The Economist
- Stockholm is Europe’s new capital of capital
- Larry Fink and Rob Goldstein on how tokenisation could transform finance
- 1929: Inside the Greatest Crash in Wall Street History–and How It Shattered a Nation by Andrew Ross Sorkin
Financial Times
- Western banks reap rewards in Hong Kong equity boom (12/1)
- BNP’s Sudan scandal presents investors with a valuation puzzle (12/2)
- Credit Suisse and UBS hit with new Swiss charges linked to tuna bonds (12/2)
- tuna bonds
- Real test for a new investment model is after the honeymoon (12/4)
- South Korea raises cap on forex bonds to record $5bn (12/4)
- forex bonds
- Why not even your cash fund is risk free (12/6)
- US money market funds in 2008
- cash funds in UK
- Many profited from loans to First Brands, says financier (12/5)
- Blue Owl and staff buy stock worth $200mn after sell-off (12/4)
- blank cheque vehicle
- Bond investors warned US Treasury of risk in picking Hassett as Fed chair (12/4)
- ECB urges Italy to rethink assigning state gold ‘to the people’ (12/4)
- Billionaire’s firm to donate £26mn for maths research (12/2)
- Rapid rise of US tax-minimising ETFs draws political scrutiny (11/28)
- ETF swap funds
- 351 funds
- Private equity’s ‘continuation’ trade is bad news for some (12/5)
- continuation vehicle
Hankyung (한경)
- Widespread panic as Bitcoin plummets… company faces greatest crisis since its inception
(비트코인 폭락에 줄줄이 ‘비명’…창사 이후 최대 위기 닥쳤다)- Strategy
- The won-dollar psychological barrier is 1,500 won… shipbuilding companies are preparing large-scale currency hedges
(원·달러 마지노선은 1500원…“조선사 대규모 환헤지 물량 대기중”) - Korean firms’ currency exchange ratio drops sharply from 90% to 50%… they are ordered to submit currency exchange transaction details
([단독] 韓기업 환전비율 90%→50% ‘뚝’…“내역 제출하라”) - “Predict NewJeans’ comeback”… Limitless speeds up its Korean market push
(“뉴진스 컴백 예측하세요”…리미트리스, 韓 공략 속도 낸다 [코인터뷰])- Prediction Market(예측시장)
- Conflict with the Banking Act… the dilemma of the won-denominated coin ‘51% rule’
(은행법과 충돌…원화 코인 ‘51% 룰’ 딜레마) - South Korea alone experiences bond yield ‘spike’… increasing corporate losses
(韓만 채권금리 ‘발작’…기업 손실 커진다)- maximum drawdown(MMD, 채권 최대손실률)
- The U.S. CFTC permits spot crypto asset trading on licensed exchanges.
(美 CFTC “등록 거래소에서 현물 가상자산 거래 허용”)- CFTC
Nikkei (日本経済新聞)
- Nomura Holdings PBR recovers to 1x, achieved for the first time in nine years; stable earnings anticipated
(野村ＨＤ、ＰＢＲ１倍回復 ９年ぶりに達成 安定収益への転換期待) - Mitsubishi UFJ revives MMF after 10 years, demand driven by rising interest rates
(三菱ＵＦＪ、ＭＭＦ復活 １０年ぶり、金利上昇で需要) - Terminal Rate: The final destination for the policy interest rate.
(ターミナルレート 政策金利の最終到達点（市場を知るニュースワード）)- Terminal Rate(ターミナルレート)
- OIS
- Bringing transparency to the actual state of condo transactions
(マンション取引の実態透明に（社説）) - ROE high-performer Nomura Real Estate’s concern: stock price lags behind its peers; urban development and shareholder return measures are key
(ＲＯＥ優等生 野村不の憂い、同業他社に株価出遅れ 都市開発・還元施策カギ（記者の目）) - First-ever use of JPX clearing organization by a US hedge fund, driven by expanding demand from rising interest rates
(ＪＰＸ傘下の清算機関、米ヘッジファンド初利用 金利上昇続き需要拡大)- clearing organization(清算機関)
- Bond market functionality improves with increased liquidity in super-long-term bonds
(債券市場の機能度が改善 超長期債の流動性向上で)- Diffusion Index(DI, 機能度判断指数)
- Qatar Investment Authority invests 30 billion yen in relisted SBI Shinsei Bank; US KKR also contributes 3 billion yen, attracting major investors
(再上場ＳＢＩ新生銀にカタール投資庁が３００億円出資 米ＫＫＲも３０億円 有力投資家集める) - Sony Bank to issue stablecoin in the US, possibly next fiscal year; aims for use in subscription payments, supporting gaming, anime, and finance
(ソニー銀、米でステーブルコイン発行 来年度にも サブスク決済に活用 ゲーム・アニメ、金融で支援)- stable coin
- SBI establishes a new investment trust administration company; a move by major asset managers to cut low-profit structures; Nomura unifies price calculation
(ＳＢＩ、投信事務の新会社 運用大手、低収益体質にメス 野村は価格計算を一本化)