Download PDF Introduction Markets have long been known to exhibit persistent features over a period of time, through the years they have been described in several different ways: calm and turbulent, bullish and bearish, liquid and illiquid, due to macro conditions, geopolitical events, tech disruption, etc. These terms all refer Read more…
Download PDF Introduction The precious metals market is reaching sky-high valuations; gold (Au) has broken $4,000 per ounce for the first time in history, dragging silver (Ag) to its decade-best levels alongside. The rally emerges as geopolitical uncertainty and conflicts drive central banks and investors to these traditional safe havens. Read more…
Download PDF Introduction Over the years many researchers studied returns in the market, in particular empirical analysis has shown that market returns follow a quasi-normal distribution. This assumption however doesn’t capture the fact that markets exhibit more sharp movements than what the standard normal distribution would imply, thus we say Read more…
Download PDF Introduction Europe is recalibrating its industrial strategy for an era of geopolitical rifts and economic rivalry. After decades of prioritizing open markets and strict competition policy, EU leaders are now increasingly willing to foster “European champions” in critical sectors to secure the continent’s strategic autonomy. Supply chain shocks Read more…
Download PDF Introduction The evolution of Non-Performing Loans (NPLs) in Europe was shaped by the structural changes triggered by the 2008 Global Financial Crisis, when economic recession and slow judicial enforcement caused a drastic rise in impaired assets between 2008 and 2014. As outlined by the European Banking Authority (EBA), Read more…
Download PDF Introduction Over the past decade, volatility as asset class has attracted the attention of several institutional investors, who consider it as an interesting hedge against long position in equities, given the evident negative correlation that persist between the two asset classes due to the leverage effect. Unfortunately, volatility Read more…
Download PDF Introduction In 2019, OpenAI’s CEO Sam Altman famously declared that the company did not have a clear plan on how to make money, but rather it planned to build Artificial General Intelligence first and then ask it how to generate a return. Nowadays, OpenAI stands at the centre Read more…
Download PDF Introduction Japan’s financial and corporate landscape is entering a period of profound transformation. After decades of weak growth and institutional conservatism, the country is seeing a resurgence in the stock market, increased activist investor engagement, and growing foreign interest in private credit opportunities. Sanae Takaichi’s election as leader Read more…
Download PDF Introduction The European Union’s Emissions Trading System is undergoing major changes as part of the EU’s ambitious “Fit for 55” climate package. These reforms tighten the carbon market in unprecedented ways to help meet a 55% emissions reduction by 2030. Three key developments are reshaping the EU carbon Read more…
Download PDF US U.S. equities ended the week notably lower, marking a pause in the recent upward momentum. The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average fell by approximately -2.43%, -3.01%, and -2.73%, respectively, logging only the third weekly decline in the past ten weeks. The market had Read more…
Download PDF Private markets, once the exclusive domain of institutional investors, are undergoing a structural transformation. As technology, regulation, and investor behaviour evolve, access to traditionally illiquid asset classes like private equity, credit, and infrastructure is widening. What was once a closed ecosystem of pension funds and endowments is now Read more…
Download PDF Introduction “You show me a hero, and I’ll write you a tragedy.” – The Big Short (2015) In a previously discussed article titled “When Creditors Collide: The Tug of War for Distressed Assets,” we examined the history, mechanics, and initial wave of creditor-on-creditor violence. LMEs (liability management exercises), Read more…
Download PDF USA US equities ended the week on a stronger note: despite the US government shutdown on Wednesday, the market has seen all-time highs during the week for both S&P500 and DJIA. The S&P 500 and Dow each gained about +0.83% and +0.95% respectively for the week, while the Read more…
Download PDF Introduction Third-party litigation funding is a new emerging investment strategy which aims to profit from the outcome of court cases. In particular, by financing the legal costs and fees of the claimants, investment firms look to obtain a share of the eventual settlement. As the sector experienced strong Read more…
Download PDF Introduction Whenever approaching Quant Trading it is crucial to be aware that the benefit of each trade we make needs to overcome the cost of trading. Transaction cost models are a way to quantify the cost of making a trade of a given size so that the information Read more…