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Category Archives: Pricing

The world is running out of fiscal space

This is what global hot money sounds like… or put differently the “globalization of capital flows”… moving funds between asset classes and currencies to take advantage of changes in valuations and relative returns.
Does this type of financial activity add to nation’s wellbeing or does it just represent a “skimming” of a  nation’s productive capacity?
Nikhil Srinivasan, [...]

Muni market confusion

Bond insurance down to 5% of new issues from 50%…
BABs have reduced supply…
Are credit ratings to be trusted?
Municipal revenues has declined…
“We don’t expect the muni market to collapse…”

The more transparent a marketplace, the more liquid it is, the more competitive it is

Transparency creates stability in financial markets… this is a foundational precept of our system but is rarely argued… the following is from a speech by CFTC Chairman Gensler to the “Energy Bar Association” on February 24th…
~~~ Transparent Trading Requirement
“… It is not enough, though, simply to promote transparency to the regulators.
Financial reform will be incomplete [...]

Country risk…

From FT Alphaville…
~~~ “Looks like Credit Suisse has jonied the conspiracy trying to undermine Spain.
Here’s a ranking of countries by perceived risk, taking into account things like current account balances, public and private debt, and CDS spreads.  It comes from a note on the impact of sovereign risk on European banks, published on Wednesday by Jagdeep [...]

Drive the algos overseas…

The Chicago Fed has published a short paper on high frequency trading… makes you wonder how much economic activity this trading represents for the Chicago area…
The fundamental issues around high frequency trading are systemic risk and investor fairness. Unfortunately this paper doesn’t address either one of those issues…
From the conclusion of the paper “Controlling risk in [...]

Derisking the banking system

Senate hearing on prop trading - Feb 2, 2010
Source: PROHIBITING CERTAIN HIGH-RISK INVESTMENT ACTIVITIES BY BANKS AND BANK HOLDING COMPANIES
Senate Banking Committee
Hearing: Tuesday, February 2, 2010 , 02:30 PM 538 Dirksen Senate Office Building
The witness will be:

The Honorable Paul Volcker, Chairman of the President’s Economic Recovery Advisory Board.
Honorable Neal S. Wolin, Deputy Secretary, U.S. [...]

Multiple years of deleveraging from here…

In the bond markets Cantor has always been known as the “outer boro guys”…. never a fancy shop like Goldman or Morgan Stanley… but they were a dominant broker before 9/11 wiped out the majority of their employees… it’s good to see them hunting around for new products to make markets and service customers…
In [...]

Paulson, Bernanke and foreign banks

In this short clip from the Senate Banking Committee hearing of September 23, 2008 Senator Evan Bayh questions Secretary Paulson about why they will support foreign banks. Secretary Paulson says it’s on behalf of American taxpayers and Chairman Bernanke explains that these are efforts to prop up prices in markets.
From Bloomberg…
~~~ “… The Federal Reserve [...]

Secretary Geithner should resign

I first published this post on November 21, 2009… I believe it is even more the case now. Timothy Geithner serves Wall Street. Our economy and nation will not be repaired until the control of Wall Street over the government, the Federal Reserve and the nation is broken.
US Treasury Secretary Geithner should resign from office.
He represents [...]

This is what reform sounds like… part II

Visit msnbc.com for Breaking News, World News, and News about the Economy

Thank you  Chairman Gensler for your heavy lifting on derivatives reform.
More on derivatives reform at Riski…

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