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Academics, quants don't agree on volatility claims
September 4, 2017--Divining the relationship between exchange-traded funds and volatility has been a pastime of academics and quants around the world for more than two decades.
Yet, as the U.S. market's preferred measure of volatility-the Chicago Board Options Exchange Volatility index, or VIX-hovered near all-time lows in July, few asked to what extent the relentless flow of money into indexed equity strategies and exchange-traded funds could actually be limiting volatility. That calculus was supposed to head the other way.
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Source: Pensions & Investments
Shorter Settlement Times, Easier Capital Markets
September 2, 2017-Investors who want to use funds to, say, pay college tuition on Wednesday can sell securities on Monday to get cash.
Big changes are afoot in the capital markets, with the settlement time for trades being shortened by one-third starting on Tuesday, Sept. 5.
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Source: Barron's
The Remaking of Wall Street
September 2, 2017--At the dawn of the Financial Crisis of 2007-09, major investment banks stood as the elite of Wall Street. They were large-scale, publicly listed corporations providing broad-ranging financial products and services across the globe. But as we know, their reliance on short-term funding and exposure to mortgage-related securities left them financially vulnerable and created system-wide financial risks.
As their lending sources dried up, they received massive government assistance designed to avert catastrophic system-wide harms. Those investment banks that survived became bank holding companies (BHCs). These events wiped out major investment banks, prompting The Wall Street Journal to assert that "Wall Street as we've known it for decades has ceased to exist." [1]
view more CFTC.gov Commitments of Traders Reports Update Hamilton Capital Launches Hamilton Capital U.S. Mid-Cap Financials ETF (USD) (HFMU.U) Units of the ETF will begin trading on Tuesday, September 5, 2017 on the Toronto Stock Exchange (“TSX“) in U.S. dollars under the ticker symbol “HFMU.U”. view more U.S. Weekly FundFlows Insight Report: Despite Increased Volatility During the Week, Investors Return to Equity Funds view more ULTUMUS-US ETF Report: August 2107 The SPDR ETF range were the largest winners this month increasing AUM by US$5.3 Bn driven by increases of US$ 4.6 Bn in the SPDR S&P 500, however this was tempered by losses of US$ 2.9 Bn in SPDR Select Sector ETFs. view the Ultumus
US ETF Market Summary August 2017
IEX Forced to Offer Huge Concession to Win NYSE, Nasdaq Listings view more
September 1, 2017--On Thursday, August 31, 2017, the Department of Labor (DOL) published its proposal[1] to extend the "Transition Period"[2] for the Best Interest Contract (BIC) Exemption[3] and Principal Transaction Exemption[4] from its currently scheduled end date of January 1, 2018 until July 1, 2019.
The proposal would also delay the applicability date of certain amendments to Prohibited Transaction Exemption (PTE) 84-24 for the same period. No further changes to the Transition Period were proposed.
Source: K&L Gates
September 1, 2017--The current reports for the week of August 29, 2017 are now available.
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Source: CFTC.gov
August 1, 2017--Hamilton Capital Partners Inc. (“Hamilton Capital“) is pleased to announce the launch of the Hamilton Capital U.S. Mid-Cap Financials ETF (USD) (“HFMU.U“).
HFMU.U seeks long-term returns in U.S. dollars, consisting of capital growth and dividends from an actively managed equity portfolio of, primarily, United States-based mid-cap (i.e., those firms with a market capitalization between US$500 million and US$20 billion) financial services companies.
Source: Hamilton Capital
September 1, 2017--For the first week in six investors were net redeemers of fund assets (including those of conventional funds and ETFs), withdrawing $11.3 billion. Once again, though, the headline numbers were slightly misleading. While investors padded the coffers of equity funds (+$6.1 billion), taxable bond funds (+$2.1 billion), and municipal bond funds (+$345 million) for the week, they were net redeemers of money market funds (-$19.9 billion).
During a low-volume, quasi-volatile trading week investors pushed the major indices up. For the fund-flows week ended Wednesday, August 30, 2017, the Russell 2000 Price Only Index and the NASDAQ Composite Price Only Index gained 1.58% and 1.43%, respectively, despite investors' worries.
Source: Thomson Reuters Lipper
September 1, 2017--At the end of August 2017 there were 1,781 US ETFs with assets of US$ 2,899 Bn.
Assets in US domiciled ETFs increased by US$ 8 Bn during August.
Source: ULTUMUS-Financial Data Management
August 1, 2017--Will not charge listed companies a fee for at least five years
Acknowledges it faces tough competition from NYSE, Nasdaq.
IEX Group Inc., acknowledging how hard it will be to battle the New York Stock Exchange and Nasdaq Stock Market's listing duopoly, is offering companies that transfer to its Investors Exchange five years of no listing fees.
Source: Bloomberg
