Latest on 市場
As LLMs spread, quants confront ‘lexical risk’
Users are finding the uncertainty in GenAI models is hard to measure
Hedge funds return to JGB flatteners after brutal stop-outs
Funds bet repatriation of assets by Japan’s pension funds will driver further long-end yield compression
7IM hits £1bn with blend of in-house and bank QIS
UK manager combines its own strategies with offerings from Goldman, JP Morgan, Morgan Stanley and SG
Latest
Quotes
For the time being, we see more synergy with foreign securities firms rather than competition
Jian Liu, chairman of China's Shenwan Hongyuan Securities
The [USD/JPY] skew moved a lot, so the price for downside went up very significantly
Francesco Schiavo, global head of FX options at Credit Suisse
The best way to solve the issues regarding liquidity is to just get rid of the [pension fund] clearing exemption
Jasper Valstar, senior portfolio manager, Achmea
Editor's Choice
The final countdown: Europe’s pension funds get ready to clear
With clearing exemption due to end next June, EU funds try to learn from UK’s LDI mistakes
Big Figure
Japan basis blowout
A combination of surging inflation, a burst of rate hikes from central banks and a liquidity-starved market has disrupted even the simplest curve or futures-bond relationship. A glaring example is the blowout in the basis between 10-year Japanese government bonds and futures on June 15.
Read the full article
Comment
From fringe to forecast: why bitcoin now moves like a currency
Gearing up for FX’s blockchain resurgence
Our Take
A market-making model for an options portfolio
Why did UK keep the pension fund clearing exemption?