Archive July 2017
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Week InAdvance: July 31, 2017
Mon Jul 31 Mnuchin at Koch brothers' event in DC. | Tue Aug 1 Senate hearing on affordable housing crisis. | Wed Aug 2 Basel Committee virtual seminar. | Thu Aug 3 MSRB compliance webinar.
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Week InReview: July 28, 2017
Libor, Society and the Nature of Finance - "For decades Libor's function hasn't been to be an accurate representation of bank's overnight funding costs, but to be a number that people could plug into their spreadsheets to price derivatives and other products. "Aside from the morality of actively lying, the financial system is obviously better off with a 'fake' Libor than with no Libor. It's much more important to the financial system that there be some interest rate number that everyone agree to use as 'the interest rate' than that number be an accurate representation of what it represents itself to be. "...is not a 'bug' but a 'feature' since finance is a way of managing promises about the future, which are inherently unpredictable. I think it was Merton who joked that it wasn't that everyone used his options pricing model because it was accurate, but that it was accurate because everyone used it. There is no 'rational' way to price options, but the financial system is made much better off by everyone pretending that Black-Scholes is a rational way of pricing options."
Jul 27th Twitter thread
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Week InAdvance: July 24, 2017
Mon Jul 24 IMF to release world econ update. | Tue Jul 25 Senate votes on nominees for Treasury and HUD. | Wed Jul 26 FOMC interest rate decision. | Thu Jul 27 SEC compliance outreach. Senate nomination hearings. | Fri Jul 28 FSOC closed session.
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Week InReview: July 21, 2017
The Digital Planet
It is barely 20 years since Sergey Brin and Larry Page registered the domain name Google, and only 10 years since Steve Jobs walked onto a stage in San Francisco and introduced the iPhone. Yet in this short period, digital technologies have upended our world. The Digital Evolution Index traces the emergence of a "digital planet," how physical interactions - in communications, social and political exchange, commerce, media and entertainment - are being displaced by digitally mediated ones. There are many hotspots around the world where these changes are happening rapidly and other spots where momentum has slowed.
Read all of Week InReview: July 21, 2017
Week InAdvance: July 17, 2017
Mon Jul 17 IAIS meets on G-SIIs. | Tue Jul 18 Senate Finance tax reform hearing. | Wed Jul 19 U.S.-China economic dialogue in DC. | Thu Jul 20 INVESTORS CMBS telecon. Senate panel meets on housing reform. | Fri Jul 21 Volcker rule "covered funds" deadline..
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Week InReview: July 14, 2017
A more turbulent second half? "The evaporation of market volatility has baffled many analysts and investors, given the noisy political environment and vulnerable economic recovery, and frustrated traders, who depend on turbulence and healthy turnover to generate profits. "But a sell-off in technology stocks and a spate of hawkish central bank speeches have caused volatility to make a modest but noticeable return in recent weeks."
Volatility Flickers Back to Life in Financial Markets
Long period of calm in stock and bond trading shows signs of ending
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Week InAdvance: July 10, 2017
Mon Jul 10 Senate takes up OIRA admin nomination. | Tue Jul 11 CPMI-IOSCO harmonization group in DC. Sun Valley conference in Idaho. | Wed Jul 12 CPMI-IOSCO UTI & UPI governance group in DC. Fed chair begins her two-day semi-annual testimony before Congress. Fed issues latest Beige Book. | Thu Jul 13 MSRB webinar. FINRA blockchain symposium in NYC. | Fri Jul 14 Rocky Mountain Economic Summit in Idaho.
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Week InReview: July 7, 2017
Will a Robot Take My Job?
The second of [UBS's] new systems uses machine learning to develop new strategies for trading volatility on behalf of clients. It examines vast amounts of trading data and builds a strategy based on learning from market patterns. UBS claims it is the first "adaptive strategy" product offered by an investment bank. It has been marketing the offering to clients for a couple of months and they have been "very receptive". While the bank is yet to convince a client to put its money into it, it expects to secure its first contract within a few months.
Robots enter investment banks' trading floors
- Financial Times
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Week InAdvance: July 3, 2017
Mon Jul 3 U.S. equities markets close 1 pm, bond markets close 2 pm. | Tue Jul 4 U.S. celebrates Independence Day. Stock and bond markets are closed, along with government offices. | Wed Jul 5 FOMC meeting minutes. | Thu Jul 6 3 Seas summit in Warsaw. | Fri Jul 7 G20 leaders summit in Hamburg.
Read all of Week InAdvance: July 3, 2017