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AdvisorShares-This Week in Active ETFs: Using Volatility the Wrong Way Can Hurt Returns
March 19, 2018--AdvisorShares Weekly Market Review-Week Ending 3/16/2018
March Magic!
Macro
You know the saying about never being given more than you can handle? Markets might be getting tested on that point as the trend of increased political volatility continues to accelerate. Last week Rex Tillerson was fired via Twitter then news of HR McMaster's ouster being imminent.
This sort of turnover in the inner circle of the executive branch is as far as we know, unprecedented and it is also unanalyzable in terms of impact on markets. It won't matter, unless it matters.
Markets did not panic by any means but they did drift lower for the week. The Dow Jones Industrial Average fell 1.3%, the S&P 500 declined 1.2%,the NASDAQ dropped 1.4% and the Russell 2000 was down 0.7%. Despite the modest declines, the CBOE Volatility Index was only modestly higher on the week, closing Friday at 15.80.
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Source: AdvisorShares
Has the Cryptocoin Market Met Its Match in the SEC?
March 18, 2018--More than 180 coin offerings in March are expected to raise $795 million, a 45% decline from February's total
Regulators looking into potentially widespread violations in cryptocurrency markets have taken a bite out of the once-soaring investor demand for token deals.
While the pace of new proposed initial coin offerings has remained near record levels, there has been a marked deceleration in the amount of money being raised and a change in the source of the capital being provided.
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Source: Wall Street Journal
CFTC.gov Commitments of Traders Reports Update
March 16, 2018--The current reports for the week of March 13, 2018 are now available.
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Source: CFTC.gov
Renaissance Capital Scheduled U.S. IPOs
March 16, 2018--Dropbox (DBX)-San Francisco, CA
Deal Size: $612 mil Exchange: Nasdaq
Lead Underwriter: Goldman Sachs
Provides a web-based cloud storage and collaboration platform
Sunlands Online Education Group(STG)- China
Deal Size: $162 mil Exchange: NYSE
Lead Underwriter: Goldman Sachs (Asia)...
IPO Commentary
Spotify could be worth $25 billion. Or $9 billion.
Spotify Technology (SPOT) filed an updated prospectus disclosing that 3.0 million shares.
IPO Index Performance
The Renaissance IPO Index has returned 4.8% so far this year,
compared to 2.8% for the S&P 500.
IPOUSA
IPO Activity
There have been 33 IPOs priced so far this year, a +43% change from last year.
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Source: Renaissance Capital
Thomson Reuters U.S. Weekly FundFlows Insight Report: Equity Funds Attract Net New Money for the Week in Spite of Fears of Inflation and a Trade War
March 15, 2018--For the first week in four investors were net redeemers of fund assets (including those of conventional funds and ETFs), withdrawing $291 million. However, the headline number was a bit misleading.
While fund investors were net redeemers of money market funds (-$24.2 billion), they padded the coffers of equity funds (+$20.4 billion), taxable bond funds (+$3.2 million), and municipal bond funds (+$339 million) for the fund-flows week ended March 14, 2018.
Despite concerns that U.S. tariffs could ignite a trade war and possibly stall global and U.S. economic growth, investors cheered a stronger-than-expected February nonfarm payrolls report, cautiously pushing up select market indices ahead of next week's FOMC meeting.
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Source: Thomson Reuters
Research Affiliates-Performance Measurement: How to Do It If We Must
March 15, 2018--Key Points
Investment professionals can overdo performance measurement simply because technology makes it so easy and it seems a worthwhile task to constantly gauge if clients are on the path to meeting their long-term financial goals.
Too often, however, "doing something" based on short-term performance measurement can degrade the long-term performance potential of a portfolio by chasing recent winners.
If we must regularly assess performance, let's focus on performance relative to expectation distributions, such as a strategy's expected tracking error of returns relative to its benchmark.
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Source: Research Affiliates
ETFs not to blame for market turbulence, says BNY Mellon
March 14, 2018--Industry will recover with global assets hitting $6tn despite recent outflows
The exchange traded fund industry is being defended from accusations that it helped to cause last month's global markets turbulence, despite a slump in investor interest and mounting scrutiny of the role played by passive investments.
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Source: FT.com
Cboe Signals Big Plans for Trading Cryptocurrency Derivatives
March 14, 2018--Digital currencies are 'here to stay,' Cboe's president says
Nasdaq is intrigued by Bitcoin, but needs to differentiate
Cboe Global Markets Inc., an exchange that's quickly become one of the biggest believers in cryptocurrencies, wants to expand beyond Bitcoin futures.
Introduced in December, Cboe's Bitcoin contracts trade thousands of times a day, representing tens of millions of dollars of the digital currency. It wants to introduce derivatives contracts on other cryptocurrencies.
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Source: Bloomberg
Exchanges' Fees and Rebates Could Get a Cut
March 14, 2018--SEC proposes test on trading without system of incentives that have been criticized.
A system of fees and rebates that promotes trading in stocks would be reduced under a pilot program proposed by regulators on Wednesday.
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Source: Wall Street Journal
CFTC.gov Swaps Report Update
March 14, 2018--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
