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Rewriting Wall Street's Rulebook
June 8, 2022--S.E.C.s Gary Gensler is expected to preview new market rules about a year after shares of GameStop and others shot up in "meme stock" trading frenzy.
The S.E.C. goes against the flow
Gary Gensler, who in his first year as S.E.C. chairman has raised alarms about the way stocks are traded, is expected to preview new market rules today that may limit some of the deals critics have said allow Wall Street firms to take advantage of individual investors.
The potential changes come about a year and a half after shares of AMC, GameStop and other so-called meme stocks shot up hundreds of percentage points in a matter of days. During the rally, a number of retail brokerages, including Robinhood, limited clients from buying more of their shares, prompting investigations from lawmakers and others. Many of the stocks of the companies involved eventually crashed. Melvin Capital, a hedge fund that suffered big losses when shares of GameStop and others soared, recently announced it was closing.
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Source: nytimes.com
SEC Chief Takes Aim at Payment-for-Order Flow in Sweeping Plans for Stock Markets
June 8, 2022--Wall Street's top regulator previewed a set of sweeping changes to rules underpinning the US stock market, setting up a major clash with some of the biggest names in equity trading.
Securities and Exchange Commission Chair Gary Gensler said he's asked the agency's staff to weigh the moves with the aim of making the $45 trillion US equities market more transparent and fair.
His plans could directly impact how firms including Citadel Securities, Virtu Financial Inc. and Robinhood Markets Inc. process retail trade orders, and market dynamics that industry executives say have allowed brokerages to stop charging their clients commissions
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Source: news.yahoo.com
CBO-Monthly Budget Review: May 2022
Jun, 8, 2022--Summary
The federal budget deficit was $423 billion in the first eight months of fiscal year 2022 (that is, from October 2021 through May 2022), the Congressional Budget Office estimates.
That amount is about one-fifth of the $2.1 trillion shortfall recorded during the same period in 2021. Revenues were $768 billion (or 29 percent) higher and outlays were $873 billion (or 19 percent) lower than during the same period a year ago.
The deficit at this point last year was much larger because of spending in response to the coronavirus pandemic-mostly for the recovery rebates (also known as economic impact payments), unemployment compensation, pandemic relief through the Small Business Administration (SBA), and the Coronavirus Relief Fund-and because revenues were lower.
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Source: CBO (Congressional Budget Office)
CBO-How Changes in Economic Conditions Might Affect the Federal Budget: 2022 to 2032
June 8, 2022--To show how variations in economic conditions might affect its budget projections, CBO analyzed how the budget might change if values of four key economic variables differed from those in the agency’s forecast.
Summary
Some of the uncertainty in budget projections stems from the fact that the federal budget is highly sensitive to economic conditions, which are difficult to accurately predict.
If conditions differed from those in the Congressional Budget Office's economic forecast, budgetary outcomes could diverge from those in the agency's baseline budget projections.
To show how variations in economic conditions might affect its budget projections, CBO analyzed how the budget might change if values of the following key economic variables differed from those in the agency's forecast:
The growth of productivity and, consequently, the growth of real gross domestic product (that is, GDP adjusted to remove the effects of inflation);
Labor force growth, which would also affect real GDP growth;
Interest rates; and
Inflation and nominal interest rates (assuming that inflation-adjusted interest rates remain unchanged).
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Source: CBO (Congressional Budget Office)
USCF Announces Launch of the USCF Dividend Income Fund with Miller/Howard Investments (Ticker: UDI)
June 8, 2022-- USCF, today, announced it has launched the USCF Dividend Income Fund ("UDI" or the "Fund") with Miller/Howard Investments, Inc. ("Miller/Howard"), a Woodstock, NY based, research-driven asset manager. The Fund, an actively-managed exchange traded fund (ETF), seeks a high level of current income and, as a secondary objective, growth of income, by investing in U.S. exchange-traded dividend-paying and dividend-growth companies that meet the Fund's environmental, social and governance ("ESG") criteria.
Miller/Howard's investment philosophy emphasizes income-producing equities as an essential element to aid long-term wealth building. Dividend income can be used to meet current spending needs or, when reinvested, to drive the power of compounding. Miller/Howard has integrated ESG analysis with fundamental research since the inception of its first strategy in 1991.
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Source: USCF
Newday Impact Launches Ocean Health ETF, Pledges 5% Donation to Non-Profit Working in Ocean Health Newday Impact Investing
June 7, 2022--Over 80% of Portfolio Actively Involved in Protecting Ocean Resources
Newday Impact, a San Francisco-based asset management and financial technology company that brings authentic responsible investing to those seeking investments that reflect their values, today launches the Newday Ocean Health ETF (NYSE: AHOY).
The fund-Newday Impact's first exchange traded fund and one of the few ETFs dedicated to protecting and restoring healthy marine ecosystems- builds on the company's five years of impact investing and strong relationships with grassroots nonprofit organizations working to mitigate environmental damage to the world's oceans.
The Newday Ocean Health ETF seeks long-term capital appreciation through investments in companies that are diverting ocean-bound plastic waste, supporting sustainable fisheries, controlling ocean acidification caused by CO2 emissions, and actively using other strategies to combat ocean pollution and other threats to marine health. The entire portfolio is also aligned with UN Sustainable Development Goals including zero hunger, clean water and sanitation, decent work and economic growth, responsible consumption and production, climate action, and life below water.
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Source: Newday
US trading firm Jane Street sues LME for nickel trade chaos
June 7, 2022--Lawsuit comes a day after similar action by Elliott against metals exchange over March trade halt.
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Source: ft.com
SEC chair Gary Gensler to set out overhaul of US equity market
June 6, 2022--Proposals include new auctions to decide which trading groups handle retail investors' orders
The Securities and Exchange Commission is exploring an overhaul of US stock market rules to strengthen competition and ensure individual investors are fairly treated after the explosion in retail trading during the coronavirus pandemic.
The regulator has been reviewing equity market structure since last year, when chair Gary Gensler said the meme-stock frenzy -when traders organised online to drive up the shares of a handful of companies-highlighted "inefficiencies" in the market.
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Source: ft.com
Passive fund ownership of US stocks overtakes active for first time
June 5, 2022--Around 16 per cent of US stocks are held by index trackers and ETFs vs 14 per cent by actively managed funds
Passively managed index funds have overtaken actively managed funds' ownership of the US stock market for the first time, data show.
Passive funds accounted for 16 per cent of US stock market capitalisation at the end of 2021, surpassing the 14 per cent held by active funds, according to the Investment Company Institute, an industry body.
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Source: ft.com
J.P. Morgan Integrates With ICE ETF Hub Creating Connectivity for Its ETF Issuers
June 2, 2022--Intercontinental Exchange, Inc. (NYSE: ICE), a leading global provider of data, technology and market infrastructure, today announced that J.P. Morgan's Securities Services has integrated with ICE ETF Hub to facilitate connectivity for its ETF issuers.
"The integration of J.P. Morgan's Securities Services business into the ETF Hub builds on our mission of improving ETF workflows by establishing connectivity for ETF issuers," said Peter Borstelmann, President of ICE Bonds. "This integration broadens the ETF Hub's community and brings greater efficiencies to our customers."
ICE ETF Hub continues to bring efficiencies to primary trading workflows by providing market participants with open architecture technology, which simplifies and standardizes the process for ETF creation and redemption.
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Source: Intercontinental Exchange
