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U.S. Weekly FundFlows Insight Report: Fund Investors and APs Continue to Pad the Coffers of Bond Funds During the Week
October 10, 2019--For the sixth week in a row, investors were overall net purchasers of fund assets (including those of conventional funds and ETFs), injecting $12.1 billion for Lipper's fund-flows week ended October 9, 2019. Fund investors were net purchasers of money market funds (+$14.7 billion), taxable fixed income funds (+$2.9 billion), and municipal bond funds (+$1.4 billion).
However, they were net redeemers of equity funds (-$6.9 billion).
Market Wrap-Up
For the fund-flows week ended October 9, 2019, market volatility was ever-present, but the broad-based U.S. indices managed to move into positive territory. During the week, investors were hand fed a Goldilocks nonfarm payrolls report that many pundits interpreted as showing continued labor market strength while also leaving some wiggle room for the Federal Reserve Board to apply another interest rate cut in the near term.
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Source: Refinitiv
The IRS Just Issued Its First Cryptocurrency Tax Guidance in 5 Years
October 9, 2019--The U.S. Internal Revenue Service (IRS) has published its first guidance in five years for calculating taxes owed on cryptocurrency holdings.
Industry members have been eagerly awaiting the update since May 2019, when IRS Commissioner Charles Rettig said the agency was working on providing fresh guidance. The agency's 2014 guidance left many questions unanswered, and the crypto market has grown more complex in the years since.
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Source: coindesk.com
CBO-Monthly Budget Review for September 2019
October 8, 2019--The federal budget deficit was $984 billion in fiscal year 2019, CBO estimates. CBO's estimate is based on data from the Daily Treasury Statements issued by the Department of the Treasury; the department will report the actual deficit for fiscal year 2019 later this month.
Relative to the size of the economy, the deficit-at an estimated 4.7 percent of gross domestic product (GDP)-was the highest since 2012, and 2019 was the fourth consecutive year in which the deficit increased as a percentage of GDP.
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Source: Congressional Budget Office
Agencies Finalize Changes to Simplify Volcker Rule
October 8, 2019--Five federal financial regulatory agencies on Tuesday announced that they finalized revisions to simplify compliance requirements relating to the "Volcker rule."
By statute, the Volcker rule generally prohibits banking entities from engaging in proprietary trading or investing in or sponsoring hedge funds or private equity funds.
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Source: cftc.gov
Barclays launches first-ever no-fee Exchange Traded Notes
October 7, 2019--Barclays Bank PLC ("Barclays") announced today the launch of the first-ever no-fee exchange traded notes (ETNs), the iPath(R) Gold ETNs (Ticker: GBUG) and the iPath(R) Silver ETNs (Ticker: SBUG). The ETNs are also the first-ever no-fee exchange traded products (ETPs) offering exposure to precious metals.
"Since Barclays brought the first ETNs to the US market in 2006, we have been consistently focused on providing investors with innovative and efficient products," said Ian Merrill, Managing Director and Head of US Equity Derivative Sales. "Today marks another exciting day in the evolution of Barclays' iPath platform with the introduction of the first-ever ETNs that have no investor fees, and the first-ever no-fee ETPs offering exposure to precious metals."
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Source: Barclays
Marijuana News Today: Marijuana ETFs Get Huge Boost From SEC Approval
October 7, 2019--The marijuana news today is bullish on the future of the pot sector as marijuana exchange-traded funds (ETFs) were officially approved to be listed on U.S. stock exchanges following a ruling from the U.S. Securities and Exchange Commission (SEC).
While marijuana ETFs have existed for over a year now, they have, up to this point, been relegated to Canadian stock exchanges, due to U.S. law prohibiting marijuana at the federal level.
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Source: profitconfidential.com
Invesco job cuts rise to 1,300
October 7, 2019--Invesco has cut 1,300 jobs after absorbing smaller rival OppenheimerFunds earlier this year in America's biggest fund management deal in half a decade.
The terminations represent 12 per cent of the combined headcount of Invesco and OppenheimerFunds based on staffing levels at the end of 2018.
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Source: FT.com
Bitcoin isn't a security according to SEC staff
October 6, 2019--Quick Take
SEC staff responds to '40 Act registration for Cipher in letter stating Bitcoin isn't a security
Staff relies for analysis on Howey test and SEC digital asset framework
While not a surprise to market participants and observers, this is an important confirmation of a key principle by SEC staff .
Bitcoin isn't as security, according to an October 1, 2019 letter from the SEC's Division of Investment Management staff.
Cipher Technologies Bitcoin Fund ("Cipher") filed a registration statement with the SEC to become a closed-end interval fund and an "investment company" under the Investment Company Act of 1940 ("The '40 Act'). In written submissions to the Commission and in-person meeting, Cipher took the position that Bitcoin is a security.
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Source: theblockcrypto.com
CBO-H.R. 3623, Climate Risk Disclosure Act of 2019
October 4, 2019--Summary
H.R. 3623 would require publicly traded companies to annually disclose certain climate-related information to the public. Under the bill such companies would need to describe physical and financial risks they would face under different climate change scenarios, explain strategies and corporate governance processes in place to manage those risks, and analyze the social cost associated company greenhouse gas emissions.
The Securities and Exchange Commission (SEC) would be required to establish and periodically update rules to implement the climate disclosure requirements and annually assess and report to the Congress on the extent to which public companies are in compliance. The Government Accountability Office would be required to periodically evaluate the SEC's effectiveness in carrying out and enforcing the new climate disclosures.
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Source: Congressional Budget Office
CBO-The 2019 Long-Term Budget Outlook
October 3, 2019--Summary
At 78 percent of gross domestic product (GDP), federal debt held by the public is now at its highest level since shortly after World War II.
If current laws generally remained unchanged, CBO projects, growing budget deficits would boost that debt sharply over the next 30 years; it would approach 100 percent of GDP by the end of the next decade and 152 percent by 2048. That amount would be the highest in the nation's history by far. The prospect of large and growing debt poses substantial risks for the nation and presents policymakers with significant challenges.
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Source: Congressional Budget Office (CBO)
