Jonas E. Arias, Christopher Erceg, and Mathias Trabandt | This paper investigates the macroeconomic risks associated with undesirably low inflation using a medium-sized New Keynesian model. We consider different causes of persistently low inflation, including a downward shift in long-run inflation expectations, a fall in nominal wage growth, and a favorable supply-side shock. We show that the macroeconomic effects of persistently low inflation depend crucially on its underlying cause, as well as on the extent to which monetary policy is constrained by the zero lower bound. Finally, we discuss policy options to mitigate these effects.
The Macroeconomic Risks of Undesirably Low Inflation
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ASX Presentation To Macquarie Conference
Attached is a copy of an ASX presentation to investors that will be delivered at the Australian Macquarie Securities Conference held in Sydney on 4 and 5 May 2016.
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tiviti Expands Support Of Equity Options Markets - Itiviti Adds ISE And PHLX To Expand Equity Options Market Reach - Plans For Connectivity To BATS
Itiviti, a world-leading technology provider for the capital markets industry, today announced the release of two new gateways in the equity options space, augmenting the current offering of Chicago Board Options Exchange (CBOE) and CBOE’s C2 with connectivity to Nasdaq PHLX and the International Securities Exchange (ISE).
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Qatar Stock Exchange Organizes London Forum To Promote Investment In Qatari Listed Companies
Qatar Stock Exchange (QSE), in coordination with Goldman Sachs, today commenced in London a roadshow that aims to promote investment in the Qatari companies listed on QSE and support their investor relations practices.
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Ljubljana Stock Exchange: Monthly Statistical Report April 2016
Click here to download comprehensive monthly statistics of the Ljubljana Stock Exchange for April 2016.
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Euronext Announces Volumes For April 2016
Euronext, the leading exchange in the Eurozone, today announced trading volumes for April 2016.
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Taiwan Stock Exchange Outlines Future Development Plans At âInvest Taiwan, Kuala Lumpurâ Forum
The Taiwan Stock Exchange (TWSE) outlined the many advantages of investing in the Taiwan market, as well as its future development plans, at the ‘Invest Taiwan, Kuala Lumpur’ Forum held today in Kuala Lumpur, Malaysia.
During his opening remarks, Mr. Chien Lih-chung, Senior Executive Vice President of the TWSE, outlined the exchange’s main focuses for the remainder of 2016 in the areas of corporate governance, as well as reforms to the ETF market, including:
- Expanding the availability of e-voting and setup of audit committees at listed companies;
- Promoting the upcoming Stewardship Code for institutional investors;
- Extending trading hours for offshore ETFs; and
- Increasing the number of foreign markets covered by ETFs listed on TWSE, as well as the number of ETF dual-listings.
The ‘Invest Taiwan, Kuala Lumpur’ Forum was jointly organized by TWSE, Sinopec Securities and RHB Banking Group. The corporate governance-focused event bought together 80 institutional investors from across Malaysia and Taiwan with ten Shariah-compliant Taiwan-listed companies. These companies are also constituents of the FTSE TWSE Taiwan Shariah Index, which launched in 2008.
“The TWSE has been extremely active in marketing the Taiwan capital market to international audiences, particularly the presence of the ‘3Ps’ of Pricing (reasonable P/E ratios), Prosperity (high turnover rates) and Profitability (high dividend yields) in Taiwan. We are also taking steps to encourage better corporate governance and transparency following the launch of the Corporate Governance Roadmap and the establishment of the Corporate Governance Center together with Taiwan’s Financial Supervisory Commission. We also look forward to introducing more market reforms and deregulations, while also diversifying the range of financial products available on TWSE, in order to attract more global investors and to stimulate the market,” said Mr. Chien.
- Expanding the availability of e-voting and setup of audit committees at listed companies;
- Promoting the upcoming Stewardship Code for institutional investors;
- Extending trading hours for offshore ETFs; and
- Increasing the number of foreign markets covered by ETFs listed on TWSE, as well as the number of ETF dual-listings.
The ‘Invest Taiwan, Kuala Lumpur’ Forum was jointly organized by TWSE, Sinopec Securities and RHB Banking Group. The corporate governance-focused event bought together 80 institutional investors from across Malaysia and Taiwan with ten Shariah-compliant Taiwan-listed companies. These companies are also constituents of the FTSE TWSE Taiwan Shariah Index, which launched in 2008.
