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SEC Division of Examinations Announces 2024 Priorities
October 16, 2023--The Securities and Exchange Commission's Division of Examinations today released its 2024 examination priorities to inform investors and registrants of the key risks, examination topics, and priorities that the Division plans to focus on in the upcoming year. This year's examinations will prioritize areas that pose emerging risks to investors or the markets in addition to core and perennial risk areas.
"The Division of Examinations plays a critical role in protecting investors and facilitating capital formation," said SEC Chair Gary Gensler. "In examining for compliance with our time-tested rules, the Division helps registrants understand the rules as well as ensures that markets work for investors and issuers alike. The Division's efforts, as laid out in the 2024 priorities, enhance trust in our ever-evolving markets."
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Source: SEC.gov
Neuberger Berman Expands Actively Managed ETF Lineup With Conversion of Greater China Equity Fund & Global Real Estate Fund
October 16, 2023--Neuberger Berman, a private, independent, employee-owned investment manager, is pleased to announce the completion of the conversion of two actively managed mutual funds to ETFs: Neuberger Berman China Equity ETF ("China ETF"-NYSE: NBCE) and Neuberger Berman Global Real Estate ETF ("Real Estate ETF"-NYSE: NBGR).
Neuberger Berman believes ETFs can deliver the firm's investment expertise to a potentially wider range of investors. The ETFs are designed to provide investors with a unique opportunity to gain exposure to growth markets in China and the global real estate sector, supported by a rigorous, research-based approach to active management. Neuberger Berman's team of investment professionals bring together deep market expertise, innovative data science capabilities, and strong corporate engagement tools to manage these investment solutions.
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Source: Neuberger Berman
World Bank-Economic Review-Latin America and the Caribbean-October 2023 Digital Connectivity for Inclusion and Growth
October 14, 2023--Latin America and the Caribbean achieved significant progress in macroeconomic resilience over the past three decades, providing greater resilience against shocks such as rising inflationary pressures, global uncertainty, increased debt, and low commodity prices, along with the convergence of poverty and employment levels to pre-pandemic levels.
The report estimates that the regional Gross Domestic Product (GDP) will grow by 2percent in 2023, slightly above the previously projected 1.4 percent, but still below that of all other regions in the world. Growth rates of 2.3 percent and 2.6 percent are expected for 2024 and 2025, respectively. These rates, similar to those of the 2010s, are not sufficient to achieve the much-needed advances in inclusion and poverty reduction.
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Source: worldbank.org
Western Hemisphere Regional Economic Outlook: Securing Low Inflation and Nurturing Potential Growth
October 13, 2023--Following a strong rebound from the pandemic and continued resilience in early 2023, economic growth in Latin America and the Caribbean is projected to moderate from 4.1 percent in 2022 to 2.3 percent in 2023. Headline inflation in the region (excluding Argentina and Venezuela) has been declining and is anticipated to reach 5 percent in 2023, compared to 7.8 percent in 2022.
Thanks to improved macroeconomic management, the region can focus on how to boost growth by addressing long-lasting challenges, including lackluster productivity, low investment, and labor market rigidities.
The changing global environment also presents new challenges and opportunities, like climate change and the irruption of new digital technologies. Preserving social cohesion should be a centerpiece of any policy plans, including through strengthening social protection mechanisms and tackling insecurity.
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Source: imf.org
SEC Adopts Rule to Increase Transparency in the Securities Lending Market
October 13, 2023--The Securities and Exchange Commission today adopted new Rule 10c-1a, which will require certain persons to report information about securities loans to a registered national securities association (RNSA) and require RNSAs to make publicly available certain information that they receive regarding those lending transactions. The rule is intended to increase the transparency and efficiency of the securities lending market.
"Securities lending played a role in the 2008 financial crisis, and, currently, the securities lending market is opaque," said SEC Chair Gary Gensler. "In the Dodd-Frank Act, Congress mandated that the Commission enhance the transparency of the securities lending market. Such transparency gets to the heart of the SEC's mission. It promotes competition. It promotes fair, orderly, and efficient markets. In fulfilling Congress's mandate, today’s adoption will promote greater transparency in the securities lending markets both to regulators and the public."
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Source: SEC.gov
SEC Adopts Rule to Increase Transparency Into Short Selling and Amendment to CAT NMS Plan for Purposes of Short Sale Data Collection
October 13, 2023--The Securities and Exchange Commission today adopted new Rule 13f-2 to provide greater transparency to investors and other market participants by increasing the public availability of short sale related data. Congress directed the SEC in Section 929X of the Dodd-Frank Act of 2010 to promulgate rules to make certain short sale data publicly available.
