The Secrets of Futures and Options Exchanges

Guest article written for AllAboutAlpha.com – the official publication of the Chartered Alternative Investment Analyst (CAIA) Association originally posted at: http://allaboutalpha.com/blog/2011/10/03/alpha-hunters-craig-donohue-on-the-secrets-of-futures-options-exchanges/ The concept underpinning financial exchanges can be traced back through much of human history. In Aristotle’s Politics, “…there is the anecdote of Thales and his financial device…. he knew by his skill in the stars while it was yet winter that there would be a great harvest of olives in the coming year; so,…

Continue Reading...

The Hidden Risks of Inflation

Guest article written for AllAboutAlpha.com – the official publication of the  Chartered Alternative Investment Analyst (CAIA) Association originally posted at: http://allaboutalpha.com/blog/2011/07/21/alpha-hunter-john-brynjolfsson-the-hidden-risks-of-inflation/ Inflation (the general rise of prices of goods and services in an economy or conversely, the erosion of purchasing power of money) is not a new phenomenon.  Even when governments used gold as units of currency– they often melted coins down to mix them with other metals (diluting the gold content, increasing money supply,…

Continue Reading...

The Risks and Opportunities of Unforeseen ‘Black swan’ Market Events

Guest article written for AllAboutAlpha.com – the official publication of the  Chartered Alternative Investment Analyst (CAIA) Association originally posted at: http://allaboutalpha.com/blog/2011/06/27/the-risks-and-opportunities-of-unforeseen-black-swan-market-events/ The precipitous market-collapse which began the 2007 financial crisis was considered to be a ‘once in a thousand year’ event.  Similar ‘not in our lifetime’ rarity was also assigned to the events which followed including the failures of large financial institutions, global contagion, market interventions and (more recently) potential sovereign defaults throughout europe.  All…

Continue Reading...

Basel III – Thicker Gloves in a Boxing Match

As the Economist reported, “On September 12th the Basel Committee, a club of supervisors and bank regulators, finally reached agreement on how much extra stuffing needs to go into the cushions [of banks] to absorb losses and buffer the financial system against the next crisis.” The “Basel III” recommendations set out the revised global minimum capital requirements for banks.  As Felix Salmon (Reuters) analyses, “Possibly the most important thing here is the existence of the…

Continue Reading...

Taxation and Economic Self-Harm

There is little doubt that taxation is an economically necessary and ethically valid part of society’s structure.  “Taxes” stated Oliver Wendell Holmes Jr. “…are the price of civilisation.” Many cite taxation as having four ‘key’ roles in society, The generation of revenue for the state to provide infrastructure, education, defence, welfare, public services and so forth The re-distribution of wealth from the richer to the poorer parts of society to aid social development and reduce…

Continue Reading...

The Future of the US Dollar

In this article, we talk to Marc Chandler, Global Head of Currency Strategy at Brown Brothers Harriman and discuss the future of the US Dollar, its role as a global reserve currency, its future, relationship to interest rates and inflation, and the state of the US economy.

Continue Reading...

Speaker