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CFTC.gov Commitments of Traders Update
April 3, 2020--The current reports for the week of March 31, 2020 are now available.
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Source: CFTC.gov
Tradeweb Reports Record March Trading Volume
April 3, 2020--Tradeweb Markets Inc. (Nasdaq: TW), a leading, global operator of electronic marketplaces for rates, credit, equities and money markets, today reported a record average daily volume (ADV) of $1.0 trillion (trn) in aggregate for the month of March 2020, an increase of 41.5 percent (%) year over year (YoY).
For the first quarter of 2020, Tradeweb reported record ADV of $897.8 billion (bn), up 39.0 % YoY, and preliminary average variable fees per million dollars of volume traded of $2.65.view more
Source: tradeweb.com
Updating CBO's Economic Forecast to Account for the Pandemic
April 2, 2020--CBO expects that the economy will contract sharply during the second quarter of 2020 as a result of the continued disruption of commerce stemming from the spread of the novel coronavirus. The following are CBO's very preliminary estimates, which are based on information about the economy that was available through this morning and which include the effects of an economic boost from recently enacted legislation.
Gross domestic product is expected to decline by more than 7 percent during the second quarter. If that happened, the decline in the annualized growth rate reported by the Bureau of Economic Analysis would be about four times larger and would exceed 28 percent. Those declines could be much larger, however.
The unemployment rate is expected to exceed 10 percent during the second quarter, in part reflecting the 3.3 million new unemployment insurance claims reported on March 26 and the 6.6 million new claims reported this morning.
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Source: Congressional Budget Office (CBO)
Invesco cuts value of Barnett's unquoted holdings by 60%
April 1, 2020--US fund manager to offload problem investments to avoid Neil Woodford-style liquidity crunch
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Source: FT.com
OCC March Total Volume Up 62.8 Percent from a Year Ago-Highest Volume Month Ever for U.S. Equity Options Industry
April 1, 2020--OCC, the world's largest equity derivatives clearing organization, announced today that March 2020 total cleared contract volume was 670,646,998 contracts, the U.S. equity options industry's highest month ever-up 62.8 percent from March 2019.
This exceeds the previous record of 568,899,108 cleared contracts set in February 2020. OCC's year-to-date average daily total cleared contract volume is 28,407,644 contracts.
Options: Total exchange-listed options cleared contract volume was 662,813,919 in March 2020, up 63.5 percent from 405,356,124 in March 2019. Equity options volume was 590,743,481 contracts, up 61.6 percent from March 2019. This includes ETF option cleared contract volume of 303,013,572, a 104.1 percent increase compared to 148,462,660 ETF options contracts cleared in March 2019.
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Source: OCC
Innovator Expands Category-Creating Defined Outcome ETF Suite with April Series of Nasdaq 100 and Russell 2000 Power Buffer Listings, Announces New Upside Caps for April Series of S&P 500 Buffer ETFs
April 1, 2020--New ETFs provide US Technology, and US Small Cap exposures up to a cap, with 15% downside buffers over a one-year Outcome Period
The only Buffer ETFs available based on the Nasdaq 100, and Russell 2000 Indexes
Innovator's Defined Outcome ETFs are the subject of a patent application filed with the U.S. Patent and Trademark Office
Innovator Capital Management, LLC (Innovator) announced today the April series Innovator Nasdaq-100 Power Buffer ETFTM (NAPR) and Innovator Russell 2000 Power Buffer ETFTM (KAPR) are scheduled to begin trading, expanding its category-creating Defined Outcome ETFTM suite to forty-three Buffer ETFs in total.
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Source: finance.yahoo.com
Esoterica Capital Launches Active ETF That Invests in 5G Ecosystem
March 31, 2020--Esoterica Capital has launched the first active ETF that invests in the 5G ecosystem. The Esoterica NextG Economy ETF (WUGI) began trading on Cboe on Tuesday with an expense ratio of 0.75%.
Esoterica co-founder and chairman Karan Trehan said the speed, responsiveness and capacity of 5G will transform the world’s data economy.
"We have assembled a portfolio of 35 or so companies principally in the US and Asia (China, Taiwan), that are expected to benefit disproportionately from this digital transformation," Trehan said. "The ETF is non-diversified, with high conviction holdings.”
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Source: etftrends.com
It could take three years for the US economy to recover from COVID-19
March 30, 2020--The US and Eurozone's economies could take until 2023 to recover from the impact of the COVID-19 coronavirus crisis, according to a new report from consultancy McKinsey & Company.
If the public health response, including social distancing and lockdown measures, is initially successful but fails to prevent a resurgence in the virus, the world will experience a "muted" economic recovery, says McKinsey. In this scenario, while the global economy would recover to pre-crisis levels by the third quarter of 2022, the US economy would need until the first quarter of 2023 and Europe until the third quarter of the same year.
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Source: World Economic Forum (WEF)
Active managers welcome non-transparent ETFs
March 29, 2020--A new breed of fund aims to combine investor appeal with proprietary knowhow
Since the Securities and Exchange Commission gave the green light to non-transparent active ETFs last year, several providers have applied for approval to launch them.
The new model allows managers to establish ETFs that do not disclose what is in their basket of investments, a move that challenges the status quo in the sector.
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Source: FT.com
Distressed Debt Balloons to Almost $1 Trillion, Nears 2008 Peak
March 25, 2020--Oil & gas sector leads with $161 billion of distressed debt
Investment-grade issuers such as Ford trade at deep discount
The amount of distressed debt in the U.S. has quadrupled in less than a week to nearly $1 trillion, reaching levels not seen since 2008 as the collapse of oil prices and fallout from the coronavirus shutters entire industries across the globe.
In total, the tally has ballooned to $934 billion of U.S. corporate bonds that yield at least 10 percentage points above Treasuries and loans that trade for less than 80 cents on the dollar, according to data compiled by Bloomberg. That's nearly double the amount from less than a week ago.
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Source: bloomberg.com
