Browsing: Finance & Economics

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Finance & Economics

FACTOR INVESTING MADE IN CHINA Harvesting Factor Returns in the Middle Kingdom

Dec 13th, 2018 | Filed under: Newly Added, The A.I. Industry, The Global Economy & Currencies, Economics, Macroeconomics, Finance & Economics

By Nicolas Rabener, CAIA, Factor Research Summary: Common equity factors generated attractive risk-adjusted returns in the Chinese stock market Factor performance in China often mirrors global factor performance Indicates common factor drivers that permeate even emerging and isolated markets INTRODUCTION Economic news like changes in GDP growth are frequently usedRead More


ISSA Reports on the Crypto-Infrastructure

Dec 12th, 2018 | Filed under: Newly Added, Currencies, The A.I. Industry, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Frontier markets, Other Topics in A.I.

This has been a terrible year for cryptocurrencies. Bitcoin, the flagship for the asset class, peaked in the middle of December 2017 at a value of above $17,000. By the end of January this year, it was below $10,000. By September BTC had settled into a price range of $6,500.Read More


A Move from Otherness to Better Global Governance 

Dec 10th, 2018 | Filed under: Newly Added, What about beta?, The Global Economy & Currencies, Economics, Macroeconomics

By Bill Kelly, CEO, CAIA Association The resolution season will soon be upon us. Many will aspire to eat less, exercise more, be better partners or parents, or maybe even sit for the March 2019 CAIA Exam. Resolve doesn’t always make it across the finish line though, even with the very best ofRead More


Distressed Debt: What Happens When the Tree Stops Growing?

Dec 9th, 2018 | Filed under: Newly Added, Hedge Fund Strategies, The A.I. Industry, Hedge Funds, Event-Driven Hedge Funds, The Global Economy & Currencies, Economics, Macro and Managed Futures Funds, Finance & Economics

Distressed debt markets have four themes emerging, according to a new paper issued by the Wells Fargo Investment Institute They are: the consequences of central bank tightenings around the globe; the elevation of debt levels, also something happening globally; the regulatory pressure over non-conforming loans (especially in Europe); and theRead More


Jeff Diehl: The View from SuperReturn Japan, Part I

Dec 4th, 2018 | Filed under: Newly Added, Private Equity, The A.I. Industry, Debt Types of Private Equity, Venture capital, Equity Types of Private Equity, The Global Economy & Currencies, Other Issues in Private Investments, Economics, Private Investments, Frontier markets, Macroeconomics, Finance & Economics

On Wednesday, December 5, in Tokyo, Japan, the SuperReturn Japan 2018 event convenes. CAIA is a sponsor of this event. Jeff Diehl, managing partner at Adams Street Partners, a multi-national investment manager with more than $35 billion in assets under management, is attending. He will participate in a panel WednesdayRead More


Who Killed the Brokaw Paper Mill?  Not the usual hedge fund suspects

Dec 2nd, 2018 | Filed under: Newly Added, The A.I. Industry, Equity Hedge Funds, Insolvency, Hedge Funds, Event-Driven Hedge Funds, Business News

A new paper in the Journal of Business, Entrepreneurship, and the Law looks at the “Brokaw bill” of 2016 and at the facts said to have motivated it. This turns out to be an object lesson in how scary hedge funds, especially activist hedge funds, look to legislators, and theRead More


CEOs and the effect of education on use of convertible bonds

Nov 29th, 2018 | Filed under: Newly Added, Derivatives, The A.I. Industry, Credit Derivatives, Equity-linked Structured Products, Structured Credit Products, Structured Products, Finance & Economics

Three scholars affiliated with the University of Manchester have  published a paper that reaches a striking view of corporate leadership and the decision to issue convertible bonds. Cynics have long suspected that Wall Street smart-alecks have roped the executives of corporations into issuing instruments that are contrary to the bestRead More


Steamrollers, Geniuses and Market Crashes

Nov 27th, 2018 | Filed under: Newly Added, Hedge Fund Operations and Risk Management, The A.I. Industry, Risk management, Operations, Hedge Funds, The Global Economy & Currencies, Risk Management Strategies & Processes, Relative Value Hedge Funds, Risk Management & Operations, Finance & Economics

