Bond

UBS' Trading Roadmap For The "Day After" Brexit

Moments ago we presented a contrarian thesis from Greg Peters of how markets would react to a Leave vote (and by impliocation, Remain). Next, we go back to a more conventional model of how assets would react, and present "a roadmap for the 'Day After'" from UBS, which seeks to answer the question "at what level would we buy or sell each key asset class in either a Remain or a Leave scenario?" It then show ranges of the potential near-term market reactions.

Voting Begin: Stocks Surge, Sterling Hits 2016 Highs, Futures Flirt With 2100

On the day voting for the UK referendum finally began, what started off as a trading session with a modest upward bias, promptly turned into a buying orgy in painfully illiquid markets shortly after Europe opened as an influx of buy orders pushed European stocks 2% higher, propelled by cable which was above 1.49 for the first time since December and USDJPY climbing over 1.05 in sympathy, following the release of the final Ipsos Mori poll which showed Remain at 52% to 48% for leave.

The World's Central Bankers Are Gathering At The BIS' Basel Tower Ahead Of The Brexit Result

BOJ Governor Haruhiko Kuroda will be in Switzerland as the results are announced of the U.K.’s June 23 vote on whether to remain in the European Union.He won't be alone: Kuroda will be traveling from June 23 to June 28 to attend meetings of the Bank for International Settlements, where other central bankers also will gather, the BOJ said Wednesday.

Gartman Flip-flops Again: 'The Trend Is, Has Been And Shall Be Upward"

"The trend is, has been and likely shall continue to be upward. TINA rules the day; TINA is “Queen.” TINA it is then. It will end when it ends and it will eventually end badly of course for such things always do.  But between now and that hundred years the trend for interest rates is lower and the trend for equity prices is higher."

The Top 100 Hedge Funds Of 2016 According To Barron's

Here is the table of the Top 100 best performing hedge funds of 2016 ranked by their 3-year compound return, with an average return of 16.98% (ranging from 30% to 12%), outperforming the S&P's 3 year return of 15.13%.

Hedge Fund Manager Charged In Insider Trading Case Commits Suicide

Last week, we reported on the historic insider trading bust that took place at the soon to be sold Visium Capital, in which, among other accusations, U.S. Attorney Preet Bharara in Manhattan charged Sanjay Valvani of fraudulently making $25 million by gaining advance word about U.S. Food and Drug Administration approvals of generic drug applications. Moments ago, Dow Jones reported that the same Sanjay Valvani, charged in the Visiuam insider trading case, was found dead this morning in an apparent suicide.

German Top Court "Reluctantly" Rejects Challenges To ECB's OMT Program, Lists 6 Conditions

With traders already on edge in illiquid markets ahead of the Breferendum, one potential risk to sentiment today was the long-awaited decision by Germany’s powerful constitutional court whether Mario Draghi's OMT, or Outright Monetary Transactions, was constitutional. However, any lingering concerns were swept away when the Kardinals of Karlsruhe "reluctantly" ruled in favor of the one of the European Central Bank’s most important tools to fight financial crises, which however was caveated with six specific conditions.