Swap Rates – Hardouin http://hardouin.info/ Tue, 24 May 2022 17:45:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 D-backs release Humberto Mejia, Ryan Meisinger https://hardouin.info/d-backs-release-humberto-mejia-ryan-meisinger/ Tue, 24 May 2022 16:42:04 +0000 https://hardouin.info/d-backs-release-humberto-mejia-ryan-meisinger/

The Diamondbacks released the right-handers Humberto Mejia and Ryan Meisinger of their Triple-A subsidiary in Reno yesterday, according to the transaction log on MiLB.com. Mejia was slated for assignment and outright Triple-A earlier this season. Meisinger signed a minor league deal at the end of spring training and has not appeared for the big league club this season.

Mejia, 25, was one of three players acquired in the 2020 swap deal that sent Starling Marte from Arizona to Miami. Lefties Caleb Smith and Julio Frias also landed in Arizona thanks to this deal, which was largely financially driven. The D-backs reportedly had no intention of taking Marte’s $12.5 million option for the 2021 season on the heels of a shortened 2020 roster with no gate revenue.

At the time of the trade, Mejia was an interesting name. He posted huge numbers across two Class A tiers in 2019 and, due to missing a minor league season in 2020, made a brief big league debut with Miami that summer. He opened the 2021 season with Arizona’s Double-A affiliate and threw reasonably well, recording a 4.22 ERA with much more impressive strikeout and walk rates, but Mejia was beaten in both Triple-A (86 2/3 innings, 6.23 ERA) and in the Majors (22 1/3 innings, 7.25 ERA) with the Diamondbacks. Mejia has solid strikeout and walking rates throughout his minor league career, but he’s also struggled with shoulder injuries and, since reaching the upper minors, he’s become a increasingly susceptible to home runs.

Meisinger, 28, is now part of five organizations since being selected by the Orioles in the 11th round of the 2015 draft. He has seen major league time at Baltimore (2018), St. Louis (2020) and with the Cubs (2021), but only had 31 total innings in the Majors. He was scored for a macabre 7.26 ERA in that stretch, thanks to his own home run issues as well as an inflated 13.8% walk rate.

Meisinger pitched 14 2/3 innings with Triple-A Reno this season and had 10 runs on 19 hits and seven walks with 16 strikeouts. It was a tough performance, but his broader Triple-A track record remains solid. Even with this year’s 6.14 ERA, Meisinger carries a lifetime mark of 3.37 in 117 2/3 innings in Triple-A and a 3.32 ERA in 81 1/3 Double-A frames. He’s stoked 29.7% of opponents throughout his minor league career against a solid 7.9% walk rate. Things clearly haven’t worked out with the D-backs organization, but his strong minor league track record might be worth looking elsewhere.

]]> Lanarkshire’s Bookface Book Swap Brunch features author Sam Baker’s novel The Shift https://hardouin.info/lanarkshires-bookface-book-swap-brunch-features-author-sam-bakers-novel-the-shift/ Sat, 21 May 2022 07:50:00 +0000 https://hardouin.info/lanarkshires-bookface-book-swap-brunch-features-author-sam-bakers-novel-the-shift/

In addition to the extensive portfolio of the journalist and presenter, there are five novels, the most recent of which, The running womanis a captivating psychological thriller.

Elsehwere, based on his hugely popular and best-selling memoir, The Shift: How I Lost and Found Myself After 40 Years – and You can also.

The upcoming Bookface Book Swap Brunch will focus on The Shift, first published in 2020 for women over 40 going through menopause.

In the book, Sam again addresses this much overlooked demographic based on his own experiences in the post-fertile years.

Candid and funny, with chapters on sex, culture, work, and rage, the book is for women looking at their lives, acknowledging change, and looking to recalibrate themselves.

It tackles topics like hot flashes, sleep deprivation, weight gain, career meltdowns (and the rest) that coexist with serious life episodes like lust, love, and heartbreak.

Sam also hosts a podcast of the same name, The Shift, where women will hear from a mix of personalities including Jojo Moyes, Delia Ephron, Lynda La Plante, Pepsi and Shirlie, Bobbi Brown and Mariella Frostrup.

Sam said, “I can’t wait to discuss why menopause is our superpower.”

The Bookface Book Swap Brunch was created by avid Coatbridge reader and environmentalist Heather Suttie online during lockdown via Facebook.

There are now 2100 members worldwide and over 1000 people have attended swap events.

Presenter Sally Magnusson, Sophie Gravia, Doug Allan, Maggie Ritchie and Helen Fitzgerald were some of the many notable guests and hosts.

