudden spontaneous collapse in asset prices, the current Goldilocks environment of synchronized, above-trend global economic growth and low but gently rising inflation will likely persist in 2018.
In fact, recent growth momentum has been even better than expected across many economies, providing a strong ramp into next year. Moreover, easier financial conditions (reflecting buoyant markets for risk assets and still-low interest rates) imply sustained near-term tailwinds, and fiscal stimulus in the U.S. and elsewhere in the advanced economies is forthcoming.
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Source: Pimco
