Kung Hei Fat Choi!

Chinese Lunar New Year Card

The New Lunar Year is here bringing in new opportunities and challenges for all of us. Sending you our warmest wishes of prosperity and success this year of the Metal Rat. From all of us at Howard Trading, Kung Hei Fat Choi!

HFM Asia Hedge Fund Award Ceremony at the JW Marriott


Our CEO, Stephen Howard, attended the HFM Asia Hedge Fund Award Ceremony at the JW Marriott in Hong Kong on Tuesday 14th January.

“It was great to see a diverse range of established and emerging managers receiving awards for excellence in their specific fields of expertise. Congratulations to the team at Saxo Bank (Hong Kong & Singapore) for winning the HFM Best Boutique Prime Broker Award and thank-you to the teams at HFM and JW Marriott for an excellent evening.”


With the start of a new decade, may you reach greater success and happiness than the last decade. We wish you a Happy New Year from all of us at Howard Trading Limited!

Crypto Regulation


Great summary from the team @visualcapitalist on current and pending Cryptocurrency regulation.


Whether you are an advocate or not it’s pretty clear that most jurisdictions see regulation of the Cryptocurrency space as something pressing and with the EU’s Anti-Money Laundering Directive becoming fast effective in Jan 2020 this is very real for market participants.

Interesting to see how this develops and whether the exchanges start to adopt best practices, provide transparency on pricing and cease to act as principal to transactions. Hard to see how they can address the raft of conflict of issue concerns (and litigation) unless they do.

Brexit: What is Social Listening saying?

It’s been a while since our last Brexit update. Based on our latest network analysis, Boris Johnson and Ursula Von der Leyen have emerged onto the centre stage.

The newly elected members of the European Parliament finally choose Von der Leyen as the successor of Juncker. And Boris Johnson yesterday replacing Theresa May as the new Prime Minister of UK. Although both Johnson and Von der Leyen are still very new to their jobs, they have already managed to shift the social networks among UK and EU politicians significantly.


The upper chart shows the landscape of key politicians in February 2019, while the bottom chart shows the landscape now in July 2019.

The right-hand side of the chart represents the UK (purple and blue) and the left-hand side represents the EU (orange and brown).

On UK (right-hand side), Boris Johnson has moved to the very centre area. We think his willingness to confront EU made him deeply “connected” with the EU side, for both good and bad reasons. Jeremy Corbyn is still quite distant from the centre stage. We are also surprised to see that the “Bremain” supporting MPs have either been side-lined or disappeared from the network, and the market has reflected this observation by pricing in more likelihood of hard Brexit.

On the EU side, Von der Leyen emerged to centre out of nowhere. The highly regarded successor of Draghi, Christine Lagarde, has also emerged into the game but so far only captures very little connections.

We think the transformation of the landscape of Brexit network in such a short period of time is very fascinating, and we will stop here and not rushing to make any interpretation. Let’s see how this network will evolve as we move forward to October and the deadline to leave, deal or not.

Trade Tariff Import Impact

201905115_ Flag image 1
With the US now enabling tariffs on Chinese imports we thought it would be timely to represent the specific industry sectors and the proposed financial impacts on moving the tariffs from 10% to 25%.
We hope you find this useful, the data is sourced from the U.S. International Trade Commission.
201905115_Graph Image

MMT gaining traction

20190510_MMT Graphic to use

It’s a populist environment these days as politicians race to propose or even roll out ideas that were viewed as controversial or naive in the past. Tariffs are new norms, and anti-immigration policies have become hot topics among people and politicians. The world of finance has also caught on with this populist trend, as increasing numbers of economists, senators, sell-side analysts and even well-known fund managers recently have shared their thoughts on the latest hot topic in finance: Modern Monetary Theory(MMT).

Seismic report: https://medium.com/@blog.seismic/mmt-brewing-2e42174edcb0