China Macro Update

As debt is expected to climb to nearly 300% of GDP by 2022, authorities in Beijing are serious about deleveraging the Chinese economy. The amount of growth China is getting per unit of credit has fallen precipitously meaning that it would need more credit to maintain the growth. This article explores what the Chinese authorities are looking at doing in light of the Chinese economy cooling down further.

As we’ve had time to digest the message, tone and market reaction to the 19th Party Conference, the team at Saxo have curated their monthly report with this in mind. Click on the link to read the full report by Andrew Bresler of the Saxo Group: https://lnkd.in/fVxMqdf.

To round out your perspective on the Chinese economy going into 2018/19, listen to the Masters in Business Podcast by Barry Ritholtz of Bloomberg, who interviewed the legendary investor, Felix Zulauf. Click on the link to listen: https://lnkd.in/fe7jXp2.

CFTC Primer on Virtual Currencies

We would like to share this informative document from the CFTC on Virtual Currencies.

The document discusses topics such as: What is Virtual Currency, Bitcoins and Related Technologies, Potential Uses, CFTC’s role as well as the different risks associated with these virtual currencies.

To read the full document, click on the link: http://www.cftc.gov/idc/groups/public/documents/file/labcftc_primercurrencies100417.pdf

The Future is Bitcoin?

Our CEO shares his thoughts on Bitcoin’s expansions into the futures market.

He discusses issues concerning CME’s proposed listing of a futures contract and takes a look at some scenarios and outcomes of the futures listing process. He also touches on concerns around how it will play out in today’s environment where regulators are looking at Bitcoin offerings as traditional securities and clamping down on them.

Click here to read the article.

Quantitative Analyst Internship

We are searching for a Quantitative Analyst intern to join us for three months on a structured training program. You will receive one-to-one product training in the financial markets from a 20+ year markets veteran in a structured training plan.

 

Role Requirements:

-Financial literacy and a genuine interest in financial markets.

-Bachelors, Masters degrees or above in Business, Computer Science, Economics, Finance or Physics.

-Programming capability in Python and experience using MS Office platform (Excel, Word, Powerpoint).

-Self-motivated with an ability to work independently driven by curiosity, with strong communication skills in English and Cantonese.

-Ability to work in Hong Kong.

 

Please review our Job Posting on our company Linkedin page below or The South China Morning Post’s business recruitment section.

https://www.linkedin.com/company/13332550/

We offer competitive renumeration reflective of experience. Interested candidates please email your resume and intentions to intern@howard-trading.com

Equity Market Volatility

Our C.E.O. shares his thoughts on equity market volatility in a recent Linkedin article.

We cover the question of risk, consider appropriate products to reflect that risk and how the markets are currently pricing volatility. A lot of investors have been waiting for a sudden re-basing of volatility it is our expectation that we will experience a more gradual re-basing to a higher level, no doubt with some “fear of event” moves in the near term driven by Asian regional geo-policitics.

https://www.linkedin.com/pulse/volatility-we-going-discover-something-new-stephen-d-howard

New Breed of Trader?

Article posted on LinkedIn about the growth and sophistication of non bank liquidity providers.

If you are buy side then you need to be aware of your liquidity pools. If you are sell side then you need to understand those organisations that can help support your risk re-cycling.

Additional article from the team at Business Insider with a great graphic.
https://www.linkedin.com/pulse/new-breed-trader-stephen-d-howard

 

 

 

 

Blockchain Technology

Over the past couple years we’ve all heard about Blockchain, like most people I immediately think of the cryptocurrency Bitcoin.

This article, from the team at Harvard Business Review, discusses the platform in depth, how it should be considered a Foundational Technology and could be deployed across different spheres of business to re-shape and help drive the broader economy. They consider the technological impact and societal impact of Foundational Technologies being deployed, including the challenges and opportunities that it brings.

https://hbr.org/2017/01/the-truth-about-blockchain?utm_campaign=HBR&utm_source=facebook&utm_medium=social

Thank you to Harvard Business School Professors Marco Iansiti and Karim R. Lakhani for developing the article.