“The TWSE has been extremely active in marketing the Taiwan capital market to international audiences, particularly the presence of the ‘3Ps’ of Pricing (reasonable P/E ratios), Prosperity (high turnover rates) and Profitability (high dividend yields) in Taiwan. We are also taking steps to encourage better corporate governance and transparency following the launch of the Corporate Governance Roadmap and the establishment of the Corporate Governance Center together with Taiwan’s Financial Supervisory Commission. We also look forward to introducing more market reforms and deregulations, while also diversifying the range of financial products available on TWSE, in order to attract more global investors and to stimulate the market,” said Mr. Chien.
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GreenKey Appoints Richard Garnier Chief Revenue Officer
GreenKey<http://www.greenkeytech.com/>, creator of an award-winning voice-driven collaboration platform for global financial market participants, announced today the appointment of Richard L. Garnier to the new position of Chief Revenue Officer, effective immediately. A 30-year financial services and information technology veteran and former executive with Thomson Reuters, Garnier is responsible for the firm's global sales, service, marketing and strategic partnership initiatives.
GreenKey CEO Paul Christensen said: "Richard is a world-class performer with an exceptional track record. He has that rare breadth of international experience drawn equally from senior roles at large organizations and from early-stage, entrepreneurial growth ventures. Our client base includes the world's leading financial institutions, and Richard has navigated them all in his career. His energy and ability will help us scale the business and truly change the way the markets communicate."
Garnier said: "Communication via voice remains an essential component not only of voice trading in certain markets but throughout the pre- and post-trade processes in all markets. I have been fascinated by GreenKey's collaborative, innovative approach to capturing that important human element in a way that leverages advanced technology yet respects how people work. There's an incredible opportunity for GreenKey to be a positive force of disruption in the financial markets, and I'm delighted to play a role in that fintech revolution."
Garnier said he intends to build on the strong GreenKey team already in place and identify key hires in Asia, Europe and the U.S. He will operate out of the London office, traveling globally.
In the course of his career, Garnier has spearheaded multi-channel, multi-product teams of up to 400 professionals globally, responsible for revenues of up to $600 million. He has worked in London, Stockholm, Frankfurt, Paris, Moscow, Warsaw, Istanbul, Hong Kong and New York.
Over a 12-year period at Thomson Reuters and a predecessor, Garnier held a variety of leadership positions, including Managing Director for Northern Europe and for the firm's Asset Management business in Europe, the Middle East and Africa. He also had fiduciary and operational responsibility for Thomson Reuters' trading entities across all Nordic countries.
Prior to joining predecessor firm Thomson Financial as Managing Director, Europe, Garnier served as Commercial Director for RAW Communications, an innovator in Internet broadband technology applications within the global equities markets. He created and executed the global sales and partner strategy with leading financial institutions until RAW's acquisition by Thomson in 2002.
He has held management roles with several other early-stage growth firms, including in the late 1990s as Managing Director, Europe, for Internet Securities, a financial data firm covering emerging markets. In that role, he managed 11 country operations prior to the firm's acquisition by Euromoney Institutional Investor.
Garnier also served as Director of Sales for the Financial Times in the late 1980s.
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R.J. OâBrien Europe Limited Expands Listed FX Offering With Hiring Of Peter Jerrom, John Burt
Chicago-based R.J. O’Brien & Associates (RJO), the oldest and largest independent futures brokerage and clearing firm in the United States, announced today that its London-based affiliate R.J. O’Brien Europe Limited (RJO Europe) has hired Peter Jerrom and John Burt as Senior Vice Presidents, Listed Foreign Exchange (FX) Brokers.
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Dalian Commodity Exchange Intensifies Control Over Over-Speculation
Dalian Commodity Exchange (DCE) today (the 25th) issued a notice that starting on April 26, 2016, the trading fee rate of the iron ore and PP futures will be adjusted from 0.009% to 0.018% of the turnover, and the 50% discount for the intra-day trading of the same contract of No. 1 Soybeans and LLDPE futures will no longer be implemented (with the fee restored to RMB 2 / contract). So far, since last December the number of the futures products for which DCE increases the trading fee rates or suspends the discount for the intra-day trading has been increased to 6, and the control of the over-speculation has been increasingly intensified.
A market participant said that with significant fluctuations, rapidly increasing trading volumes and excessively high market turnover rates of some commodity futures products, the market has shown the tendency toward over-speculation. In addition to the traditional market-based measures such as expanding price limits and increasing the minimum trading margins, DCE has also taken the initiatives such as adjusting up the trading fees and cancelling the discounts of the intra-day trading fees for the related futures products, which will undoubtedly further increase the costs for short-term trading, relatively accurately cool down the trading of relevant futures products and curb the tendency towards over-speculation. This time DCE has expanded the scope of the products in adjusting the trading fee rates, in a bid to not only step up the supervision over the previously overheated products but also guard against the recent tendency of the products toward overheated trading in a timely way as well as prevent some funds from transferring to new products for short-term speculation.
