I found myself thinking about Metallgesellschaft AG’s oil blow up today and surprised that it remains a bit of niche financial history

Just started reading this today. Highly recommend as it is a calm and analytical decomposition of the PE universe. I wish I had read it ahead of postgraduate finance lectures. Take a bow @hettieobrien.bsky.social 👌👏👏👏

One more sleep before the bestest race of the season - Fleche Wallonne!!!!

Yeah you and me both.

GP, anything on bilateral swap lines?

While FSB haS said that emergency liquidity operations are exempted from regulatory calculations, it has not made the distinction between principal and agency risk which is where the ambiguity sits IMO

Would expect this to come up with Warsh in his confirmation hearings given his views on Fed balance sheet

So question for collateral relief from a central bank is do you accept packaged repo assets or do you bypass banking sector and relaying collateral via operations with NBFIs. That would be huge for a central bank to disintermediate liquidity in non-core assets with non-banking counterparties.

Post GFC Liquidity regulation is predicated on an assumption that impaired asset risk that impedes collateralisation sits with banking sector i.e. banks have principal risk. But growth of NBFI repo means that banks face agency risk and in crisis face gross balance sheet constraints…..

My first boss always reminded us that the Potter Stewart test is continually applicable to the financial lexicon

en.wikipedia.org/wiki/I_know_...

Like “liquidity”, most of the people who use it have only the vague idea what it means

Minimising RWAs while maximising return on balance sheet deployed. Criminally under-read piece from the BOE

www.bankofengland.co.uk/-/media/boe/...

www.bis.org/bcbs/publ/d5...

It’s there if you look for it?

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Bill Hader Eating Popcorn GIF ALT: Bill Hader Eating Popcorn GIF

To make the Pope feud complete,I’m waiting for Vance to divorce his wife to marry a couch, declare Trump the head of the Catholic church and then look into confiscation of all diocese properties in the USA

And the true beneficiaries, their snarky mates

They have moved on 😔 bye bye little friends

I find it delightful and I am the most urban person ever

Absolutely enthralled by a swarm of bees that suddenly appeared and has settled in my garden

Farsi-cal

Remember this - D PENIS anyone? @robinwigglesworth.ft.com @tobyn.bsky.social @alphaville.ft.com

news.bbc.co.uk/1/hi/uk_poli...

From the Shock of the New to the Comfort of the Old Forward to the past

Gorgeous gorgeous prose from my guy. And a Kitchens of Distinction namecheck as well.

open.substack.com/pub/altafkas...

Finance is cursed by a non-negligible number of grudge-bearing sociopaths who do nothing but aura farming.

pretty sure that means i 'm a bad person netflix ALT: pretty sure that means i 'm a bad person netflix

That time of year where my inbox is full of “I’m running the London marathon” messages. My contribution is calibrated not by worthiness of the charity but by “Will this person hold it against me that I didn’t sponsor them and can/will they make my life difficult because of it?”

And each time I go to bed I pray like Aretha Franklin
Each time I go to bed I pray like Aretha Franklin

Gotta keep that inner monologue inner, innit.

And meanwhile in the weediest part of the weeds, turns out that for financial plumbing, just like real world plumbing: “in cash mmkay? tx bye”

www.lseg.com/en/post-trad...