BSIC

In the world of fixed income markets, hedging against interest rate exposure is one of the most essential aspects of risk management. This is especially true for market makers. Client…

Alternative managers are no longer constrained by investor appetite but by access to liabilities. An insurance balance sheet never redeems, replenishes itself through premiums and carries roughly ten times the…

US markets ended the week with a relief rally after September’s employment report on Friday weakened the probability for another immediate Federal Reserve rate increase later in October. Nonfarm payrolls…

Artificial intelligence is often described as an intangible revolution. Its near-term economic footprint, however, is strikingly physical. Training and deploying frontier models requires large quantities of specialised chips, electricity, cooling,…

The memory industry has a habit of turning shortages into gluts. Demand for dynamic random-access memory (DRAM), which holds data while processors work, has historically followed spending on PCs, smartphones…

Most of the work on a trading idea goes into finding an edge. Much less goes into the second question, which is how much capital to put behind it, even…

Building a data centre in Europe takes about two years. Connecting it to the grid can take five times as long, with waits of seven to ten years in the…

Mexico’s government-bond curve presents an unusually steep front-to-intermediate structure, but the distinction between a steep macro curve and a locally cheap five-year bond has become increasingly important.

For much of the past decade, governments have borrowed for the long term at rates close to zero, with markets taking these conditions as close to a permanent feature rather…