McGraw Hill Education has brought out a new book by Bruce I. Jacobs, of Jacobs Levy Equity Management. The book, Too Smart for our Own Good, concerns “ingenious investment strategies, illusions of safety, and market crashes.” The thesis is that the financial crises of recent decades are the consequence ofRead More


And This Little Piggy Wants to TARP It  

Nov 26th, 2018 | Filed under: Newly Added, What about beta?, Institutional Investing, Institutional Asset Management, Allocating to A.I., Finance & Economics

By Bill Kelly, CEO, CAIA Association Pity the poor maligned pig. From the early origins of the Mother Goose nursery rhyme dating back almost 300 years, to the modern and profane descriptor for any boorish lout, the pig is there. Commonly used synonyms, like swine, provide little solace and theRead More


Picnicking and Nitpicking  

Nov 19th, 2018 | Filed under: Newly Added, What about beta?, The Global Economy & Currencies, Economics, Finance & Economics

By Bill Kelly, CEO, CAIA Association What is a complex transaction without a battery of lawyers to paper it up. These legal minds are an integral part of most transactions and their presence is mostly felt at the time of deal creation and, maybe even more so, when things go offRead More


Altman: 30 Years of Distressed Debt Strategies

Nov 8th, 2018 | Filed under: Newly Added, Hedge Fund Strategies, The A.I. Industry, Debt Types of Private Equity, Financial Economics Theory, Hedge Funds, Private Investments, Finance & Economics

In the late 1980s, the chairman of The Foothill Group approached Edward I. Altman, already then well known for the creation of the Z-score used for predicting bankruptcy. The chairman asked Altman to develop a descriptive and analytical white paper on distressed debt. He obliged, writing first a paper onRead More


50 Years of Put-Call Parity

Nov 1st, 2018 | Filed under: Newly Added, CAPM / Alpha Theory, The A.I. Industry, Financial Economics Theory, Finance & Economics

It will be 50 years ago next year (1969) that Hans R. Stoll came out with “The Relationship between Put and Call Option Prices,” establishing the principle of put-call parity. Stoll’s article in The Journal of Finance was a landmark in the developing scholarship about derivatives. It preceded the workRead More


The Trinity Of Errors In Financial Models: An Introductory Analysis

Oct 24th, 2018 | Filed under: Newly Added, The A.I. Industry, Financial Economics Theory, Macroeconomics, Finance & Economics

By Deepak Kanungo, Founder and CEO of Hedged Capital LLC In this introductory article, we explore three types of errors inherent in all financial models. We examine these errors using a simple probabilistic model that can be used for predicting the federal funds rate, an interest rate of seminal importanceRead More


 Shariah Finance, Volatility, Clientele Effects

Oct 23rd, 2018 | Filed under: Newly Added, The A.I. Industry, Financial Economics Theory, The Global Economy & Currencies, Emerging markets, Frontier markets, Finance & Economics

Two recent scholarly papers take distinctive looks at the sukuk market in Malaysia. Accordingly, each contributes to the ongoing discussions and evaluations of the place of Islamic finance within the broader global (and alpha-seeking) picture. Sukuk are bond-like instruments structured to pay profit, not interest, that are sold chiefly toRead More


A Brief History of Asset Allocation

Oct 16th, 2018 | Filed under: Newly Added, CAPM / Alpha Theory, Algorithmic and high-frequency trading, Hedge Fund Strategies, The A.I. Industry, Financial Economics Theory, Risk management, Crowdfunding, Hedge Funds, Emerging Alternative Investments, Risk Metrics and Measurement, Business News, Risk Management Strategies & Processes, Finance & Economics, Other Topics in A.I.

