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Minutes of the Federal Open Market Committee-October 31-November 1, 2023
November 21, 2023--Developments in Financial Markets and Open Market Operations
The manager turned first to a review of developments in financial markets over the intermeeting period. Financial conditions continued to tighten, driven by higher yields on Treasury securities as well as by lower equity prices and a stronger dollar, which themselves partly reflected higher interest rates.
Because earnings expectations had held up well in recent months, the effect of higher interest rates on equity prices likely took place largely through valuations.
The rise since July in yields on longer-dated nominal Treasury securities was mostly attributable to increases in real yields. There were small increases in inflation compensation, but the levels of spot and forward rates were within historical ranges. The manager also noted that survey measures pointed to generally stable inflation expectations, especially at longer horizons, and that inflation expectations remained well anchored.
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Source: federalreserve.gov
Global X replaces chief executive of $39bn ETF manager
November 19, 2023--Luis Berruga helped build the Mirae subsidiary into one of sector's largest providers
Global X ETFs, the $39bn US asset manager owned by Mirae Asset Global Investments, is replacing its chief executive officer with an interim leader from the parent company.
Luis Berruga is stepping down effective from Monday after five years as CEO of Global X, the New York-based company confirmed.
He spent nearly 10 years in total with the company, a provider of more than 100 exchange traded funds known for its thematic offerings and which has become one of the 15 largest US ETF groups. Berruga joined the firm in 2014 as chief operating officer, became chief financial officer in 2015 and was promoted to president in 2018.
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Source: ft.com
With spot bitcoin ETFs looming, clock ticks on futures products
November 19, 2023--Two years ago the first US exchange traded fund linked to bitcoin became the fastest ETF to hit $1bn in assets. The ProShares Bitcoin Strategy ETF (BITO) now stands at $1.4bn, and it tracks the crypto token through futures.
This type of product has been the only way for US investors to add bitcoin ETFs to their portfolios, as regulators have not approved numerous applications to launch ETFs tracking the crypto token itself.
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Source: finance.yahoo.com
CoinShares Secures Strategic Option to Acquire Valkyrie Funds
November 16, 2023-- This option to acquire is the latest step in CoinShares' U.S. expansion, following the launch of Hedge Fund Solutions in September 2023.
CoinShares has also entered into a brand licensing agreement for Valkyrie's products notably its pending Bitcoin spot ETF.
Valkyrie will continue to operate as an independent entity until CoinShares decides to exercise its option which remains open until the end of Q1 2024.
CoinShares International Limited ("CoinShares" or "the Company", the leading European investment company specialising in digital assets, today announced it has secured an exclusive option to acquire Valkyrie Funds LLC ("Valkyrie Funds"), the U.S. digital asset manager's investment advisory business specialising in actively managed cryptocurrency exchange traded funds, from Valkyrie Investments Inc. ("Valkyrie Investments").
CoinShares' option to acquire Valkyrie Funds from Valkyrie Investments, is active from now until its expiry on 31 March 2024.
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Source: CoinShares International Limited
Amplify rolls out first SOFR-based ETF for income seekers
November 15, 2023--Amplify Investments teamed up with the asset management division of Korean conglomerate Samsung to launch a new actively managed exchange traded fund (ETF) designed to deliver returns tied to the Secured Overnight Financing Rate (SOFR).
The Amplify Samsung SOFR ETF , which debuted Wednesday, is the first ETF to track SOFR, the overnight interbank lending rate that has emerged as the U.S. replacement for the now-defunct Libor gauge of overnight borrowing interest costs.
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Source: reuters.com
SEC Delays Decision on HashDex Bitcoin Spot ETF Application, Grayscale Ether Futures Filing
November 15, 2023--Franklin Templeton also has an outstanding bitcoin ETF application with a Nov. 17 decision deadline.
The U.S. Securities and Exchange Commission (SEC) is delaying a decision on an application by Hashdex to convert its existing bitcoin futures exchange-traded fund (ETF) into a spot vehicle. The agency has also delayed action on Grayscale's attempt to launch a new futures-based ether ETF.
Hashdex filed to convert its bitcoin futures ETF into a spot bitcoin ETF in September. Grayscale (a subsidiary of CoinDesk parent Digital Currency Group) filed for its ether futures ETF that same month. Both filings faced initial deadlines of Nov. 17 for a decision, but the SEC today said it was extending this window, according to a pair of Wednesday filings.
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Source: coindesk.com
MFS, home of first-ever mutual fund, jumps into ETFs
November 15, 2023--Boston-based firm that created the mutual fund embraces fast-rising rival fund structure
MFS Investment Management plans to launch its first exchange traded funds as early as next year, the company has confirmed, bringing the largest holdout mutual fund manager in the US into the ETF market.
The move is particularly notable, given that the Boston-based house created the world's first mutual fund, the Massachusetts Investors Trust, in 1924.
"These ETFs will provide enhanced vehicle choice for clients to access the long-term value MFS creates," a spokesperson wrote in an email, noting that the ETFs will be transparent and actively managed.
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Source: ft.com
Fidelity files for Vanguard-style ETF share class
November 15, 2023--Vanguard's patent on the ability to offer ETF share classes of mutual funds expired in May
Fidelity has filed to adopt Vanguard's ETF multi-share class structure, becoming the third manager to do so.
In two filings with the Securities and Exchange Commission, the manager proposed allowing an unspecified number of open-end mutual funds to list ETF shares. Fidelity described the applicable funds as being "in general" actively managed and pursuing a total return investment mandate.
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Source: ft.com
Guardian Capital LP Launches ETF Series of Canadian and International Equity Funds
November 14, 2023--New ETF series provide greater access to key actively managed strategies
Guardian Capital LP (Guardian Capital) is pleased to announce the launch of an exchange traded fund (ETF) series for each of Guardian Canadian Focused Equity Fund and Guardian International Equity Select Fund (the Guardian Funds). The ETF series are expected to commence trading on the Toronto Stock Exchange (TSX) when the market opens this morning.
These two strategies have been available in mutual fund and separately managed account formats for many years, and these ETF series launches represent a continuation of Guardian Capital's ongoing effort to provide investors and their advisors with convenient access to institutional-quality investment mandates in various vehicle types that best suit their needs and preferences.
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Source: Guardian Capital LP
SEC Announces Enforcement Results for Fiscal Year 2023
November 14. 2023--Commission filed 784 enforcement actions, obtained orders for nearly $5 billion in financial remedies, and distributed nearly $1 billion to harmed investors
The Securities and Exchange Commission today announced that it filed 784 total enforcement actions in fiscal year 2023, a 3 percent increase over fiscal year 2022, including 501 original, or "stand-alone," end individuals from certain functions in the securities markets based on criminal convictions, civil injunctions, or other orders and 121 actions against issuers who were allegedly delinquent in making required filings with the SEC.
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Source: SEC.gov
