Posts from Monday Jul 1 2013

Introducing the Winklevoss Bitcoin Trust

Click to read - Winklevoss Bitcoin Trust S-1 filing

That’s a SEC filing for the Winklevoss twins’ brand-new Bitcoin exchange-traded fund. For realz. Read more

The Closer

FURTHER FURTHER READING

- Likonomics: what’s not to like. Read more

Blackrock: ETFs are the true market

Interesting. Blackrock has issued an open letter in the spirit of investor reeducation about its products, no doubt in response to the terrible reporting that’s been going on about its err… recent NAV discounts.

You can read the full open letter (complete with lots of bolding emphasis by Blackrock just to make sure you get the point) but a critical extract we think is the following (Blackrock’s emphasis). Read more

A clearer(?) Greek bond raid

FT Alphaville had expected to report the triumphant acquisition of almost 10 per cent of the Greek bond market by a single, little-known investor on Monday. As per the original July 1 deadline on Japonica Partners’ unusual offer to bondholders.

A pleasure denied: Read more

Pari passu — tussles in Brussels

It’s really starting to feel like Groundhog Day waiting for the Second Circuit to make that final decision in the Argentina case. It’ll provide answers on the form of ratable payment to holdouts, the risk to those all-important third parties, and the question of enforcing the payment injunction outside the US.

There have been some distracting moves in the Belgian wing of this saga in the meantime, however… Read more

Likonomics, or neologism X as we like to call it

That’s from Barclay’s, via the Economist, and as with most word-mashes we have mixed feelings about passing it along. On the one hand, it’s nice to have a term to use when explaining “the emerging doctrine of Li Keqiang, China’s prime minister” while on the other hand, it sounds kind of annoying and every time you use it you’ll have to shower vigorously explain it anyway. Ho hum.

Creator credit/ blame goes to Barc’s Yiping Huang, Jian Chang and Joey Chew, who wrote last week that: Read more

Playing profit with the stock market

This is is a guest post from Philip Pilkington, a writer and research assistant at Kingston University.

Gavyn Davies recently had an interesting take on stock prices in the US. Davies made the point that the profit share in the US had risen substantially against the wage share in recent years, and then argued that this rise in the profit share is what currently underpins equity prices. Read more

An antidote to all the Carney worship…

Sir Merv, as portrayed by Diana Blakeney. Click the image for full effect.

Incumbents don’t like disruption shocker: CDS edition

The European Commission has been investigating goings-on in the CDS world since Deutsche Borse and CME tried to enter between 2006 and 2009. The commission today said it’s reached a preliminary conclusion that — deep breath — ISDA, Markit, Bank of America Merrill Lynch, Barclays, Bear Stearns, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Royal Bank of Scotland, and UBS all infringed EU antitrust rules. Deutsche and CME tried to get in and were denied exchange trading licences by ISDA, Markit, and the banks, says the commission.

From the statement (our emphasis):

Brussels, 1 July 2013

Antitrust: Commission sends statement of objections to 13 investment banks, ISDA and Markit in credit default swaps investigation

 Read more

Markets Live: Monday, 1st July, 2013

Live markets commentary from FT.com 

The (early) Lunch Wrap

Chinese PMI data comes in weak || Share rout set to delay Chinese banks’ Hong Kong listings || Nokia to pay €1.7bn to buy Siemens out of telecoms joint venture || EU demands answers over claims US bugged its offices || Onyx rejects $10bn takeover proposal || Kuwait plans $5bn UK investment || Apple did not pay UK corporation tax last year || Japonica offers to buy more Greek debt Read more

Astonishing tale of corporate hubris, or a simple matter of aristocratic estate management? Daily Mail publisher leaves the markets GUESSING

The corporate contraptions, by which control of the Daily Mail and General Trust has been passed from one generation of Rothermeres to the next, clanked into action again on Monday. From the statement…

The Company has been notified that Rothermere Continuation Limited has entered into a definitive agreement to acquire the entire shareholding of The Esmond Harmsworth 1998 Settlement in the Company’s ordinary voting shares, increasing Rothermere Continuation Limited’s shareholding of ordinary voting shares in the Company from 59.9% to 89.2%.

 Read more

Further reading

Elsewhere on Monday,

- New threats to China’s property bubble.

- Of a misconceived view of money itself.

- How much pot has the US seized at the Mexican border? Read more

The 6am Cut London

Asian stocks fall outside Japan || China official PMI 50.1 for June || Japan’s Tankan +4 vs +3 estimates || Kuwait plans $5bn UK investment || Apple paid no taxes in UK last year || Onyx rejects Amgen offer || Rotating from cash to bonds  Read more