Briefings

Archive May 2018

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Week InReview: May 25, 2018

Loan market liquidity concerns -

Financial Times Alphaville's Alexandra Scaggs is concerned that "there are currently five ETFs that invest in leveraged loans," and that these exchange-traded funds with intraday liquidity have a mismatch with the illiquid underlying loans:

"The problem with using liquid open-ended vehicles (like ETFs and mutual funds) to invest in illiquid assets is not as dry as settlement time. Instead, it is the chance that a negative feedback loop will occur if this currently booming market turns sour. If poor performance in these funds leads to withdrawals, that could lead to even worse performance, and more withdrawals, and so on.

In short, they create the risk of a fire sale...."

Please don't tell individual investors to buy leveraged loans

Week InAdvance: May 21, 2018

Mon May 21 G20 foreign ministers in Buenos Aires. | Tue May 22 House may vote on Senate-passed Dodd-Frank bill. | Wed May 23 GSE hearing. FOMC minutes. | Thu May 24 Cybersecurity hearing. | Fri May 25 EU's GDPR takes effect.

Week InReview: May 18, 2018

Flipping Volcker:

In a much anticipated overhaul of Volcker, the Federal Reserve and other regulators are planning to drop an assumption written into the original rule that positions held by banks for less than 60 days are speculative - and therefore banned.... Instead, banks would have leeway to conclude that their trades comply with the rule, putting the onus on regulators to challenge such judgments....

Volcker rule rewrite is said to drop trading burden on banks

Week InAdvance: May 14, 2014

Mon May 14 Effective date of new bond pricing, disclosure regs. | Tue May 15 LEI committee in San Francisco. EBA Basel III seminar in London. OECD digital financial assets workshop in Paris. | Wed May 16 IOSCO Committee 2 in Moscow. | Thu May 17 Informal Nafta deadline. | Sat May 19 The Preakness Stakes.

Week InReview: May 11, 2018

"Over the past two years, researchers in China and the United States have begun demonstrating that they can send hidden commands that are undetectable to the human ear to Apple's Siri, Amazon's Alexa and Google's Assistant. Inside university labs, the researchers have been able to secretly activate the artificial intelligence systems on smartphones and smart speakers, making them dial phone numbers or open websites. In the wrong hands, the technology could be used to unlock doors, wire money, or buy stuff online - simply with music playing over the radio."

- The New York Times

Week InAdvance: May 7, 2018

Mon May 7 43rd annual IOSCO conference opens in Budapest. | Tue May 8 Fed chair in Zurich for IMF conference. | Thu May 10 EMMA webinar. | Fri May 11 5th annual SEC conference on financial market regulation.

Week InReview: May 4, 2018

VIX manipulation probes sow angst around Wall Street fear gauge Top U.S. market regulators are said to open probe into the VIX; stock is down 15% in 2018 after rising the last seven years (Bloomberg Quint | May 4) and more!

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