Tickets for the Bookface Book Swap Brunch cost £30. The event runs from 9.30am to 12.30pm at Glaschu Restaurant and Bar in Glasgow’s Royal Exchange Square, and is supported by Lillet.

Tickets are available online.

]]> Parameta appoints head of benchmarks and indices with focus on ESG and rates https://hardouin.info/parameta-appoints-head-of-benchmarks-and-indices-with-focus-on-esg-and-rates/ Wed, 18 May 2022 13:08:30 +0000 https://hardouin.info/parameta-appoints-head-of-benchmarks-and-indices-with-focus-on-esg-and-rates/

The company said building its benchmark and index offering will now be a key priority, with a particular focus on ESG and the rates space.

Parameta Solutions, the Data & Analytics division of TP ICAP, has appointed Anand Venkataraman as Head of Benchmark and Index Products Management following Financial Conduct’s approval as Benchmark Administrator last week. Authority of the United Kingdom.

Anand Venkataraman joins Parameta from Qontigo, part of Deutsche Börse Group, where he led the product management function for their indexing business.

During his career, he has held leadership positions in business and product development at Citi Fixed Income Indices and The Yield Book, as well as Barclays Risk Analytics and Index Solutions.

Parameta Solutions has been authorized by the FCA to operate as a benchmark administrator in an important step for the intermediary-broker, which will be the first to administer benchmarks and over-the-counter (OTC) indices. ).

Anand Venkataraman will join the team to help extend Parameta Solutions’ existing suite of benchmarks, with a particular focus on ESG and the rates space.

The company provides its clients with unbiased OTC content and proprietary data, as well as in-depth price discovery and risk management insights, alongside its existing TP ICAP Euro Rate Benchmark offering.

The company sees a significant gap in the market for independent benchmarks and aims to meet customer demands for unique and transparent data-driven insights.

The new Head of Benchmark and Index Products Management will focus on developing Parameta Solutions’ index solutions and services to give clients the access they need to this valuable information.

TP ICAP’s Data & Analytics division became an FCA-authorized benchmark administrator last week. It will take over the administration of the nine TP ICAP interest rate swap benchmarks which were previously administered by Moorgate Benchmarks Ltd.

The nine benchmarks, which cover all mid-priced interest rate swaps in TP ICAP’s global brokerage business, increase transparency for market participants for whom data-based knowledge is crucial, by particular for risk and compliance purposes. In particular, visibility on the level of the implied average price of the relevant underlying swap rate is essential for clients when adopting these benchmarks.

The company said building its benchmark and index offering will now be a key priority, with a particular focus on ESG and the rates space.

ICAP Information Services Limited, trading as Parameta Solutions, will assume all administrative responsibilities for benchmarks previously administered by Moorgate from 16 May 2022. Parameta Solutions is also compliant with the IOSCO Principles for Benchmarks financial.

The Best Stablecoin in the World Has Tips for Beginners https://hardouin.info/the-best-stablecoin-in-the-world-has-tips-for-beginners/ Mon, 16 May 2022 20:59:58 +0000 https://hardouin.info/the-best-stablecoin-in-the-world-has-tips-for-beginners/
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The celestial algorithm that keeps the moon in its orbit around the earth clearly works much better than the one that governed Luna and Terra. The collapse of the cryptocurrency pair last week put a question mark over the very principle of stablecoins: stability.

TerraUSD, or UST, was pegged to the dollar not by holding reserve assets in the US currency but by the logic of arbitrage – the daily pressure on the cryptocurrency’s fixed price was meant to be absorbed by a change in the quantity of its sister coin, Luna.

When Luna was valuable — it hit an all-time high of $119 last month — it could support UST. But once the UST slipped, speculators knew that arbitrageurs would buy it cheap in the market and trade it for Luna using the Terra Station protocol. Luna’s bid would explode and her price would crash.

Sure enough, on May 10, Luna’s market value dropped to less than half of UST’s capitalization, meaning there was no feasible way to redeem all UST coins at par, according to Amit. Chaudhary, head of decentralized finance research at Polygon and Ganesh Viswanath. -Natraj, professor of finance at Warwick Business School. From that moment, the ankle’s disappearance became a self-fulfilling prophecy.

Does this collapse imply that stablecoins can never be stable? Not really. This is probably a warning against learning the wrong lessons from the world’s most successful stablecoin, one that has weathered multiple crises without interruption: the Hong Kong dollar.

