Archive September 2017

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Week InReview: September 29, 2017

One for the Ages - "... history has shown that tight trading ranges often get undone in a violent way. So daily moves of 1% or more in coming days are likely, even though they have been a rarity this year."

This stock coil will likely unwind quickly
S&P 500 notches smallest trading range in 45 years
- The Wall Street Journal

Week InAdvance: September 25, 2017

Mon Sep 25 NAFTA Round 3 in Ottawa. | Tue Sep 26 WTO public forum in Geneva. Senate SEC oversight hearing. INVESTORS MSC telecon | Wed Sep 27 IOSCO committee in NYC. INVESTORS CSC telecon & Monthly Members Meeting. | Fri Sep 29 MSRB EMMA demo. BOE celebrates 20 years of independence from U.K. government.

Week InReview: September 22, 2017

The WSJ's Fed team breaks down exactly what soft inflation means as it aims for a 2% target rate.

Week InAdvance: September 18, 2017

Mon Sep 18 BIS Financial Stability Institute conference in Basel. Mark Carney at the IMF. CFTC chair, staff at swaps policy event in DC. ABS East in Miami Beach. EU-U.S. data privacy review in DC. | Tue Sep 18 Senate Finance business tax hearing. UN General Debate opens. | Wed Sep 20 IOSCO risk committee in Toronto. FOMC rate decision. | Thu Sep 21 MSRB EMMA webinar. | Fri Sep 22 FSOC closed meeting on nonbank SIFIs. September equinox.

Week InReview: September 15, 2017

Risk Retention

"... an entire ecosystem has been created around financing the portion of risk in each deal that needs to be retained. Fund managers have created risk-retention funds that have lured billions of dollars from big institutions around the world. Some of these investors wouldn't have otherwise invested in CLOs, particularly the riskiest slices of them, because those pieces are often sold in small increments and sometimes aren't worth the time of big investors.

"Wells Fargo's David Preston estimates that more than $7 billion has been raised for such risk-retention funds since March 2016. It's unlikely that CLO managers will be eager to give up these investors, who seem to like the way this structure works."

Bloomberg Gadfly's Lisa Abramowicz
on the collateralized loan obligation market

Week InAdvance: September 11, 2017

Mon Sep 11 G20 working group in Paris. | Tue Sep 12 Fintech hearing in the Senate. House panel meets on Fed. WTO, IMF, World Bank, OECD, ILO and FSB meet in Beijing. | Wed Sep 13 SEC panel on small and emerging companies meets on Sarbanes-Oxley and Securities Act Rule 701. INVESTORS CMBS telecon. Eurofi financial forum in Estonia. | Thu Sep 14 FINRA fixed income conference. | INVESTORS Market Practices telecon. | Fri Sep 15 FINRA fixed income conference.

Week InReview: September 8, 2017

If you get hacked, is that securities fraud? "Jay Clayton, speaking at an event sponsored by New York University's School of Law, said investors still don't fully appreciate the threat posed by hackers. 'I am not comfortable that the American investing public understands the substantial risk that we face systemically from cyber issues and I would like to see better disclosure around that,' Mr. Clayton said. ... "Mr. Clayton said the SEC would investigate companies that mislead investors about material cyberrisks, but said the battle against hackers is much broader and shouldn't be waged in government 'silos.'" - The Wall Street Journal

Week InAdvance: September 5, 2017

Tue Sep 5 BRICS summit in Xiamen, China. G20 green finance forum in Beijing. NAFTA Round Two in Mexico concludes. | Wed Sep 6 Fed's Beige Book. | Thu Sep 7 Senate Banking vote on OCC head & Fed governor, FSOC insurance member bill. House FINRA oversight hearing. House cyber hearing.| Fri Sep 8 SEC-NYU securities, ETP dialogue in DC. NYU SEC roundtable in NYC.

Week InReview: September 1, 2017

Meme of the week...