The SEC has proposed rewriting Rule 17a-7 so registered funds can again trade most fixed-income securities with affiliated funds. A 2020 valuation rule had shut that door for most bonds. The proposal moves oversight from fund boards to compliance officers.
The SEC has proposed letting investment advisers hold their clients' crypto themselves, but only after deciding in writing, every quarter, that no qualified custodian will take it. Its staff found 136 advisers using specialist crypto custodians, and 1,498 that appear to advise on crypto. To find the second number, they had an AI model read 15,964 brochures.
Bitcoin traded below $83,000 on Thursday as the ten-year Treasury settled at 5.18 per cent, its highest since 2007. The fund flows that had just erased the year's outflows arrived at $28m, down from $999m on Monday. Gold fell as well, and that is the part which explains the rest.
Faster listing standards produced a wave of single-asset crypto funds. Most of them will not gather enough money to justify staying open.
Venture fundraising totals look healthy. Almost all of it went to a handful of firms, and the rest of the market is a different business entirely.
A proposed rule would give plan fiduciaries a process to follow rather than a warning to heed. It does not require anyone to offer anything.
Money market funds hold record balances. For fifteen years cash was what you held between decisions; it is now a decision.
An asset class that reports quarterly valuations built from its own models is being asked, for the first time at scale, to show its work.
The most widely held index in the world has become a concentrated position, and the mechanism that concentrated it is the buying itself.
Digital assets are increasingly handled by the same committees, custodians, and risk limits that govern every other allocation, and volatility is priced rather than debated.
Custodied staking with insurance, reporting, and service levels has turned network validation into a yield product committees can approve.
Bank entrants and scale players are compressing fees for institutional safekeeping, pushing specialists toward higher-value services.
Structured secondary windows and tokenized feeder funds are answering the illiquidity complaint without inviting a run.