First Impressions

Bill Templer, Managing Director, Faventus Derivatives Consulting – Stretch Beyond Your Desk

“Whatever you do end up doing, find something in it that you can be the best at.”

Bill Templer, managing director for Faventus Derivatives Consulting, discusses the charitable side of his life and his work with Futures For Kids, an organization that raises money to support children living in poverty. Templer describes how Futures For Kids began with a group of individuals in the financial industry and how his work was able to lead him to new networking and job opportunities. Templer also discusses his career history and creates a list of advice he wished he knew when he was younger.

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Quote of the Day

“The Central Bank of Cyprus has in principle the possibility to apply less stringent valuations and haircuts compared to the approach followed by the Eurosystem in credit operations.”

Benoît Coeuré, a member of the E.C.B.’s six-member executive board in the story, “Europe’s Central Bank Defies Own Rules in Cyprus Bailout”.

Lead Stories

Pimco’s October Outflows Set a Record in Europe
Sarah Krouse – MoneyBeat – WSJ
Investors pulled EUR11.2 billion ($14 billion) from Pacific Investment Management Co.’s European funds in September and October on the heels of Bill Gross’s sudden departure, according to new figures from investment research firm Morningstar.

Mexico breaks new ground with issuer-friendly bond
Davide Scigliuzzo – Reuters
Mexico is poised to become the first Latin American country to sell a bond with new-style collective action clauses (CACs) that make it harder for holdout creditors to fight restructurings.

Big banks find strong appetite for coco bonds
Christopher Thompson – Financial Times
Contingent convertible bond deals have nearly tripled this year as banks take advantage of the low-interest rate environment to issue bumper volumes of riskier but higher yielding debt.

Europe’s Central Bank Defies Own Rules in Cyprus Bailout
Landon Thomas Jr. – Dealbook – NY Times
In July 2012, a top official at the European Central Bank emailed the head of the central bank of Cyprus with some advice on how to keep the country’s second-largest financial institution from failing.

Cyprus Government Report Points Fingers on Bank Collapse
Landon Thomas Jr. – Dealbook – NY Times
How can a midsize bank torpedo an entire economy? It was the first question asked by the new president of Cyprus, Nicos Anastasiades, on March 1, 2013, when he assumed power and was immediately confronted with the implosion of Cyprus Popular Bank and the rescue package that followed just two weeks later.

The curse of weak global demand
Martin Wolf – Financial Times
Feeble economic performance has occurred despite the most aggressive monetary policies

Venezuela’s Bond Plummet Can’t Sway BofA as Losses Mount
Sebastian Boyd – Bloomberg
Being bullish on Venezuela’s bonds hasn’t quite panned out for Bank of America Corp. and Barclays Plc. Still, neither are prepared to give up their calls.

Central Banks

BOE Officials Appear Increasingly Concerned About Inflation Target
Jason Douglas And Jon Sindreu – WSJ
LONDON—Some Bank of England officials appear increasingly concerned they may overshoot the central bank’s inflation target if unemployment in the U.K. keeps tumbling, a sign BOE Governor Mark Carney’s majority in favor of keeping short-term interest rates pinned near zero may soon start crumbling.

ECB’s Knot Sees No Reason Now to Pursue Quantitative Easing
Maarten van Tartwijk – WSJ
The European Central Bank could move to take additional easing steps, including purchases of government bonds, but it is uncertain whether this would be effective to fight low inflation in the eurozone, Klaas Knot, a member of the ECB’s governing council, said Tuesday.

BOJ Sticks to Upbeat View Despite Contraction
Tatsuo Ito And Takashi Nakamichi – WSJ
TOKYO—The Bank of Japan decided Wednesday to maintain its large-scale easing policy and stick to its upbeat assessment of the economy despite dismal growth figures released earlier this week that prompted Prime Minister Shinzo Abe to delay a tax increase and call early elections.

Forbes Sees Weaker Bank Flows Aiding Monetary Policy
Jennifer Ryan – Bloomberg
Bank of England policy maker Kristin Forbes said the move away from financial globalization could increase the economic impact of future policy tightening.


Yen slides to fresh seven-year low
Jamie Chisholm, Global Markets Commentator – Financial Times
The yen is trading at a fresh seven-year low after the Bank of Japan maintained its ultra-loose monetary policy, but stocks endured some profit-taking following confirmation of a snap election in the world’s third-biggest economy.

Fix fines fuel technology gold rush
Euromoney Magazine
Technology companies are gearing up for a potential gold rush around FX benchmark trading, amid expectations the multi-billion dollar fines imposed on banks last week will accelerate appetite for solutions to boost transparency, oversight and pricing, analysts say.

Indexes & Index Products

China A-Share Appetite Sends ETF Assets Toward Record
Belinda Cao, Meng Meng and Boris Korby – Bloomberg
As traders in Hong Kong take advantage of a new exchange link to scoop up mainland Chinese shares, U.S. investors eager to join in the action are piling into the largest New York-traded A-share ETF (PEK), sending assets to a near-record.

Columbia Joins Blackstone in Retail Hedge Fund Initiative
Laura Davison – Bloomberg
Columbia Management, which oversees more than $350 billion, is joining with Blackstone Group LP (BX) to increase retail investors’ access to hedge fund strategies.

STOXX Limited Wins Index Innovation Award


Gold Rush in Ohio? Small Town Plays Big Role
John W. Miller – WSJ
Building contractor Alan Stockmeister is known around town for his stewardship of local businesses: radio stations, a movie theater and a bank, for example. But nothing has been quite like his refinery just off Main Street, which has become an outpost in the multibillion-dollar global gold trade.

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