Pegged to the US dollar for nearly four decades, the Asian financial center’s currency is a stable, albeit paper-like, coin. Most of the time, it relies – just like the UST – on arbitrage to maintain its value at 7.8 to the dollar. But there are two key differences. The Hong Kong Monetary Authority operates a pure currency board. All of HKMA’s monetary base is 110% backed by US dollar assets. Second, while fixing the exchange rate, the authority deliberately lets interest rates float freely to absorb pressures on the parity. When the local currency is sold off, there is a flight of capital from Hong Kong. But this automatically raises interest rates enough to attract buyers.

Terra worked differently. For one thing, the UST stowage was “under-guaranteed”. The Luna Foundation Guard, the nonprofit that acts as the network’s treasury, said it held 80,394 bitcoins on May 7. This ammunition, worth nearly $3 billion, was almost entirely spent in just a few days. However, the rescue mission ultimately failed.

Moreover, the network did not leave interest rates to demand and supply: it attracted new capital even in normal times by offering a return of almost 20% on UST deposited in Anchor Protocol , the leading DeFi lending app on the blockchain.

Successful currency boards avoid playing with the price of silver. Hong Kong only cared about interest rates in rare circumstances, such as during the Asian financial crisis in August 1998. At the time, hedge funds raised HK$30 billion (HK$3.8 billion). dollars) in the debt market by exchanging their US dollars. They had also bet on the fall of Hong Kong stocks. Their goal was to dump their local currency hoard, triggering automatic sales of US dollars by the HKMA to suck up liquidity and stabilize the peg. The resulting spike in local interest rates would have crushed stocks, handing hedge funds a profit of HK$3.6 billion on a 1,000 point drop in the Hang Seng index in 100 days. (It was a HK$4 billion bet, and the cost of borrowing funds was HK$4 million per day.)

That’s when Hong Kong, rather controversially, put its reputation for laissez-faire on the line and dipped into its accumulated fiscal reserves to buy $15 billion worth of shares in the second half of the year. August, forcing speculators to leave with heavy losses. The city was more than prepared to live with high interest rates – a determination it showed during the prolonged period of high unemployment and deflation that lasted until the 20th anniversary of the currency peg. in 2003. But she didn’t want the logical economics of the peg exploited to cause a self-fulfilling financial crisis.

Maybe the Terra project got its priorities wrong. “If Bitcoin’s contribution to cryptocurrency was Ethereum’s immutability and expressiveness, our added value will be usability,” co-founder Do Kwon and others wrote in their April whitepaper. 2019. When it comes to people using a currency, governments have an intrinsic advantage over the private sector. As long as Hong Kong collects taxes in local dollars, there will be a demand for it. Trying to build business with a 20% return on deposits may have bought the user-friendliness of Luna and Terra, but at the cost of stability.

More from Bloomberg Opinion:

• Central banks can save DeFi. Really: Andy Mukherjee

• Exchanges Bloodies The Chainsaw Massacre of Crypto: Lionel Laurent

• TerraUSD woes concern all markets: Aaron Brown

This column does not necessarily reflect the opinion of the Editorial Board or of Bloomberg LP and its owners.

Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services in Asia. Previously, he worked for Reuters, the Straits Times and Bloomberg News.

More stories like this are available at bloomberg.com/opinion

]]> Broken down: What brokers took away from Judo Capital’s release day https://hardouin.info/broken-down-what-brokers-took-away-from-judo-capitals-release-day/ Thu, 12 May 2022 19:30:20 +0000 https://hardouin.info/broken-down-what-brokers-took-away-from-judo-capitals-release-day/

It was the Tuesday that shares Judo Capital (ASX: JDO) retraced to an all-time low of $1.55 a pop, with local markets feeling the end of the stick as US markets continued to shake in the face of Chinese lockdowns and rising inflation.

So Wednesday was not the right time for judo to hold its inaugural strategy day.

With JDO shares down more than 20% in trade year-to-date, CEO and co-founder Joseph Healy could have been forgiven for taking a sudden dose of Omicron instead of presenting to analysts and to stakeholders the perspectives of Judo.

And yet, once the conversation was over, the uprising began. JDO shares, which left for all the money hours earlier, kicked off as their namesake.

Around 2:30 p.m. Sydenham time, judo was almost 7% higher. The buying continued on Thursday, hitting $1.77 and closing around 6% the better.

The secret sauce

At his Investor Day on Wednesday, Chris Bayliss, Deputy Chief Executive and Chief Financial Officer, discussed JDO’s net interest margins (NIMs), saying that while they might be bad news for most stocks, the rise interest rates provides strong leverage to Judo’s funding strategy targeting more than 3%, to be locked in at a fixed rate.

