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...The trend has been driven by the rise in interest rates driving down the cost of pension liabilities....
...But traders and analysts say those searing gains have been driven chiefly by China’s so-called “national team” of state-run institutions buying in tandem with the CSRC’s punitive actions....
...And that premium in futures is what makes the arbitrage opportunity so attractive to hedge funds in the first place....
...The basis trade is an arbitrage between the price of Treasuries and futures contracts on them....
...the arbitrage process....
...Throughout, merger arbitrage hedge funds had built their own positions hoping for a bidding war. Apollo in January bought the equivalent of 21.85 per cent of Applus shares from these funds....
...But several analysts say none of the factors that have driven gold’s bull run over the past 16 months are the likely catalyst for this recent rally....
...“We’re trying to plan an event [explaining our defence ETF] for pension funds in the Netherlands which we might extend to other countries too,” said Rozemuller....
...Most of the time this arbitrage keeps ETFs closely tied to their indices. However, when the bond market freezes, the arbitrage breaks down. APs can’t sell the bonds....
...As an industry built to arbitrage risk, should we be surprised insurers have little appetite to underwrite increasingly inevitable climate-related weather events?...
...Simons summed up his career at a 2022 event organised by the Abel Prize for mathematics: “I did a lot of math, I made a lot of money, and I gave almost all of it away.”...
...They’re also not too worried about these ETFs sparking another Volmageddon event, when funds selling volatility drove the Vix lower at first but “ultimately led to a volatility spike and the collapse of...
...The Conservatives must be a busted flush if they’re scrapping the non-dom regime, simply to fund tax cuts elsewhere (“Modernising the non-dom rules is disruptive but overdue”, Lex, March 6)....
...Oil prices climbed above $90 per barrel last week for the first time since October, driven by fears of a widening conflict in the Middle East....
...Record inflows to money market funds have driven their combined assets to about $6tn as of April 24, according to the Investment Company Institute....
...for arbitrage profits....
...The conference was the largest it has been since the return to in-person events after the pandemic....
...“intermediate” (three- to seven-year) funds mopping up most of the rest....
...The token’s price is also being driven by a fast-approaching upgrade to the bitcoin network — referred to as the bitcoin halving — scheduled for next month, which will slow the circulation of available coins...
...Woodford, whose fund company Woodford Investment Management collapsed in 2019, said in a new blog that he hoped to shed light on the events that led to his fund’s demise....
...Part of the answer, Case said, was better modelling of severe weather events in a sector that has been shocked by the level of losses coming from hitherto lower-scale events such as wildfires and thunderstorms...
...In any event, some claims on the fund’s behalf remain overblown....
...This return leaves the sector among the worst-performing hedge fund strategies....
...But the good news is already reflected in the market values of the trading houses. Investors coming to the sogo shosha now would do better with a Japanese index fund....
...The writer is managing partner of Federal Financial Analytics One big market event for early 2024 will come when the US Federal Reserve makes a decision on whether to close its latest emergency liquidity...
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