Global ETF News Older than One Year
Global IPO momentum slows but Q2 2019 is set to rebound
March 21, 2019--Global IPO activity falls following ongoing geopolitical and trade uncertainty
Technology, health care and industrials were the most active sectors in Q1 2019
Rebounding IPO activity will bloom in Q2 2019 once fog of uncertainty has lifted
Despite positive performance of main stock indices and a decrease of volatility in many markets, ongoing geopolitical uncertainties and trade issues continue to dampen investor enthusiasm, resulting in the number of IPOs in the first three months of 2019 (YTD 2019) falling to 199 globally and US$13.1b in proceeds. This is a 41% decrease in deals and a 74% decrease in proceeds from YTD 2018. The technology, health care and industrials sectors were the most prolific producers of IPOs globally in YTD 2019, together accounting for 101 IPOs (51% of global IPO by deal numbers) and raising US$5.4b altogether (42% of global proceeds).
Source: EY
FTSE Russell to launch indicative Digital
Assets Index
March 21, 2019--New indicative index designed to test and evaluate a benchmark for Digital Assets Market
Will help increase awareness and transparency of Digital Assets Market
VWAP pricing available on 100 most actively traded digital assets. Only vetted digital exchanges used and pricing quality screens applied
Index produced in association with DAR Data Services (DAR) FTSE Russell, the global index, analytics and data provider, in association with DAR Data Services (DAR), have announced their intention to launch a new indicative FTSE Digital Assets Index. The indicative index will be used to evaluate and test a benchmark for the most actively traded digital assets. It will also help assist in the establishment of new industry standards for the digital assets market, in consultation with market participants.
Source: FTSE Russell
Greenwich Associates Finds Buy-Side's Expanded Use of Trade Performance Analysis Tools is Eclipsing Client-Broker Loyalty
March 21, 2019--New research underscores the increasing role of execution quality analysis in capturing and retaining trade flow
A new Greenwich Associates study "Customer Retention in the Age of Electronic Trading," shows buy-side clients are increasingly reallocating their business among broker-dealers as they apply heightened scrutiny to execution quality.
Amidst this more advanced evaluation of trading effectiveness, Corvil believes 2019 is a pivotal year for trade execution analytics.
Greenwich Associates examined 2,200 pairwise broker-client relationships and found old alliances shifting, with significant and increasing levels of order flow reallocation. Between 2017 and 2018 the median institutional client was reallocating a third of its U.S. equity trading volume among brokers, and that median volume reallocation increased by 50 percent between 2014 and 2018.
This status quo shake up coincides with the buy-side's use of sophisticated tools to assess broker performance.
Source: Greenwich Associates
China and EU seek common ground on environmentally friendly green bonds
March 21, 2019--Agreement on standards would be rare deal as relations between the trading partners fray on other fronts
US under President Donald Trump have turned a cold shoulder to environmental concerns, withdrawing from the Paris Agreement to combat climate change
Even as disputes in their bilateral relationship pile up, officials from China and the European Union hope to find common ground on one key global issue: issuance standards for "green" bonds dedicated to financing environmentally friendly projects.
Officials from China and the EU-the second and third-biggest issuers of green bonds after the United States-are due to start talks in Brussels on Thursday to decide on standards for the increasingly popular investment vehicle.
Source: South China Morning Post
Basel III monitoring results published by the Basel Committee
March 20, 2019--Changes in minimum required capital from fully phased-in final Basel III remain stable for large internationally active banks compared with end-2017
All banks continue to meet initial Basel III minimum and target CET1 capital requirements
All banks in the sample reported Liquidity Coverage Ratios (LCRs) that met or exceeded the final 100% minimum requirement
The Basel Committee today published the results of its latest Basel III monitoring exercise, based on data as of 30 June 2018. Through a rigorous reporting process, the Committee regularly reviews the implications of the Basel III standards for banks, and has been publishing the results of such exercises since 2012. The report sets out the impact of the Basel III framework that was initially agreed in 2010 as well as the effects of the Committee's December 2017 finalisation of the Basel III reforms. However, it does not yet reflect the finalisation of the market risk framework published in January 2019.
By analyzing internet traffic on the top 100 crypto exchanges' websites, the Tie determined that 75 percent of the exchanges reported trading volumes that were more than double expected. Nearly 90 percent of the exchanges' volume was suspect. The eight-person New York-based firm, founded in late 2017, provides sentiment analytics, data and other tools to crypto traders.
Source: bnnbloomberg.ca
First Bridge Data-ETF Worldwide Snapshot-Mar 2019
It is the first time an ETF manager has proposed a 'negative' fee and is pending review by the SEC.
Vanguard has designated 13 of its ETFs as 'select' ETFs that it recommends as core ETFs for portfolio construction. It is a response to similar moves by Blackrock and State Street in recent years.
There were only 9 new ETF listings in the US and 124 outside the US (including cross-listings and share class variants) in February 2019.
Marijuana, China 'A share' small caps and genomics stocks were among the best performing ETF categories this year to date through March 18, 2019. VIX, shipping and agriculture futures were the worst performing categories in the same period.
Source: First Bridge Data
CryptoCompare Publishes Exchange Review for February 2019
New charts include an overview of derivatives exchanges with volume data from OKEx, CryptoFacilities and Deribit. In addition, a short trade data analysis for the end of February covers a selection of exchanges that trade either BTC to USD or USDT.
In our view, the combination of rangebound US interest rates, a slowdown in the appreciation of the US dollar and continued market risks will continue to make gold attractive to investors.
Source: World Gold Council
New factor research-Factor valuation considerations
The situation is even more intricate in the case of factor indexes. The way factor indexes are constructed may introduce time-varying exposures to other factors, further muddying the valuation picture. view the FTSE Russell Factor valuation
considerations paper
Source: FTSE Russell
March 20, 2019--Key Highlights
Our monthly 'ETF 20/20' report briefly summarizes recent Exchange Traded Fund (ETF) trends globally. It uses data from the First Bridge ETF database that includes all global ETPs.
Global ETP assets increased in February 2019 to $5.42T.
Salt Financial, a small ETF manager, filed an amendment with the US SEC to pay investors 0.05% on an ETF it launched recently ('LSLT') till the fund reaches $100M in assets.
March 19, 2019-- CryptoCompare today published its February 2019 Exchange Review, offering institutional and retail investors insights into the cryptocurrency exchange industry.
The February Monthly Review provides the latest exchange rankings; an evaluation of spot vs futures volumes including both crypto exchanges (BitMEX and BitflyerFX) and traditional exchanges (CBOE and CME); and an evaluation of volumes for the top trans-fee mining and decentralised exchanges.
March 19, 2019--In our latest factor research paper we examine how the increasing popularity of factor investing has raised questions about the valuation of factors. As with individual stocks, there is no definitive valuation metric that provides a clear answer, and different valuation metrics may well result in different conclusions.
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