White Shoe Boys

Nasdaq plans bitcoin futures contract in 2018, joining CME and CBOE

"Nasdaq Inc plans to launch a futures contract based on bitcoin in 2018, making it the third exchange operator to plan U.S. derivatives contracts linked to the digital currency, a source with knowledge of the matter said on Wednesday. CME Group, the world’s largest derivatives exchange, and CBOE Holdings, have both said they plan to launch futures products based on bitcoin this year, pending regulatory approval, helping fuel the crypto-currency’s rally. While Nasdaq does not have a hard date set for its product, the transatlantic exchange operator has offered an exchange-traded note based on bitcoin on its Stockholm exchange since 2015."

Continue ReadingNasdaq plans bitcoin futures contract in 2018, joining CME and CBOE

First Long-Term LedgerX Bitcoin Option Pegs Price at $10,000

"Called a Long-Term Equity Anticipation Security (LEAPS), the trade was matched by the platform this morning and is set to expire on December 28, 2018. Such long term futures options have long been seen in the industry as a much needed sign of maturity, and could in part help pave the way for even more institutional money to enter the space."

Continue ReadingFirst Long-Term LedgerX Bitcoin Option Pegs Price at $10,000

Jamie Dimon labels bitcoin users ‘stupid’ as price heads to $10,000

"'The only value of bitcoin is what the other guy'll pay for it,' Dimon said. On Thursday, Dimon said during a post-earnings conference call with media that he's 'not going to talk about bitcoin anymore.' The executive called bitcoin a 'fraud' in September and said it 'won't end well.'"

Continue ReadingJamie Dimon labels bitcoin users ‘stupid’ as price heads to $10,000

Goldman Has a New Product to Bet on the Next Banking Crisis

"The two financial giants are now offering trades in derivatives that enable investors to bet on or against high-risk bank bonds that financial regulators can wipe out if a lender runs into trouble. Others are also planning to start making markets in the contracts, known as total-return swaps, in the coming weeks, according to Max Ruscher, the London-based director of credit indexes at IHS Markit Ltd., which administers the benchmarks that the swaps are linked to."

Continue ReadingGoldman Has a New Product to Bet on the Next Banking Crisis

Investment firm VanEck calls bitcoin a ‘fad,’ then files for bitcoin ETF

"Money management firm VanEck is both skeptical of bitcoin and planning to sell a related investment product, illustrating a rising perception that the surge of interest in the digital currency creates a high-risk opportunity that may be too big to miss."

Continue ReadingInvestment firm VanEck calls bitcoin a ‘fad,’ then files for bitcoin ETF

Goldman Set Out to Automate IPOs and It Has Come Far, Really Fast

"A computer-based interface called Deal Link has replaced informal checklists that were once tended and passed down between generations of rainmakers. It now arranges and tracks legal and compliance reviews, fills in forms and generates reports. The industry is under intense pressure to improve profitability, while contending with young workers less willing to put in 18-hour days. At Goldman Sachs, managers say they’re looking to new technology to free up junior bankers in particular, letting them focus on more satisfying work." Continue reading →

Continue ReadingGoldman Set Out to Automate IPOs and It Has Come Far, Really Fast

“Due To Popular Demand” Goldman Starts Covering Bitcoin

"It's official: not only has bitcoin officially made its way to Wall Street, but confirming rumors that emerged over the weekend, 'hedge' funds - starved of volatility in virtually all other asset classes - are now not only actively trading the volatile digital currency, but as clients of the vampire squid, have petitioned Goldman's chief technician, Sheba Jafari to start covering it." Continue reading →

Continue Reading“Due To Popular Demand” Goldman Starts Covering Bitcoin

Gold Is Back in Fashion After a $15 Trillion Global Selloff

"The $15 trillion rout in global equity markets since May is reawakening the lure of gold for investors seeking safety. Hedge funds more than doubled their net-long position in bullion last week, just three weeks after they were the most-bearish ever. Investor holdings of gold through exchange-traded products are expanding at the fastest pace in a year, and the value of the ETPs has jumped by $3 billion in 2016. Fed Bank of Boston President Eric Rosengren said this month that the central bank’s projected path for more policy tightening is at risk, citing falling estimates for U.S. economic growth. Gold reached a five-year low in December as the dollar strengthened and U.S. inflation stayed stagnant." Continue reading →

Continue ReadingGold Is Back in Fashion After a $15 Trillion Global Selloff