Americas ETP News
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Invesco wants to combat front-runners with nontransparent ETFs
September 23, 2020--Invesco Ltd. is looking to active, nontransparent exchange-traded funds as the next step forward for the US$4.6 trillion industry, hoping the new products will be less vulnerable to traders who exploit expected changes in ETF holdings.
The Atlanta-based investment firm, which currently manages US$1.2 trillion, is pursuing both a methodology from Fidelity Investments that keeps some holdings hidden to protect strategies, as well as its own proprietary structure, because "the risk of front-running is real," according to Anna Paglia, head of ETFs and indexed strategies for Invesco.
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Source: www.bnnbloomberg.ca
U.S. business activity slows, house price inflation accelerates
September 23, 2020--U.S. business activity cooled in September, with gains at factories offset by a retreat at services industries, suggesting a loss of momentum in the economy as the third quarter draws to a close and COVID-19 lingers.
The economy's recovery from the pandemic recession is losing speed as government financial help to businesses and the unemployed dries up. Federal Reserve Chair Jerome Powell told lawmakers on Wednesday that Congress and the U.S. central bank needed to remain focused on supporting the recovery.
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Source: reuters.com
Stock Exchanges Present Opportunity as Volumes Surge
September 23, 2020--Shares of American exchange operators have mostly performed well this year, especially compared with other financials
Stocks might be very expensive right now. But stock exchanges aren't.
Shares of American exchange operators have mostly performed well this year, especially compared with other financials.
Stocks might be very expensive right now. But stock exchanges aren't.
Shares of American exchange operators have mostly performed well this year, especially compared with other financials. The engine for exchanges has been the U.S. stock market's highly elevated trading levels, record options volumes and new public listings-all three of which are in no small part being driven by a surge in retail activity. This has helped Nasdaq and Intercontinental Exchange, owner of the NYSE, to sharply outperform. They are up 7% and 15%,...
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Source: wsj.com
U.S. Investors to Get Easy ETF Access to Ant Group and China's Nasdaq
September 23, 2020--Ant Group has passed muster for a Shanghai IPO on the STAR Market, which soon should see its first index-tracking exchange traded funds.
U.S. investors soon should have a way to tap China's walled-off tech stocks from behind the Bamboo Curtain. The move comes just in time, offering potential access to the blockbuster Ant Group initial public offering (IPO).
Chinese stock regulators have approved the first set of index-tracking exchange traded funds (ETFs) based on the Nasdaq-style STAR Market in Shanghai. That's the market on which the Alibaba Group Holding (BABA) spinoff Ant Group plans to list its mainland shares in what promises to be the world's largest-ever IPO.
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Source: realmoney.thestreet.com
Citi halts market making in retail options
September 23, 2020--Closure of business is latest sign of computer-driven rivals forcing out Wall Street banks.
Citigroup has closed its market making business in retail options, in a move that underscores how the boom in zero-commission trading has squeezed the profitability of the industry's middlemen.
Its decision to pull out of retail options leaves Morgan Stanley as the sole major Wall Street bank in the business, which is dominated by market makers such as Citadel Securities, Susquehanna, Simplex Trading and Optiver.
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Source: ft.com
Active managers fail to beat the market again
September 22, 2020--Two-thirds of US equity funds underperformed benchmarks over last 12 months, report shows
Most active fund managers in the US failed to beat the market over the past year, according to another dispiriting report on an industry that often claims it will come into its own during periods of volatility.
In a majority of the categories of US equity funds, the average active manager underperformed the benchmark index, according to the latest semi-annual report on fund manager performance from S&P Global.
The new bourse went live trading seven symbols, including Alphabet Inc, BlackBerry Ltd, and Exxon Mobil Corp, and plans to begin trading all U.S. stocks on Sept. 29. view more CBO-The 2020 Long-Term Budget Outlook
Even after the effects of the 2020 coronavirus pandemic fade, deficits in coming decades are projected to be large by historical standards. In CBO's projections, deficits increase from 5 percent of gross domestic product (GDP) in 2030 to 13 percent by 2050-larger in every year than the average deficit of 3 percent of GDP over the past 50 years.
view filing CBO's Projection of the Effect of Climate Change on U.S. Economic Output: Working Paper 2020-06
That annual growth differential accumulates to a 1.0 percent reduction in the projected level of real GDP in 2050. Of that 1.0 percent reduction, one-third reflects a continuation of the effect of climate change on real GDP growth in recent years, and two-thirds reflects expected increases in that effect in the future. view more S&P Index Manager Charged With $900,000 Insider-Trading Scheme view more
Source: reuters.com
September 21, 2020--Summary: Each year, the Congressional Budget Office publishes a report presenting its projections of what federal deficits, debt, spending, and revenues would be for the next 30 years if current laws governing taxes and spending generally did not change. This report is the latest in the series.
Deficits.
Source: cbo.gov
September 21, 2020--This paper describes how CBO constructed its projection of the effect of climate change on U.S. output, how the projected effect should be interpreted, limitations of the analysis, and the central climate-change scenario that CBO used.
Summary
As part of its long-term economic forecast, the Congressional Budget Office projects the effect of climate change on the growth of U.S. real gross domestic product (GDP).
CBO projects that climate change will, on net, reduce average annual real GDP growth by 0.03 percentage points from 2020 to 2050, relative to growth that would occur under the climatic conditions that prevailed at the end of the 20th century.
Source: cbo.gov
September 21, 2020--He's accused of trading ahead of firms being added to index
SEC complaint also names Queens sushi restaurant manager
An index manager of S&P Global Inc. was charged on Tuesday with being part of an insider-trading scheme that netted more than $900,000 in illegal profits by trading hours ahead of public announcements that companies would be added or removed from a popular stock market index.
Source: bloomberg.com
