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Speed Limits for Financial Markets? Not So Fast
June 1, 2017--On the afternoon of May 6, 2010, a financial tsunami hit Wall Street. Stunned traders watched as graphs on their computer screens traced the vertiginous 998-point plunge in the Dow Jones Industrial Average, which erased $1 trillion in market value in 36 minutes.
There was little in the way of fundamental news to drive such a dramatic decline, and stocks bounced back later that day. The event, quickly dubbed the "flash crash," focused attention on the role of high-frequency trading and algorithms in amplifying market volatility.
Thick vs. thin
So far, though, there's been remarkably little in the way of hard evidence on whether advances in information and communication technology help magnify market turbulence.
view the IMF Working paper-Thick vs. Thin-Skinned: Technology, News and Financial Market Reaction.
Source: IMF
CFTC.gov Swaps Report Update
May 31, 2017--CFTC's Weekly Swaps Report has been updated, and is now available.
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Source: CFTC.gov
Fee Rate Advisory #3 for Fiscal Year 2017
May 31, 2017--The Securities and Exchange Commission today announced that starting on July 4, 2017, the fee rates applicable to most securities transactions will be set at $23.10 per million dollars.
Consequently, each SRO will continue to pay the Commission a rate of $21.80 per million for covered sales occurring on charge dates through July 3, 2017, and a rate of $23.10 per million for covered sales occurring on charge dates on or after July 4, 2017.
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Source: SEC.gov
BNY Government Securities Unit Formed to Settle Treasury Trades
May 31, 2017--Bank sees subsidiary becoming the only settlement firm for Treasurys traded between big bond brokers.
Bank of New York Mellon Corp. said it has formed a new unit to support its growing role in settling trades in the nearly $14 trillion Treasury market.
The new subsidiary, BNY Mellon Government Securities Services Corp., was created in recent weeks as the bank expects this year to emerge as the sole settlement firm for U.S. government debt traded between big bond brokers across Wall Street.
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Source: Wall Street Journal
IMF Country Report-Colombia: Selected Issues
May 31, 2017--MONETARY POLICY AND FINANCIAL CONDITIONS1
This paper presents an assessment of the monetary policy stance and broad financial conditions in Colombia, which provides useful insights about macro-financial linkages.
First, we provide an assessment of the monetary policy stance using a small open-economy DSGE to estimate the neutral rate. Second, we present a new Financial Conditions Index that captures conditions in the financial sector but controlling for the direct effects of monetary policy and exchange rate movements. The results suggest that both monetary policy and broad financial conditions have remained tight in 2016.
view the IMF Country Report-Colombia: Selected Issues
Source: IMF
IMF-Canada: Staff Concluding Statement of the 2017 Article IV Mission
May 31, 2017-- Context
1. The economy has regained momentum, supported by expansionary fiscal and monetary policies, but complex adjustments are still at play.
While personal consumption has been strong, business investment remains weak, non-energy exports have underperformed, and housing market imbalances have risen. Collectively, they raise uncertainty about the durability of the Canadian recovery.
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Source: IMF
This Week in Active ETFs: A Funny Thing Happened on the Way to Higher Rates
May 30, 2017--Domestic equity markets churned higher last week as economic data was net net positive with the biggest report being GDP revised up considerably from 0.7% to 1.2% and while 1.2% isn't great, it is a whole lot better than 0.7%, maybe it was a Goldilocks number...
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Source: AdvisorShares
Low volatility, high political risk
May 30, 2017--High political risks in stock prices as volatility at historic lows
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Source: FT.com
U.S. GDP Growth Revised Up to 1.2% Rate in First Quarter
May 26, 2017--Increase boosted by stronger-than-previously estimated household spending and business investment
U.S. economic growth in early 2017 was modest but stronger than initially thought, and the pace is picking up in the current quarter.
Gross domestic product, a broad measure of the goods and services produced in the U.S. economy, expanded at an inflation- and seasonally adjusted annual rate of 1.2% in the first quarter, the Commerce Department...
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To Read t
Source: Wall Street Journal
CFTC.gov Commitments of Traders Reports Update
May 26, 2017--The current reports for the week of May 23, 2017 are now available.
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Source: CFTC.gov
