Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 3

Sono un po' in controtendenza, non mi sembra finora di vedere questo grande sommovimento. UBI e BP in fondo tornano verso la parità, le LT2 a 4 - 5 anni stanno sul 5%, non mi sembra un livello di panico.
Le due venete sono un caso diverso, rischi ce ne sono e probabilmente i livelli di oggi sono più corretti di quelli di qualche mese fa.
 
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Wall St Week Ahead-Volatility the surest bet in stocks after Fed meets
by REUTERS | DEC. 11, 2015
By Saqib Iqbal Ahmed and Rodrigo Campos

NEW YORK, Dec 11 (Reuters) - Stock market investors are ready for the first U.S. Federal Reserve interest rate hike in nearly a decade next week, but they may not be fully prepared for all of the nuanced remarks likely to accompany that announcement.

If the Fed lays out an aggressive schedule of future rate increases, stock markets could become very volatile and even plummet, say strategists who expect a market-calming central bank announcement detailing the patience of policymakers.

Activity in the options market suggests stock traders are being cautious ahead of the Fed policy meeting on Dec. 15-16, and options expiry at the end of next week could amplify volatility in either direction.

"If...(policymakers) came out saying that over the next two years they will raise by 'this' much, that would be very destabilizing," said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago.

"The market will take great relief in the Fed communicating it will be very patient for the next increase."

Even so, traders hoping to profit on the Fed's expected statement lack a playbook. The markets haven't been through the current scenario of a rate lift-off after years in which the central bank's short-term interest rates have been locked near zero.

That could partly explain the jittery trading on Wall Street this week, during which volatility has risen and the benchmark S&P 500 dropped 3.5 percent.

A slew of economic data due to be released before the Fed meeting, including readings on growth in manufacturing, industrial production and consumer prices, could cause some choppiness if traders take any robust data as a sign that the Fed may be more aggressive with future rate increases.

Furthermore, markets could face an interruption next week if Congress and President Barack Obama trigger a government shutdown by failing to finish work on a $1.5 trillion government funding bill.

OPTIONS POSITIONING

That uncertainty has helped trigger bets in the options market by investors trying to cover themselves against a wide array of outcomes in stocks, and similar uncertainty has been apparent across other asset classes as well.

Crude oil futures fell to seven-year lows while the euro, expected to decline against the dollar as the Fed tightens, rallied after many covered those bets.

As expected, exchange-traded funds and individual stocks in rate-sensitive sectors such as financial firms and real estate investment trusts have attracted a lot of options trading activity betting on sharp moves - in both directions - in the wake of a Fed announcement.

"We are seeing a lot of heavy positioning" in front of the Fed, said Steven Sosnick, equity risk manager for Timber Hill, the market-making division of Interactive Brokers.

That positioning is leaning more heavily toward seeking protection against a broad stock market move lower, said traders who expect volatility to spike after the Fed meeting.

S&P 500 options expiring next Friday imply a 2.9 percent move in the index by the end of the week.

The CBOE Volatility Index, the market's favored barometer of trader angst, has crept over its long-term average of 20, after having stayed mostly below that level since early October. On Friday, it was up 28 percent at 24.72.

That level is higher than futures show the VIX going forward, signifying that traders are more worried about near-term volatility than they are about a long-term breakdown.

But a sharp move to the downside could be amplified since the Fed decision comes just two days ahead of "quadruple-witching," when options on stocks and indexes and futures on indexes and single-stocks all expire, making the index particularly prone to a jump in volatility.

JPMorgan derivatives analysts estimate that nearly $1.1 trillion of S&P 500 options are set to expire on Friday morning, about 60 percent in put options, typically used as portfolio hedges.

In case of an adverse reaction in stocks, the accumulation of large blocks of open SPX put contracts at the 2,000, 1,950, and 1,900 levels, could force more selling. Market makers who have sold those contracts would be forced to sell equities to reduce their risk.

This kind of activity was one of the key reasons for the market selloff in late August, when the S&P entered its first correction in more than four years. (Editing by Linda Stern and Bernadette Baum)

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nel frattempo il Vix si fa' un piu' 30%.........
 
