Americas ETP News
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Bitcoin Slumps Below $28K as Yields Spike; Ether Futures ETFs Fizzle on Lukewarm Investor Interest
October 2, 2023--Bitcoin slumped below $28,000, and ether dipped below $1670.
Bitcoin (BTC) ended the first U.S. trading day of the week in the green, but it gave up some gains as the U.S. 10-year yield spiked to its highest level in more than 16 years.
In the last 24 hours, the world's largest digital asset dipped into the red and is down by 1.57%. Meanwhile, the much-hyped ether futures exchange-traded funds (ETFs) failed to capture the interest of investors, with low volumes reported on their first day of trading.
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Source: coindesk.com
IMF Working Paper-Identifying News Shocks from Forecasts
September 29, 2023--We propose a method to identify the anticipated components of macroeconomic shocks in a structural VAR. We include empirical forecasts about each time series in the VAR. This introduces enough linear restrictions to identify each structural shock and to further decompose each one into "news" and "surprise" shocks.
We estimate a VAR on US time series using forecast data from the SPF, CBO, Federal Reserve, and asset prices.
Unanticipated fiscal stimulus and interest rate shocks we identify have typical effects that match existing evidence. In our news-surprise decomposition, we find that news drives around one quarter of US business cycle volatility. News explains a larger share of the variance due to fiscal shocks than for monetary policy shocks. Finally, we use the news structure of the shocks to estimate counterfactual policy rules, and compare the ability of fiscal and monetary policy to moderate output and inflation. We find that coordinated fiscal and monetary policy are substantially more effective than either tool is individually.
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Source: imf.org
ETFGI reports ETFs industry in the United States gathered net inflows of US$15.37 billion US in August
September 25, 2023- ETFGI, a leading independent research and consultancy firm covering trends in the global ETFs ecosystem, reported today that the ETFs industry in the United States gathered US$15.37 billion in net inflows during August, bringing year-to-date net inflows to US$300.04 billion.
Assets have increased 14.5% year-to-date in 2023, going from $6.51 trillion at end of 2022 to $7.45 trillion, according to ETFGI's August 2023 US ETFs and ETPs industry landscape insights report, the monthly report which is part of an annual paid-for research subscription service. (All dollar values in USD unless otherwise noted.)
Highlights
ETFs industry in the United States gathered net inflows of $15.37 Bn in August.
YTD net inflows of $300.04 Bn are the third highest on record, while the highest recorded YTD net inflows are of $594.41 Bn for 2021 and YTD net inflows of $386.21 Bn in 2022.
16th month of consecutive net inflows.
Assets of $7.45 Tn invested in the ETFs industry in the United States in August.
Assets increased 14.5% YTD in 2023, going from $6.51 Tn at end of 2022 to $7.45 Tn.
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Source: ETFGI
Nick King appointed to lead Robeco's ETF introduction
September 25, 2023--Robeco today announces the appointment of Nick King as Head of Exchange Traded Funds (ETFs), as per October. As part of its 2021-2025 Strategy, Robeco is planning to expand its current investment capabilities with an ETF platform.
Nick King brings valuable experience to Robeco, having previously served in senior roles at Fidelity International and BlackRock, where he specialized in ETF product development, portfolio management, and distribution across various asset classes. King's expertise will be key in steering Robeco's development into the ETF market.
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Source: robeco.com
VanEck commodities ETF highlights complexities of investing
September 24, 2023--CMCI investors have to take views on inflation expectations, the transition economy and how long they plan to hold it
VanEck's decision last month to launch an exchange traded fund version of its $570mn constant maturity commodities index mutual fund highlights some of the issues around using such ETFs.
Despite VanEck's strong conviction in the strategy, it has taken it 13 years since the launch of the mutual fund to unveil an ETF version.
"Following a difficult bear market in commodities that began in the middle of the last decade, we are excited to expand our offerings to those investors that prefer the features of exchange traded funds, such as intraday liquidity, at a time when more investors are considering the merits of commodities in their portfolio," said Brandon Rakszawski, senior ETF product manager at VanEck.
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Source: ft.com
SEC Charges Citadel Securities for Violating Order Marking Requirements of Short Sale Regulations
September 22, 2023--The Securities and Exchange Commission today announced settled charges against broker-dealer Citadel Securities LLC for violating a provision of Regulation SHO, the regulatory framework designed to address abusive short selling practices, which requires broker-dealers to mark sale orders as long, short, or short exempt.
These records are routinely used by regulators in policing prohibited short selling activity. To settle the SEC's charges, Miami-based Citadel Securities agreed to pay a $7 million penalty.
According to the SEC's order, for a five-year period, it is estimated that Citadel Securities incorrectly marked millions of orders, inaccurately denoting that certain short sales were long sales and vice versa. The SEC's order finds that the inaccurate marks resulted from a coding error in Citadel Securities's automated trading system and that the firm provided the inaccurate data to regulators, including the SEC during this period.
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Source: SEC.gov
Goldman to Pay SEC $6 Million in Penalties for Providing Deficient Blue Sheet Data
September 22, 2023--The Securities and Exchange Commission today announced settled charges against Goldman Sachs & Co. LLC for failing to provide complete and accurate securities trading information, known as blue sheet data, to the SEC. Goldman agreed to pay a $6 million penalty to resolve the SEC's charges.
According to the SEC's order, over a period of approximately ten years, Goldman made more than 22,000 deficient blue sheet submissions to the SEC. The order finds that, as a result of 43 different types of errors, these submissions contained missing or inaccurate trade data for at least 163 million transactions. The order further finds that Goldman lacked adequate processes to verify the accuracy of its electronic blue sheet submissions.
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Source: SEC.gov
Securities lending earnings dwarf fees in some ETFs
September 22, 2023--Bonanza for the niche thematic funds arose because the stocks they owned were tumbling in value
Unusually large securities lending revenues at a clutch of exchange trade funds dwarfed their annual management fees by a factor of five last year.
However, the bonanza may have come as cold comfort to investors, because the strong demand to borrow the ETFs' stocks was due to the fact they were tumbling in value- leaving investors badly out of pocket in spite of the windfall.
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Source: ft.com
Matthews Launches Five New Active ETFs to Provide Greater Customization in Emerging Markets
September 22, 2023--Matthews further enhanced its Emerging Markets leadership in Active ETFs today with the launch of five new actively managed exchange-traded funds (ETFs) on the New York Stock Exchange. Following the launch of its Active ETFs platform last year, this will bring the firm's suite of Emerging Market and Asia-focused ETFs to 10.
"At Matthews, we are pragmatic, skeptical, risk-aware, and fact-based in our analysis of investment opportunities. Sophisticated investors have long sought Emerging Market exposure, for returns and diversification," said Cooper Abbott, CEO of Matthews.
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Source: Matthews Asia
AllianceBernstein Launches AB US Large Cap Strategic Equities ETF (LRGC) on NYSE Arca
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September 20, 2023--AllianceBernstein Holding L.P. (NYSE: AB) and AllianceBernstein L.P., a leading global investment management and research firm, announced today the launch of AB U.S. Large Cap Strategic Equities ETF (LRGC) as an active exchange-traded fund (ETF) on the New York Stock Exchange (NYSE).
Global trading firm Jane Street will be the Lead Market Maker on this product and will bring extensive industry experience and pricing expertise to AB's ETFs.
"The launch of AB U.S. Large Cap Strategic Equities ETF demonstrates our continued commitment to innovation and growth in order to meet evolving client needs," said AB's Global Head of ETFs and Portfolio Solutions Noel Archard.
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Source: AllianceBernstein