"In the wake of the 2008 financial crisis, Congress directed the SEC to enhance the transparency of short selling of equity securities," said SEC Chair Gary Gensler. "Today's adoption will promote greater transparency about short selling both to regulators and the public. This rule addresses Congress's mandate and improves upon existing sources of short sale-related data in the equity markets. Given past market events, it's important for the Commission and the public to know more about short sale activity in the equity markets, especially in times of stress or volatility."
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Source: SEC.gov
Strive Asset Management plans move into model portfolios
October 13, 2023--Activist manager founded by US presidential candidate Vivek Ramaswamy aims to focus on its proprietary ETFs
Strive Asset Management, the activist exchange traded fund manager founded by Republican US presidential candidate Vivek Ramaswamy, plans to "imminently" roll out model portfolios and a collective investment trust, a regulatory filing shows.
The models would utilise the manager's approach to shareholder proposals, shareholder voting and public and private engagement, the manager disclosed.
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Source: ft.com
J.P. Morgan Asset Management Launches New Fixed Income ETF: JBND
October 12, 2023--October 12, 2023-- J.P. Morgan Asset Management today announced the launch of a new actively managed fixed income ETF, JPMorgan Active Bond ETF (JBND), on the NYSE Arca. Focused on adding value for investors, JBND employs a bottom-up, value-oriented approach that emphasized security selection.
"We have always been focused on providing investors with value through carefully selecting bonds of the highest quality," said Richard Figuly, Core Bond Portfolio Manager at J.P. Morgan Asset Management. "We are thrilled to be able to offer our clients this strategy through an innovative ETF wrapper."
JPMorgan Active Bond ETF seeks to maximize total return by investing primarily in a diversified portfolio of intermediate-and long-term debt securities, with a focus on securitized debt. JBND utilizes the same team and philosophy as the JPMorgan Core Bond Fund.
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Source: J.P. Morgan Asset Management
Minutes of the Federal Open Market Committee, September 19-20, 2023
October 11, 2023--Developments in Financial Markets and Open Market Operations
The manager turned first to a review of developments in financial markets over the intermeeting period. U.S. data releases generally pointed to greater economic resilience than previously thought, and the reaction in market pricing implied both a higher expected trajectory for the policy rate at longer horizons and higher term premiums. Policy-sensitive rates rose moderately, and longer-dated forward rates displayed larger increases.
Ten-year Treasury yields ended the period more than 40 basis points higher, and broad measures of equity prices fell. Bank equity prices underperformed over the period, but taking a somewhat longer view, investor sentiment toward the banking sector appeared to have largely stabilized, with less differentiation of equity price movements across bank types. The dollar broadly appreciated against advanced-economy currencies over the period, as stronger U.S. data supported moderately increased yield differentials against these economies amid perceptions that policy rates were at or near their peaks. In China, signs of strain in the property sector increased, and optimism about growth diminished further, on net, although broader markets, including global commodity markets, did not appear to show elevated concern about China-related risks. U.S. financial conditions tightened, with higher longer-term rates, lower equity prices, and a stronger dollar contributing roughly equally to the increase in various financial conditions indexes.
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Source: federalreserve.gov
CBO-Monthly Budget Review: September 2023
October 10, 2023--Summary
The federal budget deficit was $1.7 trillion in fiscal year 2023, the Congressional Budget Office estimates-$0.3 trillion more than the shortfall recorded during fiscal year 2022. Revenues fell by an estimated $455 billion (or 9 percent).
Revenues were smaller than in fiscal year 2022, particularly for nonwitheld income taxes and remittances to the Treasury from the Federal Reserve. Outlays declined by an estimated $141 billion (or 2 percent).
Outlays were boosted at the end of 2022 and 2023 because October 1 (the first day of fiscal years 2023 and 2024, respectively) fell on a weekend. As a result, certain payments were shifted into the prior fiscal year-$63 billion from 2023 into 2022 and $72 billion from 2024 into 2023. Taken together, those timing shifts increased payments in 2023 by $9 billion. If not for those shifts, the deficit in fiscal year 2023 would have been 28 percent larger-instead of 23 percent larger-than it was in 2022.
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Source: CBO (Congressional Budget Office)
