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Following SEC notice, Coinbase abandons plan for crypto lending program
September 20, 2021--The exchange hinted at difficulties in regulatory clarity across the crypto industry in its decision to not bring its Lend product to the market.
United States-based cryptocurrency exchange Coinbase has announced it will not be pursuing its Lend crypto lending program.
In a Sept. 17 update to a blog announcing the program in June, Coinbase hinted at difficulties in regulatory clarity across the crypto industry in its decision to not bring the crypto lending product to the market. According to the exchange, "hundreds of thousands of customers from across the country" had already signed up for Lend, a program that aimed at offering 4% annual yield returns on deposits of USD Coin (USDC).
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Source: cointelegraph.com
Wall Street trading groups step up incursion into crypto markets
September 17, 2021--Jane Street and Jump Trading among financial companies that are boosting their digital asset units
Several of Wall Street's biggest trading companies have unveiled plans to stake out territory in cryptocurrency markets, opening a new front in their battle to win lucrative business from institutional investors.
Jump Trading, GTS and Jane Street, among the largest players in the US equity market, are stepping up their trading in digital assets after years of secrecy surrounding their early forays into these markets.
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Source: ft.com
State Street-Invesco deal may leave both in limbo
September 17, 2021--Mergers between asset managers are a pit stop in the race to the bottom. Fund manager Invesco is in talks to merge with State Street's asset management arm, the Wall Street Journal reported on Thursday. A tie-up looks valuable on paper, but still leaves both companies in limbo.
Asset managers are struggling to distinguish themselves as passive funds commoditize their business. Last year, the average passively managed product charged just 0.1%, one sixth the fee of an active exchange-traded fund, according to data from Morningstar.
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Source: reuters.com
Goldman Sachs Asset Management Announces Launch of Goldman Sachs Future Tech Leaders Equity Exchange-Traded Fund
September 16, 2021--Goldman Sachs Asset Management today announced the launch of the Goldman Sachs Future Tech Leaders Equity ETF ("GTEK" or the "Fund").
GTEK is a fully transparent, actively managed equity ETF that will generally invest in listed technology companies with market capitalizations of less than $100 billion, across both developed and emerging markets. Goldman Sachs intends to invest in the Fund alongside its clients.
"With almost a quarter of S&P 500 market capitalization in the top 1% of stocks, many investors are overexposed to mature US mega cap technology companies," said Katie Koch, co-head of the Fundamental Equity business within Goldman Sachs Asset Management.
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Source: Goldman Sachs Asset Management
Senate bill could spell end to ETF tax advantage
September 16, 2021--The proposed change to legislation would help fund Joe Biden's $3.5bn budget package
A proposal has been drafted to change the law eliminating exchange traded funds' chief tax advantage in the US by levying taxes on in-kind redemptions.
The bill, floated last week in the Senate by finance committee chair Ron Wyden, if passed, would no longer allow ETFs and other regulated investment companies to be exempt from recognising gains when distributing property in kind to a redeeming shareholder- something ETFs do routinely when managing their securities baskets.
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Source: ft.com
ETF Giants Push Back Against Senate Democrat Who Wants to Take Away Tax Break
September 16, 2021--Exchange-traded funds are wildly popular, and the main reason why is taxes-they pay a lot less. But a key Senate Democrat wants to change that, and big money managers are fighting back.
Senate Finance Committee Chairman Ron Wyden, D-Ore., is proposing to close what he describes as a loophole, which lets ETFs pay redeeming investors with securities instead of cash-what the $6.8 trillion ETF market calls in-kind transactions. Those transactions trigger fewer capital-gain taxes.
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Source: barrons.com
Treasury International Capital Data for July
September 16, 2021--The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for July 2021. The next release, which will report on data for August 2021, is scheduled for October 18, 2021.
The sum total in July of all net foreign acquisitions of long-term securities, short-term U.S. securities, and banking flows was a net TIC inflow of $126.0 billion.
Of this, net foreign private inflows were $127.7 billion, and net foreign official outflows were $1.7 billion.
Foreign residents decreased their holdings of long-term U.S. securities in July; net sales were $14.4 billion. Net sales by private foreign investors were $23.3 billion, while net purchases by foreign official institutions were $8.9 billion.
U.S. residents decreased their holdings of long-term foreign securities, with net purchases of $16.4 billion.
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Source: treasury.gov
Hartford Schroders Commodity Strategy ETF is Hartford Funds' seventh actively managed ETF offering
September 15, 2021--Hartford Funds today announced the launch of its first commodity-focused exchange-traded fund ("ETF"), Hartford Schroders Commodity Strategy ETF (NYSE: HCOM), which will be sub-advised by Schroder Investment Management North America Inc. and Schroder Investment Management North America Ltd (collectively, "Schroders"). HCOM seeks long-term total return by investing in a range of commodity-related instruments.
The actively managed Fund's performance benchmark will be the Bloomberg Commodity Total Return Index.
"Hartford Schroders Commodity Strategy ETF allows us to offer our clients exposure to an alternative asset class that we feel is ripe for opportunity in the current market environment," said Vernon Meyer, Chief Investment Officer at Hartford Funds. "This product further demonstrates our commitment to providing both our existing and prospective clients diverse, long-term investing opportunities that can help them achieve their investment goals."
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Source: Hartford Funds
NYSE's new investment vehicle-'natural asset companies'-will tap into ESG fever
September 14, 2021--America's most iconic stock exchange wants to bridge the gap between nature and the concrete jungle that is Wall Street.
With investors now closely scrutinizing the environmental, social, and governance or ESG credentials of companies, the New York Stock Exchange on Tuesday unveiled a partnership two years in the making with Intrinsic Exchange Group to open up investment opportunities in what IEG calls "nature's economy."
"There haven't historically been mechanisms to encourage the capital formation necessary to preserve and restore the natural assets that ultimately underpin the ability for there to be life on Earth," NYSE COO Michael Blaugrund told Fortune.
So, the Big Board is helping create one.
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Source: fortune.com
Coinbase's Junk Bonds Show Crypto Really Is Going Mainstream
September 14, 201--Junk-bond investors gave cryptocurrencies their biggest endorsement yet as Coinbase Global Inc. sold $2 billion of debt.
Demand was so high-at least $7 billion of orders poured in-that the crypto behemoth was able to boost the deal's size from $1.5 billion, according to a person with knowledge of the matter.
Equal amounts of seven-and 10-year bonds were sold at interest rates of 3.375% and 3.625% , respectively, lower than the initially discussed borrowing costs, other people familiar with the situation said.
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Source: bnnbloomberg.ca
