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IIROC Study of Corporate Bond Markets: Liquidity Determination and Overview
August 8, 2017--Executive Summary
The Investment Industry Regulatory Organization of Canada (IIROC) is the national self-regulatory organization that oversees all investment dealers and trading activity on debt and
equity marketplaces in Canada.
In 2016, the Canadian Securities Agency (CSA) designated IIROC to be the information processor (IP) for debt markets in Canada1. As the designated IP,
IIROC provides post-trade transparency on corporate issues on a T+2 basis to increase transparency and market integrity in Canadian debt markets without negatively impacting liquidity.
view the Corporate Bond Markets: Liquidity Determination and Overview Analytics report
Source: Investment Industry Regulatory Organization of Canada (IIROC)
SEC Staff Publishes Report on Access to Capital and Market Liquidity
August 8, 2017--The SEC Division of Economic and Risk Analysis (DERA) today published a report describing trends in primary securities issuance and secondary market liquidity, and assessing how those trends relate to post-crisis regulatory reforms. The report was requested by Congress as part of the FY2016 appropriations process.
The report includes a survey and analysis of recent academic literature, as well as original analyses drawn from publicly available databases and non-public regulatory filings. The report examines the issuance of debt, equity, and asset-backed securities, as well as activity and liquidity in U.S. Treasuries, corporate bonds, single-name credit default swaps, and bond funds.
view the SEC report-Access to Capital and Market Liquidity
Source: SEC.gov
CBO-Monthly Budget Review for July 2017
August 7, 2017--The federal budget deficit was $568 billion for the first 10 months of fiscal year 2017, the Congressional Budget Office estimates-$56 billion more than the shortfall recorded during the same span last year.
Both receipts and outlays were higher than they were last year, but outlays rose much more. If not for shifts in the timing of certain payments (which otherwise would have fallen on a weekend), the deficit for the 10-month period would have been $98 billion larger than the amount recorded in that period last year.
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Source: Congressional Budget Office (CBO)
IEX overcomes further hurdle in listings venue push
August 7, 2017--SEC approval for process to open and close the market comes as it eyes October launch.
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Source: FT.com
Horizons ETFs Management (US) LLC. Announces ETF Closure
August 7, 2017--Horizons ETFs Management (US) LLC. announced today that they will be terminating the Horizons US Managed Risk ETF (the "ETF") effective at the close of business on September 8, 2017 (the "Termination Date").
ETF: Horizons US Managed Risk ETF
Ticker:USMR
CUSIP: 44053G405
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Source: Horizons ETFs Group
DOL Fiduciary Rule FAQ Clarifies Transition Period Requirements
August 7, 2017--The DOL has published additional fiduciary rule transition period compliance guidance in the form of frequently asked questions; some aspects of the FAQ will clearly be welcomed by providers and advisers skeptical of the rulemaking.
Matters addressed in this latest FAQ include information "on (1) fiduciary status disclosure issues under the Department of Labor's ERISA section 408(b)(2) service provider disclosure regulation that applies to ERISA pension plans; (2) whether recommendations to plan participants and individual retirement account (IRA) owners to contribute to or increase contributions to a plan or IRA constitute fiduciary investment advice under the fiduciary rule; and (3) whether recommendations to employers..
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Source: planadviser.com
AdvisorShares Weekly Market Review-Still No Volatility
August 7, 2017--Highlights of the Week Ending 8/4/2017
Macro
The nonfarms payroll report of course came out on Friday and was well received as being a "good report" but very much like the last few reports. There were 209,000 jobs created which was well ahead of expectations, the headline unemployment rate printed at 4.3% and the labor force participation rate moved up a tick to 62.9%.
The broader U6 was steady at 8.6% and revisions only changed the previous two months by 2000 jobs. Wages continue to slog along, sticking at 2.5% year over year. Retail jobs increased by 900, which seems like an awfully small change for an economy of our size but there was chatter that it would have been negative if not for the increased hiring at one of the larger online retailers.
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Source: AdvisorShares
BlackRock, Vanguard Say Bond Market's Got This Trade All Wrong
August 6, 2017--Inflation in the U.S. bound to accelerate in matter of months
Bond traders are too complacent and TIPS 'incredibly cheap'.
Two titans of the bond market are still clinging to the idea that inflation is going to make a comeback.
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Source: Bloomberg
Vanguard welcomes fee wars with rivals Fidelity and BlackRock
August 4, 2017--Vanguard's incoming chief executive officer said the company will keep lowering fund expenses as it grows.
Vanguard Group has a message for competitors trying to undercut its prices: Game on.
In recent years, rival asset managers such as Fidelity Investments and BlackRock Inc. have cut their fund fees to match or beat Vanguard, the low-cost investing pioneer with $4.4 trillion in assets.
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Source: investmentnews.com
ETF Securities-Precious Metals Monitor--July 2017
August 4, 2017--Key Highlights
Gold and silver boosted by weaker dollar and rising inflation expectations
A weaker dollar is inherently inflationary by reducing consumer spending power, while also boosting US exports and demand for relatively cheaper US manufactured goods.
So far in 2017 the dollar has remained weak, falling 9% year to date, which has supported precious metals which historically have a negative correlation to the US dollar. The start of the year also saw elevated expectations of inflation following the boost from the US election in November 2016. Since then those expectations have normalized, but this doesn't mean inflation has fallen. Inflation measures for consumer and producer inflation still remain significantly elevated from over the past 12 months and recent years.
Additionally US inflation expectations have normalized and begun to rise again over the past month.
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Source: etfsecurities.com
