Temple Associates
Advice for Fund Managers, Securities and Banking Firms
Showing posts with label
Securities Markets
.
Show all posts
Showing posts with label
Securities Markets
.
Show all posts
29 Nov 2017
Active ETF's - just a type of Closed-end fund?
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ETF's have not been really tested in a major market downturn or panic. 2008-09 does not count as amounts involved were still quite small...
25 Jul 2017
Goldman Sachs is scaling back market-making for exchange-traded funds
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This will not make it easier to maintain orderly markets if and when the tide turns and markets enter a bear market. Markets move faster on ...
15 Mar 2017
Untested Robo-Advisers Are Becoming a Big Market Risk - Bloomberg View
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Assets under Management by Robo-Advisers are not yet that large. But when they are in the hundred of billions it will create the mother of a...
15 Sept 2015
Dark Pools - who brings light into them?
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News that Credit Suisse has reached a settlement on the 'dark pool' probe may bring relief to its shareholders, management and some...
15 Apr 2015
The 'fun' (ugly?) face of the City
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The one thing that surprises me - given the amount of ever-more sophisticated technology that is available - is the survival of the voice-ba...
27 Jan 2015
Single Capacity to protect counterparties - notes on Goldman/LIA dispute
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Not a question of being smarter, though that may well be the case. It is a question of morality - or lack thereof. When firms are feted as ...
2 Jun 2014
Bond business - down but not out
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My prognosis for interest rates, esp bond rates, for the next few years gives a high probability that rates will meander around a relatively...
7 Nov 2012
Rating Agency reform- new idea but not enough
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John Carney ( CNBC ) makes a new suggestion when he writes that rating agencies should not receive non-public information. While this may ...
16 May 2012
JP Morgan 'loss' - too much ado about nothing?
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The reported 'loss' that JP Morgan took on its investment account may appear to be large but in the context of a portfolio size of ...
18 Mar 2012
Conflicts of Interest in Investment Banking
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The discussion about separating banking and securities and investment banking has reached a dead end. But the inherent conflicts of interest...
3 Mar 2012
Political pressure to prevent CDS on Greece to pay out?
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The example of a minor Austrian bank demonstrates the potential fallout that can be expected if CDS sellers are required to pay out in case ...
2 Mar 2012
CDS - a misconceived instrument is Null and Void
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Says today's headline in a newspaper ( City AM ). To leave the decision about whether or not a CDS pays out in a 'credit event' ...
1 comment:
Charlie Munger on Derivatives in 2003
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"But I confidently predict that there are big troubles to come. The system is almost insanely irresponsible. And what people think are ...
20 Jan 2012
Tobin Tax: Political Caste in Germany wants your blood!
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Norbert Lammert is the current President of the German Lower House (Bundestag). Today a headline tells us that he is also 'supporting...
19 Dec 2011
UK: Regulatory Black Hole?
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The amounts hidden from balance sheet in the shadow banking system are truly frightening and can only be described as a house of cards. Tha...
29 Nov 2011
What should be the right level of Margin?
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An article in today's Financial Times bemoans the shrinking level of collateral and gives the impression that this would be something t...
22 Nov 2011
MF Global Bankruptcy torpedoes Futures Markets
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When Warren Buffett spoke of derivatives as 'weapons of mass destruction' not a few belittled him as old-fashioned. Now that the ful...
16 Nov 2011
Derivative Risks - URGENT ACTION REQUIRED
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While we are not in the camp of those predicting a black swan event in the global market for OTC derivatives we would none-the-less urge reg...
21 Oct 2011
Advice to the City of London: stop the bureaucratic control freaks before it is too late
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Reading Monsieur Barnier's latest utterings (pity he has no pregnant young wife, maybe that would put a stop to his unnecessary activit...
3 Oct 2011
OTC Derivatives - a dangerous house of cards?
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The renewed crisis in the credit markets that has been triggered by concerns about peripheral member states of the Eurozone festers like a s...
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