- This Is From The Wall Street Journal
- Momentum in Stock Market Returns: Implications for Risk Premia on Foreign Currencies
- Links
- DTCC Posts 6-Month Market Activity Snapshot on CDS Market
- Default in Today’s Advanced Economies: Unnecessary, Undesirable, and Unlikely
- The Impact of Banks’ Cumulative Reserve Position on Federal Funds Rate Behavior
- A Wolf in Sheep’s Clothing
- TBA Trading and Liquidity in the Agency MBS Market
- Impact of High and Growing Government Debt on Economic Growth
- Financial Amplification of Foreign Exchange Risk Premia
- The Central-Bank Balance Sheet as an Instrument of Monetary Policy
- Exorbitant Privilege and Exorbitant Duty
- The Information Value of the Stress Test and Bank Opacity
- Price of Risk—Recent Evidence from Large Financials
- Shadow Banking
- Summer Doldrums
- Credit Default Swaps: What Are the Social Benefits and Costs?
- The International Role of the Euro
- Chronicle of Currency Collapses: Re-Examining the Effects on Output
- The Paradox of Toil
- Links
- What the Fed Did and Why
- Markets and Government Before, During and After the 2007-20xx Crisis
- Detecting and Interpreting Financial Stress in the Euro Area
- Are We Building the Foundations for the Next Crisis Already? The Case of Central Clearing
- Links
- Links
- OIS Discounting
- Multimarket Trading and the Cost of Debt: Evidence from Global Bonds
- Is Economics Coursework, or Majoring in Economics, Associated with Different Civic Behaviors?
- China’s High Saving Rate: Myth and Reality
- Oil Spill
- Eurozone €440 Bln SPV Aid Fund
- ECB Financial Accounts and ECB Financial Strength
- Central Bank Swap Networks
- DTCC Posts CDS Market Activity Snapshot
- ECB: Financial Stability Review (June 2010)
- Global CDO Issuance by Transaction Structure
- Links
- TBAC Minutes: Sovereign CDS and Swap Spreads
- Goldman Sachs Underwriting Market Shares in Subprime RMBS and CDOs
- Abacus for Dummies
- The World’s Safest and Riskiest Sovereign Debt (Update)
- Increased Sovereign Risk Behind Negative Swap Spreads
- Haircuts
- Markets, Religion, Community Size, and the Evolution of Fairness and Punishment
- Beyond the Dollar: Rethinking the International Monetary System
- Links
- Amazing Discovery
- ABCP Outstanding: Still Crashing
Monthly Archives: December 2008
Your Bonus: Toxic Waste
Neat. Eat your own cooking. Credit Suisse Group AG’s investment bank has found a new way to reduce the risk of losses from about $5 billion of its most illiquid loans and bonds: using them to pay employees’ year-end bonuses. … Continue reading
Hooray: Treasury Releases U.S. International Reserve Position
2 weeks worth of data On december 5th swaps outstanding were worth $582 bn, a huge increase from the previous week ($506 bn). On december 12th swaps outstanding were worth $566 bn. Maturities previously all under 1-month, were extended to … Continue reading
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AWOL: U.S. International Reserve Position
The Treasury Department is getting sloppy and is NOT releasing the weekly U.S. reserve assets data, awol since december 2nd, this means the world is left in the dark as to the amount and market value of currency swaps outstanding, … Continue reading
Fed: Target RANGE 0 TO 25 bp
The Federal Open Market Committee decided today to establish a target range for the federal funds rate of 0 to 1/4 percent. Since the Committee’s last meeting, labor market conditions have deteriorated, and the available data indicate that consumer spending, … Continue reading
Lehman and Federal Reserve Assets
Big arrow: Lehman’s bankruptcy filing. Small arrow: Bear Stearns “crisis” data source: Financial System Review, december 2008, bank of canada, page 14 Related: Three days that shook the world // Continue reading
Ecuador CDS
Not much outstanding: Gross: $4,719,488,500 Net: $642,687,000 Source: DTCC Related: Ecuador’s Idiotic Default // Continue reading
Sovereign Default of the Day: Ecuador
El Presidente Rafael Correa said that “the country is in default” and that they would not pay outstanding “illegal” debt, ahead of a $31 million coupon payment due on Monday Ecuador debt prices plunge after default declared Possible scenarios after … Continue reading
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How Madoff Controls Adverse Selection
In Trading & Exchanges, Market Microstructure for Practitioners, by Larry Harris Madoff obtains most of its order flow through order-preferencing arrangements that it negociates with retail brokers. Since the firm is not a member of the NYSE, it can choose … Continue reading
Record Ponzi Scam: $50 Billion
SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme The Securities and Exchange Commission today charged Bernard L. Madoff and his investment firm, Bernard L. Madoff Investment Securities LLC, with securities fraud for a multi-billion dollar Ponzi scheme that … Continue reading