EDHEC: SWFs and Their Implicit Liabilities
SWFs are distinct from pension funds at least in this sense, there are broadly speaking no explicit liabilities. There is no ongoing schedule of payments an SWF is responsible for making, for example....
View ArticleAlpha Hunters: Looking at Alternative Investments From the Inside Out
A deeper look at alternatives with Dr. Bob Swarup, a world-renowned expert and commentator on alternatives and financial markets as well as being a visiting fellow at London School of Economics.
View ArticleBasel/IOSCO ‘Near Final’ Proposal: Part Two
This is the second of a two-part discussion of a paper jointly issued by Basel and IOSCO on margin requirements for non-centrally cleared derivatives. The new paper solicits feedback on the phase-in...
View ArticleThe Mere Whisper of the Name ‘Soros’
Facile parallels notwithstanding, neither the argument Druckenmiller made at Sohn nor any other good reasons that may now exist for shorting the Aussie have a lot to do with the case against the pound...
View ArticlePrevInvest: Fishing for Yield in a World of Liquidity
A new report by PrevInvest, the "Investment Outlook & Hedge Fund Strategies Insight Report," focuses on the consequences of the race to the bottom among the world's industrialized nations and their...
View ArticleCanada’s Derivatives Market since the Global Finance Crisis
Consider TMX index futures: volume and open interest were both heading up sharply in the period 2005-06. But OI peaked in 2006, while volumes continued up for another two years. Going forward, too, the...
View ArticleChinese Challenges and Waiting Games: Cerulli
The QFII advisory business will for tricky for the smaller fund management companies, because the private firms with which they compete there "tend to boast better investment teams."
View ArticleAnti-Fragility: South African Central Banker on Dollar and Rand
It is certainly true that a lot of foreign-denominated debt would worsen prospects for South Africa. But even in the absence of such a trap: can a nation boast of anti-fragility (or even, more aptly,...
View ArticleLiquidity? Perhaps It Is What it Does
Four researchers have developed an "event-based" understanding of Liquidity, measuring it as a characterization (from 0 to 1) of the predictability of asset price trajectories. Illiquidity is surprise.
View ArticleCan We Agree to Stop Calling It the ‘Tobin tax’?
Arjuna Sittampalam, editor of Investment Management Review and a Research Associate with EDHEC-Risk Institute, cautions the asset management industry in Europe that even if the idea of a continent-wide...
View ArticleBIS to US Fed: You’re Messing with the World
There are several channels for spill-over effects, whereby the actions of the Federal Reserve and the ECB can have grave consequences around the world. Psychological consequence, in particular herding,...
View ArticleBitcoin Miners: The Hammer and the Butterfly
In the matter of a merchant selling computers that are supposed to mine bitcoin, the FTC alleges that the merchant is a sham, simply using the language of the bitcoin world to find suckers. But the...
View ArticleExtra! Extra! Central Banking the Disease It Affects to Cure
The release of Lord Grabiner's report provides evidence going well beyond the conclusions that Grabiner himself is willing to draw, and shows a central bank acting as a wink-and-nod clearing house.
View ArticleDon’t Blame the Swiss: Results Discounted Days Before Vote
The price of gold took a swan dive as November ended, just as Swiss voters formally nixed an initiative that would have required the central bank to buy a lot of the stuff. Faille argues that this is...
View ArticleJohn H. Makin, Hedge Fund Economist/Principal, Defender of U.S. Fed
The impression one gets from some of the recent work of Dr. Makin is of a man who decided, late in life, that currency is a state invention, and that the states deputize their central banks to make...
View ArticleBanned in China: High Praise for a Statistics Textbook
At this moment, when news from China has turned sober and the monetary/fiscal authorities there seem torn by inconsistent goals, a tweet flutter has reminded us of a boring data-analysis text that was...
View ArticleOvertrading and the Danger of Pro Rata
Guest columnist Ginger Szala looks at pro rata and what happens if...
View ArticleThe LIBOR Fixing Scandal Gets a Conviction and a Book
When it all hit the fan, U.S. investigators in particular (the Brits somewhat less so) came to see Hayes as a mastermind behind its digestive generation. But Arvedlund seeks in her new book on the...
View ArticleAnother Southeast Asia Currency Crisis
China's moves in recent days seem likely to set off a new Southeast Asia currency crisis, which will look a lot like the old Southeast Asia currency crisis. This was clear even on August 11th, when...
View ArticleStudy Says The Gold Bugs are Right
Gold seems, to a larger extent than silver, and even more so to an extent larger than is true for palladium or platinum, to work as a true financial asset: decoupled from price developments in the...
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