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Goldman Sachs restarts cryptocurrency desk amid bitcoin boom
March 1, 2021--Goldman Sachs Group Inc has restarted its cryptocurrency trading desk and will begin dealing bitcoin futures and non-deliverable forwards for clients from next week, a person familiar with the matter said.
The team will sit within the U.S. bank's Global Markets division, the person said.
The desk is part of Goldman's activities within the fast-growing digital assets sector, which also includes projects involving blockchain technology and central bank digital currencies, the person said.
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Source: reuters.com
TrueMark Grows Structured Outcome ETF Suite with MARZ
March 1, 2021--On Monday, Rosemont, IL-based asset manager TrueMark Investments today launched MARZ, the ninth ETF in the True-Shares structured outcome product suite. The TrueShares Structured Outcome ETF (MARZ) is sub-advised by SpiderRock Advisors, a Chicago-based asset management firm specializing in option overlay strategies.
The fund seeks to provide investors with structured outcome exposure to the S&P 500 Price Index. TrueMark believes its structured outcome ETF suite is the first of its kind to offer built-in downside buffers with uncapped upside participation.
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Source: nasdaq.com
National Security Commission on Artificial Intelligence-The Final Report
March 1, 2021--Artificial Intelligence (AI) technologies promise to be the most powerful tools in generations for expanding knowledge, increasing prosperity, and enriching the human experience. The technologies will be the foundation of the innovation economy and a source of enormous power for countries that harness them.
AI will fuel competition between governments and companies racing to field it. And it will be employed by nation states to pursue their strategic ambitions.
The U.S. government is not prepared to defend the United States in the coming AI era. AI applications are transforming existing threats, creating new classes of threats, and further emboldening state and non-state adversaries to exploit vulnerabilities in our open society.
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Source: National Security Commission on Artificial Intelligence
Alger Launches New Actively-Managed Mid-Cap ETF, 'FRTY'
March 1, 2021-On Monday, Fred Alger Management, LLC ("Alger"), a leading growth equity investment manager, announced its release of the actively managed fund, the Alger Mid Cap 40 ETF (FRTY), marking the firm's entry into the ETF space. This vehicle will be focused, high conviction strategies.
"We have seen increased demand for our focused strategies since we launched our first one in 2012. Having these strategies available as actively managed ETFs enables investors who prefer an ETF vehicle to access our investment capabilities," said Dan Chung, CEO and Chief Investment Officer of Alger. "Alger has a proud, 56-year record of investing in change and innovation, and we believe the innovation of actively managed ETFs is something that will help to continue to propel our growth."
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Source: nasdaq.com
Oil Trade Group Is Poised to Endorse Carbon Pricing
March 1, 2021--Draft American Petroleum Institute statement says carbon pricing would help meet Paris accord
The oil industry's top lobbying group is preparing to endorse setting a price on carbon emissions in what would be the strongest signal yet that oil and gas producers are ready to accept government efforts to confront climate change.
The American Petroleum Institute, one of the most powerful trade associations in Washington, is poised to embrace putting a price on carbon emissions as a policy that would "ead to the most economic paths to achieve the ambitions of the Paris Agreement," according to a draft statement reviewed by The Wall Street Journal.
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Source: wsj.com
Fee Rate Advisory #3 for Fiscal Year 2021
February 26, 2021--Pursuant to Section 31(j)(2) of the Securities Exchange Act of 1934, the Commission has determined that a mid-year adjustment to the Section 31 fee rate for fiscal year 2021 is not required. These adjustments do not directly affect the amount of funding available to the SEC.
The Section 31 fee rate for fiscal 2021 will remain at the current rate of $5.10 per million, as previously announced on Jan. 15, 2021. This rate will remain in place until Sept. 30, 2021, or 60 days after the enactment of a regular FY 2022 appropriation, whichever is later.
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Source: SEC.gov
Red flags raised over cannabis ETF 'hype'
February 26, 2021--Analysis shows 43 out of 59 companies in major marijuana funds were lossmaking
Cannabis stocks have been on a roll this year, with rising expectations for full federal legalisation in the US pushing many marijuana-related equities to unprecedented highs.
The S&P/TSX Cannabis index almost tripled in value between the US presidential election in early November and February 10. Even after a subsequent sell-off, it is still trading at twice the level seen in early November.
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Source: FT.com
J.P. Morgan Asset Management Launches Two Hedged Equity Funds: JHQDX and JHQTX
February 26, 2021--J.P. Morgan Asset Management today announced the launch of two Hedged Equity funds: JPMorgan Hedged Equity 2 (I-Shares: JHQDX) and JPMorgan Hedged Equity 3 (I-Shares: JHQTX) (collectively, the "funds"). Employing the scale and expertise of J.P. Morgan's Global Equities platform, both funds seek broad S&P 500 equity exposure while hedging overall market risk relative to traditional long-only equity strategies.
Each fund's hedged strategy is implemented on staggered start dates, resetting its hedged period1 every three months to seek a consistent investment experience. At the beginning of each hedged period, a disciplined options overlay strategy is implemented based on market conditions, and over the long-term, intends to reduce the fund's risk by offsetting losses resulting from market volatility.
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Source: J.P. Morgan Asset Management
CI Global Asset Management Files Preliminary Prospectus for World's First Ether ETF
February 25, 2021--Filing reflects CI's emerging leadership in digital assets and aligns with CEO’s strategic priority to modernize its asset management platform
CI Global Asset Management ("CI GAM") announced today that it has filed and obtained a receipt for a preliminary prospectus for CI Galaxy Ethereum ETF ("ETHX" or the "ETF").
When launched, it is expected to be the first ETF in the world to invest directly in Ether,the cryptocurrency built on the Ethereum blockchain.
"Cryptocurrencies are transforming the financial world,and we are excited to launch the world's first ETF investing directly in Ether,one of the most highly valued cryptocurrencies," said Kurt MacAlpine,Chief Executive Officer of CI Financial,the parent company of CI GAM.
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Source: CI Global Asset Management
Coinbase files to go public in a key listing for the cryptocurrency category
February 25, 2021--This morning Coinbase, an American cryptocurrency exchange, released an S-1 filing ahead of its direct listing. The company's public debut has been hotly anticipated thanks to recent activity amongst bitcoin and other blockchain-based assets, the company's controversial political positions and its spiking valuation on private exchanges.
Coinbase's financials show a company that grew rapidly from 2019 to 2020. More than that, the company also crossed the threshold into unadjusted profitability; it's common amongst quickly growing tech companies to lean more heavily on adjusted profit and other more flattering metrics.
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Source: techcrunch.com
