Central Banks

Extremes Are Everywhere

"The complete disregard for 'risk' has never worked out well for investors in the past and is unlikely to be different this time either..."

Bitcoin Briefly Flash-Crashes On Russia 'Ban' Headlines

After weeks of uncertainty surrounding Russia's plans for cryptocurrencies, local news outlet RBC reports overnight that Bank of Russia is working with the country’s general prosecutor to block all exchanges offering Russians the opportunity to buy and sell cryptocurrency.

Minsky, Myopia, & Why The S&P 500 Is A Bloated Corpse

"Natural bodies can tend towards equilibrium, i.e. death. Markets cannot. They’re doomed to flatline, and then to always come back from near death experiences. They tend to do so in violent ways though. When volatility at last returns, so will price discovery. It won’t be pretty."

Where US Stocks Are Traded Today

The US equity market structure has never been more fragmented, with 12 exchanges, over 40 alternative trading systems, dozens of dark pools, it means that the venerable New York Stock Exchange gets barely 13% of the US stock trading volume.

Global Markets Bounce As Germany, China, Spain Lift World Stocks, Turkey Crash Ignored

S&P futures rebounded and edged higher as European stocks gain, led by Spanish shares after mass demonstrations in favor of Spanish unity and speculation Catalonia may back down on unilateral independence demands, while Chinese mainland stocks reopened catching up to gains missed during the holiday week following last weekend's RRR cut.