Americas ETP News
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US futures exchanges target retail investors with 'mini' contracts
September 15, 2020--New products come after rising stock markets lift notional value, and therefore fees, of popular bets.
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Source: FT.com
BlackRock and Vanguard look set to extend dominance to active ETFs
September 13, 2020--Survey finds institutional investors prefer them over the leading active ETF managers
BlackRock and Vanguard, the twin powerhouses of the passive investment industry, look set to grab the lion's share of assets in the small, but faster growing world of actively managed exchange traded funds.
The finding is likely to disappoint active fund managers, which have been squeezed by the rapid growth of passive ETFs in recent years and might have viewed the rollout of active ETFs as a way for them to fight back and grab a share of the lucrative pie.
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Source: FT.com
Non-transparent ETFs pass their first test -spreads are tight
September 11, 2020--Although precise holdings are concealed, trading has been less cautious than anticipated.
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Source: FT.com
Three new stock exchanges take aim at incumbents in the US
September 11, 2020--A trio of new stock exchanges launches in the US this month, hoping to shake up a market long dominated by another threesome-the New York Stock Exchange, Nasdaq and Cboe Global Markets.
The Long Term Stock Exchange, a San Francisco-based bourse, opened for business on Wednesday this week. It will be followed by MEMX and Miax Pearl Equities, which begin operations on September 21 and 25 respectively, bringing the number of full exchanges in the US to 16.
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Source: technocodex.com
Wall Street bids a not-so-fond farewell to exchange traded notes
September 10, 2020--Exchange traded notes, the smaller and often unloved cousins of the bigger and broader $6tn exchange traded fund industry, seem to be dying out-and few lament their passing.
The assets of ETNs peaked at almost $30bn in 2015, following strong growth in the 2000s, but currently stand at just $8.6bn, according to Morningstar data. Analysts say the instruments' complexity and risky features have made them increasingly unpopular both with investors and some of the banks that sponsor them.
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Source: technocodex.com
New Research: FINRA Foundation Explores Risky Financial Behaviors by Senior Investors
September 10, 2020-Study Suggests Overconfidence in Financial Knowledge May Lead to Excessive Financial Risk Taking Among Older Investors
America's older investors, many facing diminished financial knowledge and overconfidence in their ability to make sound investment decisions, may engage in more risky financial behaviors as they continue to age, according to new research from the FINRA Investor Education Foundation (FINRA Foundation), in collaboration with researchers from Duke University and Rush University Medical Center.
The study,Does Overconfidence Increase Financial Risk Taking in Older Age?, suggests that, among senior investors, overconfidence in one’s financial knowledge may contribute to risky financial behavior.
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ource: FINRA
Roboadvisers make slow progress gaining ground with investors
September 9, 2020--Many large asset managers have shelled out time and money to develop robo-advisers. But, while assets invested in them are growing, only a small proportion of investors actually use such digital services, according to a report by data and analytics firm Hearts & Wallets.
Just 8 per cent of US households report having money in such services, which typically rely on portfolios made of ETFs, the report says. The company produced its report based on a survey of 5,641 households in July 2019.
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Source: technocodex.com
CFTC's Climate-Related Market Risk Subcommittee Releases Report
September 8, 2020--The Commodity Futures Trading Commission's Climate-Related Market Risk Subcommittee of the Market Risk Advisory Committee (MRAC) today released a report entitled Managing Climate Risk in the U.S. Financial System. The Climate Subcommittee voted unanimously 34-0 to adopt the report.
CFTC Commissioner Rostin Behnam, sponsor of the MRAC, noted: "Today would not be possible without the dedication and devotion of the Climate Subcommittee members. They spent tireless hours drafting an incredibly thorough report that has far exceeded expectations. I want to personally thank them for their work on this groundbreaking effort during unprecedented times.
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Source: CFTC.gov
CBO-Monthly Budget Review for August 2020
September 8, 2020--The federal budget deficit in August 2020 was $198 billion, CBO estimates, $3 billion less than the deficit in August of last year. However, that comparison is distorted by shifts in the timing of certain payments.
The cumulative federal budget deficit for the first 11 months of fiscal year 2020 was $3.0 trillion, CBO estimates, $1.9 trillion more than the deficit recorded for the same period last year.
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Source: CBO(Congressional Budget Office)
Fall 2020-IPO Market:Tech Unicorns Leap Through the IPO Window
September 4, 2020--The US IPO market roared back to life this summer, and recent filings signal a very active fall. 2020 is now on track to surpass last year by deal count and proceeds, with the biggest IPO market by capital raised since 2014.
The IPO window is wide open,as tech multiples near historic highs and recent offerings boast strong returns. 2020 IPOs average a 36% first-day pop, and the Renaissance IPO Index has returned more than 50% year-to-date. September and October look to be especially active, as companies attempt to go public ahead of the upcoming US election. As of September 4, there were 84US IPOs publicly on file, 54of which have submitted a new or updated filing since June 1. New filings hit a more than 10-year record for July and August combined. AlthoughPalantir and Asana have both filed for direct listings, the rest are pursuing traditional IPOs.
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Source: Renaissance Capital LLC
