Latest White Papers – Page 288
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White papersMake the most of the Uncleared Margin Rules extension
On April 3, BCBS-IOSCO announced a one year extension to the final implementation phases of the uncleared margin rules (UMR), citing the ongoing market disruption across the globe resulting from COVID-19. This prompt action still requires approval by local regulators so firms may have to wait for final confirmation of the updated timeline.
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White papersDid Globalization Kill Contagion?
Does financial globalization lead to contagion? We scrutinize linkages between international stock markets in a long historical perspective (1880-2014). Our results highlight that without globalization, contagion cannot exist. However, if cross-market correlations are very high, globalization kills contagion.
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White papersPastures new: Asset Liability Management in today’s reporting environment
The methods that insurers use to report profit to shareholders and solvency to regulators have been changing. This is the result of new accounting standards and solvency capital regulation in many markets.
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White papersHolistic Liquidity Measures During Covid-19: Supply, Demand, and Market Conditions
In late February and early March 2020, global markets experienced an unprecedented health crisis which increased both economic uncertainty and market volatility.
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White papersMarket weekly – Seize the opportunities with active equity strategies
After the recent strong rally in developed equity markets, senior investment strategist Daniel Morris and Guy Davies, chief investment officer active equity strategies, discuss the outlook and where we see opportunities.
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White papersSelecting survivors: an attractive entry point for US small caps
The last quarter was one of extremes and there was little – if any – discrimination between higher and lower-quality companies. Small caps were particularly affected and have declined more than larger companies, while value stocks have lost more ground to growth stocks.
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White papersGlobal High Yield celebrates its 10-year anniversary
Our Global High Yield capability is 10 years old. Since the capability’s inception a decade ago, the global high-yield market has transformed beyond recognition. Not only has it doubled in size, but the number of issuers – and the average size of an issue – have also soared.
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White papersThe New Purpose of a Corporation; or, What We’ve Known All Along
Without a doubt, the coronavirus is shaking the financial industry like never before. This is not the first time the world has faced a pandemic of this scale, nor is the first time that policy makers, business leaders and pundits have asked: “Is it different this time around? Are we at a turning point?”
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White papersInvestment grade credit: how cheap are credit spreads?
From the middle of February to late March was one of the worst periods of performance for risk markets in general and for investment grade (IG) credit in particular. This was in response to the Covid-19 crisis and was marked by both the speed and extent of the spread widening.
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White papersThe Day After #2 - Learn The Rules Like A Pro, So You Can Break Them Like An Artist
The vanishing – and probably for long – of most of the established economic rules is a crucial consequence of the crisis. Liberal democracies were living under these rules since the advent of the “Washington Consensus” and the ideological revolution of the 1980s.
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White papers(Weekly Pandemic) Market Commentary - Exit strategy goes live
Now is a key moment in the Covid-19 crisis, as the lockdowns end. Countries that have opened up early have not seen any significant relapse. But the number of new cases globally has picked up, and selected US States are easing up restrictions too early. V-shaped recovery? Non-sense. Vs ...
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White papersEmerging Markets After The Coronavirus
The investment case appears battered, but even lower returns may look good when the world gets back to normal.
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White papersTo Trade or Not to Trade? That is the Question…
Despite rising tensions between the U.S. and China, the U.S. has signaled they won’t tear up the trade deal, yet. Inflation may be impacted by weaker demand and lower oil prices. The ECB weighs what to do next after Germany ruled its QE program violated its constitution.
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White papersThe New ‘Fusion’
As the physical and digital worlds merge, companies, investors and society will need to adapt.
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White papersAre ECB Bond Purchases Legal?
Investors breathed a sigh of relief after the German Constitutional Court found the ECB has not been engaged in monetary financing, but the details sent ripples through the markets as the ruling raised questions about potential constraints on European monetary policy.
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White papersCoronavirus – weekly update – 06 May 2020
As of 6 May, the global COVID-19 case-load has crossed the 3.7 million mark and the number of fatalities exceeds a quarter of a million people. Notwithstanding the usual caution around data comparisons across countries or through time, we highlight the following key features:
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White papersQuantifying impact: measuring and managing effects on people and the planet
As responsible investing (RI) moves into the mainstream, investors are increasingly looking for strategies that go beyond traditional environmental, social and governance (ESG) principles to produce measurable benefits for people and the planet. In response, many RI programs are now expanding to embrace what are known as “impact investing” strategies.
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White papersNot created equal: Surveying investments in non-investment grade U.S. corporate
Institutional investors searching for yield and current income opportunities have increased their allocations to non-investment grade corporate bonds and loans. The case for investing in these assets is clear with the 10-year Treasury under 3% and historically low rates across the yield curve. Non-investment grade U.S. corporate debt has historically produced yields in the 6-10% range or greater.
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White papersEmergency Fiscal Programs: No Choice But To Increase The (Monetized) Deficits
The large fiscal packages announced by governments to counter the virus crisis aim, so far, at stabilization more than stimulus.
In addition to funding the emergency response to the virus situation itself, these packages intend to prevent a worsening of the crisis through the financial and household income channels. -
White papersThe Duration Risk in Equities
Since early 2017 there has been a notable gap between the expected growth in future dividends and the performance of the US equity market. The value of the 10 S&P 500® annual dividend index futures contracts at the end of April were eqivalent to about 500 S&P 500® index points, to be paid between now and the end of 2030.
