Cross-Asset Liquidity Strategist, CrossBorder Capital

Michael J. Howell

Cross-Asset Liquidity Strategist

Implementing Research Using Alt Data & AI

CrossBorder Capital

CrossBorder Capital is a London-based independent investment advisory firm. Founded in 1996, it exploits a gap in the investment arena by focusing on Central bank liquidity. 

It specialises in the monitoring and analysis of global liquidity flows - an important determinant of asset prices, from currencies through to bonds, equities and real estate.

CrossBorder Capital implements its investment strategy and currently manages over US$ 350m.


Macroeconomics

We conclude five points about Global Liquidity in 2018:<ul><li> Global Liquidity will expand by around US$5 trillion net in 2018. This is still a positive rise, but it is one-third of the 2017 pace. 2017 proved a spectacular year for inflows</li><li>Threats of US Fed and ECB Reverse QE or ‘quantitative squeezing’ will be offset by net expansion of Central Bank balance sheets in EM and Japan</li><li>Reverse QE by Central Banks is not helpful, but cross-border flows pose by far the bigger threat for asset markets this year</li><li>China (27% share) is the most important economy for Global Liquidity, both directly and indirectly through its impact on the Emerging Market flows</li><li>At a 66% share of liquidity flows, the US dollar (with its surrogates) remains de facto the most important currency Worldwide. But if the Chinese Yuan is included based on China’s economic importance, it would immediately take a 26% point market share away from the US dollar. Gold would soar in price?</li></ul>

We conclude five points about Global Liquidity in 2018: Global Liquidity will expand by around US$5 trillion net in 2018. This is still a positive rise, but it is one-third of the 2017 pace. 2017 proved a spectacular year for inflowsThreats of US Fed and ECB Reverse QE or ‘quantitative squeezing’ will be offset by net expansion of Central Bank balance sheets in EM and JapanReverse QE by Central Banks is not helpful, but cross-border flows pose by far the bigger threat for asset markets this yearChina (27% share) is the most important economy for Global Liquidity, both directly and indirectly through its impact on the Emerging Market flowsAt a 66% share of liquidity flows, the US dollar (with its surrogates) remains de facto the most important currency Worldwide. But if the Chinese Yuan is included based on China’s economic importance, it would immediately take a 26% point market share away from the US dollar. Gold would soar in price?

'Quantitative Squeezing': Prospects for Global Liquidity in 2018

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

Thematic (Sector/Industry)

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<li>U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton weighed in on cryptocurrencies and initial coin offerings (ICOs) in a major statement.</li>
<li>Chairman Clayton explained that, while not all tokens may be securities under the federal securities laws, simply calling a token something else does not bring an offering outside the SEC’s purview.</li>
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<li>“Key hallmarks” of tokens being securities include, in the SEC’s view, when an issuer:</li>
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<li>emphasizes the possibility for tokens to appreciate in value or</li>
<li>…</li>
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U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton weighed in on cryptocurrencies and initial coin offerings (ICOs) in a major statement.
Chairman Clayton explained that, while not all tokens may be securities under the federal securities laws, simply calling a token something else does not bring an offering outside the SEC’s purview.


“Key hallmarks” of tokens being securities include, in the SEC’s view, when an issuer:

emphasizes the possibility for tokens to appreciate in value or
…




SEC Chairman Issues Major Statement on Cryptocurrency and ICOs

United States

Ethereum is an open-source, public, blockchain-based distributed computing platform featuring smart contract (scripting) functionality. It provides a decentralized Turing-complete virtual machine, the Ethereum Virtual Machine (EVM), which can execute scripts using an international network of public nodes. Ethereum also provides a cryptocurrency token called "ether", which can be transferred between accounts and used to compensate participant nodes for computations performed. "Gas", an internal transaction pricing mechanism, is used to mitigate spam and allocate resources on the network.

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'Quantitative Squeezing': Prospects for Global Liquidity in 2018

We conclude five points about Global Liquidity in 2018: Global Liquidity will expand by around US$5 trillion net in 2018. This is stilla positive...

Michael J. Howell

SEC Chairman Issues Major Statement on Cryptocurrency and ICOs

U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton weighed in on cryptocurrencies and initial coin offerings (ICOs) in a major...

Dechert LLP

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