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BNY Government Securities Unit Formed to Settle Treasury Trades
May 31, 2017--Bank sees subsidiary becoming the only settlement firm for Treasurys traded between big bond brokers.
Bank of New York Mellon Corp. said it has formed a new unit to support its growing role in settling trades in the nearly $14 trillion Treasury market.
The new subsidiary, BNY Mellon Government Securities Services Corp., was created in recent weeks as the bank expects this year to emerge as the sole settlement firm for U.S. government debt traded between big bond brokers across Wall Street.
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Source: Wall Street Journal
IMF Country Report-Colombia: Selected Issues
May 31, 2017--MONETARY POLICY AND FINANCIAL CONDITIONS1
This paper presents an assessment of the monetary policy stance and broad financial conditions in Colombia, which provides useful insights about macro-financial linkages.
First, we provide an assessment of the monetary policy stance using a small open-economy DSGE to estimate the neutral rate. Second, we present a new Financial Conditions Index that captures conditions in the financial sector but controlling for the direct effects of monetary policy and exchange rate movements. The results suggest that both monetary policy and broad financial conditions have remained tight in 2016.
view the IMF Country Report-Colombia: Selected Issues
Source: IMF
IMF-Canada: Staff Concluding Statement of the 2017 Article IV Mission
May 31, 2017-- Context
1. The economy has regained momentum, supported by expansionary fiscal and monetary policies, but complex adjustments are still at play.
While personal consumption has been strong, business investment remains weak, non-energy exports have underperformed, and housing market imbalances have risen. Collectively, they raise uncertainty about the durability of the Canadian recovery.
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Source: IMF
This Week in Active ETFs: A Funny Thing Happened on the Way to Higher Rates
May 30, 2017--Domestic equity markets churned higher last week as economic data was net net positive with the biggest report being GDP revised up considerably from 0.7% to 1.2% and while 1.2% isn't great, it is a whole lot better than 0.7%, maybe it was a Goldilocks number...
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Source: AdvisorShares
Low volatility, high political risk
May 30, 2017--High political risks in stock prices as volatility at historic lows
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Source: FT.com
U.S. GDP Growth Revised Up to 1.2% Rate in First Quarter
May 26, 2017--Increase boosted by stronger-than-previously estimated household spending and business investment
U.S. economic growth in early 2017 was modest but stronger than initially thought, and the pace is picking up in the current quarter.
Gross domestic product, a broad measure of the goods and services produced in the U.S. economy, expanded at an inflation- and seasonally adjusted annual rate of 1.2% in the first quarter, the Commerce Department...
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Source: Wall Street Journal
CFTC.gov Commitments of Traders Reports Update
May 26, 2017--The current reports for the week of May 23, 2017 are now available.
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Source: CFTC.gov
AdvisorShares-Active ETF Report-: Funds and Assets Grow
May 24, 2017--Month ending 04.30.2017
In April, assets in actively managed ETFs increased by $892 million, or 2.6%, to $33.7 billion.
Active ETFs realized a net gain of two new funds last month, which brought their overall total to 162.
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Source: AdvisorShares
Deutsche Bank Markets Research-North America-US ETF Trade Alert
Lessons from EWZ's $5.5bn single-day
dollar volume
May 23, 2017--On May 18th EWZ recorded its second worst daily performance (-16.3%) in almost 17 years of history
Following reports of another corruption scandal involving Brazil's incumbent president, the equity markets sold off steeply with the local Ibovespa gauge dropping by 8.8%, the BRL weakening against the USD by 7.5%, and the largest USD-denominated ETF tracking Brazilian stocks (EWZ) plunging by 16.3%. EWZ's drop was its second worst in almost 17 years, accompanied in the top 10 only by other daily losses related to the 2008 financial crisis and the 9/11 attacks.
Other metrics such as a 47% spike in implied volatility and a hike in borrow rates only
confirmed the extreme nature of the sell off.
Recent EWZ positioning suggest that the turn of events was clearly unexpected
Positive cumulative flows of over $2bn in the last 18 months, an extending average
holding period, and a sustained decline in shorting activity clearly supported
a more favorable sentiment towards Brazilian equities, on the back of positive
expectation of government market-friendly reform. Moreover, we believe that these figures also suggested that support was most likely coming from investors rather than traders or speculators.
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Source: Deutsche Bank Research-North America United States-Synthetic Equity & Index Strategy
Established ETF Team Bands Together to Launch GraniteShares
May 22, 2017--Dynamic team aims to disrupt ETF landscape by launching commodity ETFs with lower cost asset class exposure and smarter product structure
GraniteShares, a new, disruptive ETF company that is fully funded, independent and poised to bring a suite of exciting ideas to market, officially launches today.
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Source: GraniteShares