Glassbridge has put out an ambitious white paper about the “evolution of asset allocation across the investment management industry,” one that begins with the basics of the Capital Asset Pricing Model and ends with quantitative analysis and crowdsourcing. The premise is that new strategies, and new ranges of data, areRead More


National Market System: What to End; What to Mend

Oct 14th, 2018 | Filed under: Newly Added, Algorithmic and high-frequency trading, The A.I. Industry, Regulatory, Regulatory Environment, Commodities, Business News

The Principal Traders Group of the Futures Industry Association (FIA PTG) recently offered its thoughts on market structure, outlining one direction of reform for the Securities and Exchange Commission’s Reg NMS. Reg NMS (National Market System) was promulgated in 2005, in order to ensure competition among markets, and in theRead More


Peeling the Onion of Equity Hedge Fund Alpha

Oct 4th, 2018 | Filed under: Newly Added, CAPM / Alpha Theory, Hedge Fund Strategies, The A.I. Industry, Equity Hedge Funds, Financial Economics Theory, Hedge Funds, Finance & Economics

The founder of CEO of MSR Indices, a Parsippany, N.J.-based index-investors consultancy, has authored a white paper on target volatility, also known as intertemporal risk parity. The gist of the paper is that: (1) equity hedge funds do secure alpha for their investors, obvious if one measures their performance againstRead More


Modi Operandi

Oct 1st, 2018 | Filed under: Newly Added, What about beta?, The A.I. Industry, The Global Economy & Currencies, Emerging markets, Frontier markets, Macroeconomics

By Bill Kelly, CEO, CAIA Association What’s your liquidity M.O.? If you are less than certain, it is time to look east toward the country of India and the land of Modi. After all, when 1.3 billion people cough there is a decent chance the rest of the world justRead More


Cryptocurrency Arbitrage: Two Looks

Sep 27th, 2018 | Filed under: Newly Added, Currencies, The A.I. Industry, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Finance & Economics, Other Topics in A.I.

Do investors arbitrage cryptocurrencies? Two recent studies offer a “yes” answer, though they in certain other respects differ significantly in their conclusions. Specifically, one study shows that in one respect arbitrage has done its duty and effectively eliminated the opportunities for arb profits, enforcing efficiency. In other situations, though, theRead More


The View from Las Vegas: Quiet Buying? Aggressive Buying?

Sep 23rd, 2018 | Filed under: Newly Added, The A.I. Industry, Emerging Alternative Investments, Emerging markets, Digital currencies, Commodities, Personalities in AI, Alternative Investments in Context, Commodities: Examples, Gold

On Sept. 24, the 9th Annual Inside Alternatives and Asset Allocation event convenes at Wynn Las Vegas, with CAIA sponsorship. The purpose of the event: to look beyond traditional alternative investments and strategies, to take the measure of a new breed of alternatives, including impact/SRIs, cryptocurrencies, and the application ofRead More


10 Years Later: Glasner Looks Back at the GFC

Sep 20th, 2018 | Filed under: Newly Added, The A.I. Industry, Equity Hedge Funds, Hedge Funds, The Global Economy & Currencies, Macroeconomics, Finance & Economics

David Glasner, an economist with the Federal Trade Commission, in a new Mercatus Research Paper, offers what he calls a “deeper explanation of the financial crisis of 2008 and the subsequent recovery.” Deeper than what? Deeper than attributing the bust to the bursting of the housing price bubble. Glasner’s newRead More


Prepping for an Emerging Market Rebound

Sep 17th, 2018 | Filed under: Newly Added, Currencies, The A.I. Industry, The Global Economy & Currencies, Emerging markets, Finance & Economics

Two executives at the Neuberger Berman Group have prepared a paper on what they call the “overall case for a recovery in emerging market debts” in the months to come. Investors will want to “be around” for such a rebound, they say. There are obviously now, and there will continueRead More


Are ICOs Encoding Their Governance Promises?

Sep 16th, 2018 | Filed under: Newly Added, Currencies, The A.I. Industry, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Finance & Economics, Other Topics in A.I.

Scholars affiliated with the University of Pennsylvania recently produced a paper about digital currencies and initial coin offerings, “Coin Operated Capitalism.” The gist of the paper is that the purchase of such tokens may be riskier than investors have thus far been led to expect and may entail more risk thanRead More


Oil Trading and Round Number Effects

Sep 13th, 2018 | Filed under: Newly Added, The A.I. Industry, Investing in Commodities, Financial Economics Theory, Behavioral finance, oil, Commodities, Commodities: Examples, Finance & Economics

The “round number effect” is an endless source of fascination in the worlds of both trading and statistics. Human brains, after all, tend to think in round numbers. A market pundit on television may say, “If the price of stock XYZ gets below $8.00, it’ll be worth buying.” He won’tRead More


Back to the 1980s for future market insights

Sep 6th, 2018 | Filed under: Newly Added, The A.I. Industry, Business News, Economics, Finance & Economics, Other Topics in A.I.

