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SEC Proposes FAIR Act Rules to Promote Research Reports on Investment Funds
May 23, 2018--The Securities and Exchange Commission today proposed rules and amendments that would promote research on mutual funds, exchange-traded funds, registered closed-end funds, business development companies, and similar covered investment funds.
The proposal would reduce obstacles to providing research on investment funds by harmonizing the treatment of such research with research on other public entities.
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Source: SEC.gov
Research Affiliates-Food for Thought: Integrating vs. Mixing
May 23, 2018--Key Points
The diversified approach of a multi-factor strategy offers a "smoother ride" through economic and market cycles than a single-factor strategy.
Investors should consider both the quantitative and qualitative characteristics of the two most popular multi-factor strategy construction methods-mixing and integrating-before deciding which is best suited for achieving their desired investment outcome.
Integrating can be a good candidate for a quant active strategy when high active risk is allowed, capacity is not the primary concern, and sophisticated implementation can mitigate trading cost concerns.
Investors who value full transparency, diversification, minimal governance oversight, and low fees, should find a mixing multi-factor index strategy a sensible choice.
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Source: Research Affiliates
BetaShares-How high will US bond yields rise?
May 23, 2018--Last week's technical break higher in US 10-year bond yields has understandably led to concerns that rates could head much higher and potentially undermine equity valuations. Against this background, this note assesses the outlook for both US bond yields and the equity market.
Going Up: US 10-year Yields break the 3% barrier
After trading largely sideways over 2017, US 10-year bond yields have resumed their uptrend so far this year and only recently broke through the psychologically important 3% barrier.
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Source: BetaShares
Harvest Completes Rebalance of its Blockchain Technologies ETF
May 23, 2018--Harvest Portfolios Group Inc. ("Harvest") completed the quarterly rebalance of the portfolio holdings of the Blockchain Technologies ETF ("HBLK") on May 18, 2018.
HBLK was the first blockchain ETF launched in Canada and seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of the Harvest Blockchain Technologies Index. The Harvest Blockchain Technologies Index has been designed to track the performance of issuers exposed to the development and implementation of blockchain technologies.
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Source: Harvest Portfolios Group Inc.
BRIEF-NYSE To Launch FANG+ Options On June 4; Offers Efficient Hedging And Exposure To Basket Of Key Tech Stocks
May 23, 2018--NYSE TO LAUNCH FANG+ OPTIONS ON JUNE 4; OFFERS EFFICIENT HEDGING AND EXPOSURE TO BASKET OF KEY TECH STOCKS
INTERCONTINENTAL EXCHANGE-NYSE FANG+ INDEX OPTION CONTRACT WILL TRADE IN U.S. EXCLUSIVELY ON NYSE’S OPTIONS MARKETS, NYSE ARCA & NYSE AMERICAN
INTERCONTINENTAL EXCHANGE INC-NYSE FANG+ INDEX IS EQUAL-WEIGHTED & CONSISTS OF TEN STOCKS
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Source: Reuters
Minutes of the Federal Open Market Committee May 1-2, 2018
May 23, 2018--Developments in Financial Markets and Open Market Operations
The manager of the System Open Market Account (SOMA) provided a summary of domestic and global financial developments over the intermeeting period. Broad measures of financial conditions had tightened somewhat in recent weeks, with U.S. equity prices lower, the foreign exchange value of the dollar moderately higher, and longer-term Treasury yields up a little.
Market participants pointed to a range of factors contributing to the decline in stock prices, including concerns about the outlook for trade policy both in the United States and abroad, the potential for increased regulatory oversight of U.S. technology companies, and incoming data suggesting some moderation in global economic growth. The rise in nominal U.S. Treasury yields was associated with an increase in inflation compensation that, in turn, seemed to reflect a firming in inflation data as well as a notable rise in crude oil prices.
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Source: federalreserve.gov
CFTC Staff Issues Advisory for Virtual Currency Products
May 22, 2018--The Commodity Futures Trading Commission's (CFTC) Division of Market Oversight (DMO) and Division of Clearing and Risk (DCR) today issued a joint staff advisory that gives exchanges and clearinghouses registered with the CFTC guidance for listing virtual currency derivative products.
"The CFTC staff is committed to providing regulatory clarity as much as possible," said DMO Director Amir Zaidi. "As the virtual currency market continues to evolve, CFTC staff will seek to provide additional guidance to help market participants keep pace with innovation while complying with CFTC regulations."
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Source: CFTC.gov
BMO Canadian ETF Dashboard-as of April 30, 2018
May 22, 2018--For the month of April, Canadian ETF industry assets under management stood at $153.3 billion, an increase of $1.2 billion over the previous month.
The increase was driven by inflows of $710 million. The top three inflows categories were U.S. Equity, International Equity and Global Fixed Income. The top-selling BMO ETFs were ZSP, ZCN and ZWB. AUM stood at $48.4 billion. On May 8, BMO ETFs launched BMO Global Communications Index ETF (Ticker: COMM), the first ETF in Canada to provide exposure to new media and technology companies.
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Source: BMO
CFTC Opens Access for U.S. Customers to Trading in Australian Markets
May 22, 2018--The Commodity Futures Trading Commission (CFTC) today announced the approval of Australian Securities Exchange Limited's (ASX 24) application to permit direct access for U.S. customers to trade on its platform.
By this order, issued May 15, 2018, ASX 24, a foreign board of trade (FBOT) is registered with the CFTC and allowed to permit members and other participants in the U.S. to trade by direct access on the exchange without having to trade through an intermediary.
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Source: CFTC.gov
Exclusive: Citadel Securities ups ETF game as part of growth push
May 22, 2018--Citadel Securities LLC has entered the lead market making business with a small list of exchange-traded funds, and is doubling down on hiring and analytics in 2018 to keep an edge over rival electronic trading firms, according to sources and an internal memo.
A bout of volatility early this year after a two-year lull fueled record trading revenue for the privately held firm in February. Chief Executive Peng Zhao told employees in an early March memo seen by Reuters that Citadel plans to focus on adding expertise in existing and new businesses including ETFs, arbitrage, options, fixed income, currencies and commodities and low-latency trading.
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Source: Reuters
