Friday, August 21, 2015

The evolving nature of market liquidity

NY Fed blog series offers insight and analysis

(Aug 17-21) The Federal Reserve Bank of New York's Liberty Street Economics market liquidity blog series looks at measures of liquidity, the role of high-frequency trading and the stagnation of dealer balance sheets.

PART 1 | Illiquidity 'harder to measure' than liquidity itself

PART 2 | Retail sales, FOMC not 'discernible' news in market moves

PART 3 | Technology, HFT forge bond between UST cash, futures

PART 4 | Treasury workup takes on added importance amid HFT

PART 5 | Regulation not alone in constraining balance sheets

Easy money gone

ETFs forced to get 'smart' hedging dollar

(Aug 19) The most popular strategy in the $2.1 trillion U.S. market for exchange-traded funds is losing its luster, leading the world's biggest asset managers to search for ways to keep the money flowing. ETFs that hedge against currency risk have attracted just $5.9 billion since the end of June as a rally in the greenback slowed. That compares with the $41 billion they lured in the first six months of the year, when a surging dollar imperiled international returns for U.S. investors.

Labor presses ahead with fiduciary proposal

Gathering all perspectives, to avoid the 2010 pitfalls

(Aug 17) The U.S. Labor Department is determined to adopt a fiduciary rule for financial professionals who are compensated for providing retirement advice, but officials aren't finished listening to public input. The comment period will reopen when transcripts of recent hearings are published.

Central bank financial market infrastructure

BIS-IOSCO issues report

(Aug 19) The Bank for International Settlements and the International Organization of Securities Commissions issued a report on application of the principles for financial market infrastructures to central banks.

Binge reading disorder

Hand-curated, chosen with love

How to Rewire Your Aging Brain (Well & Good)
Beautiful cars from Pebble Beach Car Show (Concours d'Elegance)
Cuba's Next Revolution: Real Estate (World Property Journal)
10 Surprisingly Viral TED Talks (TED)
Asset Managers Lapped by Hedge Funds on Info Edge: Knowledge of assets and access to superior information are crucial to a manager's skill and success - but many don't have them (Chief Investment Officer)

Transparency.

Inclusiveness.

Consensus.