Brian Bollen's Blog

BNP Paribas claims four T2S mandates

BNP Paribas Securities Services has won mandates to provide custody, settlement and liquidity services to four major Italian banks: Banco di Credito Popolare, Banca Popolare dell’Alto Adige, Banca Popolare di Vicenza and Veneto Banca.

Time dealt kindly with that stout officer

Mint – Blain’s Morning Porridge

Time dealt kindly with that stout officer, as it does with men who have good stomachs and good tempers, and are not perplexed over much by fatigue of the brain.

Going to be a bit short this morning – very busy market – I do have a day job and bonds to trade, as well as writing this tosh!

Natixis joins EurexOTC Clear

Eurex Clearing reports that Natixis, the corporate, investment management and financial arm of Groupe BPCE, the second-largest bank in France, has become a clearing member of its Securities Lending central counterparty (CCP) as well as of EurexOTC Clear. With Natixis, the number of clearing members of the Lending CCP rises to six while EurexOTC Clear now has more than 40 clearing members.

IOSCO sets out non-OTC risk mitigation standards

The International Organization of Securities Commissions reports the publication of its final report, Risk Mitigation Standards for Non-centrally Cleared OTC Derivatives. It says the report sets out nine standards aimed at mitigating the risks in the non-centrally cleared OTC derivatives markets.

An A-Z of hedge funds: coming your way

The Alternative Investment Management Association (AIMA), the global hedge fund association, and the CAIA Association, an alternative investment education specialist, say they have jointly published the first of a series of educational papers about hedge funds for pension fund trustees and other fiduciaries at institutional investors.

It wasn't Jack the Ripper

Mint – Blain’s Morning Porridge

This was not a boat accident, and it wasn’t any propeller; and it wasn’t any coral reef, and it wasn’t Jack the Ripper… it was a ……!

More reasons to worry about global growth. Currency wars to the fore as Singapore mounts a surprise attack to weaken its currency in the face of deflation and slowdown. Take note: the US reporting season saw a host of US names suffering misses from the strong dollar, causing stocks to stumble (is it a buying opportunity?). Apple was the only stand-out stock, but strip out the noise and all it was was margin selling same old new phones to the Chinese.

UK ends year with softer growth

 

Azad Zangana, Senior European Economist, Schroders looks at the latest UK GDP figures announced today and provides an outlook for 2015.

The initial estimate for UK GDP growth shows the economy slowed to 0.5% in the fourth quarter of 2014, compared to 0.7% growth in the previous quarter. This is slightly softer than consensus estimates of 0.6% growth, but remains robust by historical standards. For 2014 as a whole, the UK economy grew by 2.6% - the fastest annual rate of growth since 2007 and the start of the global financial crisis.

What next for Greece?

Azad Zangana, Senior European Economist and Strategist at Schroders, comments on the results of the Greek election.

The Greek election over the weekend has resulted in the far-left Syriza party winning the most votes and parliamentary seats. Early indications are that it will enter into a coalition government with the right-wing party Independent Greeks, who also ran an anti-austerity campaign. The cross-political-spectrum coalition might seem unusual, but it will send a strong message to outsiders that socialists and conservatives in Greece are united against austerity.

It wasn't funny at all

Mint – Blain’s Morning Porridge

Strangers he didn’t know shot at him with cannons every time he dropped bombs on them, and it wasn’t funny at all.

There is nothing to worry about with Greece. Look into my eyes… my eyes.. you are getting sleepy.. look into my eyes.. there is nothing to worry about.. Greece is not a problem…. Snap! When I was a young banker I remember a particularly bombastic CEO of a German banking client telling me he could perfectly predict rates because the Bundesbank was next door. They borrowed short and lent long – and went bust in spectacular but momentary meltdown to be swept under the carpet of German banking..

ECSDA maps dense network of CSD links

A dense network of links between central securities depositories has developed over the past few years, as shown by data collected in the second half of 2014, says the European CSD Association (ECSDA). ECSDA has produced an overview of CSD links which shows that only four out of the 41 CSDs covered by its links mapping exercise have no links at all with other CSDs. Three other CSDs only maintain “inbound links” allowing foreign CSDs to access their local market. The remaining 34 CSDs have both inbound and outbound links.

