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Federal Reserve Board announces the results from the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Barr
April 28, 2023--The Federal Reserve Board on Friday announced the results from the review of the supervision and regulation of Silicon Valley Bank, led by Vice Chair for Supervision Michael S. Barr. The review finds four key takeaways on the causes of the bank's failure:
Silicon Valley Bank's board of directors and management failed to manage their risks;
Federal Reserve supervisors did not fully appreciate the extent of the vulnerabilities as Silicon Valley Bank grew in size and complexity;
When supervisors did identify vulnerabilities, they did not take sufficient steps to ensure that Silicon Valley Bank fixed those problems quickly enough; and
The Board's tailoring approach in response to the Economic Growth, Regulatory Relief, and Consumer Protection Act and a shift in the stance of supervisory policy impeded effective supervision by reducing standards, increasing complexity, and promoting a less assertive supervisory approach.
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Source: federalreserve.gov
Columbia Threadneedle Investments Launches Columbia Research Enhanced Real Estate ETF (CRED)
April 26, 2023--Strategic beta real estate ETF designed for asset allocators, based on firm’s proprietary research
Columbia Threadneedle Investments today announced the expansion of its exchange-traded fund (ETF) suite with the launch of the Columbia Research Enhanced Real Estate ETF (NYSE Arca: CRED).
Designed for investors seeking a thoughtfully constructed and accessible way to gain exposure to the real estate sector, the strategy incorporates the firm's research intensity and proprietary insights in real estate in a cost-effective vehicle.
"Real estate has long played an important role in portfolio diversification, and there are many ways to access the asset class across the liquidity spectrum," said Marc Zeitoun, Head of Strategic Beta. "With the launch of CRED, we are offering investors and allocators a differentiated, research-driven way to improve their benchmark exposures to real estate."
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Source: Columbia Threadneedle Investments
Regulators get tough on crypto funds after FTX collapse
April 24, 2023--In the US, the Securities and Exchange Commission has rejected plans for a 'spot' ETF holding bitcoin directly
Providers of crypto exchange traded funds are struggling to establish their products as viable investments, according to regulatory experts, as a crackdown on digital assets continues.
Crypto markets endured a year of acute turbulence in 2022 when the price of popular digital assets, such as bitcoin and ethereum, plummeted from record highs. These sudden falls plunged several once-prominent firms-including lending platform Celsius Network and crypto hedge fund Three Arrows Capital- into bankruptcy.
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Source: ft.com
ETFs provide a route to much-needed bond market liquidity
April 22, 2023--The primary function of financial markets is to provide more liquid means to facilitate transactions. Before stock markets, the only way to participate in the ownership of a company was to actually own a share of the business. Before the futures market, pork and cotton had to be sold in a physical market.
Market trade instruments that are more liquid than their underlying assets.
Fixed-income exchange-traded funds could be a route to much-needed bond market liquidity, just as commodity futures provided liquidity to physical markets and stocks facilitated easy transfer of corporate ownership.
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Source: biz.crast.net
Federal Reserve issues initial findings from its 2022 triennial payments study
April 21, 2023--April 21, 202--The Federal Reserve on Friday issued initial findings from its 2022 triennial payments study. The information shows how consumers and businesses chose to make noncash payments, using checks, different types of cards, and the automated clearinghouse (ACH). Additional details will be available as analysis is completed.
The data show that the average values of consumers' and businesses' ACH, check, and card payments increased substantially from 2018 to 2021. The data also show that consumers and businesses made more noncash payments, leading to a greater total value of noncash payments in the same time period. Cards were used most frequently, and accounted for 84 percent of the increase in the number of payment transactions. The increase in total value, however, was driven almost entirely by the increase in the value of ACH payments.
The Federal Reserve Payments Study is a collaborative effort of the Federal Reserve Bank of Atlanta and the Federal Reserve Board. The triennial study has been conducted every three years since 2001 with annual supplements since 2017.
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Source: federalreserve.gov
CBOE tells Goldman climate ETF it must find more investors
April 21, 2023--A Goldman Sachs environmental, social and governance-focused ETF may be delisted because it has not attracted enough investors, filings show.
The $8.5mn Goldman Sachs ActiveBeta Paris-Aligned Climate US Large Cap Equity ETF (GPAL) has had fewer than 50 beneficial owners for more than 30 days and is therefore in violation of the Chicago Board Options Exchange BZX Exchange's listing standards, the firm disclosed in a filing earlier this month.
The fund first listed in December 2021, and it was found to have been short of the listing requirements since early January 2023, the filing states.
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Source: ft.com
Emerge Canada's debt to suspended ETFs described as 'unusual'
April 21, 2023--The amount the funds were owed rose to C$2.54mn by June 2022 from C$1.12mn at the end of 2021
Fund industry analysts have expressed surprise at the "unusual" financial arrangements of a family of Canadian exchange traded funds that are subject to a trading ban.
The Ontario Securities Commission suspended trading in 11 ETFs after their sponsor, Emerge Canada, failed to file audited financial statements by a March 31 deadline after parting company with its auditor, BDO Canada, in November last year.
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Source: ft.com
J.P. Morgan Asset Management Expands BetaBuilders ETF Suite with Launch of BBLB, BBIB and BBSB
April 20, 2023--Funds include three new fixed income ETFs
J.P. Morgan Asset Management (JPMAM) today announced the launch of three new fixed income Betabuilders ETFs: JPMorgan BetaBuilders U.S Treasury Bond 20+ Year ETF (BBLB), JPMorgan BetaBuilders U.S Treasury Bond 3-10 Year ETF (BBIB) and JPMorgan BetaBuilders U.S Treasury Bond 1-3 Year ETF (BBSB).
All of the new ETFs are listed on the CBOE Global Markets.
BBLB, BBIB and BBSB will be index-tracking, offering low-cost Beta-exposure as an addition to JPMAM's active offerings. The new ETFs complement the firm's existing BetaBuilders ETF line-up which consists of funds such as the JPMorgan BetaBuilders 1-5 Year U.S. Aggregate Bond ETF (BBSA), the JPMorgan BetaBuilders U.S. Aggregate Bond ETF (BBAG), the JPMorgan BetaBuilders USD Investment Grade Corp (BBCB) and the JPMorgan BetaBuilders USD High Yield Corp (BBHY).
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Source: J.P. Morgan Asset Management
The U.S. Dollar as an International Currency and Its Economic Effects: Working Paper 2023-04
April 17, 2023--Summary
The U.S. dollar plays an important role as the most widely used currency in global goods, services, and financial markets. Strong international demand for U.S. dollars and dollar-denominated assets associated with the dollar's status as an international currency has increased the value of the dollar in foreign exchange markets and the value of dollar-denominated assets in financial markets.
As a result, the dollar's status has contributed to persistent U.S. trade deficits and, by lowering interest rates, to increased access to credit for U.S. households, businesses, and the federal government. Over the next decade, the dollar's international use is expected to decline very gradually, in the Congressional Budget Office's assessment, but it will not be overtaken by either of its closest competitors, the euro or the Chinese renminbi.
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Source: CBO (Congressional Budget Office)
Former NFL player to acquire $7bn ETF shop
April 17, 2023--Casey Crawford will acquire boutique investment, advisory and financial services firm Vident and its affiliates
Super Bowl winner and entrepreneur Casey Crawford will acquire Vident Investment Advisory and its affiliates, the firm has announced earlier this month.
The terms of the deal were not disclosed. The transaction is expected to close by the end of the third quarter.
All of the boutique firm's investment, advisory and financial services lines will be renamed Vident Asset Management, according to the announcement.
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Source: ft.com