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Vedo che il BAIL in pur non essendo ancora in essere già sta facendo il suo sporco lavoro... Minando alla base il sistema finanziario

Sinceramente adesso non so cosa serva per bloccare le vendite del retail impanicato e non solo?

Opzioni plausibili:
Tempo
Governo che fa qualcosa
MM aggressivi

Sperando che il mercato in generale possa aiutare
un minimo di fiducia nella giustizia magari aiuterebbe, in Cina han dato 18 anni a un bancarottiere, quanto pensate daranno a Bianconi e Co. e politici che li proteggono? io penso la pensione milionaria oltre alle liquidazioni che han già imboscato.
 
un minimo di fiducia nella giustizia magari aiuterebbe, in Cina han dato 18 anni a un bancarottiere, quanto pensate daranno a Bianconi e Co. e politici che li proteggono? io penso la pensione milionaria oltre alle liquidazioni che han già imboscato.

eh no caro Angy
qua ti sbagli alla grande

sono stati severamente puniti da Bankitalia (la cui vigilanza e intervento sono da sempre un punto cardine) con ammende tra i 150.000 e 200.000 euro a persona... quasi ben 5-6 mesi di stipendio (benefit esclusi of course)

punizione esemplare, dopo aver distrutto una banca, un territorio e 10.000 famiglie
 
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dailymail.co.uk
Wall St Week Ahead-Volatility the surest bet in stocks after Fed meets
by REUTERS | DEC. 11, 2015
By Saqib Iqbal Ahmed and Rodrigo Campos

NEW YORK, Dec 11 (Reuters) - Stock market investors are ready for the first U.S. Federal Reserve interest rate hike in nearly a decade next week, but they may not be fully prepared for all of the nuanced remarks likely to accompany that announcement.

If the Fed lays out an aggressive schedule of future rate increases, stock markets could become very volatile and even plummet, say strategists who expect a market-calming central bank announcement detailing the patience of policymakers.

Activity in the options market suggests stock traders are being cautious ahead of the Fed policy meeting on Dec. 15-16, and options expiry at the end of next week could amplify volatility in either direction.

"If...(policymakers) came out saying that over the next two years they will raise by 'this' much, that would be very destabilizing," said Brian Battle, director of trading at Performance Trust Capital Partners in Chicago.

"The market will take great relief in the Fed communicating it will be very patient for the next increase."

Even so, traders hoping to profit on the Fed's expected statement lack a playbook. The markets haven't been through the current scenario of a rate lift-off after years in which the central bank's short-term interest rates have been locked near zero.

That could partly explain the jittery trading on Wall Street this week, during which volatility has risen and the benchmark S&P 500 dropped 3.5 percent.

A slew of economic data due to be released before the Fed meeting, including readings on growth in manufacturing, industrial production and consumer prices, could cause some choppiness if traders take any robust data as a sign that the Fed may be more aggressive with future rate increases.

Furthermore, markets could face an interruption next week if Congress and President Barack Obama trigger a government shutdown by failing to finish work on a $1.5 trillion government funding bill.

OPTIONS POSITIONING

That uncertainty has helped trigger bets in the options market by investors trying to cover themselves against a wide array of outcomes in stocks, and similar uncertainty has been apparent across other asset classes as well.

Crude oil futures fell to seven-year lows while the euro, expected to decline against the dollar as the Fed tightens, rallied after many covered those bets.

As expected, exchange-traded funds and individual stocks in rate-sensitive sectors such as financial firms and real estate investment trusts have attracted a lot of options trading activity betting on sharp moves - in both directions - in the wake of a Fed announcement.

"We are seeing a lot of heavy positioning" in front of the Fed, said Steven Sosnick, equity risk manager for Timber Hill, the market-making division of Interactive Brokers.

That positioning is leaning more heavily toward seeking protection against a broad stock market move lower, said traders who expect volatility to spike after the Fed meeting.

S&P 500 options expiring next Friday imply a 2.9 percent move in the index by the end of the week.

The CBOE Volatility Index, the market's favored barometer of trader angst, has crept over its long-term average of 20, after having stayed mostly below that level since early October. On Friday, it was up 28 percent at 24.72.

