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)

<p>The Securities and Futures Commission of Hong Kong (SFC) and the China Securities Regulatory Commission (CSRC) issued a joint announcement on 25 November 2016 approving the launch of the long-awaited Shenzhen-Hong Kong Stock Connect and trading commenced this week on 5 December 2016. This supplements the prior joint official announcement made by the SFC and the CSRC in August 2016.</p>

The Securities and Futures Commission of Hong Kong (SFC) and the China Securities Regulatory Commission (CSRC) issued a joint announcement on 25 November 2016 approving the launch of the long-awaited Shenzhen-Hong Kong Stock Connect and trading commenced this week on 5 December 2016. This supplements the prior joint official announcement made by the SFC and the CSRC in August 2016.

The Shenzhen–Hong Kong Stock Connect. A Legal Update from Dechert's Financial Services Group

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

<p>Not so long ago China's renminbi was being touted as an up-and-coming currency. But recent figures from SWIFT suggest that the it is being used less and less for international trade payments and now ranks below the Canadian dollar.</p>

Not so long ago China's renminbi was being touted as an up-and-coming currency. But recent figures from SWIFT suggest that the it is being used less and less for international trade payments and now ranks below the Canadian dollar.

Renminbi Fails to Make the International Grade

Independent Insight Provider

Stewart Paterson

Taurus Advisors LLP

Macroeconomics

<p>Having broken convincingly through 100, the DXY (trade weighted dollar index) has pulled back in the past few days to test its break. The Italian referendum, as expected, produced a bad outcome for believers in the single European currency but as it turns out it was so widely expected that it triggered short covering in the Euro. I would highlight a few data points in the next few days that may add to dollar strength, cement the break-out in the DXY and lead to an acceleration in the up-trend in…</p>

Having broken convincingly through 100, the DXY (trade weighted dollar index) has pulled back in the past few days to test its break. The Italian referendum, as expected, produced a bad outcome for believers in the single European currency but as it turns out it was so widely expected that it triggered short covering in the Euro. I would highlight a few data points in the next few days that may add to dollar strength, cement the break-out in the DXY and lead to an acceleration in the up-trend in…

Money Matters: Short-Term Dollar Catalysts.

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li><div>We saw consensus ‘groupthink’ reach new levels in 2016, exacerbated by surging AUM managed in trend following style.</div></li>
<li><div>Extrapolation remains the default forecasting tool for most professional opinion and Japan has been a case in point over the past 18mths.</div></li>
<li><div>The USDJPY saw its biggest two-week move since 1988 post the US election, as quant funds retreated from record speculative long positions.</div></li>
<li><div>
<span lang="EN-US">Foreign investors bought almost $8bn of Japanese stocks in the past two weeks, reducing their net selling</span>…</div></li>
</ul>


We saw consensus ‘groupthink’ reach new levels in 2016, exacerbated by surging AUM managed in trend following style.
Extrapolation remains the default forecasting tool for most professional opinion and Japan has been a case in point over the past 18mths.
The USDJPY saw its biggest two-week move since 1988 post the US election, as quant funds retreated from record speculative long positions.

Foreign investors bought almost $8bn of Japanese stocks in the past two weeks, reducing their net selling…


Consensus Rethinks Japan, as Serial Extrapolation Proves Costly

<p> Over the past five years or so, since the RMB moved into over-valuation territory, there has been a consistent and inverse relationship between the RMB and US bond yields. RMB strength has been associated with rising US bond yields while RMB weakness has been associated with falling bond yields. The rationale should be apparent but as RMB weakness is associated with the potential for Chinese exporters to lower their USD prices (and incidentally reduce Asian corporate earnings outside of China)…</p>

 Over the past five years or so, since the RMB moved into over-valuation territory, there has been a consistent and inverse relationship between the RMB and US bond yields. RMB strength has been associated with rising US bond yields while RMB weakness has been associated with falling bond yields. The rationale should be apparent but as RMB weakness is associated with the potential for Chinese exporters to lower their USD prices (and incidentally reduce Asian corporate earnings outside of China)…

Money Matters: US Bond Yields & USD/RMB - A Paradigm Shift?

China

New China Life Insurance Company Limited provides life insurance in local and foreign currencies, acts as an insurance agent, provides checks, claims and insurance consulting. The Company's main products include life insurance, accident insurance, health insurance products and services.

China Pacific Insurance (Group) Company, Ltd. is an integrated insurance services provider. The Company offers life and property insurance products through its subsidiaries.

China Reinsurance (Group) Corporation is a reinsurance company. The company operates four principal business segments, consisting of P&C reinsurance, life and health reinsurance, primary P&C insurance and asset management businesses.

ZhongAn Online P & C Insurance Co., Ltd. operates as an insurance company. The Company develops and sells health, airline, and automotive insurance, and other products. ZhongAn Online P & C Insurance also offers online consumer finance services.

