Credit Default Swaps

And The World's Most Volatile Currency Is...

A year ago it was the Ruble, but for much of the last year it is the South African Rand that has been the most volatile currency in the world. That is until the last week, as Turkey deals with rising domestic instability (and Erdogan's push for total rule), the Lira has become the world's most unstable currency...

Turkish Central Bank Intervenes To Halt Record Plunge In Lira

While the Turkish central bank's hand are largely tied as per Erdogan's decree that no rates are to be hiked, moments ago the monetary authority, faced with another record plunge in the currency, had no choice but to intervene when it cut FX RRRs by 50 bps, citing "unhealthy" price formation and said it would take additional measures if needed.

Toshiba Falls By Limit 20%, CDS Soar By Most On Record As Full Extent Of Damage Revealed

One day after Toshiba's new CEO, Satoshi Tsunakawa, pulled a page from the book of his ill-fated predecessor Hisao Tanaka who presided over the biggest accounting fraud scandal in the company's history, and bowed down during a press conference to apologize to investors, the company's stock crashed by the limit 20%, bringing its two day loss to 32% and wiping out $5 billion in market cap in two days.

Dave Collum's 2016 Year In Review - "And Then Things Got Really Weird..."

"Markets don’t have a purpose any more - they just reflect whatever central planners want them to. Why wouldn’t it lead to the biggest collapse? My strategy doesn’t require that I’m right about the likelihood of that scenario. Logic dictates to me that it’s inevitable..."

Turkey Lashes Out At Moody's After Downgrade To "Junk" Sends Turkish Assets Plunging

Turkish assets plummeted the most since an attempted coup in July and credit risk climbed after Moody’s Investors Service cut the country’s sovereign rating to junk. The immediate response by the Turkish administration was to lash out at Moody's calling the decision "politically-motivated", after a similar downgrade by S&P led Erdogan to acuse the agency of siding with coup plotters.

Frontrunning: September 22

  • Stocks Advance in Unison With Bonds as Fed Inspires Global Rally (BBG)
  • Soothing Fed gives stocks their mojo (Reuters)
  • Yellen helps Clinton dodge a bullet (Politico)
  • State of emergency called to quell Charlotte unrest over police shooting of black man (Reuters)
  • Hillary Clinton Leads Donald Trump by Six Points in Latest WSJ/NBC Poll (WSJ)