July 1, 2021
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Robinhood Markets will pay a record $70 million to settle charges by the Financial Industry Regulatory Authority that it deceived and harmed its investors. FINRA said Robinhood allowed customers to trade options that were not suitable for them, maintained inadequate oversight of its technology, and misled clients on a variety of issues.
Full Story: Bloomberg (6/30),  Reuters (6/30),  CNBC (6/30),  Financial Times (subscription required) (6/30) 
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Manage risk with Canadian listed derivatives
Montréal Exchange (MX) is now open for trading Canadian exchange- traded derivatives 20.5 hours a day. With extended hours, investors in Asia Pacific and around the world can execute cross-market strategies, hedge existing Canadian bond portfolios and manage risk - all in their local time.
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Industry Update
Possible tightening of monetary policy and the arrival of a potent coronavirus strain could increase equity market volatility, strategists say, although further equity gains are expected this year. "We advise investors to brace for bouts of volatility ahead," according to a note from Mark Haefele, chief investment officer for global wealth management at UBS.
Full Story: Bloomberg (7/1) 
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In a letter to the Commodity Futures Trading Commission, Sen. Elizabeth Warren, D-Mass., called for an investigation of Google's practices in digital advertising markets. Warren claims digital ads fall within the statutory definition of a commodity and that CFTC regulation of the markets would not preempt other agencies from taking action.
Full Story: The Verge (6/30) 
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Treasury yields declined in the second quarter, after notable gains in Q1, which might signal investor confidence in a continued economic rebound is waning. While many investors expect further economic growth, Jefferies economist Thomas Simons says, "There is a growing contingent of market participants that are buying into the idea that we've reached peak growth -- essentially that the most impressive days of the recovery are behind us."
Full Story: The Wall Street Journal (6/30) 
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An analysis by the Penn Wharton Budget Model indicates the infrastructure deal reached by a bipartisan group of senators and the White House would eventually raise GDP and reduce government debt. However, the analysis covers a timeline up to 2050, and co-author Jonathan Huntley says, "It will take us a long time for the infrastructure to become productive."
Full Story: The Hill (6/30) 
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New York Focus
New York's City Council on Wednesday approved a $98.7 billion budget for the fiscal year that begins today. The budget, the biggest ever adopted by New York City, reverses many of the spending cuts imposed when the city's revenues fell dramatically at the beginning of the pandemic.
Full Story: amNewYork (6/30) 
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Consolidated Edison is asking customers in the city and Westchester County to limit their use of "energy-intensive appliances" to conserve electricity during the current heat wave. The utility anticipated exceeding last year's peak demand of 11,700 megawatts this week.
Full Story: WABC-TV (New York City) (6/30),  Reuters (7/1) 
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Career Development
Leaders who are "diminishers" tend to believe they are the most important part of the team, but "multipliers" allow team members to contribute their own form of "genius" to the process for true collaboration, says Liz Wiseman. "This boss is someone so confident in their intelligence that they actually share it with others," she says.
Full Story: Financial Post (Canada) (6/29) 
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On The Economy
Pending home sales increased by 8% month over month in May, buoyed by lower mortgage rates and a marginal rise in units available, according to the National Association of Realtors. However, economists expect a slowdown in the months ahead.
Full Story: MarketWatch (tiered subscription model) (6/30) 
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CFA Society New York News
Join CFA Society New York for an in-depth panel discussion about the latest developments and regulatory changes regarding climate change and environmental, social and governance reporting. Learn what impact these developments will have on disclosures of ESG-related features of existing and prospective investment products, and explore new considerations for asset managers in the broader sustainable investing space.
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The foolish and the dead alone never change their opinions.
James Russell Lowell,
poet, diplomat
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