Senior Equity Derivatives Trader

Simon Harris

Event-Driven

<ul>
<li>Company making headlines over possible liquidity issues along with Deutsche Bank</li>
<li>CDS has blown out to GFC levels, driving implied vols higher</li>
<li>Sell volatility on a relative basis to monetise the spike in option premium</li>
</ul>


Company making headlines over possible liquidity issues along with Deutsche Bank
CDS has blown out to GFC levels, driving implied vols higher
Sell volatility on a relative basis to monetise the spike in option premium


EQD | Credit Suisse (CSGN SW): Fears of Bank Failure Are Unjustified. Sell the Spike in Volatility

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Indexes and Sectors remain extremely mixed which we believe is likely to remain the case moving forward.</li>
<li>Attractive Sectors include Energy and Financials, (and to a lesser extent Staples and Utilities) and these areas remain our primary focus.</li>
<li>Financials (XLF) and Energy (XLE) are hitting new RS highs amid rising rates and new highs in WTI crude oil -- Remain overweight/add exposure on pullbacks.</li>
</ul>


Indexes and Sectors remain extremely mixed which we believe is likely to remain the case moving forward.
Attractive Sectors include Energy and Financials, (and to a lesser extent Staples and Utilities) and these areas remain our primary focus.
Financials (XLF) and Energy (XLE) are hitting new RS highs amid rising rates and new highs in WTI crude oil -- Remain overweight/add exposure on pullbacks.


Silver Point

Thomas J. Monaco

Independent Insight Provider

Silver Point is a boutique research firm that focuses on the broader financial services sector, with a particular focus on troubled institutions globally. 

Asia Ex Japan

Equity Bottom-Up

<ul>
<li>
Horta-Osorio Is Out:Credit Suisse Group (CSGN.VX) (“Credit Suisse”) Chairman Antonio Horta-Osório abruptly resigned on January 16, 2022, following breaches of quarantine rules in both Switzerland and the United Kingdom;</li>
<li>
Lehmann Not Lehman:With CEO Gottstein’s alleged resistance to strategic change, we remain cautious that the current strategic direction of Credit Suisse will not be maintained;  and   </li>
<li>
Blunders Could Force Sale:There have been numerous costly high profile blunders at Credit Suisse in 2021. A reversion to the “Bad Old Days” could force a sale.   </li>
</ul>



Horta-Osorio Is Out:Credit Suisse Group (CSGN.VX) (“Credit Suisse”) Chairman Antonio Horta-Osório abruptly resigned on January 16, 2022, following breaches of quarantine rules in both Switzerland and the United Kingdom;

Lehmann Not Lehman:With CEO Gottstein’s alleged resistance to strategic change, we remain cautious that the current strategic direction of Credit Suisse will not be maintained;  and   

Blunders Could Force Sale:There have been numerous costly high profile blunders at Credit Suisse in 2021. A reversion to the “Bad Old Days” could force a sale.   


Chief Economist & Political Strategist, CrossASEAN Research

Prasenjit K. Basu

Chief Economist & Political Strategist

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Macroeconomics

<ul>
<li>Germany, the EU's most consequential power, now has a "traffic-lights" coalition government with an ambitious agenda for its structural transformation into a green, digitized economy. </li>
<li>Socially-Liberal policies, including expunging 'race" from the constitution, will allow greater entry of technology professionals, and relatively smooth path toward citizenship, which should attract considerable talent. </li>
<li>With the debt brake absent in 2022, the state railway and development bank will borrow big to fund the investment surge, lowering Germany's current account surplus and boosting Eurozone growth. </li>
</ul>


Germany, the EU's most consequential power, now has a "traffic-lights" coalition government with an ambitious agenda for its structural transformation into a green, digitized economy. 
Socially-Liberal policies, including expunging 'race" from the constitution, will allow greater entry of technology professionals, and relatively smooth path toward citizenship, which should attract considerable talent. 
With the debt brake absent in 2022, the state railway and development bank will borrow big to fund the investment surge, lowering Germany's current account surplus and boosting Eurozone growth. 


Germany: Scholz-Led Traffic-Light Coalition to Redefine Left-Wing Pragmatism

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>On 23 November, the International Organization of Securities Commissions (IOSCO) released a framework aimed at greater oversight and accountability of ESG ratings and data providers.</li>
<li>Generally, this is a positive for ESG investing. Implications for specific stocks, however, are still vague and depend on how regional regulators interpret and implement IOSCO's suggestions.</li>
<li>That said, one of IOSCO's concerns – conflicts of interest – could affect certain ESG ratings and data providers, especially those owned by the "Big Three" credit rating agencies.</li>
</ul>


On 23 November, the International Organization of Securities Commissions (IOSCO) released a framework aimed at greater oversight and accountability of ESG ratings and data providers.
Generally, this is a positive for ESG investing. Implications for specific stocks, however, are still vague and depend on how regional regulators interpret and implement IOSCO's suggestions.
That said, one of IOSCO's concerns – conflicts of interest – could affect certain ESG ratings and data providers, especially those owned by the "Big Three" credit rating agencies.


ESG Ratings and Data Providers Subject to Greater Oversight Under IOSCO Framework

United Kingdom

Deutsche Bank AG is a global financial service provider delivering commercial, investment, private, and retail banking. The Bank offers debt, foreign exchange, derivatives, commodities, money markets, repo and securitization, cash equities, research, equity prime services, loans, convertibles, advice on M&A and IPO's, trade finance, retail banking, asset management, and corporate investments.

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Deutsche Bank AG (DBK1 LI)

EQD | Credit Suisse (CSGN SW): Fears of Bank Failure Are Unjustified. Sell the Spike in Volatility

A look at Credit Suisse to assess the rumours of bank failure. We see an opportunity to sell the spike in implied vols against DBK which has also...

Simon Harris

Stick With Energy and Financials

Indexes and Sectors remain extremely mixed which we believe is likely to remain the case moving forward. Attractive Sectors include Energy and...

Vermilion Research

Credit Suisse Group – Lehmann Moment

CREDIT SUISSE: Credit Suisse Chairman Horta-Osório resigned following breaches of quarantine. With the CEO’s resistance to strategic change, we are...

Thomas J. Monaco

Germany: Scholz-Led Traffic-Light Coalition to Redefine Left-Wing Pragmatism

The new coalition will borrow in 2022, & invest in a green, digital transformation over the next 5 years. Germany's large current account surplus...

Prasenjit K. Basu

ESG Ratings and Data Providers Subject to Greater Oversight Under IOSCO Framework

ESG ratings and data are largely unregulated, despite growing relevance to capital markets. That is why IOSCO decided it is time for greater...

Kyle Rudden

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