Archive for April, 2015
Thursday, April 9th, 2015
Via Bloomberg:
Automated Trading Breeds Manipulation, Liquidity Risks: TMPG
2015-04-09 17:22:42.64 GMT
By Alexandra Harris
(Bloomberg) -- Heightened use of automated trading in cash
Treasury markets creates myriad risks like operational, market
manipulation, transmission, as well as risks to market
liquidity, according to Treasury Market Practice Group
consultative paper published today.
* Recent market events linked to automated trading ...
Posted in Uncategorized | Comments Off on Automated Trading Agonies
Thursday, April 9th, 2015
Via Bloomberg:
WHAT TO WATCH:
* (All times New York)
* Economic Data
* 8:30am: Initial Jobless Claims, April 4, est. 283k
(prior 268k)
* Continuing Claims, March 28, est. 2.350m (prior
2.325m)
* Continuing Claims, March 28, est. 2.350m (prior
2.325m)</li></ul>
* 9:45am: Bloomberg Consumer Comfort, April 5 (prior 46.2)
* Bloomberg April U.S. Economic Survey
* Bloomberg April U.S. Economic ...
Posted in Uncategorized | Comments Off on What to Watch for Today
Thursday, April 9th, 2015
Via Marc Chandler at Brown Brothers harriman:
Dollar Firmer As Recovery Continues
- The US dollar is broadly higher on follow through buying after recovering in North America yesterday, helped in part by the FOMC minutes
- The FOMC minutes shed some light on the role of the dollar
- The US ...
Posted in Uncategorized | Comments Off on FX
Thursday, April 9th, 2015
I will also link to the letter to which Dimon wrote to shareholders which goes into greater details than this article on liquidity in the market place. The germane part of that letter begins on page 30 and ends on page 34.
One point worth highlighting here is Dimon's comment on ...
Posted in Uncategorized | 1 Comment »
Thursday, April 9th, 2015
The UK Business Insider has a nice post on the continuing travails of the Greek government as it tries to navigate its perilous fiscal situation. The country should be able to come up with the cash to make a payment to the IMF today but life will become more perilous ...
Posted in Uncategorized | Comments Off on Greek Soap Opera
Wednesday, April 8th, 2015
Via Robert Sinche at Amherst Pierpont Securities:
UK: The BoE is expected to keep rates on hold and make no changes to its asset purchase program.
JAPAN: Machine Tool Orders have increased by more than 20% YOY for the last 15 months, although strong orders in March 2014 (+41.8% YOY) could bring ...
Posted in Uncategorized | Comments Off on Overnight Data
Wednesday, April 8th, 2015
Via Merrill Lynch Research:
New York Fed President Dudley continues to argue the dependency of the...
...specific path for the coming rate hiking cycle on financial market conditions.
He doesn't want stocks to go down a lot, but also not to increase meaningfully.
The Yellen Collar. While the Minutes of the March 17-18 FOMC ...
Posted in Uncategorized | Comments Off on Eclectic Topics Via Merrill Lynch
Wednesday, April 8th, 2015
Via Greg Ip at the WSJ:
By Greg Ip
April 8, 2015 9:30 a.m. ET
15 COMMENTS
Squeezing risk out of the economy can be like pressing down on a water bed: The risk often re-emerges elsewhere. So it goes with efforts to make the financial system safer since the financial crisis.
Officials have forced ...
Posted in Uncategorized | Comments Off on Shifting Risks
Wednesday, April 8th, 2015
Via Steve Liddy a friend and former colleague:
We all know there is a shortage of collateral and there are a number of short term funds that have moved to 'Govt only', but if the FED were to really sell front end paper, could the Street b/s handle that?
In their discussion ...
Posted in Uncategorized | 1 Comment »
Wednesday, April 8th, 2015
This note was sent to me about an hour ago but the analysis is still valid.
Via CRT Capital:
We are cautious about this afternoon's 10-year auction and while we expect non-dealer interest to be significant (averages 60% for this benchmark), there is still the risk of a modest tail for the ...
Posted in Uncategorized | Comments Off on Ten Year Note Auction