PICC Property and Casualty Company Limited provides insurance services. The Company provides property loss insurances, liability insurances, credit insurances, accidental injury insurances, short term health insurances, guarantee insurances, and other insurance products. PICC Property and Casualty also operates investment businesses.

Fanhua, Inc. operates an independent insurance agency and brokerage company. The Company provides wealth management, property, casualty, and life products, as well as consumer finance, insurance claims adjusting services,such as damage assessments, surveys, authentications, and loss estimations.

Haitong Securities Co., Ltd. offers securities services. The Company provides securities brokerage, asset management, securities investment, share transfer agency, and capital intermediary services. Haitong Securities focuses on  online brokerage, wealth management, and institutional investors.

Haitong Securities Co Ltd (A) (600837 CH)

Huatai Securities Co., Ltd. provides financial company. The Company provides securities brokerage services, research consulting services, investment banking and direct investment services, fixed-income services and asset management services.

Bank of Nanjing Co., Ltd. operates commercial banking businesses. The Company offers deposits, loans, settlement, discounting, financial bond issuance, government bond underwriting, bank guarantee, and other related financial services. Bank of Nanjing provides services for enterprises and individuals.

Bank of Beijing Company Ltd. attracts deposits and offers commercial banking services.  The Bank offers short-, medium- and long-term loans, insurance, foreign exchange, international settlement, government bonds, and other products and services.

Samsung Life Insurance Co., Ltd. provides insurance services. The Company offers life and health insurance services. Samsung Life Insurance serves customers in South Korea.

Samsung Fire & Marine Insurance Co., Ltd. provides insurance services. The Company offers auto, fire, marine, casualty, health, leisure, and retirement products and services. Samsung Fire & Marine Insurance serves customers in South Korea.

Samsung Fire & Marine Insurance (000810 KS)

Insurance Australia Group Limited (IAG) is an Australian-based international general insurance group with operations in Australia, New Zealand, and Asia. The Group provides a range of personal and commercial insurance products, primarily motor vehicle and home insurance.

QBE Insurance Group Limited is an insurance company which underwrites most forms of commercial and industrial insurance policies, as well as individual policies. QBE also manages Lloyds syndicates and provides investment management services. The Company provides its services both domestically and internationally.

Suncorp Group Ltd. offers retail and business banking, life and general insurance, superannuation and funds management services.  The Company's services include personal banking and loans, personal insurance products, credit cards, pension savings accounts, term deposits, property development finance, commercial lending, investments and lease financing.

Erie Indemnity Company is the management company for the Erie Insurance Exchange. The Company is also involved in the property and casualty insurance business through its wholly-owned subsidiaries and through its management of Flagship City Insurance Company. Erie Indemnity sells auto, home, life and business insurance in the United States.

Everest Re Group, Ltd. provides reinsurance to property and casualty insurers in the United States and international markets.  The Company also provides property and casualty insurance to policyholders in the United States and Canada.  In addition, Everest Re offers excess and surplus lines insurance in the United States.

Loews Corporation is a diversified holding company.  The Company, through its subsidiaries, is involved in a variety of businesses including commercial property-casualty insurance, offshore drilling, natural gas exploration and production, operation of natural gas pipeline systems, and the operation of hotels and resorts.

CNA Financial Corporation operates as an insurance holding company. The Company, through its subsidiaries, provides commercial property and casualty coverages such as risk management, information services, warranty, and claims administration. CNA Financial serves clients throughout the United States.

RenaissanceRe Holdings Ltd. is a global provider of reinsurance and insurance. The Company's business primarily consists of catastrophe reinsurance, specialty reinsurance, and individual risk business.

The People's Insurance Company (Group) of China Limited, through its subsidiaries, offers a range of property and casualty insurance products. The Company also offers asset management services for a variety of customers throughout China.

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People's Insurance (PICC) (1339 HK)

The Shenzhen–Hong Kong Stock Connect. A Legal Update from Dechert's Financial Services Group

The Securities and Futures Commission of Hong Kong (SFC) and the China Securities Regulatory Commission (CSRC) issued a joint announcement on 25...

Dechert LLP

Renminbi Fails to Make the International Grade

Not so long ago China's renminbi was being touted as an up-and-coming currency. But recent figures from SWIFT suggest that the it is being used...

Bixmoor

Money Matters: Short-Term Dollar Catalysts.

Having broken convincingly through 100, the DXY (trade weighted dollar index) has pulled back in the past few days to test its break. The Italian...

Stewart Paterson

Consensus Rethinks Japan, as Serial Extrapolation Proves Costly

We saw consensus ‘groupthink’ reach new levels in 2016, exacerbated by surging AUM managed in trend following style. Extrapolation remains the...

Sean Maher

Money Matters: US Bond Yields & USD/RMB - A Paradigm Shift?

Over the past five years or so, since the RMB moved into over-valuation territory, there has been a consistent and inverse relationship between...

Stewart Paterson

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