Search results

That is news to me... What specifically are you referring to?

But the US bureaucrats aren't trying to implement this, surely?

Yet again, all the best and I hope it works out for you...

Well, best wishes then... I urge you to consider all the other angles.

I wasn't trying to blame anyone, to be sure... I was just marveling at the idea that someone managed to run a giant trackhoe into a giant pipeline. How is that even possible?

Best of luck!

http://www.bloomberg.com/news/articles/2016-10-31/largest-u-s-gasoline-pipeline-shuts-after-alabama-explosion "A contract crew ... ran into the pipeline with a trackhoe, igniting gasoline and causing a fire..."

When has relevant experience ever stopped European bureaucrats?

Ha, it's definitely a bit more complicated than this... For instance, if they allow purchases below the depo rate floor, it could mean a lot of shorter-dated bonds becoming available, which means they have to buy less long-dated paper. This could mean a steepening, which would make the back...

I have never heard of such functionality.

Bunds are a little different to treasuries. The roll starts trading quite a bit earlier, which means that the back futures are tradable well before the maturity of the front contract. Normally, there's all the typical bond relative value games that can be played with the back futures...

The common metric people look at is what's known as the "invoice spread" (that's kind of a US terminology that has been adopted everywhere now). Specifically, it's the spread between the fwd yield of the CTD implied by the futures and a matched-maturity swap (either vanilla or OIS). So in the...

It's sorta complicated at the moment, especially since the back contracts are not exactly very liquid. The March contract, in spite of the optically higher price, is actually cheap relative to Dec, on a whole variety of metrics. Jun is probably even cheaper, but I haven't looked at it closely.

Yes, you could very well be 100% correct and the landscape may have changed drastically for the retail punters...

To be sure, I was responding to your most recent post, so I wasn't specifically talking about retail flows. Lifers, as well as the Japanese megabanks, are also custodians for Japanese household and corporate savings, which means that their flows do count. As to whether it's meaningful, these...

This is one of the reasons (I think I have posted a link to this chart before): Obviously, much depends on whether these purchases/sales are hedged, but I would argue that these flows are very meaningful for the ccy either way.

I can't disagree with much of what you state above... However, IMHO, the underlying core phenomenon remains simply that Japan is a society with a lot of savings (corporate and consumer) and not a lot of places to invest.

I think there are lots of threads here on these subjects.

Calculate it...

Surely it would depend on the strikes, no? I just priced the 3m TLT put spread using the "steeper" SPY skew and I see it costing more with the "shallow" TLT skew. To be fair, this is with the upper strike being ATM or close. You're correct for strikes further OTM.