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SEC urged to rein in single-stock leveraged and inverse ETFs
December 15, 2022--The regulator should impose more restrictions, members of its Investor Advisory Committee say
The Securities and Exchange Commission should prevent leveraged and inverse single-stock exchange traded funds from being called ETFs, members of its Investor Advisory Committee have said.
The single-stock ETFs, which provide leveraged or inverse exposure to just one stock, should be required to disclose more information than other ETFs about their risks and uses, said panellists at a meeting of the committee. They should also be subject to more restrictions, they said.
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Source: SEC.gov
SEC Proposes Regulation Best Execution
December 14, 2022--The Securities and Exchange Commission today proposed Regulation Best Execution, which would establish through Commission rules a best execution regulatory framework for brokers, dealers, government securities brokers, government securities dealers, and municipal securities dealers.
While a best execution rule was first established in 1968 by the National Association of Securities Dealers, Inc., the predecessor to the Financial Industry Regulatory Authority, Inc., the proposed rule, if adopted, would create the first SEC-established rule concerning best execution.
"I am pleased to support this proposal because, if adopted, it would help ensure that brokers have policies and procedures in place to uphold one of their most important obligations: to seek best execution when trading securities, whether equities, fixed income, options, crypto security tokens, or other securities," said SEC Chair Gary Gensler.
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Source: SEC.gov
SEC Proposes Rules to Amend Minimum Pricing Increments and Access Fee Caps and to Enhance the Transparency of Better Priced Orders
December 14, 2022--The Securities and Exchange Commission today proposed to amend certain rules under Regulation NMS to adopt variable minimum pricing increments, or "tick sizes," for the quoting and trading of NMS stocks, reduce access fee caps for protected quotations, and accelerate the transparency of the best priced orders available in the market.
The proposed amendments are designed to enhance trading opportunities for all investors and to help ensure that orders placed in the national market system reflect the best prices available for all investors.
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Source: SEC.gov
SEC Proposes Amendments to Enhance Disclosure of Order Execution Information
December 14, 2022--The Securities and Exchange Commission today proposed amendments that would update the disclosure required under Rule 605 of Regulation NMS for order executions in national market system stocks, which are stocks listed on a national securities exchange. Rule 605 was adopted in 2000 and provides visibility into execution quality at different market centers.
It has not been substantively updated since it was adopted.
"In the 22 years since Rule 605 was adopted, our equity markets have been transformed by ever-changing technologies and business models," said SEC Chair Gary Gensler. "Current Rule 605 disclosures have not kept up with our markets and provide investors with an incomplete picture of execution quality. SEC Adopts Amendments to Modernize Rule 10b5-1 Insider Trading Plans and Related Disclosures
"About 20 years ago, the SEC established Exchange Act Rule 10b5-1. This rule provided affirmative defenses for corporate insiders and companies to buy and sell company stock as long as they adopted their trading plans in good faith- before becoming aware of material nonpublic information," said SEC Chair Gary Gensler. view more Muni-Bond ETFs Lure $28 Billion as Mutual Funds Bleed Cash view more JPMorgan to give $1.7bn in active ETFs a passive makeover The three funds are the firm's $1.2bn US Aggregate Bond ETF, $418mn High Yield Research Enhanced ETF and $43mn Corporate Bond Research Enhanced ETF.
view more First Leveraged Single-Stock ETFs Launch On: Meta, Alibaba & Nvidia
Fund Name: GraniteShares 1.5X Long META Daily ETF view more Bond Investors Swap Mutual Funds for ETFs at Record Pace view more
CBO-Monthly Budget Review: November 2022
Outlays in the new fiscal year were reduced by the shift of certain payments-totaling $63 billion-from October 1, 2022 (the first day of fiscal year 2023), into fiscal year 2022 because October 1 fell on a weekend. If not for that, the deficit so far in 2023 would have been $399 billion, $42 billion greater than the shortfall in the first two months of fiscal year 2022.
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Source: SEC.gov
December 14, 2022--The Securities and Exchange Commission today adopted amendments to Rule 10b5-1 under the Securities Exchange Act of 1934 and new disclosure requirements to enhance investor protections against insider trading. The amendments include updates to Rule 10b5-1(c)(1), which provides an affirmative defense to insider trading liability under Section 10(b) and Rule 10b-5.
Collectively, the final rules aim to strengthen investor protections concerning insider trading and to help shareholders understand when and how insiders are trading in securities for which they may at times have material nonpublic information.
Source: SEC.gov
December 13, 2022--Citigroup says market volatility catalyst to greater adoption
Low costs and model portfolios also spur adoption, bank says,br>Market volatility supercharged the growth of municipal-bond exchange traded funds in 2022 at the expense of open-end mutual funds, which may lose some of those assets for good.
Despite the worst market rout in 40 years, investors plowed a record $27.8 billion into municipal-bond ETFs this year, a striking contrast to open-end funds which lost more than $130 billion. As much as half the inflows came from mutual fund holders selling shares at a loss to offset gains and swapping into ETFs, according to estimates by Drew Pettit, director of ETF analysis and strategy at Citigroup Inc.
Source: bloomberg.com
December 13, 2022--The funds will have their management fees reduced, disclosures show
JPMorgan will give three actively managed ETFs with a combined $1.7bn in assets a passive makeove, filings show.
The ETFs will become part of JPMorgan's BetaBuilders family of traditional cap-weighted strategies covering various countries and regions, the firm disclosed on Friday.
Source: ft.com
December 13, 2022--GraniteShares, the U.S. ETF issuer, has listed three new leveraged single-stock Exchange Traded Funds (ETFs) on the NASDAQ Stock Exchange.
GraniteShares' new suite of leveraged single-stock ETFs enables sophisticated investors to take high-conviction positions on some of the most popular stocks: Meta, Alibaba & Nvidia.
The three new leveraged single-stock ETFs are as follows:
Fund Ticker: FBL
Underlying Stock: Meta
Source: GraniteShares
December 10, 2022--Amount invested in exchange-traded funds climbs to 21% of bond-fund assets
Worn down from record losses, investors have fled bond mutual funds en masse. But many aren't quitting on bonds-they are just turning to exchange-traded funds.
One main reason: taxes. Some investors sell beaten-down positions in bond funds to harvest tax losses. In many cases this year, investors have opted to put cash into similar ETFs to maintain bond exposure in their portfolios. As long as the securities within the ETF aren't nearly identical to those in the mutual fund, swapping the so-called wrapper around the holdings allows investors to stay invested, while capitalizing on tax benefits.
Source: wsj.com
December 8, 2022--Summary
The federal budget deficit totaled $335 billion in October and November 2022, the first two months of fiscal year 2023, the Congressional Budget Office estimates.
That amount is $21 billion less than the deficit recorded during the same period last fiscal year: Revenues this year were $5 billion (1 percent) higher and outlays were $16 billion (2 percent) lower.
Source: CBO (Congressional Budget Office)
