Morgan Stanley is bit more complicated as a derivatives dealer than the Big 4. Those other banks hold most of their books at their bank subsidiaries. In this case, the term bank actually means something, the legal distinction of a depository institution. Each of the four banks, JPM, C, GS, and BofA, have a holding company umbrella over them like [...]
Though it is now more than four months into the past, the events of October 15 remain relevant and will likely stay that way for some time to come. The mainstream seems to have made peace with the idea of electronic trading in some primordial state in treasury markets, but to anyone with even a little knowledge of credit markets [...]
Before the financial disconformities of 2013 can be allowed to rest in the annals of financial history, I think there is still one more piece that needs to be analyzed in the context of where we are now. Convention about liquidity disruptions is again leading back to Dodd-Frank and Basel, rightly so, but that isn’t enough to fully capture the [...]
There were evident divergences all across the credit complex as the Yellen Fed takes shape. Maybe it relates to these “markets” being more accustomed to Bernanke and his manner of speech and saying nothing, but to me there appears to be little consensus about anything. I have said on previous occasions this year that swap market participants are not synchronized [...]
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