Brian Bollen's Blog

Missed Expectations

Speed read: Schroders' emerging markets economist Craig Botham comments on both Brazil and India's first quarter GDP figures. Private sector drives Brazilian slowdown.

Italy's Poverty Makes Us Strong

Mint – Blain’s Morning Porridge  - May 30 2014

You see, Italy is really a very poor and weak country, and that’s what makes us so strong…

Making my somewhat “dusty” way up to London this morning, I had the opportunity to peruse the “Pink ‘Un” [Financial Times], and there is some great stuff about Cat-bonds against meteor strikes – 15% yield but 100% loss if a space-rock takes out Swiss Re’s book. Or the fact that Italy – with a debt/GDP ratio that compares to Greece and an economy with less oomph than a three-legged tortoise, is now trading at record low yields. There is even a thoughtful piece about the consequences for bond markets if the current chronic illiquidity is not reversed.

ADR Shopping Around

 

Speed read: Deutsche Bank appointed as depositary bank for the JD.com's sponsored level III American depositary receipt programme.

Deutsche Bank today announced its appointment as depositary bank for JD.com's capital raising sponsored Level III NASDAQ-listed american depositary receipt (ADR) programme.

JD.com is described as the largest online direct sales company in China in terms of transaction volume in 2013, with a market share in China of 46.5%, according to iResearch, a third-party market research firm.  JD.com strives to offer consumers the best online shopping experience.

Jose Sicilia, global head of global equity services at Deutsche Bank, said: “We...welcome the company to our established franchise of Chinese ADR issuers. We look forward to providing JD.com with the highest level of customised ADR services to optimise the visibility of its ADR programme and broaden its investor base.”

Philip Tiffin, Asia Pacific head of global equity services sales, global transaction banking at Deutsche Bank, said: "This notable mandate from one of China’s e-commerce leaders exemplifies our strong capabilities in ADR depositary services, leveraging our global network and market knowledge to support the capital strategies of our clients."

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France Telecom Hands JPM ADR Mandate

US West Coast Hedging Moves

North Street Global Fund Services, an alternative asset administrator, says it has closed its acquisition of Los Angeles-based hedge fund administrator Hedge Solutions Inc.

From Ukraine To Turkey: Deal Or No Deal?

Jan Dehn, head of research at Ashmore, discusses the EM political landscape and whether it has an impact on investment.

Jumei Names IPO Depositary

Speed read: BNY Mellon Named Depositary by Jumei for its Initial Public Offering in the U.S. Sixth depositary receipt IPO out of China in 2014.

Smart Home Hacking Threat

I was speaking to a cyber security authority earlier today, who was waxing lyrical about the internet of things. If this comes about, every 'smart' device in an individual home's network will require a separate IP address, he told me. Great news for those of us who struggle to persuade a wifi router to work, and whose wife complains that the wireless revolution means our living room floor is covered in devices and plugs and wires.

A separate issue is the increased threat of hacking; your toaster and/or your kettle could prove to be Achilles heels, allowing access to your network via the back door. We are opening ourselves up to the digital equivalent of a burglar crawling in through the waste pipes. Just one question. Why?

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By the time I got the shot...

Better Off With Better Beta

Apple And The Smart Home

I also read that Apple is is working on making homes smarter, including creating apps that will enable the user to switch lights on and off. I already have several scattered around the house. They've been known as light switches for over 100 years...

Houses Smarter, Owners Dumber?

I've just read a piece in this morning's Financial Times about 'smart' homes. Apparently there is an app that allows people to chat with ovens, fridges and washing machines. Seriously, how sad would you have to be to want to do that?

The houses might be made smarter but are owners really getting dumber?

The Spread Of Automated Settlement Notification

Speed read: SSCNet expands post-trade connectivity for Sprott counterparties.

Interest Rate Derivatives Expansion

Speed read: Eurex says Interest rate swap futures available from September. Coverage of short- and long-term euro interest rate markets.

You Stay In Wonderland

Mint – Blain’s Morning Porridge  - May 28 2014

You take the red pill – you stay in Wonderland and I show you how deep the rabbit hole goes..

What happened in markets yesterday? Stocks go up and bonds tighten? Does not compute – but then, markets never do. No wonder no-one wants to do anything.. it’s just too dang difficult at the moment.

Kardassis To Fill New Chair

Kardassis to fill new chair

Speed read: BNY Mellon appoints new chair of enterprise product management group. Nikos Kardassis will lead new role overseeing product management across Asset Servicing and
strategic client platforms.

Sal. Oppenheim mandates CACEIS

CACEIS  has been mandated to provide depository services for real estate and other physical assets in Sal. Oppenheim’s open- and closed-ended funds in Germany. Sal. Oppenheim and CACEIS say they are working closely together to ensure all concerned funds will be migrated to CACEIS by the end of 2014, subject to the approval of clients and institutional end-investors. The migration volume amounts to some €12bn in physical assets.

Dip In A Dream And Collect All The Cream

Mint – Blain’s Morning Porridge  - May 27 2014

Who can take tomorrow, dip in a dream, separate the sorrow and collect all the cream..

It would be fair to say I’m ultra refreshed this morning – ! spent a long bank holiday weekend racing back and forward across the English Channel. On the way to France it started wet, wild and miserable, and on the way back it ended up just wet and miserable. But what brilliant fun and great company! We came second in the race, but won the good time prize. The wind was on the nose the whole time, which meant the yacht was heeled right over whole time so very little sleep… but, hey that’s what the office is for…

London’s IPO Shopping spree

By James Butterfill, global equity strategist at Coutts

The market for initial public offerings (IPOs) has been exuberant as uncertainties over the US ‘fiscal cliff’ and eurozone debt crisis have diminished and corporate confidence returns. Though UK IPOs are showing some signs of frothy prices, the deals keep coming.

HarbourVest Clinches AIFM Authorisation

HarbourVest, a private markets investment firm, reports that HarbourVest Partners (Europe) Limited has been authorised by the UK’s Financial Conduct Authority (FCA) as an Alternative Investment Fund Manager (AIFM).

ESMA Consults On MiFID Reforms

The European Securities and Markets Authority (ESMA) has launched the consultation process for the implementation of the revised Markets in Financial Instruments Directive (MiFID II) and Regulation (MiFIR). This is the first step in the process of translating the MiFID II/MiFIR requirements into practically applicable rules and regulations to address the effects of the financial crisis and to improve financial market transparency and strengthen investor protection.

WAY To Go For Northern Trust

Northern Trust has been appointed by London- and Dorset-based investment manager, WAY Fund Managers Limited, to act as depositary and custodian for more than 60 funds valued at approximately $1.9bn.

The Circulation Of Confidence Is Better Than The Circulation Of Money…

Mint – Blain’s Morning Porridge  - May 22 2014

I start with reports of reasoned dabate from the top floors of Mint Towers this morning. Our macro genius, the marvelous Martin Malone, has decreed: “It’s an absolute impossibility for stocks to go down from here.” Come again?? I’ll have a quarter ounce of whatever he’s smoking! These are the same stock markets that have barely gained from the beginning of the year on a succession of half-hopes and false dawns on economic recovery.