Briefings

Archive February 2019

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Week InAdvance: February 25, 2019

Mon Feb 25 SFIG continues in Las Vegas. | Tue Feb 26 Fed chair testifies in Senate. | Wed Feb 27 Basel Committee meets. Fed chair in the House. | Thu Feb 28 Capital and governance Senate hearing.

Week InReview: February 22, 2019

Speed bumps.

"Exchange giant Intercontinental Exchange Inc., known as ICE, quietly unveiled a plan earlier this month to impose a three-millisecond 'speed bump' - or brief delay - on some trades in gold and silver futures....

"Under the plan, the three-millisecond delay would apply to incoming orders seeking to hit unexecuted buy or sell orders already posted on ICE. Traders posting new orders to be displayed on the exchange wouldn't be affected.

"Such a design would benefit market makers, the firms that facilitate trading by continuously quoting prices for stocks or futures. Market makers would be able to cancel or adjust their quotes without having to wait three milliseconds.

"The losers from ICE's plan would be high-speed trading firms that 'pick off' slightly out-of-date quotes posted by slower-moving market makers - in other words, buying just as the price is about to tick up or selling just before the price drops."

- The Wall Street Journal

Week InAdvance: February 19, 2019

Wed Feb 20 FOMC meeting minutes. | Thu Feb 21 EU trade ministers in Bucharest. | Sun Feb 24 SFIG in Las Vegas.

Week InReview: February 15, 2019

"How Elon Musk uses Twitter" includes, of course, committing securities fraud by tweeting about a fake going-private deal and ultimately paying a $20 million fine for it, but really, if you are not getting fined $20 million for your tweets, how can you call yourself an exciting influential? - Matt Levine's Money Stuff

Week InAdvance: February 11, 2019

Mon Feb 11 Global summit in Dubai. | Tue Feb 12 EU finmins in Brussels. | Wed Feb 13 Cannabis in the House. | Thu Feb 14 -Deadline for money managers who oversee $100 million or more of securities to file a Form 13F with the U.S. SEC. | Fri Feb 15 CFR econ forum in NYC.

Week InReview: February 8, 2019

Anomalies.

"Researchers found that following the 9/11 terrorist attacks, market reactions weakened for forecasts from analysts with Middle Eastern surnames. They also found that following the French and German governments' opposition to the US-led Iraq War, the US market reactions weakened for analysts with French or German surnames. This effect was stronger in firms with lower institutional ownership and for analysts with non-American first names.

"The researchers measured surname favourability using the US historical immigration records to identify countries of origin associated with a particular surname and the Gallup survey data on Americans' favorability toward foreign countries."

Stock market shows greater reaction to forecasts by analysts with favorable surnames

Week InAdvance: February 4, 2019

The Lunar New Year 2019 begins on Tuesday, Feb. 5, to welcome the Year of the Pig. Celebrations in cities around the world can last as long as two weeks, though the first seven days typically host the most family gatherings, New Year's markets, parades, firework displays and other public attractions. While 1.3 billion people celebrate this holiday in China alone, many other countries host popular Lunar New Year events, as well. Most of these are in eastern Asia, but many major cities around the world will host events in the coming weeks.

Week InReview: February 1, 2019

"The Trump administration plans to work with Congress to overhaul mortgage-finance giants Fannie Mae and Freddie Mac, a White House spokeswoman said Tuesday - playing down the idea the administration will seek to unilaterally release the firms from government control."

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