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Labor Department Says Do-Good Investments Are Not Always 'Prudent'
April 24, 2018--Trump administration clarifies guidelines for retirement funds
ESG investors say rules could sow confusion among managers
The Trump administration unveiled guidance aimed at the burgeoning socially-responsible investment industry that left some investors scratching their heads.
The Department of Labor, which oversees retirement-plan funds, published guidelines on Monday that said investments based on environmental, social and governance issues aren't always a "prudent choice" and that such factors shouldn't "too readily" be considered as economically relevant by fiduciaries.
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Source: Bloomberg
SEC rule would create distinct but 'comparable' regimes for RIAs and broker-dealers
April 24, 2018--The SEC is trying to avoid a wholesale disruption of brokerage industry, but firms could face a major overhaul of their compliance programs should the regulator's proposed best interest standard for brokers become rule.
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Source: financial-planning.com
AdvisorShares Weekly Market Review-Markets Don't Close 4/20 On A High
April 23, 2018--Highlights of the Prior Week Ending 4/20/2018
Macro
Domestic equity markets started strong last week but struggled into Friday's close managing to hold some gains. The Dow Jones Industrial Average was up 0.40%, the S&P 500 gained 0.50% and the NASDAQ added 0.60%.
Barron's devoted a lot of pixels to the latest goings on with the slope of the yield curve. Earlier in the week the 2-10 treasury spread got close to 40 basis points before widening out to 49 basis points at the end of the week. This is something we have been closely following here for months. It is important to understand at a basic level why yield curve dynamics are so important. When the curve is positively sloped, which is the normal relationship, then access to capital is easier from the standpoint that lending money is a profitable endeavor for the banks. Accessing capital is crucial for growth, plant expansion, capacity expansion and so on.
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Source: AdvisorShares
The $5tn ETF market balances precariously on outdated rules
April 23, 2018-- In 25 years, the exchange-traded fund has become one of the most popular financial innovations of the modern era.
In 2016, seven of the 10 most actively traded US securities were ETFs. But the sector is a regulatory backwater. Even though these funds pose distinctive risks and the industry continues to...
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Source: FT.com
Cboe Working to Improve VIX Settlement Process After Wild Swing
April 23, 2018--Exchange says allegations of manipulation have no merit
Buy-order imbalance responsible for last week's swing
Cboe Global Markets Inc. said it is looking at ways to improve the settlement process for its Cboe Volatility Index, whose swings before expiration have been looked upon with suspicion in the market.
Allegations of manipulation are "without merit," the Chicago-based exchange operator said in a letter to customers and traders that was included in a filing Monday.
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Source: Bloomberg
Nasdaq proposes letting companies decide where their shares trade
April 23, 2018--Nasdaq Inc (NDAQ.O) on Monday said it will ask regulators to let it give thinly-traded companies that list on its main U.S. stock exchange a choice as to whether their shares can be traded on other exchanges, with the aim of making it easier for investors to buy the stocks.
There are 13 U.S. stock exchanges and currently, regardless of where a company is listed, its shares trade on all of them, as well as around 40 private broker-run trading venues. Critics say this fragments trading activity, making it more difficult for buyers and sellers to find each other.
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Source: Reuters
Renaissance Capital-Scheduled U.S. IPOs this week
April 20, 2018--Scheduled U.S. IPOs-Week of 04/23/18
DocuSign (DOCU)-San Francisco, CA
Deal Size: $542 mil
Exchange: Nasdaq
Lead Underwriter: Morgan Stanley
Provides a cloud-based electronic signature platform.
Ceridian HCM Holding (CDAY)-Minneapolis, MN
Deal Size: $420 mil
Exchange: NYSE
Lead Underwriter: Goldman Sachs
Provides enterprises with human capital management software.
IPO Commentary
How do listed companies perform with a US IPO?
US equity markets are an attractive source of capital and liquidity, even for companies that are already listed on foreign exchanges or the OTC markets. Frankfurt-listed MorphoSys (MOR) began trading...read more
The number of 2018 US tech IPOs will double over the next 10 days A wave of US tech IPOs has taken over the April IPO calendar. Five US tech companies are going public over the next 10 days, more than...read more
IPO Index Performance
The Renaissance IPO Index has returned 3.2% so far this year,
compared to 0.7% for the S&P 500.view more
Source: Renaissance Capital
CFTC.gov Commitments of Traders Reports Update
April 20, 2018--The current reports for the week of April 20, 2018 are now available.
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Source: CFTC.gov
Thomson Reuters U.S. Fund-Flows Weekly Report: Net Outflows From Money Markets Funds Dominate
April 20, 2018--Thomson Reuters Lipper's fund asset groups (including both mutual funds and ETFs) suffered net outflows of $24.5 billion for the fund-flows week ended Wednesday, April 18. Money market funds (-$34.9 billion) were responsible for the lion's share of the net-negative flows, and municipal bond funds (-$515 million) experienced a limited amount of net outflows.
Taxable bond funds (+$6.3 billion) and equity funds (+$4.6 billion) both saw their coffers grow for the week.
Market Overview
The start of the Q1 2018 corporate earnings season drove the markets to impressive gains for the week, with the S&P 500 Index and the Dow Jones Industrial Average appreciating 2.51% and 2.31%, respectively. It was the first time this year that both indices returned more than 2.0% for a fund-flows trading week. An optimistic view toward first quarter earnings was the driving factor behind much of these gains as consensus estimates indicated S&P 500 companies were expected to grow earnings at greater than 17.0%—the highest level since 2011.
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Source: Thomson Reuters
CFTC.gov Swaps Report Update
April 19, 2018--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