Christina Zhu, of the University of Pennsylvania, in a recent paper, looks at the consequences of Big Data for corporate management. What “Big Data” means depends on who is talking or writing about it. For economists working within the classic microeconomic framework, it means a drastic fall in the cost of acquiring information.Read More


Cryptocurrencies: Alpha and Malta

Aug 30th, 2018 | Filed under: Newly Added, Currencies, The A.I. Industry, The Global Economy & Currencies, Digital currencies, Other Topics in A.I.

Malta was the first jurisdiction within the EU to develop a regulatory system for collective investment schemes that invest in cryptocurrencies. A new paper offering what it calls a “top-down analysis” of hedge funds involved with cryptos details the regulatory framework now in force in Malta, highlighting the set-up andRead More


Inaccurate News Analytics: When Robots Get Things Wrong

Aug 28th, 2018 | Filed under: Newly Added, Algorithmic and high-frequency trading, The A.I. Industry, Equity Hedge Funds, Hedge Funds, Event-Driven Hedge Funds, Business News

A new study prepared for the Federal Reserve Board looks at the use of algorithms to read and interpret financial news. While there have been a lot of studies that have looked at this topic, one unique feature of this new paper, “First to ‘Read’ the News,” is that itRead More


Hedging or Trading? Why Italian Banks Use Derivatives

Aug 23rd, 2018 | Filed under: Newly Added, Derivatives, The A.I. Industry, Risk management, Hedge Funds, Credit Derivatives, The Global Economy & Currencies, Commodities, Economics, Institutional Asset Management, Risk Management Strategies & Processes, Risk Management & Operations

A recent report by the Bank of Italy looks at why the various banks of Italy use derivatives. Specifically, the central bank of that country wanted to know: is it a matter of hedging? Or is it a matter of keeping a proprietary book? Hedge fund managers and other pursuersRead More


Liquidity: The Taxi-onomy of Supply and Demand 

Aug 13th, 2018 | Filed under: Newly Added, What about beta?, The Global Economy & Currencies, Macroeconomics

By Bill Kelly, CEO, CAIA Association The CAIA Association has partnered with AIMA to develop a series of educational papers designed to equip trustees and other fiduciaries with the proper tools to assist them in their risk oversight responsibilities. The third installment covered the use and deployment of leverage in alternative funds and we are now putting theRead More


What is Behind the Momentum Factor? Informed Trades?

Aug 5th, 2018 | Filed under: Newly Added, CAPM / Alpha Theory, Financial Economics Theory, Finance & Economics

A new paper by four U.S. scholars makes a contribution to the literature on factors and the modeling of stock prices. The paper, “An Information Factor,” proposes in essence that the momentum factor isn’t what it seems to be. Ever since the publication of a 1993 paper by Jegadeesh andRead More


The Structure of the Securities Lending Market

Aug 2nd, 2018 | Filed under: Newly Added, Financial Economics Theory, Behavioral finance, The Global Economy & Currencies, Macroeconomics, Finance & Economics

An author affiliated with the National University of Singapore and one with Goethe University Frankfurt, Germany, have co-authored a paper on the structure of the securities lending market: specifically, on the fact that this market is an oligopoly, and on the implications that has for pricing. The general outlines areRead More


Active Management, the Business Cycle, and the Silk Road

Jul 31st, 2018 | Filed under: Newly Added, Retail Investing, Alpha & Beta, The Global Economy & Currencies, Macroeconomics, Allocating to A.I., Finance & Economics, Other Topics in A.I.

