Global Macro Trading Journal

Quote from ralph00:

Euroswiss prices above 100 - implying negative interbank rates

http://www.euronext.com/trader/summ...ontractType=9&mnemo=S&selectedMepDerivative=7

Trying to buy some Dec 11's, but apparently never checked off permissions to trade euroswiss on ib. Just asked for permission and it takes 24-48 hours. Damn.:mad:
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Darn - I guess the lesson is always check permissions for every product in the world, you never know when a trade might pop up.

Anyway, I have Euroswiss permissions. Wanna go into more detail on your trade rationale, where you see the contract going, what you'd say the risk is? How much size would you put on, in terms of % account equity per 100 tick move in the contract?

Also, I note that CHF is now crashing, off 4.5% in 2 days. What an incredibly weak currency! :D
 
Quote from ralph00:
Euroswiss prices above 100 - implying negative interbank rates

http://www.euronext.com/trader/summ...ontractType=9&mnemo=S&selectedMepDerivative=7

Trying to buy some Dec 11's, but apparently never checked off permissions to trade euroswiss on ib. Just asked for permission and it takes 24-48 hours. Damn.:mad:
More...
To be sure, you wanna buy negative fwd LIBORs, expecting them to go more negative?

P.S.: Doesn't look like CHF will be crashing for much longer, given what's happening in the mkt right now.
 
Quote from Martinghoul:

To be sure, you wanna buy negative fwd LIBORs, expecting them to go more negative?

P.S.: Doesn't look like CHF will be crashing for much longer, given what's happening in the mkt right now.
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Yes, I meant sell!
 
Europe rolling over after up more than 3% this morning. This is getting ridiculous. Reuters says French banks are having their credit lines cut by Asia. SocGen down another 6% after being higher 8%. Sheesh.
 
Quote from Ghost of Cutten:

Darn - I guess the lesson is always check permissions for every product in the world, you never know when a trade might pop up.

Anyway, I have Euroswiss permissions. Wanna go into more detail on your trade rationale, where you see the contract going, what you'd say the risk is? How much size would you put on, in terms of % account equity per 100 tick move in the contract?

Also, I note that CHF is now crashing, off 4.5% in 2 days. What an incredibly weak currency! :D
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As I just mentioned, I for sure meant sell, not buy.

I haven't thought the trade all the way through and the IB permission process will give me some hours to think about it.
 
Quote from ralph00:

Europe rolling over after up more than 3% this morning. This is getting ridiculous. Reuters says French banks are having their credit lines cut by Asia. SocGen down another 6% after being higher 8%. Sheesh.
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at the risk of being over-dramatic - that's your Lehman moment.

When interbank lending grinds to a halt.
 
Now following the Sept 2008 script what we'd need would be Sarkozy to come out and pull a Hank Paulson saying BNP & SocGen are not systemic and markets are 'well-prepared'.
 
Quote from Martinghoul:

This is on the back of a story of some Asian banks pulling French banks' lines. Mkt's in a self-reinforcing panic mode here.
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correct, and like 2008, the best way to stop the panic (from a politician's point of view) is for governments to provide capital injections.

Alternatively, the market can quickly take all French banks out very quickly.
 
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