Americas ETP News
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Renaissance Capital IPO commentary: What's a unicorn worth?
September 12, 2017--Silicon Valley's still-private tech giants must think that Christmas has come early!
When blank check company Social Capital Hedosophia (IPOA.U) announced its intention to raise up to $575 million to purchase a technology unicorn, they promised to provide an attractive alternative to the traditional IPO market, which they contend discourages going public through suboptimal price discovery. According to Social Capital, "limited price discovery and short-term focused investors" have resulted in systemic underpricing of technology IPOs relative to non-technology IPOs.
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Source: Renaissance Capital
CBOE Holdings Announces Plans to Launch Options on S&P Select Sector Indices
September 12, 2017--Options will be available on 10 sectors that comprise the S&P 500(R), pending regulatory approval
Expected to hold particular market appeal for European investors interested in targeted exposure within key U.S. equity benchmarks
Further expands CBOE's successful suite of products tied to S&P Dow Jones Indices, with trading and settlement features similar to CBOE's S&P 500 options (SPX)
September 12, 2017--JPMorgan boss says he would fire any banker who trades the cryptocurrency.
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Source: FT.com
Flow Traders Moves Offices to the W. R. Grace Building
September 12, 2017--To facilitate its expansion, Flow Traders N.V. (Euronext: FLOW), has moved its New York office to the W. R. Grace Building, 1114 Sixth Avenue.
The move to the new office is a necessary step for Flow Traders to establish further growth in the US ETF market. Overlooking Bryant Park, the new office will immediately house over 60 employees. The unique space is designed to professionally accommodate our people and technology.
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Source: Flow Traders N.V.
Wall Street executives have gloomy outlook on third-quarter trading results
September 12, 2017--Executives from JPMorgan Chase & Co (JPM.N), Bank of America Corp (BAC.N) and Goldman Sachs Group Inc (GS.N) warned on Tuesday that trading conditions during the third quarter were likely to be poor for their banks.
Revenue from trading of stocks and bonds continues to suffer from decreased market activity and volatility, the executives said, speaking at a conference in New York sponsored by Barclays Plc.
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Source: Wall Street Journal
Bill Giving B-D's Freedom To Publish ETF Research Moving Through Congress
September 11, 2017--Congress is one vote away from passing a measure that would make it easier for brokers and dealers to publish research reports about increasingly popular exchange-traded funds.
After failing in 2015 and 2016, the Fair Access to Investment Research Act this year passed the House by an overwhelming margin and easily cleared a Senate committee. Senate approval is all that's needed to send the bill to President Donald Trump.
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Source: fa-mag.com
The Forum at ETF Research Center-Insurance ETFs Rally as Irma Dies
September 11, 2017--Hurricane Irma was downgraded to a tropical storm Monday morning after leaving many thousands of homes and businesses flooded and millions without power.
While not minimizing the human suffering, the storm's destructive power nonetheless appears to be less than what had been anticipated. Bloomberg Intelligence Analyst Jonathan Adams revised his estimate of insured losses down to $13 billion from an earlier figure of $33 billion.
Insurance ETFs rallied on the news, and were up as much as 3.4% as of 11:30 A.M. (Table 1).
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Source: AltaVista Research
State Street Study Reveals Asset Owners' Increasing Appetite for Illiquid Assets is Driving Interest in Co-Investment
September 11, 2017--State Street Corporation (NYSE: STT) announced today the findings from its latest study, A New Climate for Growth: Adapting Models to Thrive1, which reveals asset owners are gaining scale through consolidation and co-investment; and outsourcing certain key functions, while bringing others in-house.
Over the past five years, nearly a third of asset owners surveyed (30 percent) have brought some asset management activities in-house; and 23 percent plan to do so over the next 12 months. Two thirds of asset owners (66 percent) also believe institutional investors with multiple funds will increasingly consolidate them over the next five years.
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Source: State Street Corporation
Trump dampens ETF market optimism
September 10, 2017--Reforms were expected to be a boon for US ETF providers.