The market participant further pointed out that the measures taken recently by the three major futures exchanges have resulted in some effects, but the final effects are yet to be tested in the market. Currently DCE has continued to step up the supervision, showing the resolute determination of DCE to curb over-speculation and hold fast to the bottom line of risks. Therefore, if the market tendency toward over-speculation is not lessened or picks up, DCE may adopt further regulatory measures.
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First Independent Chinese Refiner Trades DME Oman
Shandong Chambroad Petrochemicals Co., has become the first independent Chinese refiner to trade Oman crude oil futures on the DME, the leading east of Suez energy exchange.
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Dalian Commodity Exchange Makes Public Response To Regulatory Measures Taken Recently
On April 26, Dalian Commodity Exchange (DCE) issued another notice to further increase the trading fees of iron ore, coking coal, metallurgical coke and PP futures. A DCE spokesman said that the move is aimed at further intensifying supervision, resolutely curbing the tendency of over-speculation, effectively preventing risks and ensuring the safe and stable operation of the market.
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Dubai Financial Market: Market Holiday - AlIsra Wa Al Miraj Holiday
In the occasion of AlIsra Wa Al Miraj Holiday, the market will be closed on Thursday, 05/05/2016 and will resume on Sunday, 08/05/2016
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Intercontinental Exchange Statement Regarding No Intention To Make An Offer For London Stock Exchange Group Plc (âLSEGâ)
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, provided the following statement.
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Intercontinental Exchange Reports Record First Quarter 2016 Adj. Diluted Eps Of $3.68, +20% Y/Y - $1.2b Revenues, Less Transaction-Based Expenses
Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses and provider of global data and listing services, today reported financial results for the first quarter of 2016. For the quarter ended March 31, 2016, consolidated net income attributable to ICE was $369 million on $1.2 billion of consolidated revenues less transaction-based expenses. On a GAAP basis, diluted earnings per share (EPS) in the first quarter were $3.08.
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Bloombergâs OTC Electronic Trading Services Offer Direct Connectivity To Eurex Clearing
Eurex Clearing, Europe’s leading clearing house and part of Deutsche Börse Group, has connected Bloomberg as an approved trade source for EurexOTC Clear, the Interest Rate Swaps Clearing offering of Deutsche Börse.
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Intercontinental Exchange Announces Second Quarter Dividend Of $0.85 Per Share
Intercontinental Exchange (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, announced today a $0.85 per share dividend for the second quarter of 2016. The dividend is payable on June 30, 2016, to shareholders of record as of June 16, 2016. The ex-dividend date is June 14, 2016.
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Vienna Stock Exchange: Monthly Statistics For April 2016
The monthly statistic includes turnover data broken down by market segments and markets, as well as index values.
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Intercontinental Exchange Reports ICE & NYSE April 2016 Statistics
Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today reported April 2016 trading volume and related revenue statistics, which can be viewed on the company’s investor relations website at http://ir.theice.com/ir-resources/supplemental-information in the Monthly Statistics Tracking spreadsheet.
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Do Ping Pong Sales Predict Tech Downturns?
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| Source: Wall Street Journal |
Zusha Elinson has written a fun and thought-provoking article in today's Wall Street Journal. The article is titled, "Is the Tech Bubble Popping? Ping Pong Offers an Answer." Elinson found that ping pong table sales decreased 50% in the first three months of 2016. Venture capital financing decreased by 25% in the same time period. Elinson cites information from retailers and wholesales indicating that firms such as Twitter, Intel, and Yahoo have all reduced or stopped their purchases recently.
Is there any truth to the theory that ping pong sales are a leading indicator? Who knows?! However, it's worth noting that many large companies have purchased ping pong tables (and other games) in recent years, in hopes of emulating the culture of start-ups in Silicon Valley. They have learned a hard lesson. Buying ping pong tables does not create an innovative culture. In fact, it does nothing really unless you transform the fundamental attitudes, beliefs, and values of the organization. In fact, you create a skepticism in many employees if you add ping pong tables, but fail to change the shared norms, expectations, reward systems, and leadership style of the organization. They see the move for just what it is - a superficial attempt to influence employee satisfaction without an underlying shift in how work actually gets done.
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