LPL Financial’s 2018 Forum Conference for investors took place in Boston this week, Sunday through Tuesday. This is an annual event that brings together thousands of advisors and program managers to discuss industry issues and new products. LPL is an independent broker-dealer headquartered in Boston, with offices in Fort Mill,Read More


Centralized Exchanges and Cryptocurrencies

Jul 26th, 2018 | Filed under: Newly Added, Currencies, Investing in Commodities, Financial Economics Theory, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Commodities, Finance & Economics

Cryptocurrencies are increasingly traded on centralized exchanges, such as Gemini and Coinbase. This fact itself has generated some resentment in the crypto world, because the very idea of  centralized exchange seems to violate the original anarchic animating spirit of the cryptocurrencies, even of “Satoshi” himself. Vitalik Buterin, who as the creatorRead More


A Counterintuitive Result on Bank Size and Too Big to Fail

Jul 22nd, 2018 | Filed under: Newly Added, Financial Economics Theory, Behavioral finance, Finance & Economics

Ten years ago, a series of bank failures rocked the financial and economic worlds. One of the immediate political consequences of those failures was the creation, by the US government, of a Troubled Asset Relief Program (TARP). This almost immediately morphed into a troubled equity relief program, because as TreasuryRead More


BarclayHedge Numbers Show Cryptocurrency Dive

Jul 19th, 2018 | Filed under: Newly Added, Currencies, CTA, The A.I. Industry, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Commodities, Macro and Managed Futures Funds, Other Topics in A.I.

BarclayHedge says that its flash estimate for the Barclay CTA Index shows a 0.05% loss in June, and a 2% loss year to date. More remarkably, the flash estimate shows a 16.23% drop in June and a 45.43% drop YTD for the CryptoCurrency Traders Index. The founder and president ofRead More


Asset Management in China: Expect Growth

Jul 8th, 2018 | Filed under: Newly Added, What about beta?, Consultants, Institutional Investing, High-net-worth investors, Asset Allocation Models, Institutional Asset Management, Finance & Economics

A new study by Casey Quirk looks at asset management in China. It makes a bold claim: that by 2030, asset management strategies broadly defined will account for 10% of total Chinese wealth. That will be a more than doubling of the corresponding number at present: 4%. If China getsRead More


The Crypto ‘Bubble’ as Seen From Boston College

Jul 5th, 2018 | Filed under: Newly Added, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Other Topics in A.I.

Two scholars affiliated with Boston College, Carroll School of Management, have published a study of initial coin offerings (ICOs), that has given a mixed verdict on the common contention that cryptocurrencies in general and ICOs in particular constitute a “bubble” akin to, say, 17th century tulips or the mortgage derivativesRead More


The Efficiency of the Markets in Crypto-Currencies

Jun 28th, 2018 | Filed under: Newly Added, Currencies, Financial Economics Theory, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Finance & Economics

Three scholars affiliated with Johns Hopkins have evaluated cryptocurrency investing, in a new paper available at SSRN, and have concluded that “near-term cryptocurrency markets are semi-strong form efficient.” That bit of finance theorist jargon means that all publicly available information gets discounted quickly into an asset’s price, so that neitherRead More


Stein’s Law and Rising Production Costs

Jun 26th, 2018 | Filed under: Newly Added, Commodities, Investing in Commodities, Insolvency, Commodities, Business News

Herbert Stein, who was President Richard Nixon’s chairman of the Counsel of Economic Advisors, is often quoted as saying, “If something cannot go on forever, it will stop.” This statement, known as “Stein’s Law,” has the right ring of profundity about it, a mixture of tautology and empirically verifiable generalization.Read More


A Talk on the What and Whys of Cryptocurrencies

Jun 20th, 2018 | Filed under: Newly Added, Currencies, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Finance & Economics, Other Topics in A.I.

The Battle of the Quants came to New York City on Wednesday, June 20, and the CAIA Association was one of its media sponsors. Much of the event involved cryptocurrencies, including an exchange between John D’Agostino (the global head of investor engagement at DMS Governance) and Nouriel Roubini, Chairman ofRead More


Africa Still Rising (but Patience May Be Required)

Jun 12th, 2018 | Filed under: Newly Added, Private Equity, Emerging Alternative Investments, The Global Economy & Currencies, High-net-worth investors, Emerging markets, Private Investments, Other Topics in A.I.