“The outlook for continued increases in cash rates provides a significant tailwind to our margins given that our loan book is largely floating rate, while our funding costs are mostly fixed.”

Nice combination.

“In addition to accessing fixed rate funding from the RBA Term Funding Facility, Term Deposits remain a very attractive source of funding. We reward retail depositors with some of the most competitive term deposit rates in the market.

“At the same time, by using hedges, we are locking our funding margins well below the levels required to deliver our large-scale NIM of over 3%.”

Tremendous. Here’s what the brokers said about the presentation:

Citi: JDO is rated neutral

Judo Capital Holdings’ Strategy Day reveals the company is ahead of the prospectus.

Citi notes that Judo deliberately ran an uncovered balance sheet mismatch and expects this to result in strong, albeit short-lived, net interest margins at 3.6% in the June 2023 half. compared to 1.90% at the end of December 2021 first half.

However, the improved revenue outlook will be offset by rising costs.

Purchase note retained. The target price is reduced to $1.90 from $2.40. (current price is $1.72)

Macquarie: JDO rates as upgrade to outperform from neutral

Following the investor press, Macquarie brokers saw a number of investor-friendly signals, but mainly:

  1. JDO is well positioned to deliver on its promise over the next three years and appears to be praising Judo for pre-funding growth by hiring more bankers – around 20 hires – accelerating well beyond expectations, up around 12%.
  2. After a rough run – the stock is down 20% in six months, brokers say the ensuing downgrade has made the risk-reward profile so much more attractive to investors

The rating is upgraded and the target price also increases: up 5 cents to $2.15 from $2.10.

Credit Suisse: JDO notes outperformance

Credit Suisse says opacity around the company’s interest rate exposure played a role in JDO’s share price tumble, but since the presso they’ve been building some momentum .

Rising interest rates will provide JDO with significant tailwinds: “With 91% of lending tied to the bank note swap rate, it foresees immediate benefits from increases in cash rates.”

CEO and co-founder Joseph Healy expects “superior results” for risk management strategies, looks forward to a positive funding market outlook and hints at a working model to create “sustainable competitive advantages “.

“Judo Bank is a young company with strong growth ambitions. Our performance since the beginning of the year shows that we have strong momentum. We continue to generate strong loan growth and remain confident in achieving our prospectus guidance for GLA of $6.0 billion by June 30, 2022,” Healy said.

The rating (outperformance) and target price are stable at $2.75.

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Switch to SaaS, it’s time for BaaS https://hardouin.info/switch-to-saas-its-time-for-baas/ Wed, 11 May 2022 04:31:32 +0000 https://hardouin.info/switch-to-saas-its-time-for-baas/

OThe Electric and Ather Energy are almost household names in the Indian e-car space and the two Bengaluru-based electric two-wheeler makers could be well on their way to setting up a new ‘Hero vs Battle’. Bajaj” of the 2020s as electric two-wheelers accelerate sales. With wallets hurting, thanks to high petrol prices per liter that barely last a few days, even on the most efficient and fuel-guzzling petrol two-wheelers, it may still be a few more years before until sales of electric two-wheelers begin. resume the sale of ICEs. But what if someone questioned the very concept of “vehicle ownership”?

This idea intrigued Vivekananda Hallekere, the founder of another Bengaluru-based startup in 2017. As the Namma Metro in Bangalore began its rollout, he thought that many commuters using it, and later the Metro in Hyderabad too, abandoned their private vehicles or did not have any at the start. Yet they had problems getting from their homes and offices to metro stations – a “first mile” and “last mile” problem. His company, Metrobikes, had a solution. A fleet of two-wheelers across Bengaluru that anyone can use with their smartphone app. Users will be charged per kilometer. They have become a massive two-wheeler customer and have rolled out thousands of scooters to southern cities. These “app-enabled” scooters were a big hit, but that wasn’t the end of the innovation around ownership.

Read also : Here’s how handy Honda City e:HEV can be in helping Indians escape high fuel prices

Emergence of Bounce Infinity

Seeing the traction that electric two-wheelers were gaining, Hallekere and his co-founders Anil and Varun Agni, their management team and their investors made some important decisions. The first would be to switch to the electric revolution. The second was a name change – Metrobikes became “Bounce Infinity”. At the start of the pandemic, things were tight, but Bounce engineers continued to work on multiple products. The innovation, however, wasn’t just in the hardware; in fact, car reviewers who have tried Infinity e.1 described it as basic, especially compared to the Ola S1 Pro and Ather 450X, but say it delivers the performance it promises.

