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Minutes of the Federal Open Market Committee, April 30-May 1, 2019
May 22, 2019--Balance Sheet Normalization
Participants resumed their discussion of issues related to balance sheet normalization with a focus on the long-run maturity composition of the System Open Market Account (SOMA) portfolio. The staff presented two illustrative scenarios as a way of highlighting a range of implications of different long-run target portfolio compositions.
In the first scenario, the maturity composition of the U.S. Treasury securities in the target portfolio was similar to that of the universe of currently outstanding U.S. Treasury securities (a "proportional" portfolio). In the second, the target portfolio contained only shorter-term securities with maturities of three years or less (a "shorter maturity" portfolio). The staff provided estimates of the capacity that the Committee would have under each scenario to provide economic stimulus through a maturity extension program (MEP).
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Source: federalreserve.gov
REVERSEinquiries, Volume 2, Issue 5-Structured and Market-linked Product News for Inquiring Minds
May 22, 2019--REVERSEinquiries is Mayer Brown's structured and market-linked products-focused newsletter. In this issue, we discuss:
Unsuitable Sales of Leveraged ETFs Draw FINRA's Ire; Text Messaging Violates Communications Rules
OCIE's Retail Investor Protection Focus
Department of Labor Fiduciary Rule Update
House Passes Resolutions on Financial Literacy and Support for Elderly
Revised Notice of Proposed Rule Change to FINRA Rule 5110
Refresher: Using Free Writing Prospectuses for Structured Notes Offerings
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Source: Mayer|Brown
IMF-Canada: Staff Concluding Statement of the 2019 Article IV Mission
May 21, 2019-- Context
1. Over the past five years, Canada has employed a judicious mix of policies to support inclusive growth and reduce vulnerabilities in the financial system. The use of fiscal space combined with accommodative monetary policy at the onset of the 2014 oil price shock was effective in overcoming the recession in 2015. The economy posted the strongest growth rate among G7 economies in 2017 and the unemployment rate fell to its lowest level in forty years.
The positive momentum in the economy carried through to 2018 and the government took the opportunity to push through several important reforms to boost productivity growth. A deal to overhaul NAFTA was signed, the Canada Infrastructure Bank opened for business, and tax allowances for business investment were expanded to help preserve Canada's tax competitiveness following the 2018 U.S. Tax Cuts and Jobs Act. With the policy rate kept low amid a booming housing market, macroprudential policy was tightened to slow the rise in household debt and to enhance the resilience of the financial system.
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Source: IMF
Horizons Introduces New Cannabis ETFs for Leveraged and Inverse Sector Exposure
May 21, 2019--Horizons ETFs Launches World's First Leveraged and Inverse Marijuana ETFs
New exchange traded funds ("ETFs") allows investors to access two-times (2x) and inverse (-1x) daily exposure to the Marijuana stocks
Horizons ETFs Management (Canada) Inc. ("Horizons ETFs") is pleased to announce the launch of the BetaPro Marijuana Companies 2x Daily Bull ETF ("HMJU") and the BetaPro Marijuana Companies Inverse ETF ("HMJI"). Units of the ETFs will begin trading Friday, May 24, 2019 on the Toronto Stock Exchange ("TSX") under the ticker symbols HMJU and HMJI, respectively.
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Source: newcannabisventures.com
SEC Delays Decision on VanEck/SolidX Filing in Latest Bitcoin ETF Setback
May 20, 2019--The U.S. Securities and Exchange Commission (SEC) has again delayed a decision on a bitcoin exchange-traded fund (ETF) proposal.
In a new document filed Monday, the SEC said it was instituting proceedings on whether to approve or disapprove a proposed rule change that would allow the VanEck SolidX Bitcoin Trust to issue and list its shares.
he regulator invited comments from the public, due 21 days from when the order is published in the Federal Register, and rebuttals to those comments, due 35 days after such publication.
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Source: coindesk.com
VanEck Launches New ETF MAAX, New "Guided Allocation" ETF Focused On Municipal Bond Exposure
May 17, 2019--MAAX is based on a proprietary model that uses momentum, duration and credit risk indicators to tactically allocate among selected VanEck Vectors(R) municipal bond ETFs.
VanEck today announced the launch of the VanEck Vectors(R) Municipal Allocation ETF (MAAX), the latest addition to the firm's suite of Guided Allocation funds.
MAAX is designed around a proprietary model that uses momentum, along with both duration and credit risk indicators, to tactically allocate among selected VanEck Vectors(R) Municipal Bond ETFs. VanEck's Municipal Bond ETF suite covers the full range of the risk/return spectrum, and currently includes five VanEck Vectors(R) Municipal Bond ETFs which had a combined total of approximately $5 billion in assets as of April 30, 2019.
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Source: VanEck
Lipper U.S. Weekly FundFlows Insight Report: Money Market Funds Drive Overall Net Inflows for the Third Straight Week
May 17, 2019--Lipper's fund asset groups (including both mutual funds and ETFs) had net positive flows of $3.9 billion for the fund-flows trading week ended Wednesday, May 15. Money market funds (+$14.5 billion) were responsible for the lion's share of the net positive flows for the third straight week.
The municipal debt fund (+$1.3 billion) and taxable bond fund (+$434 million) asset groups also contributed to the net inflows. Equity funds saw money leave their coffers (-$12.3 billion) for the fourth straight week. Equity funds have experienced slightly less than $25.0 billion in net outflows over the last two weeks-the group's worst two-week stretch of the year.
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Source: Refinitiv
Columbia Threadneedle changes up raft of ETFs
May 17, 2019--The firm has liquidated four funds, lowered the management fee on two and filed to launch two more smart beta products.
Columbia Threadneedle has made changes to a raft of ETFs, liquidating four funds, launching two and lowering the management fee on two more.
According to filings with the Securities and Exchange Commission, the firm is to lower the management fee on two strategic beta funds: the $22.2 million Columbia Multi-Sector Municipal Income ETF to 0.23% from 0.28% on June 1. It will also lower the management fee on the $11.2 million Columbia EM Core ex-China ETF to 0.16% from 0.35% on that date.
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Source: Citywireusa.com
CFTC.gov Commitments of Traders Reports Update
May 17, 2019--The current reports for the week of May 17, 2019 are now available.
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Source: CFTC.gov
Boom in Dodgy Wall Street Deals Points to Market Trouble Ahead
May 16, 2019--Junk bond issuance is surging as Uber, Lyft IPOs flop badly
People 'going to get burned,' says Wall Street veteran Front
The fourth-quarter stock market rout that wiped out $12 trillion in shareholder value and sparked a bout of Christmas Eve panic may have quickly been forgotten by most Americans, but not by the salespeople and financial engineers of Wall Street.
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Source: Bloomberg
