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Crypto exchange Coinbase has chosen Nasdaq as its direct listing venue
February 1, 2021--Exchange operator Coinbase has chosen Nasdaq as the venue for its direct listing, according to two sources familiar with the San Francisco crypto unicorn's plans.
The firm's plan to tap the public markets in the coming weeks follows a secondary offering on Nasdaq Private Market.
On January 25, Nasdaq Private Market launched a secondary market for Coinbase stock, a move that allowed shareholders with vested equity to sell shares. Nasdaq Private Market offers services for companies ahead of an IPO, including "controlled liquidity programs for pre-IPO companies looking to raise secondary capital for shareholders and investors."
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Source: theblockcrypto.com
Innovator ETFs Announces New Upside Caps for February Series of S&P 500 Buffer ETFs
February 1, 2021--ETFs provide S&P 500 exposure up to a cap, with downside buffer levels of 9%, 15% or 30% over one-year Outcome Period starting February 1st
Innovator Capital Management, LLC (Innovator) today announced the new upside caps and return profiles for the February Series of the S&P 500 Buffer ETFsTM- Innovator S&P 500 Buffer ETFTM- February (BFEB), Innovator S&P 500 Power Buffer ETFTM- February (PFEB) and Innovator S&P 500 Ultra Buffer ETFTM- February (UFEB)- which completed their first outcome period and reset at the end of the month.
It was an extraordinarily volatile year that saw the premier large-cap benchmark of the U.S. stock market reach record levels in the first month of the outcome period before the most rapid bear market drawdown and subsequent rebound in the history of the index, hitting fresh highs within six months of reaching its coronavirus bear market low.
Return profiles for the Innovator S&P 500 Buffer ETFsTM- February Series, as of 2/01/2021
Ticker: BFEB
Name: Innovator S&P 500 Buffer ETFTM-February
Buffer Level: 9.00%
Caps* :18.00%
Outcome Period: 12 months
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Source: Innovator ETFs
CBO-An Overview of the Economic Outlook: 2021 to 2031
February 1, 2021--CBO projects that the economic expansion that began in mid-2020 will continue. Real GDP is projected to return to its prepandemic level in mid-2021. The number of people employed is projected to return to its prepandemic level in 2024
Summary
The 2020-2021 coronavirus pandemic caused severe economic disruptions last year as households, governments, and businesses adopted a variety of mandatory and voluntary measures-collectively referred to here as social distancing-to limit in-person interactions that could spread the virus. The impact was focused on particular sectors of the economy, such as travel and hospitality, and job losses were concentrated among lower-wage workers.
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Source: CBO(congressional Budget Office)
Robinhood will allow 'limited buys' of stocks like GameStop starting Friday
January 28, 2021--Halting purchases was 'a risk management decision,' the company said in a blog post
Robinhood has announced that, beginning on Friday, January 29th, it will allow "limited buys" on restricted stocks, potentially signaling the end of a brutal day-long hold on GameStop, AMC, BlackBerry, Nokia, and other stocks.
"Starting tomorrow, we plan to allow limited buys of these securities," the company said in a blog post. "We'll continue to monitor the situation and may make adjustments as needed." The company's statement does not elaborate on how limited purchases will be for GameStop and the other restricted stocks.
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Source: theverge.com
Federal Reserve issues FOMC statement
January 27, 2021--The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.
The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. The pace of the recovery in economic activity and employment has moderated in recent months, with weakness concentrated in the sectors most adversely affected by the pandemic.
Weaker demand and earlier declines in oil prices have been holding down consumer price inflation. Overall financial conditions remain accommodative, in part reflecting policy measures to support the economy and the flow of credit to U.S. households and businesses.
The path of the economy will depend significantly on the course of the virus, including progress on vaccinations. The ongoing public health crisis continues to weigh on economic activity, employment, and inflation, and poses considerable risks to the economic outlook.
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Source: federalreserve.gov
ICE ETF Hub Report-2020 in Review
January 27, 2021--2020 was a year like no other. The pandemic stressed financial markets and heightened volatility. During this time, ICE ETF Hub adoption increased. Market participants needed efficiencies to meet market demands and the Hub delivered by automating the ETF creation and redemption process, and streamlining workflows. The Hub was tested by extraordinary volatility and proved to be reliable and resilient.
We launched several key enhancements including Financial Information eXchange (FIX) access to issuers, market makers and authorized participants; custom basket negotiation technology; and multi-order functionality and connectivity between the ETF Hub and ICE FI Select. We launched a pilot program, welcoming many more authorized participants and market makers to the Hub.
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Source: nyse.com
KraneShares Launches First China STAR Market ETF (Ticker: KSTR) in the United States
January 27, 2021--Krane Funds Advisors, LLC, ("KraneShares"), a global asset management firm known for its China-focused exchange-traded funds (ETFs) and innovative China investment strategies, today announced the launch of the KraneShares SSE STAR Market 50 Index ETF (Ticker: KSTR) on the New York Stock Exchange (NYSE).
KSTR tracks the Shanghai Stock Exchange (SSE) Science and Technology Innovation Board 50 Index. The Index comprises the 50 largest securities listed on SSE Science and Technology Innovation Board (STAR Market) as determined by market capitalization and liquidity.
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Source: Krane Funds Advisors, LLC
SPAC Boom Heats Up as Latest Blank-Check ETF Hits the Market
January 26, 2021--Morgan Creek, Exos team up on actively managed fund SPXZ
It joins two SPAC ETFs currently trading from Defiance, Tuttle
There's a new exchange-traded fund tracking the hot trend of blank-check companies.
The actively managed Morgan Creek-Exos SPAC Originated ETF (SPXZ) started trading Tuesday and charges a 1% expense ratio, according to a statement from Morgan Creek Capital Management and New York-based EXOS Financial.
Special-purpose acquisition companies have exploded in popularity as a way for purchasers to avoid the costly and time-consuming initial public offering process. They basically sell shares of a business that has no operations, promising to use the money within two years to buy a private one.
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Source: bloomberg.com
Reddit traders wage battle against Wall Street
January 26, 2021--An army of amateur traders has launched a siege on Wall Street that has shaken up markets and left seasoned hedge funds reeling.
GameStop, a games retailer whose shares have been sent flying by gangs of traders co-ordinating moves on Reddit, sits at ground zero of a battle that has shown these have-a-go investors are no longer just a sideshow.
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Source: news.fintech.io
Short Sellers Crushed Like Never Before as Retail Army Charges
January 26, 2021--Goldman index of most-shorted names is set for best-ever month
Day traders bid up most-hated names and mesmerize Wall Street
Short traders in the American stock market are taking a historic pounding as the retail crowd charges into the most-hated names on Wall Street.
The 50 most-shorted companies on the Russell 3000 Index have now surged 33% so far this year, with the Goldman Sachs Group Inc. basket set for its best month since at least 2008.
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Source: bloomberg.com
