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Fed Caps Big Banks' Dividends, Halts Share Buybacks in Fourth Quarter
September 30, 2020--Central bank extends restrictions on dividends, buybacks, amid cloudy economic outlook
The biggest U.S. banks will face restrictions on dividends and share buybacks for another three months, the Federal Reserve said Wednesday, citing the need to conserve capital during the coronavirus-induced downturn.
The Fed said it would maintain prohibitions on share buybacks and a cap on dividend payments by 33 banks with more than $100 billion in assets until the end of year. The restrictions, imposed for the third quarter, were due to expire Wednesday.
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Source: wsj.com
DTCC Outlines Steps to Achieve Complete Dematerialization of Physical Securities in the U.S.
September 29, 2020--DTCC is building consensus among stakeholders on critical next steps to fully transition securities processing from physical certificates to electronic records.
The Depository Trust & Clearing Corporation (DTCC), the premier post-trade market infrastructure for the global financial services industry, today issued its latest whitepaper, "From Physical to Digital: Advancing the Dematerialization of U.S. Securities," outlining the necessary steps to reduce, and ultimately eliminate, certificated U.S. securities.
Dematerialization, the transition from physical certificates to electronic records, would reduce the risks and costs associated with manual processing and human touchpoints, as well as increase efficiency and resiliency across the industry at a time when automation is more important than ever. Today, less than 1% of assets serviced by DTCC, through the firm's subsidiary The Depository Trust Company ("DTC"), are still in physical form, but they represent $780 billion dollars in value.
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Source: dtcc.com
U.S. SEC proposes new rules to alleviate electronic trading risk to fixed-income market
September 28, 2020--The U.S. Securities and Exchange Commission on Monday proposed new rules for electronic trading platforms for U.S. Treasuries, corporate debt and municipal securities, aimed at improving transparency and operational preparedness in the world's biggest securities market.
The proposal, which would be subject to public consultation, aims to address concerns about the shift to alternative trading systems (ATS) that trade government securities as well as the repurchase and reverse repurchase agreements on those securities.1.
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Source: reuters.com
New Multi-Boutique Manager Red Gate Advisers to Launch ESG Large-Cap ETF, Partners With Blue Tractor
September 28, 2020--Red Gate Advisers, LLC ("RGA"), is proud to announce its formation as a multi-boutique investment advisor, and is excited to launch its first fund, the Stance Equity ESG Large Cap Core ETF (the "Fund"), via a licensing agreement with Blue Tractor Group, LLC. The Fund will be administered by The RBB Fund, Inc. Series Trust ("RBB"), whose lower cost and high service levels offer RGA a best-in-class platform.
"We are excited to partner with Blue Tractor and bring desirable strategies to investors," said Craig Urciuoli, Co-Founder and President of Red Gate Advisers. "The Blue Tractor Shielded AlphaSM wrapper offers the ability to access skilled managers, such as Stance Capital, who were previously hesitant to manage ETFs, which are superior shareholder-friendly vehicles."
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Source: Red Gate Advisers, LLC
Top Fund Companies' Climate Change Votes: A Very Mixed Picture
September 28, 2020-Vanguard, State Street, and Fidelity increased support for shareholder resolutions aimed at tackling climate change, while BlackRock voted 'no' more than 80% of the time.
Support for resolutions requesting climate-related disclosures, of which there were only 14 in 2020, rose at Fidelity, State Street Global Advisors, and Vanguard but fell at American Funds and BlackRock (BLK) from 2019. Support for a broader set of resolutions that incorporate climate governance considerations show a similar ranking among the most influential investment fiduciaries. With their massive amounts of money under management, these firms are often among the largest shareholders at many of the world's biggest companies. Their yay or nay votes frequently make the difference between a shareholder proposal passing or failing.
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Source: morningstar.com
Alpha Architect ETF Trust files with the SEC-Gadsden Dynamic Multi-Asset ETF
September 25, 2020--Alpha Architect ETF Trust has filed a post-effective amendment, registration statement with the SEC for the Gadsden Dynamic Multi-Asset ETF.
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Source: sec.gov
CBO-An Overview of The 2020 Long-Term Budget Outlook
September 24, 2020--Summary
By the end of 2020, federal debt held by the public is projected to equal 98 percent of gross domestic product (GDP)-its highest level since shortly after World War II.
If current laws governing taxes and spending generally remained unchanged, debt would first exceed 100 percent of GDP in 2021 and would reach 107 percent of GDP, its highest level in the nation’s history, by 2023, CBO projects. Debt would continue to increase in most years thereafter, reaching 195 percent of GDP by 2050.
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Source: Congressional Budget Office (CBO)
Cambria Launches Multi-Factor, Global Real Estate ETF (BLDG)
September 24, 2020--Cambria Investment Management, LP, an independent, investment advisory firm focused on quantitative asset management and alternative investments, today launched the Cambria Global Real Estate ETF (BLDG), listed on Cboe. The fund is actively managed with an expense ratio of 0.59%.
BLDG joins 11 other Cambria ETFs managed using quantitative, rules-based strategies that span asset classes and include value, core, and tactical strategies.
"Cambria is focused on offering quantitative, rules-based strategies that are unique alternatives to what is already available in the ETF marketplace," said Meb Faber, Cambria co-founder and CIO.
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Source: Cambria Investment Management, LP
IShares launches ETF buying long-duration STRIPS
September 24, 2020--Shares brought to Cboe Global Markets an exchange-traded fund that buys Treasury STRIPS with 25 or more years left to maturity. The iShares 25+ Year Treasury STRIPS Bond ETF (GOVZ) invests in securities derived from Treasury bonds.
The iShares 25+ Year Treasury STRIPS Bond ETF has a 0.07% expense ratio.
Source: Smartbrief
Vanguard bolstered by ETF sales amid mutual fund outflows
September 24, 2020--ETF sales have been supporting Vanguard's business this year amid sizeable outflows from its mutual funds range, new data show.
The asset manager's $1.3tn ETF line attracted $113bn in net inflows in the year to the end of August, while its $4.4tn in long-term mutual funds bled $41bn, according to data from Morningstar. At Vanguard, ETFs are share classes of their mutual funds.
Vanguard remains the industry's best-seller for the month, hauling in $7.3bn in long-term fund inflows in August, nearly 40 per cent more than its closest competitor.
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Source: technocodex.com
