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LCH Hikes Italian Bond Margins, Again
A few weeks after it lowered margins on Italian Bonds, following a hike previously, LCH has completed the round trip and as of minutes ago hiked margins once again, raising deposit factors on 3.25 Year to 30 Year Italian Bonds, with the most expensive duration class being the 15-30 year tranche which will see an 18% Initial Margin, and 8.3% on the 7-10 year. End result: Italian curve is about to get even steeper as the long end is sold off to satisfy margins and the money floods into the LTRO protected sub-3 year maturities. Full statement below.
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Because confidence is back!
Yeah, right...check out what gold just did. Flash crash. Something big is coming at the markets.
not trying to be a dick here but I see gold pretty steady..what did I miss?
Nothing. People here are super sensitive to gold. Fuck gold, now watch what happens...
Yeah fuck gold. It has only gone from $250 to $1900 in the last decade. It is only held on the balance sheet of every Central Bank in the world, used as an asset to fund said banks. It only meets all metrics of definition of the term "money", and along with other precious metals, is the only thing that does so.
Fuck gold bitchez!
The world will soon wake up to the reality that everyone is broke and can collect nothing from the bankrupt, who are owed unlimited amounts by the insolvent, who are attempting to make late payments on a bank holiday in the wrong country, with an unacceptable currency, against defaulted collateral, of which nobody is sure who holds title.
A $15 drop in a few minutes only to be bought up. Someone washed an order.
EUR/USD 1.2666
Bwahahahaha
Parity with the Dong, here they come.
What is the North Korean currency, the guano? Is there a polite way to say "bat shit?"
People are still trading Italian bonds? Why not just go to Vegas and enjoy the (ahem) fancy ladies?
And Greece has had a breakdown in talks.
Greece Creditors Break Off Debt TalksGreece’s creditor banks broke off talks after failing to agree with the government about how much money investors will lose by swapping their bonds, increasing the risk of the euro-area’s first sovereign default.
French daily Les Echos
is now reporting S&P cutting France and Austria (both AAA) by 1 notch, and Italy (A) Spain (AA-) and Portugal (BBB-) by 2 notches.
If true, Portugal would be downgraded to non-investment grade by S&P.In other words, junk.
This should do wonders for the "vaunted" EFSF as well!
Got euro bank runs?
Happy long weekends to all.
If the LCH hikes margins in the shadows, then the CBs must make it more welcome at their respective windows in order maintain the stability of the Ponzi, otherwise the 2008 melodrama repeats...