The real innovation comes from the business model that Bounce Infinity offers with its product. Customers can buy it directly, with a battery, like other electric two-wheelers. However, customers can also purchase ‘battery as a service’ or ‘BaaS’, allowing customers to pay only for the e.1 upfront as low as Rs 60,000 and then be charged each time which they exchange for a new, fully- charged battery. But there is more. The company offers models similar to that of mobile operators. Customers can have pre-paid or post-paid plans which significantly reduce the cost per battery swap – from Rs 85 that users would pay without a plan to Rs 65 – or even less with some plans.

Hallekere explains that the batteries will be the company’s asset and can be tracked online and cannot be charged at home. However, customers who purchase e.1 or later products with the battery will be allowed to charge them at home. The company partners with oil marketing companies and is forging ahead with local retailers and even real estate companies and corporate offices to establish a network of exchange stations.

Read also : Who owns the driving data? Ola e-scooter crash in Assam sparks privacy controversy

Policy of MoRTH and NITI Aayog

Added to this is the Ministry of Road Transport and Highways (MoRTH) draft policy for battery swap solutions. The MoRTH and NITI Aayog have jointly proposed it for the growth of electric two-wheeler space and Nitin Gadkari and Amitabh Kant have publicly stated that battery swapping is the future of the industry growth. They came up with business ideas to get swappable batteries operational across multiple brands of scooter manufacturers. No one, after all, buys a motorcycle with a full tank of gas and the concept of upgrading to a fully charged battery in minutes is like refueling at a gas pump, eliminating the double trouble of autonomy and time anxiety. used to charge a battery. And just as mobile charging has given small shops another viable line of business, battery swapping could become a new business opportunity across India.

Of course, this is not an idea without certain risks, but thanks to widespread data networks and batteries, their location, state of charge and gradual deterioration can be monitored. A battery that has started to degrade, assuming it can only hold three quarters of its capacity after a few months of use, will be removed from the scooter fleet and used as energy storage like a UPS system in homes and offices.

This is all very new, but looking at the latest two-wheeler sales data for April 2022, the urge to buy motorcycles does not go away. Sales of two-wheelers in April 2022 rose 38% from the same month a year earlier to nearly 1.2 million units, with the country’s top manufacturer, Hero Motocorp, selling more than 410,000 motorcycles and scooters. Still, it was Ola Electric that made waves last month by recording shipments of 12,691 scooters, a full percentage point of the total, but it’s worth remembering that this came out of nowhere.

The psychological need for ownership, especially in a country like India where rental models are still in their infancy, might be the biggest challenge for Bounce Infinity, even if some of the assets are with you.

It is only reasonable to have doubts about the viability of the battery swap concept, even though Bounce Infinity has performed over a million swaps on its fleet of shared mobility electric scooters in Bengaluru and Hyderabad, proving that the concept can work. Indeed, it plans to launch its shared scooter service in the National Capital Region (NCR) soon but before that, deliveries of the e.1 will begin in earnest. The battle for the hearts and minds of Indian two-wheeler consumers will not be a two-way battle over products, but a battle over business concepts and products.

@kushanmitra is an automotive journalist based in New Delhi. Views are personal.

(Edited by Srinjoy Dey)

]]> Tokina releases a 180mm T.19 cine lens and it costs $18,000, or $100 per mm! https://hardouin.info/tokina-releases-a-180mm-t-19-cine-lens-and-it-costs-18000-or-100-per-mm/ Mon, 09 May 2022 13:16:27 +0000 https://hardouin.info/tokina-releases-a-180mm-t-19-cine-lens-and-it-costs-18000-or-100-per-mm/

Tokina has launched a new lens that complements its current offering of cine lenses. At 180mm T1.9, the 180mm Cinema Vista lens offers cinematographers a much sought-after focal length. The lens presents a natural perspective that flatters subjects’ faces, while rendering a beautifully smooth background when needed. It is also suitable for Super35 and larger frame coverage up to Vista Vision, full frame and beyond.

It joins the existing set of eleven Vista Prime 18mm, 21mm, 25mm, 29mm, 35mm, 40mm, 50mm, 65mm, 85mm, 105mm and 135mm T1.5 high resolution (8K+) lenses. ) currently offered by Tokina.

Pre-order for US$17,999.00 at B&H

(Image credit: Tokina)

The Tokina Cinema Vista 180mm T1.9 shares the same high-tuned build quality and optical performance that fans have come to expect from the Vista Prime range. It retains the form factor of other Vista premiums, sharing a common 114mm front diameter and similar weights to each other, so no need to change your camera settings or rig, just change your lens, reassemble your matte box and off you go.