Off limits

With a whole lot of of commentary, President Trump signed into law today, a bill that codifies certain Russian sanctions and also imposes sanctions in Iran, North Korea and Venezuela.  Leaving Trump’s commentary to political pundits and constitutional law experts (yes, our President challenged the constitutionality of a bill…as he signed it!), the law does impact portfolio managers here in the US as it reduces their investable universe some.  I am sure those PMs that dabble in Russia or Venezuela represent the minority but nonetheless, equity, debt and derivatives transactions are limited.  We’ll have to wait for OFAC (Office of Foreign Assets Control which administers and enforces trade sanctions) for the specifics, but an important development for PMs, traders and compliance staff…

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