The Emerging Markets Private Equity Association, in a new report, suggests that the “Africa Rising” narrative of a few years ago is behind us. Africa is seen still as having enormous potential. But the report also says, “the commodity downturn of the last several years has had a severe impactRead More


The View from Amundi: Absolute Return and Factor Models

Jun 10th, 2018 | Filed under: Newly Added, CAPM / Alpha Theory, Finance & Economics

On May 30, CAIA France sponsored a panel discussion on absolute return strategies, held at the headquarters of Amundi Asset Management, on the Boulevard Pasteur in Paris. Frederic Hoogveld, the head of investment specialists, index and smart beta for Amundi, spoke that evening on dynamic factor allocation. As a review:Read More


AQR Makes the Case for a VRP Strategy

Jun 5th, 2018 | Filed under: Newly Added, Financial Economics Theory, Behavioral finance, Finance & Economics

AQR Capital Management, the Greenwich, CT-based global investment firm, has posted a new discussion of the volatility risk premium and of the advantages of strategies based thereon. In principle the premium would disappear if markets efficiently estimated the probability of significant losses. But it remains, because investors are risk averseRead More


Quants and Fundamentalists Unite!

May 31st, 2018 | Filed under: Newly Added, Hedge Fund Industry Trends, Algorithmic and high-frequency trading, The A.I. Industry, Hedge Funds, Fees, Structure of the Hedge Funds Industry

By standard definition, a “quantitative” investing strategy is one that selects securities using customized models, often algorithm-driven and thus on the operational level independent of human judgment. Again working from standard definitions, a “fundamental” investing strategy involves an examination of whether the entity issuing a security (corporation, sovereign, or other)Read More


Eurekahedge on Japan as an Investment Mandate

May 24th, 2018 | Filed under: Newly Added, Institutional Investing, The Global Economy & Currencies, Institutional Asset Management, Macroeconomics, Allocating to A.I.

Eurekahedge has recently concluded its fifth annual survey of asset managers with mandates to invest in Japan. In the words of Eurekahedge chairman and CEO, Satoshi Iwanaga: “Survey results for 2018 suggest that central bank normalization is still a long way off in Japan, with investors continuing to reduce theirRead More


The CBOE and VIX: The Appearance of Manipulation

May 6th, 2018 | Filed under: Newly Added, Commodities, Business News, Finance & Economics

On April 23, 2018, the chairman and the president of the Chicago Board Options Exchange issued an open letter to address concerns that the CBOE Volatility Index (VIX) is subject to manipulation. There were at least two incitements behind this letter. First, its authors, Chairman Ed Tilly and President ChrisRead More


Revising the ICAPM to Reflect Effects of Style Investing

May 1st, 2018 | Filed under: Newly Added, CAPM / Alpha Theory, Financial Economics Theory, Finance & Economics

A recent paper by Michael Stutzer, of the University of Colorado at Boulder, Leeds School of Business, suggests that the intertemporal version of the capital asset pricing model (ICAPM) needs some revision in light of the market dominance of style investors. A more full statement of that might be: itRead More


Funds Use Public Info to Complement Private Signals

Apr 12th, 2018 | Filed under: Newly Added, CAPM / Alpha Theory, Equity Hedge Funds, Financial Economics Theory, Hedge Funds, Event-Driven Hedge Funds, Finance & Economics

Alan D. Crane and two colleagues have written a paper on whether and how hedge funds profit from publicly available information, in particular from SEC filings. Crane is an assistant professor at Houston’s Rice University, Jesse H. Jones Graduate School of Business. He and two Rice students, Kevin Crotty andRead More


Options-based Strategies and their Pay-offs

Apr 10th, 2018 | Filed under: Newly Added, Financial Economics Theory, Behavioral finance, Risk Metrics and Measurement, Risk Management & Operations, Finance & Economics

Roberto Obregon, of the Meketa Investment Group, has written a paper (available at SSRN) on the use of options-based equity strategies. Obregon is the author of a number of scholarly papers on alternative strategies, including one last fall on global macro, which he co-authored with Willam Dana. In his optionsRead More


Bitcoin Futures ETFs: SEC Requests Comment

Apr 8th, 2018 | Filed under: Newly Added, Currencies, Financial Economics Theory, Emerging Alternative Investments, The Global Economy & Currencies, Digital currencies, Finance & Economics, Other Topics in A.I.

In December last year the NYSE Arca Inc. filed a proposed rule change that would allow for the creation of Exchange Traded Funds investing in Bitcoin futures contracts, and, potentially, in other related Financial Instruments. In January 2018 the U.S. Securities and Exchange Commission extended its review of this proposal.Read More