FURTHER FURTHER READING
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It’s Help to Buy 2 launch day. Or, extend mortgages and warehouse them until the UK government supplies its guarantee for a portion of the money in January, launch day.
The scheme’s complete rules are here if you missed all 66 pages. Note the lending policy questionnaire.
So, reflecting on some HTB bits and pieces floating around on Tuesday… Read more
We are reading the Office of Financial Research report on Asset Management and Financial Stability, which is both interesting and educational.
More to come, but having spent time looking for these numbers in the past, the two tables on where the money lies in the US and who looks after it are worth bringing to a wider audience on their own (click to enlarge). Read more
Reading that Alcatel-Lucent is to cut 10,000 jobs (with 900 axes to actually fall in France) we found ourselves humming the grand old Duke of York.
This piece of comparative calm is very definitely to be read in conjunction with Cardiff’s post on how the Treasury’s payment system (might) work.
It’s to do with the fact that there is no cross-default clause in US Treasuries. That means a missed payment on one bond would leave the other bonds unfazed, and equally usefully, if needed bonds can be split up into a ‘delayed component’ and a ‘normal component’ .
Pity the EM sovereign with such sloppy protections, eh? Read more
Live markets commentary from FT.com
White House rejects demands to negotiate on shutdown || Alexander rejects MPs’ criticism of Help to Buy || CME takes on LME with aluminium contract || China and Japan warn US on default || National Grid warns on UK winter power supply || Alcatel-Lucent cuts 10,000 jobs worldwide || Argentina suffers setback in battle with ‘holdout’ creditors || Markets Read more
The latest monthly performance figures for the hedge fund industry are out — and those funds still breathing had a good-ish month, up 1.6 per cent on average in September, according to HFR.
September performance was led by Equity Hedge strategies, with the HFRI Equity Hedge Index gaining +2.6 per cent, also the strongest month since January and bringing performance for the first three quarters of 2013 to a gain of +9.2 per cent, leading all hedge fund strategy indices.
But performance ain’t so hot as that put out by the industry’s legions of undead predecessors. Those cautious equity hedge funds have put up less than half the return for the S&P 500 this year. Read more