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State Street to insist companies disclose diversity data
January 10, 2021-Asset manager will vote against those who do not reveal racial and ethnic make-up of boards.
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Source: FT.com
Deutsche Bank to Pay Nearly $125M to Resolve US Bribery, Metals Charges
January 8, 2021-Deutsche Bank AG will pay nearly $125 million to avoid U.S. prosecution on charges it engaged in foreign bribery schemes and manipulated precious metals markets, the latest blow for a bank trying to rebound from a series of scandals.
Germany's largest lender agreed to the payout as it entered a three-year deferred prosecution agreement with the U.S. Department of Justice, and a related civil settlement with the U.S. Securities and Exchange Commission.
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Source: voanews.com
Active non-transparent ETF provider hits distribution hurdle
January 7, 2021--Platforms are taking their time to evaluate the new structures, ETF executives say.
Concerns about limited uptake by distributors of non-transparent exchange traded funds in the near term drove AdvisorShares to change its mind about using the structure for two recently launched ETFs, the company’s chief executive has said.
AdvisorShares, an active ETF specialist, launched the Q Dynamic Growth and Q Portfolio Blended Allocation ETFs at the end of December. The products had received the green light to use Precidian Investments' ActiveShares methodology that allows active non-transparent ETFs to skirt daily full portfolio disclosure requirements. However, instead the ETFs launched as fully transparent active ETFs.
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Source: FT.com
Fintech start-up SoFi to go public via SPAC backed by Chamath Palihapitiya
January 7, 2021-- Fintech start-up SoFi says it will merge with a special purpose acquisition company, or SPAC, backed by venture capital investor Chamath Palihapitiya.
The merger with Palihapitiya's SPAC values SoFi at $8.65 billion.
Palihapitiya has taken multiple companies public through SPACs, including Virgin Galactic.
Online finance start-up SoFi is set to go public by merging with a blank-check company run by venture capital investor Chamath Palihapitiya, the companies announced Thursday.
The merger with Palihapitiya's SPAC, Social Capital Hedosophia Corp V, will value SoFi at $8.65 billion.
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Source: cnbc.com
NYSE Reverses Course Again, Will Delist Three Chinese Telecom Stocks
January 6, 2021--New guidance from Treasury Department spurs exchange to delist shares to comply with Trump executive order
The New York Stock Exchange will move forward with delisting three Chinese telecommunications companies targeted by an executive order from President Trump, reversing course yet again after the NYSE said earlier this week that it wouldn’t delist them.
The NYSE said Wednesday that trading of the U.S.-listed shares of China Mobile Ltd, China Telecom Corp. and China Unicom (Hong Kong) Ltd. would be suspended at 4 a.m. ET on Monday. Mr. Trump's order seeks to ban trading in securities of companies that the administration says have links to the Chinese military.
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Source: wsj.com
TrueShares Structured Outcome January ETF (Ticker: JANZ) has launched January 4th.
January 5, 2021--JANZ is expected to provide an 8-12% downside buffer (with the advisor targeting 10%) on the first losses of the S&P 500 Price Index over a 12-month investment period.
In addition to the downside buffer, JANZ will seek upside returns similar to the S&P 500 Price Index.
As of 12/31/2020, the estimated upside market participation rate range is 79-81%. TrueShares Structured Outcome January ETF (Ticker: JANZ) has launched January 4th.
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Source: truesharesetfs.com
NYSE Scraps Plan to Delist China Telcos in 'Bizarre' U-Turn
January 5, 2021--The New York Stock Exchange said it will no longer delist China's three biggest state-owned telecommunications companies, backtracking on a plan that had threatened to escalate tensions between the world's largest economies.
NYSE's U-turn came with scant explanation just four days after the exchange said it would remove the shares to comply with a U.S. executive order barring investments in bu
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Source: bloombergquint.com
New York to Delist Chinese Telecom Firms in Symbolic Shift
January 1, 2021--The move follows an order from the Trump administration, which says the companies are tied to China's military. But they don't need Wall Street as much as they once did.
The New York Stock Exchange said it would delist China's three big state-run telecommunications companies following an executive order from the Trump administration, in a symbolic severing of longstanding ties between the Chinese business world and Wall Street
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nytimes.com
Day Traders Put Stamp on Market With Unprecedented Stock Frenzy
December 31, 2020--Record $120 trillion in stock traded hands on U.S. exchanges
Little-known companies saw huge spikes in daily volume
Look at a screen at almost any point in 2020, and chances are you saw something like this: A company that nobody had ever heard of 12 months ago was in the process of trading 20 million shares in a day.
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Source: Bloomberg.com
Cannabis ETF inflows jump but potential problems persist
December 30, 200--Lack of investment-grade companies and questions over legality run counter to optimism
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Source: FT.com