That level is higher than futures show the VIX going forward, signifying that traders are more worried about near-term volatility than they are about a long-term breakdown.

But a sharp move to the downside could be amplified since the Fed decision comes just two days ahead of "quadruple-witching," when options on stocks and indexes and futures on indexes and single-stocks all expire, making the index particularly prone to a jump in volatility.

JPMorgan derivatives analysts estimate that nearly $1.1 trillion of S&P 500 options are set to expire on Friday morning, about 60 percent in put options, typically used as portfolio hedges.

In case of an adverse reaction in stocks, the accumulation of large blocks of open SPX put contracts at the 2,000, 1,950, and 1,900 levels, could force more selling. Market makers who have sold those contracts would be forced to sell equities to reduce their risk.

This kind of activity was one of the key reasons for the market selloff in late August, when the S&P entered its first correction in more than four years. (Editing by Linda Stern and Bernadette Baum)

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nel frattempo il Vix si fa' un piu' 30%.........

Ti ringrazio Vet, che bella ventata di ottimismo :rolleyes:
 
eh no caro Angy
qua ti sbagli alla grande

sono stati severamente puniti da Bankitalia (la cui vigilanza e intervento sono da sempre un punto cardine) con ammende tra i 150.000 e 200.000 euro a persona... quasi ben 5-6 mesi di stipendio (benefit esclusi of course)

punizione esemplare, dopo aver distrutto una banca, un territorio e 10.000 famiglie
mi consenta caro npnp ... manco quelle misere sanzioni hanno pagato, le sanzioni le ha pagate la banca e poi si rivale sui dirigenti, qualora non coperti da assicurazione che ha pagato la banca a priori.
In totale gli interventi di Bankitalia son serviti solo a peggiorare il danno ai risparmiatori visto che le multe alla fine le abbiamo pagate noi, sia quelle comminate ai dirigenti che quelle comminate alle banche e queste ultime erano milionate alla volta.
La legge parla chiaro: se rubi un melone sono 3 mesi di galera ma se rubi 3 billioni di € sono 200.000€ di multa che puoi anche non pagare, è per questo che rubano alla grande, è il miglior investimento.
 
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voglio comunque portare una ventata di ottimismo: sono disposto a comprare qualche sub di banche europee, escluso tedesche e olanda, avvisatemi quando i prezzi tornano a livello dei minimi 2008/2009 e già mi sacrifico.
Visto che al momento ci sono HY corporate in $ che rendono più delle sub bancarie mi contento di perdere i soldi lì ma devono fallire tutte quelle che ho per non ridarmi il malloppo.
 
mi consenta caro npnp ... manco quelle misere sanzioni hanno pagato, le sanzioni le ha pagate la banca e poi si rivale sui dirigenti, qualora non coperti da assicurazione che ha pagato la banca a priori.
In totale gli interventi di Bankitalia son serviti solo a peggiorare il danno ai risparmiatori visto che le multe alla fine le abbiamo pagate noi, sia quelle comminate ai dirigenti che quelle comminate alle banche e queste ultime erano milionate alla volta.
La legge parla chiaro: se rubi un melone sono 3 mesi di galera ma se rubi 3 billioni di € sono 200.000€ di multa che puoi anche non pagare, è per questo che rubano alla grande, è il miglior investimento.

ecco.. questa non la sapevo..
che paese di m.e.r.d.a.

e lo dico da italiano una volta orgoglioso di esserlo.
ora il mio paese mi fa schifo davvero.
non possiamo dire si sta bene in italia solo perche si mangia bene (fine OT)
 
Bankitalia: «Vietare per legge vendita bond subordinati alo sportello» - Corriere.it

Bankitalia: «Vietare per legge vendita bond subordinati alo sportello»
Il direttore generale di via Nazionale, Rossi: «Siamo angosciati, ma fatto tutto possibile. Pronti a chiarire anche in Parlamento». E poi difende la Consob: «Ha agito bene»

«È necessario vietare la vendita di prodotti come le obbligazioni subordinate allo sportello». È quanto ha affermato il direttore generale di Banca d’Italia Salvatore Rossi, intervistato da Lucia Annunziata a In mezz’ora su Rai3 .
 

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