Americas ETP News
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Big Money Managers Take Lead Role in Managing Coronavirus Stimulus
May 11, 2020--BlackRock is about to start buying billions of dollars in corporate bonds for the Fed, reflecting the firm’s rise to financial might but also opening it to scrutiny
The Federal Reserve's giant program of corporate bond buying is about to kick in. It will hand a critical new role in propping the struggling economy to a business with increasing clout in the financial world: money management.
The central bank has tapped BlackRock Inc. to help it direct money into both new and already-issued corporate bonds, assisting the Fed in its recently adopted role as lender of last resort for businesses. The Fed is expected to launch the program in coming days.
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Source: wsj.com
BlackRock's largest shareholder sells 22% stake
May 11. 2020--PNC puts $17bn shareholding on market to raise cash for deals and to weather coronavirus
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Source: FT.com
Renaissance Capital IPO Market Newsletter
May 8, 2020--Scheduled U.S. IPOs-Week of 05/11/20
There are no IPOs scheduled this week.
IPO Commentary
Llamas vs. Bats: Llama antibodies, the coronavirus, and the biotechs that benefit
Could llamas be the key to containing the coronavirus?
Scientists from several institutions have developed a...
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IPO Index Performance
The Renaissance IPO Index has returned 4.5% so far this year,
compared to -10.8% for the S&P 500.
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Source: Renaissance Capital
CBO-Monthly Budget Review for April 2020
May 8, 2020--The federal budget typically records a surplus in April because final tax payments for the prior year and estimated payments for the current year are usually due on April 15. But this year, the government incurred a deficit of $737 billion in April, CBO estimates, compared with a surplus of $160 billion last year.
That substantial difference stems from the economic disruption caused by the novel coronavirus pandemic and from the federal government's response to it, including actions by the Administration and enactment of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Families First Coronavirus Response Act (FFCRA).
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Source: CBO (Congressional Budget Office)
Water Island Capital Launches AltShares Merger Arbitrage ETF
May 7, 2020--Water Island Capital is pleased to announce the launch of AltShares Merger Arbitrage ETF (NYSE:ARB), the first ETF offered in AltShares Trust. ARB seeks to provide passive exposure to the Water Island Merger Arbitrage USD Hedged Index (WIMARBH).
The ETF aims to profit from the successful completion of definitive, publicly announced mergers and acquisitions.
The Water Island Merger Arbitrage USD Hedged Index employs a proprietary rules-based framework that was derived using research from Water Island Capital over its 20-year investment history. The index, and by extension ARB, offer exposure to select definitive, publicly announced mergers and acquisitions across developed markets globally. The deals that are selected for inclusion in the index and the ETF are weighted according to a risk-constrained, liquidity-based methodology and are rebalanced twice per month.
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Source: Water Island Capital, LLC
CFTC.gov Swaps Report Update
May 6, 2020--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Exchanges Told to Give Brokers More Say in How Stock Data Are Distributed
May 6, 2020--SEC order follows complaints that exchanges favor clients who pay more for extra speed, data
The SEC ordered the nation's stock exchanges Wednesday to give stockbrokers and investors greater input into how real-time stock prices are distributed.
The Securities and Exchange Commission issued the directive after hearing for years that the New York Stock Exchange and other market centers have too much control over the packaging and pricing of information about trades and share prices.
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Source: wsj.com
New Listing Rules Adopted for ETFs Relying on Rule 6c-11-Exchanges' ETF Listing Compliance Burdens Reduced
May 5, 2020--As the December 23, 2020 compliance date for the Securities and Exchange Commission (SEC) approved rule 6c-11 under the Investment Company Act of 1940, as amended (ETF Rule) approaches, the vast majority of exchange-traded funds (ETFs) are preparing to launch and operate without first obtaining an exemptive order from the SEC.
In approving the ETF Rule, the SEC intended to "create a consistent, transparent, and efficient regulatory framework for the regulation of most ETFs and help level the playing field for [ETF] market participants." As part of a desire to also streamline and reduce the continued listing standards for ETFs, each of the major U.S. stock exchanges and markets-CBOE BZX Exchange, Inc. (CBOE), The Nasdaq Stock Market LLC (Nasdaq), and NYSE Arca, Inc. (NYSE Arca) (collectively, the Exchanges)-proposed new generic listing standards to permit the listing of shares of ETFs that operate in reliance on the ETF Rule (relying ETFs).
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Source: K&L Gates
Indxx launches US 'Fallen Knives' Index
May 5, 2020--New York-headquartered Indxx has launched a new US equity index that follows a mean reversion strategy.
Mean-reversion assumes that there is an underlying stable trend in the price of an asset and prices fluctuate randomly around this trend.
Values deviating far from the trend will tend to reverse direction and revert to the trend.
With reference to the newly unveiled Indxx US Fallen Knives Index, the strategy tracks companies with recent short-term negative returns that are expected to rebound based on momentum and financial health indicators.
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Source: etfstrategy.com
U.S. Treasury blasts records with $3 trillion borrowing need this quarter
May 4, 2020--The U.S. Treasury Department on Monday said it plans to borrow nearly $3 trillion in the second quarter of 2020 -more than five times larger than the previous record-as the federal government spends at a frantic pace to mitigate the impact of the coronavirus on the U.S. economy.
n a statement, Treasury said it would borrow $2.999 trillion during the April-June quarter-higher also than the previous record borrowing for a full fiscal year of $1.8 trillion in 2009.
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Source: Reuters
