Banking did not begin with a modern bank, and the global financial system was not created by one government, one family or one institution. It developed layer by layer: recorded debts, safe custody, merchant credit, bills of exchange, sovereign borrowing, central banks, retail deposits, corporate finance, securities markets, international institutions and electronic … [Read more...] about The Biography of Banking: From Ancient Ledgers to the Global Financial System
Market Liquidity
Why Markets Move Before the News: The Institutional Edge over the public market
Why Does the Market Know Before the News? Inside Institutional Models, Private Data and Trading Speed At 8:30:00 a.m. Eastern Time, an important economic report becomes public. Almost immediately, Treasury yields, currencies, equity futures and gold begin moving. By the time the headline appears on an ordinary retail calendar, the first wave of repricing may already be … [Read more...] about Why Markets Move Before the News: The Institutional Edge over the public market
How to Read the Macro Economy: The Market Dashboard Every Trader Should Understand
A macro dashboard connects growth, inflation, employment, monetary policy, bond yields, currencies and commodities to reveal the economic regime influencing financial markets. Markets do not trade one economic number in isolation. They trade the relationship between growth, inflation, employment, monetary policy, liquidity and financial conditions. … [Read more...] about How to Read the Macro Economy: The Market Dashboard Every Trader Should Understand