Americas ETP News
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Renaissance Capital's IPO Week Ahead: IPO market is back in session with 4 deals
September 9, 2016--After four weeks without a single IPO, the US IPO market is back from its annual August pause. Four deals are on the IPO calendar to raise $690 million in the week ahead, including:
The first energy IPO in over a year, an MLP with a 7.5% annualized yield
A VC-backed tech company (2016's tech IPO class is up over +100% on average)
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Source: Renaissance Capital
Deutsche Bank faces $2.4-bn US settlement
September 9, 2016--Deutsche Bank is expected to receive a demand for more than $2.4 billion from US authorities in settlement of an investigation into past misspelling of mortgage-backed securities, a German monthly magazine reported.
The US Department of Justice (DoJ) is expected to send Deutsche Bank a statement of facts stretching to about 100 pages early next week, manager magazine said, adding that the document will specify how much Deutsche must pay to settle the case.
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Source: business-standard.com
ProShares to Remove Four ETFs from Bats Competitive Liquidity Program
September 9, 2016--ProShares announced today that it would remove four of its ETFs from the Bats Exchange Competitive Liquidity Providers (CLP) Program after market close on Sept. 30, 2016.
The funds will be moving to the Bats Lead Market Maker (LMM) Program on Oct. 3, 2016.
The four ETFs moving from the Bats CLP program to the Bats LMM program are:
Global Listed Private Equity ETF (PEX)
Merger ETF (MRGR)
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Source: ProShares
Provision to kill DOL fiduciary rule included in new bill to replace Dodd-Frank
September 9, 2016--Measure also contains requirement for SEC to conduct 'rigorous' cost-benefit analysis before proposing its own fiduciary-advice rule
Republican lawmakers haven't given up on trying to kill a Labor Department rule that would change investment advice standards for retirement accounts.
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Source: investmentnews.com
Bats ETF Marketplace Welcomes iShares ETF Tracking the MSCI USA Small Cap Minimum Volatility Index
Bats has won 26% of new 2016 listings vs 9% in 2015
September 9, 2016--Bats Global Markets, Inc. (Bats: BATS), the #1 U.S. market for exchange-traded fund (ETF) trading, today welcomed the iShares Edge MSCI Min Vol USA Small-Cap ETF (Bats: SMMV) to the Bats ETF Marketplace.
The new issue seeks to track the investment results of the MSCI USA Small Cap Minimum Volatility (USD) Index.
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Source: Bats Global Markets
Fed looks to clip banks' investment wings
September 8, 2016--Lobby groups denounce effort to stop institutions taking big equity stakes in non-financial companies
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Source: FT.com
CBO-Monthly Budget Review for August 2016
September 8, 2016--The federal budget deficit was $622 billion for the first 11 months of fiscal year 2016, CBO estimates-$92 billion more than the shortfall recorded during the same period last year.
Revenues and outlays alike were higher than they were last year, but outlays rose much more.
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Source: Congressional Budget Office (CBO)
Why Is CBO's Projection of GDP Growth Slower Than Past Rates of Growth?
September 8, 2016--Yesterday, we reviewed the economic forecast included in An Update to the Budget and Economic Outlook: 2016 to 2026, released by CBO on August 23.
In that blog post, we discussed a number of uncertainties in the forecast and roughly quantified the range of possible outcomes over the next five years. Today, we compare CBO's economic forecast with historical experience and discuss reasons why economic growth in coming years is projected to diverge significantly from historical trends.
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Source: Congressional Budget Office (CBO)
Goldman Sachs Asset Management Launches TreasuryAccess Exchange-Traded Fund
September 8, 2016--The Goldman Sachs TreasuryAccess 0-1 Year ETF (Ticker: GBIL) Offers Efficient Access to Short-term Treasuries by One of the Market's Fastest Growing ETF Providers
GSAM today announced the launch of GBIL, the first ETF to offer same-day settlement of creations and redemptions in the short-term US Treasury market.
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Source: Goldman Sachs Asset Management
VanEck Announces Changes to VanEck Vectors ETF Product Line
September 8, 2016--VanEck, one of the largest providers of exchange traded funds ("ETFs") in the U.S. and worldwide with more than $39 billion in assets under management as of July 31, 2016, announced today that it plans to close and liquidate two VanEck Vectors ETFs.
On September 7, 2016, the Board of Trustees of VanEck Vectors ETF Trust approved the liquidation and dissolution of the following funds (the "Funds"):
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Source: VanEck
