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IMF Working paper-Back to the Future: The Nature of Regulatory Capital Requirements
August 4, 2017--Summary
This paper compares the current regulatory capital requirements under the Dodd-Frank Act (DFA) and the 10-percent leverage ratio, as proposed by the U.S. Treasury and the U.S. House of Representatives' Financial CHOICE Act (FCA).
We find that the majority of U.S. banks would not qualify for an "off-ramp"option—where regulatory relief is offered to FCA qualifying banks (QBOs)-unless considerable amounts of capital are added, and that large banks are much closer to the proposed leverage threshold and, therefore, are more likely to stand to gain from regulatory relief.
The paper identifies an important moral hazard problem that arises due to the QBO optionality, where banks are likely to increase the riskiness of their asset portfolio and qualify for the FCA “off-ramp” relief with unintended effects on financial stability.
view the IMF Working paper-Back to the Future: The Nature of Regulatory Capital Requirements
Source: IMF
Industry Veterans Launch THE ETF: BILD PROJECT to Stimulate Discussion About the Future of Exchange Traded Fund Business
August 3, 2017--Four exchange traded fund and financial services veterans announced today the formation of the ETF BILD Project (Business Insights & Leadership Discussion Project) and release of the project's first position paper, Launching a Successful ETF, The Importance of Post Launch Activities.
The ETF BILD Project aims to be a catalyst for discussions on the most pressing issues faced by the professionals engaged in the ETF business from obstacles to innovation and barriers to growth as well as all regulatory, distribution, operational and marketing challenges.
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Source: ETF BILD Project
Invesco in talks to acquire Guggenheim ETF business: source
August 3, 2017--Invesco Ltd (IVZ.N) is in discussions to acquire part of the investment management business of Guggenheim Partners LLC, including its exchange-traded funds (ETF) business, according to a person familiar with the matter.
The discussions are fluid and a deal is not close to being finalized, according to the person, who was not authorized to discuss the matter publicly.
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Source: Reuters
WisdomTree Cross-Lists 3 Additional UCITS ETFs in Mexico
August 3, 2017--10 Total UCITS ETFs Now Listed in Latin America
WisdomTree Investments, Inc. (NASDAQ:WETF), an exchange-traded fund ("ETF") and exchange-traded product ("ETP") sponsor and asset manager, today announced that three WisdomTree UCITS ETFs have been listed on The Mexican Stock Exchange, Bolsa Mexicana de Valores (BMV), S.A.B. de C.V.
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Source: WisdomTree
Bats Takes a Swing at NYSE and Nasdaq in Closing Auctions Spat
August 3, 2017--Bats, the CBOE Holdings Inc-owned exchange operator, lambasted the New York Stock Exchange and Nasdaq Inc over their criticism of a Bats plan to compete for end-of-day stock orders, calling it disingenuous in a letter to regulators.
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Source: NY Times
CBOE Holdings Reports July 2017 Trading Volume
August 3, 2017--CBOE Holdings, Inc. (BATS: CBOE|NASDAQ: CBOE) today reported July monthly trading volume and average revenue per contract (RPC)/net revenue capture data at www.cboe.com/monthlyvolrpc.
The data sheet "CBOE Holdings Monthly Volume & RPC/Net Revenue Capture Report" contains an overview of July statistics for options (Chicago Board Options Exchange® (CBOE®), C2 Options Exchange (C2), BZX® and EDGX®); CBOE Futures Exchange (CFE®); U.S. equities (BZX®, BYX®, EDGA®, EDGX®); global FX (Bats Hotspot); and European equities. Data sheets are also available on an as reported basis for 2017 and on a combined basis for 2016.
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Source: CBOE Holdings, Inc
Fund of Funds Investor Loses Appeal on Excessive Fee Case-Investment Management Update
August 2, 2017--On July 24, 2017, the U.S. Court of Appeals for the Eighth Circuit affirmed a district court's finding that a shareholder in a mutual fund operating as a fund of funds does not have standing to sue the fund's investment adviser under Section 36(b) of the Investment Company Act of 1940 for fees charged by the underlying funds owned by the fund of funds.
The plaintiff invested in a fund of funds advised by the investment adviser, who also advised the underlying funds in which the fund of funds invested. Section 36(b) allows fund shareholders to bring an action against the fund's investment adviser for excessive fees it receives from the fund. In this case, the plaintiff did not allege that the investment adviser breached its duty under Section 36(b) with respect to the fund of funds, but rather as a result of the fees charged by the underlying funds in which the fund of funds invested.
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Source: ThompsonHine.com
Transamerica Debuts DeltaShares, a New Suite of Strategic Beta ETFs Designed to Help Investors Manage Risk and Achieve Long-Term Goals
August 2, 2017--Transamerica Asset Management, Inc. today launched the DeltaShares by Transamerica suite of strategic beta exchange-traded funds (ETFs). The DeltaShares suite includes four ETFs designed to provide core equity strategies with an embedded risk-management feature.
DeltaShares by Transamerica are the first and only suite of ETFs that track the S&P Managed Risk 2.0 Index Series so that investors can track the performance of a given segment of the equity market while seeking to control volatility.
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Source: Transamerica
CFTC.gov Swaps Report Update
August 2, 2017--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
U.S. commodity funds post biggest outflows of 2017-ICI
August 2, 2017--U.S.-based commodities funds posted the largest withdrawals of 2017, bleeding $1.2 billion during the latest week and sending a contrarian signal to rising
oil and gold markets, Investment Company Institute (ICI) data
showed on Wednesday.
Crude oil futures and gold have both generated more than 4 percent returns apiece over the last month, but
withdrawals accelerated for U.S. funds heavily invested in those
assets.
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Source: Reuters
