Americas ETP News
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US funds call for rule change in response to Mifid II
June 26, 2019--US funds call for rule change in response to Mifid II. A group of US investors with $4tn in assets has called on regulators to require fund managers to disclose, arguing the change is needed to avoid giving their European rivals an unfair advantage.
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Source: FT.com
CBO-The 2019 Long-Term Budget Outlook
June 25, 2019--If current laws generally remained unchanged, large budget deficits would boost federal debt to unprecedented levels over the next 30 years, CBO projects.
Each year, the Congressional Budget Office publishes a report presenting its budget projections for the next 30 years. Those extended baseline projections generally reflect current law. This report is the latest in the series.
Debt in CBO's Extended Baseline Projections. Large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels-from 78 percent of gross domestic product (GDP) in 2019 to 144 percent by 2049. That projection incorporates CBO's central estimates of various factors, such as productivity growth and interest rates on federal debt. CBO's analysis indicates that even if values for those factors differed from the agency's projections, debt several decades from now would probably be much higher than it is today.
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Source: Congressional Budget Office (CBO)
Deutsche faces big hits on US leveraged- loan losses
German bank forced to accept discounts on a pair of risky loans it had underwritten
June 25, 2019--Deutsche Bank is facing multimillion-dollar losses within its US investment banking unit after the German lender struggled to offload two risky corporate loans.
The losses will turn up the heat on Christian Sewing, Deutsche boss, and his management team. They are working on plans to boost meagre returns, including through the creation of a so-called "bad bank" to hive off troubled assets.
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Source: FT.com
Retail Derivatives That Pay Out With Bitcoins Approved by CFTC
June 25, 2019--Small U.S. retail investors will soon be able to buy derivatives that pay out with Bitcoins.
LedgerX, a U.S.=regulated Bitcoin derivatives exchange and clearinghouse, won approval from the Commodity Futures Trading Commission to serve as a designated contract market that will offer Bitcoin spot and physically settled derivatives contracts, including options and futures, to retail clients of any size.
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Source: Bloomberg
ProShares Names ETF Industry Veteran Alex Depetris Managing Director, Operations & Technology
June 25, 2019--ProShares, a premier provider of ETFs, today announced that Alex Depetris has been named to the newly created role of managing director, operations & technology. He will report to ProShares CEO Michael L. Sapir.
Mr. Depetris' principal responsibilities will include overseeing the portfolio group, portfolio operations, financial administration, shareholder services and technology.
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Source: ProShares
Six Charts on Canada's Economic Outlook for 2019
June 25, 2019--Canada's economy is growing at a more sustainable rate following the stellar pace set in 2017-the fastest among G7 economies. Growth is projected to decline to 1.5 percent in 2019 due to a disappointing first quarter for exports, more subdued global growth, and slower pace of consumer spending.
To sustain long-term growth, Canada will need to continue preserving financial stability, as well as focus on policies that boost productivity through export diversification, lower internal trade barriers, and higher infrastructure investment, the IMF stated in its latest annual economic assessment.
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Source: IMF
BMO Global Asset Management Special ETF Report: 10 Years of Progress
June 24, 2019--BMO Global Asset Management (BMO GAM) has released a special edition ETF Report to mark 10 years since launching Exchange Traded Funds (ETFs) in 2009. The report highlights the top 10 trends in the Canadian ETF industry over the past decade, as well as what will shape it moving forward.
"The industry has seen tremendous progress over the last decade, prompting innovative investment products and tools," said Kristi Mitchem, Chief Executive Officer, BMO Global Asset Management.
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Source: BMO Financial Group
IMF Executive Board Concludes Article IV Consultation with the United States
June 24, 2019--June 24, 2019--On June 21, 2019, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with the United States. [1]
The U.S. economy is in the longest expansion in recorded history. Unemployment is at levels not seen since the late 1960s, and economic activity is growing above potential, aided by a fiscal stimulus and supportive financial conditions.
Real wages are rising, including for those at the lower end of the income distribution, and productivity growth appears to be recovering. Against this backdrop, inflationary pressures remain remarkably subdued.
Despite these positive macroeconomic outcomes, the benefits from this decade-long expansion have not been shared as widely as they could. Average life expectancy is falling, income and wealth polarization have increased, poverty has fallen but remains higher than in other advanced economies, and social mobility has steadily eroded.
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Source: IMF
Lipper U.S. Weekly FundFlows Insight Report: Taxable Bond Funds Drive Overall Net Inflows for the Week
June 22, 2019--Lipper's fund asset groups (including both mutual funds and ETFs) had net positive flows of $3.6 billion for the fund-flows trading week ended Wednesday, June 19. Taxable bond funds paced the weekly intake with positive net inflows of $7.2 billion.
his marked the group's second straight weekly net inflow of greater than $7.0 billion-the last two weeks have been the taxable bond fund group's largest weekly net inflows since taking in $8.4 billion for the fund-flows week ended January 9, 2019. Municipal bond funds also contributed to the net inflows with a net positive flow of $856 million (the groups' twenty-fourth consecutive weekly net inflow), while equity funds (-$3.7 billion) and money market funds (-$798 million) both saw money leave their coffers.
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Source: Refinitiv
SEC Adopts Capital, Margin, and Segregation Requirements for Security-Based Swap Dealers and Major Security-Based Swap Participants and Amends the Capital and Segregation Requirements for Broker-Dealers
June 21, 2019--The Securities and Exchange Commission took another significant step toward establishing the regulatory regime for security-based swap dealers today by adopting a package of rules and rule amendments under Title VII of the Dodd-Frank Act.
These and other rules previously adopted by the Commission are designed to enhance the risk mitigation practices of firms that stand at the center of our security-based swap market, thereby protecting their counterparties and reducing risk to the market as a whole.