Clearstream links with SMBC for JGB mobilisation

Clearstream and Sumitomo Mitsui Banking Corporation (SMBC) are joining forces to develop a collateral management service for their mutual customers. The aim is to enable mutual customers to consolidate their Japanese government bonds (JGBs) held across both institutions into a single pool to perform tri-party collateral management transactions with any Clearstream collateral receiver.

Hedge fund industry sees bright future

The hedge fund industry is upbeat about its future, if the results of a new global survey commissioned by State Street amongst 235  professionals are anything to go by. State Street says the findings show that 55 percent of respondents expect pension funds to increase their exposure to hedge fund strategies over the next five years. This figure increases to 63 percent when the question is asked more broadly about institutional investors increasing their exposure to hedge funds in the next five years.  

Of gloom and eucalyptus

Mint – Blain’s Morning Porridge

I can’t be expected to produce deathless prose in an atmosphere of gloom and eucalyptus.

Short-porridge this morning because of broken points at Waterloo, but no surprise the headlines contain lots of words like "collision", "looming", “imminent” and “crisis”. Get over Greece. It was expected. It has happened. What are the likely outcomes?

On Her Majesty's Secret Service?

The rumours flying around Wengen that Prince Harry might be taking part in this weekend's Inferno Downhill race would appear to be unfounded. Unless, that is, Buckingham Palace, the Kandahar and the race officers are being economical with the truth when they tell me they know nothing of it.

This is one situation in which I could be tempted not to let the facts get in the way of a good story. A story involving a royal, the Swiss Alps, a madcap ski race and James Bond in a valley that is arguably the Bernese Oberland branch of MI6 would be utterly compelling. I found myself mentally preparing a five-page spread for The Sun overnight, starting from the premise that Buckingham Palace professes to have no knowledge of the rumours that Prince Harry will be taking part in the Inferno race.

But I've been too well trained for that. The FT has a hard-won reputation for accuracy is a dictum hammered into me during my time before that particular mast and it has stayed with me. Which is a real pity, because it would have been a cracking story: the rumours themselves, pictures of Piz Gloria, Ernst Blofeld's lair in the Bond film On Her Majesty's Secret Service, the history of the Inferno Races with diabolical imagery.

Five pages? Make it seven!! Hold the front page, and the rest!!

Mind you, if he does turn out to be in it, I will be mightily miffed, and remind anyone who will listen that there are often very good reasons why the gentlemen and gentlewomen of the fourth estate are so distrusting.

Oh, and another thing, I'd have included the picture, of a young chap in a Guggi band at the Inferno finish in Murren in 2011. He does look strangely familiar, no?

 

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Mint – Blain’s Morning Porridge

Something ain't right. Call it a feeling, call it instinct, call it whatever but this morning’s positive market vibe feels like that moment of curious calm in the film just before it all kicks off again. Not that there should be anything to be scared of – the ECB made the world a better place yesterday: European stock markets at highest levels in years, rest of the world dragged upwards on the news. The ECB’s beneficence will generate growth and spawn financial stability enabling stable and strong markets to blah blah blah..

Blowing on the Embers of a Reflationary Fire

Andrew Bosomworth, PIMCO managing director and head of portfolio management in Germany, considers the outcome of yesterday’s ECB meeting.

Markets heartened by ECB news, but...

Gautam Batra, managing director and investment strategist at Signia Wealth, had the following to say ontoday’s ECB’s Monetary Policy announcement.

Spread compression on ECB QE news

Mint Late Afternoon Caramel Wafer with ECB Fizzy Pop

Dramatic spread compression the order of the day as market reacts oh so predictably with a dramatic rally in euro govies to new lows and the euro getting spanked. (I suppose it was bound to do so – after all I said bonds could sell off.. give it time.. give it time.)…

Eagle releases PBOR white paper

Eagle Investment Systems LLC, a BNY Mellon company and leading provider of financial services technology, has issued a white paper outlining how investment firms can measure and attribute investment performance and perform risk analysis across their entire organisation.

Euroclear hails record 2014

Speed read: Euroclear 2014 Operating Performance - Euroclear unveils a record €26 trillion in assets under custody; €634 trillion in turnover and 12.1% growth in collateral outstandings.