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SEC Adopts New Rules and Amendments under Title VII of Dodd-Frank
September 19, 2019---The Securities and Exchange Commission today announced that it took a significant step toward establishing the regulatory regime for security-based swap dealers by adopting a package of rules and rule amendments under Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).
These actions establish recordkeeping and reporting requirements for security-based swap dealers and major security-based swap participants and amend the recordkeeping and reporting requirements for broker-dealers. Under these rules, these companies will be required to create and retain fundamental business records to document and track their operations, facilitating the Commission's ability to monitor compliance and reducing risk to the market.
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Source: SEC.gov
Federal Reserve Board and Federal Open Market Committee release economic projections from the September 17-18 FOMC meeting
September 18, 2019--Federal Reserve Board and Federal Open Market Committee has released economic projections from the September 17-18 FOMC meeting.
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Source: federalreserve.gov
Federal Reserve issues FOMC statement
September 18, 2019--Information received since the Federal Open Market Committee met in July indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low.
Although household spending has been rising at a strong pace, business fixed investment and exports have weakened. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed.
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Source: federalreserve.gov
VanEck, SolidX Withdraw Bitcoin ETF Proposal From SEC Review
September 17, 2019--Cboe BZX Exchange withdrew its VanEck/SolidX bitcoin exchange-traded fund (ETF) proposal on Tuesday.
According to a filing dated Sept. 17, a proposed rule change to publicly list shares of the VanEck SolidX Bitcoin Trust was withdrawn on Sept. 13. A decision on the proposal had already been delayed a number of times, and the U.S. Securities and Exchange Commission (SEC) faced a final deadline of Oct. 18 to determine whether to approve or reject what could have been one of the first bitcoin ETFs in the country.
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Source: coindesk.com
AI and climate change transform investment sector
September 15, 2019--Industry report finds fund sector is badly prepared to tackle its biggest challenges.
Climate change and artificial intelligence will reshape the future of investing, according to an analysis that indicates that much of the asset management industry is badly prepared for these twin challenges.
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Source: FT.com
US Bank Dials Back Growth Forecasts
September 12, 2019--To reflect the upcoming adoption of new accounting standards as well as lower interest rates, U.S. Bancorp cut its growth outlook in the long term. Multiple large U.S. banks have decreased their targets with an economic environment that is changing, the Financial Times reported.
U.S. Bancorp said at its investor day on Thursday (Sept. 12) that it anticipates its revenues will grow in the neighborhood of 5 to 7 percent in the long term, which marks a decrease of a percentage point. The forecast assumes stable unemployment, GDP growth of 1.5 to 2 percent and two more rate cuts from the Fed prior to early next year.
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Source: pymnts.com
Seven U.S. states, District of Columbia sue to block SEC rule change
September 9, 2019--Seven U.S. states and the District of Columbia on Monday sued to block rules adopted by the Securities and Exchange Commission (SEC) that would allow brokers to recommend products that benefit them as long as they disclose the conflict.
The package of rules, approved in a vote by the SEC, require brokerage firms to disclose potential conflicts of interests in the fees investors pay and the commissions brokers earn when giving financial advice.
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Source: Reuters
ARK Industrial ETF Morphing Into Autonomous Tech, Robotics ETF
September 9, 2019--The ARK Industrial Innovation ETF, an actively managed exchange traded sponsored by ARK Investment Management, is changing its name to "ARK Autonomous Technology & Robotics ETF."
Currently, ARKQ captures the converging industrial and technology sectors, capitalizing from autonomous vehicles, robotics, 3D printing, and energy storage technologies. Over the years, the $172 million fund has become known for impressive performances as well as being one of the ARK ETFs with large exposure to Tesla Inc.
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Source: etftrends.com
CBO-Monthly Budget Review for August 2019
September 9, 2019--The federal budget deficit was $1,067 billion for the first 11 months of fiscal year 2019, the Congressional Budget Office estimates-$168 billion more than the deficit recorded during the same period last year. Revenues were $102 billion higher and outlays were $271 billion higher than in the same period in fiscal year 2018.
Shifts in the timing of certain payments increased outlays in the first 11 months of this year by $52 billion; last year such shifts increased outlays by $28 billion. If not for those shifts, the increase in the deficit so far this year would have been $144 billion rather than $168 billion.
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Source: Congressional Budget Office
JP Morgan has created an index to track the effect of Trump's tweets on financial markets: 'Volfefe index'
September 8, 2019--Trump's market-moving tweets most often address trade and monetary policy, with keywords including "China," "billion' and "products."
J.P. Morgan's "Volfefe Index," named after Trump's infamous and still mysterious "covfefe" tweet, explains a measurable fraction of the moves in implied rate volatility for 2-year and 5-year Treasurys.
Out of about 4,000 non-retweets by Trump occurring during market hours from 2018 to the present, only 146 moved the market.
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Source: CNBC.com
