Posts from Friday Nov 9 2012

Woot! RoRo is fading.

David joined the FT in 2011 as a Marjorie Deane fellow. He covered emerging markets, equities and currencies before making the jump over to FT Alphaville in May 2012.

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| Nov 09 2012 15:58 | Comment |

This is from RBC’s Adam Cole who has been trying to get WOOT (World of One Trade) into the FX psyche for a while. So, l33t research indeed, but RoRo was always gonna be a tough meme to contend with.

Anyway… Cole’s point is that that there are more currency pairs uncorrelated to equities right now than at any time for five years. In fact, he says, correlations have started to break down to the extent that a majority of G10 currency pairs were uncorrelated with equity returns over the last three months. Another false dawn or an actual end to the dominant RoRo paradigm? Read more

Give me Basel III, but not yet

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Nov 09 2012 15:16 | Comment |

Fresh from the Fed. (And FDIC, and OCC) Read more

How much are the new short-selling disclosures missing?

Masa joined the FT in 2009 and has worked on a number of desks across the paper, including Companies, Markets and Comment. She spent much of 2010 in New York covering the US equity markets. But earlier this year she finally saw the light and moved to Alphaville.

She started her career in the investment banking division at Lehman Brothers in the summer of 2007, timing it perfectly with the beginning of the credit crunch.

She studied philosophy, politics and economics at Oxford University.

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| Nov 09 2012 13:53 | Comment |

Short-sellers must now notify the market when a net short position on a European stock reaches 0.5 per cent of the issued share capital of the company concerned and again at each 0.1 per cent increment after that. Then the information on UK stocks goes on the FSA’s website (in a particularly hard to use format).

But disclosures so far indicate that the new rules are missing a significant chunk of short-selling activity. Data from Markit suggests that, for example, Lonmin has around 17 per cent in undisclosed short interest. Read more

A €5bn Greek bond imminently falling due? Did we mention we have deckchairs by this abyss?

David joined the FT in 2011 as a Marjorie Deane fellow. He covered emerging markets, equities and currencies before making the jump over to FT Alphaville in May 2012.

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| Nov 09 2012 11:58 | Comment |

So, we’re going to the wire once again in the now traditional dance between Greece and the troika. As the FT reported on Thursday:

Eurozone leaders face a new round of brinkmanship over Greece’s €174bn bailout after international lenders failed to bridge differences on how to reduce Athens’ burgeoning debt levels, pushing the country perilously close to defaulting on a €5bn debt payment due next week.

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Markets Live: Friday, 9th November, 2012

Paul Murphy is the founding editor of FT Alphaville.

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| Nov 09 2012 11:00 | Comment |
This is a Markets Live transcript. Read more

Live markets commentary from FT.com 

The (early) Lunch Wrap

Masa joined the FT in 2009 and has worked on a number of desks across the paper, including Companies, Markets and Comment. She spent much of 2010 in New York covering the US equity markets. But earlier this year she finally saw the light and moved to Alphaville.

She started her career in the investment banking division at Lehman Brothers in the summer of 2007, timing it perfectly with the beginning of the credit crunch.

She studied philosophy, politics and economics at Oxford University.

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| Nov 09 2012 10:44 | Comment |

Obaba’s leads push on fiscal cliff || Which would trigger US recession || Eurozone brinkmanship on Greece || Hu Jintao reasserts party’s grip || Harvard-educated Communists maneuvere for power || China data raise slowdown concerns || Credit Ag’s shares down after results || Markets update || Jersey Offshore || Argentina’s holdouts || Spain’s fantastical forecasts Read more

Jersey Offshore, HSBC edition

Paul Murphy is the founding editor of FT Alphaville.

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| Nov 09 2012 10:15 | Comment |

Early viewers of what promises to be a trashy little mini-series with a stale mix of guns, drugs, sun-soaked beaches and tax cops, were left with one stand-out question on Friday:

Does HSBC really have just 4,388 Brits holding offshore accounts on this Channel island? Read more

Argentina, holdouts, and finding a formula

Joseph joined FT Alphaville way back in March 2010. He likes all the politically and legally fiddly bits of finance. He also likes credit, rates, global macro, tail risk, and all that stuff. (You should email him story ideas. He’ll take anything.)

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| Nov 09 2012 10:00 | Comment |

As the Financial Times put it, “[s]ince last week’s US Appeals Court ruling went against Argentina, there’s been a lot of comment about how the country could try changing the trustee or payments structure of the bonds which came out of its 2005-2010 restructuring.” (Attachment G.) It is clear that Argentina now is in the process of trying to render the Equal Treatment Orders ineffective and will employ and exploit any delay tactics necessary to evade this Court…

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Further reading

Lisa joined FT Alphaville in September 2011 after a tour of duty through the guts of the financial industry, having worked as an analyst at a bank and for a financial data company. She's now the Head of New Projects for FT.com.

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| Nov 09 2012 08:22 | Comment |

Elsewhere on Friday,

- It’s a “slope”, not a “cliff”, and predictions thereof.

- Let’s zoom back up and look at Greece.

- Australian banks: a lot like teenagers? Read more

The 6am Cut London

Kate is FT AV’s Asia Correspondent. She joined FT Alphaville in mid-2011 after carrying out various roles in the FT’s London office since 2005: interactive editor, companies reporter, and founding editor of the FT’s Energy Source blog.

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| Nov 09 2012 03:41 | Comment |

Asian markets lower || China’s October inflation lower than expected || HMRC ‘investigating HSBC’ over Jersey accounts || UK threatens to veto EU banking union || Greek aid payment might not be agreed next week || Bank of Korea holds || The ‘dangerous illusion’ of technological progress Read more