As the U.S. northeast sizzled, time became unhinged.
"High humidity is impeding radio transmissions Tuesday among three New Jersey data centers where U.S. stocks trade, according to a note Nasdaq Inc. sent customers. It's taking about 8 microseconds longer to send information from Nasdaq's facility in Carteret to the New York Stock Exchange data center in Mahwah, and an extra 2 microseconds to send data to Cboe Global Markets Inc.'s exchange in Secaucus."
From junk bonds to emerging-market stocks, market turnover is through the roof, reaching multi-year highs. Within the S&P 500 Index, investors traded more than $2.9 trillion worth of shares in each of the past two quarters, a feat last achieved in early 2008. (Bloomberg Quint | Jul 5)
It had the trappings of stock market trading - yet was closer to a punt at a bookie. Traded by risk-hungry speculators, binaries brought riches to the few and hefty losses to the many. They inhabited that tantalising grey area between financial investment and gambling, luring us in with promises of mega returns and pictures of people on Twitter with Lamborghinis. Instead, most were left red-faced with empty pockets. (Financial Times | Jul 5)
Rising money-market rates have forced Federal Reserve officials to take unprecedented steps to maintain control over their key policy benchmark -- and the job is about to get harder. With the Treasury continuing to ramp up bill issuance and the central bank's balance sheet unwind accelerating, the front-end is poised to take center stage in the second half of the year. (Bloomberg Economics | Jul 3)
As the Bank for International Settlements has repeatedly
warned, there is a record level of indebtedness
in the global economy. There is now $63 trillion of sovereign debt outstanding, with total debt at $237 trillion, a full $70 trillion above pre-Lehman levels. There are only 11 sovereigns and only two U.S. firms left with a AAA rating, and there is a continuing decline in the average credit quality of outstanding loans and bonds. (Bloomberg Opinion | Jul 3)
The Financial Stability Board published a draft lexicon of 50 core terms related to cyber security and cyber resilience in the financial sector. the FSB plans to complete the lexicon for delivery to the G20 leaders' summit in Buenos Aires in November.
A working paper documents global cyber risk for financial institutions by analyzing the different types of cyber incidents (data breaches, fraud and business disruption) and identifying patterns using a variety of datasets.
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Will the current Western-dominated paradigm manage to overcome its current weaknesses and disunity? Could the challengers to the Western-led paradigm - primarily, but not exclusively, Russia and China - succeed in taking advantage of its contradictions? Or will the rise of the multi-polarists turn violent