Archive January 2018

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Week InAdvance: January 29, 2018

Mon Jan 29 Treasury's deadline for 'oligarch' list. NAFTA round six concludes. | Tue Jan 30 Treasury secretary gives FSOC annual report. | Wed Jan 31 CFTC market risk panel meets. FOMC rate decision. A super blue blood moon. | Thu Feb 1 CFTC chair at DerivCon 2018. | Sat Feb 3 Janet Yellen's term as Fed chair ends.

Week InReview: January 26, 2018

Optimism & Caution

• At the World Economic Forum's annual meeting in Davos this week, the International Monetary Fund argued that while the outlook for this year and the next was better than previously anticipated, a recession may be closer than many acknowledge and that investors and policy makers should guard against complacency.

• "The bull market seems to be steamrollering over everyone who has a bearish view," said Tim Adams, president of the Institute of International Finance, who was in Davos. "But there's a lot of complacency. There are termites in the foundation and a number of those are gnawing away at night."

• Signaling other causes for concern a new report released on Monday by the United Nations showed global flows of foreign investment fell 16 percent in 2017 to $1.52 trillion, while the International Labor Organization said progress in reducing vulnerable jobs had stalled.

Week InAdvance: January 22, 2018

Mon Jan 22 Round six of NAFTA talks. | Tue Jan 23 CFTC tech panel. WEF in Davos. | Wed Jan 24 IOSCO roundtable in DC. INVESTORS CMBS telecon. | Thu Jan 25 Senate Banking CFIUS hearing. | Fri Jan 26 G20 global infrastructure meeting in Paris.

Week InReview: January 19, 2018

Happy Anniversary Modigliani-Miller

"June 2018 will mark the 60th anniversary of the publication of Franco Modigliani and Merton Miller's classic article, 'The Cost of Capital, Corporation Finance, and the Theory of Investment.' Widely hailed as the foundation of modern finance, their article, which purports to demonstrate that a firm's value is independent of its capital structure, is little known by lawyers, including legal academics. That is unfortunate, because the Modigliani-Miller capital structure irrelevancy proposition (when inverted) provides a simple, but powerful framework that can be extremely useful to legal academics, practicing attorneys, and judges."

The Modigliani-Miller Theorem at 60: The long-overlooked legal applications of finance's foundational theorem - The CLS Blue Sky Blog

Week InAdvance: January 16, 2018

Tue Jan 16 IAIS meetings in Nashville. | Wed Jan 17 Fed's Beige Book. INVESTORS CMBS telecon. IOSCO meeting in Madrid. | Thu Jan 18 INVESTORS Market Practices, Legal & Regulatory telecons. | Fri Jan 19 SEC forum at NYU.

Week InReview: January 12, 2018

Tweet of the Week: "We're contemplating adding 'Blockchain' to our name so we'll increase our followers by 70,000 percent." - SEC Fort Worth

Week InAdvance: January 8, 2018

Mon Jan 8 San Francisco & Boston Fed presidents at Brookings w/ Ben Bernanke. | Tue Jan 9 CES in Las Vegas. | Wed Jan 10 House subcommittee meets on Fed reform. | Thu Jan 11 SEC panel meets on bond market liquidity. INVESTORS Market Practices Council telecon.

Week InReview: January 5, 2018

MiFID II: What if the only emails I'm allowed to receive are the ones I pay for?

"Solicitations from traders looking to pick up business from the buy side will drop significantly as the regulations stipulate that all research must be paid for. Money managers are even taking steps to block emails from those firms that have been dropped from their broker lists."

- Who wins, who loses from MiFID II shakeup?

Week InAdvance: January 2, 2018

Wed Jan 3 MiFID II effective date. FOMC minutes. | Thu Jan 4 INVESTORS Legal & Regulatory Council telecon. | Fri Jan 5 American Economic Association annual meeting.