Premium Insights

As we know from Friday’s note, the entire market is undergoing a repricing to reflect the new distribution of future outcomes. It was always there, of course,

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We’ve been on the road this week. From EM fund managers to multi-strategy PMs to private clients to bankers to journalists, you’ve all had the same body language. You know what’s going on,

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Batten down the hatches. Can you feel the storm coming? Did you hear the warning from the Cap’n? Andrew Bailey, Chief Executive of the Financial Conduct Authority couldn’t be clearer in his speech last week:

‘our job is to be watchful to the build-up of risks and vulnerabilities in the system… The secondary market liquidity of ETF shares is dependent on market makers and authorised participants… We know relatively little… about the capacity and willingness of APs to execute their function .

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Why did Amber Rudd resign?

1. It became clear this weekend that she had misled Parliament when she told them on Wednesday “we don’t have targets for removals”.

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There is something about walking past this sign at Customs Check in an airport which causes a knot in the stomach. Maybe there is an unexpected illegal cache of foreign car parts nestling between your bikini and the sun tan lotion hmm?

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