S & P has no plans to cut the sovereign ratings of other EU countries following the ‘leave’ victory in the British referendum last week. The statement was made by the head of sovereign ratings agency Moritz Kramer, during a video conference.
On Monday, according to the result of the referendum, S & P had cut two notches its assessment on the UK, to AA from AAA, maintaining a negative outlook.
Ilva remains Italian. After the setback made in recent days by turkish Erdemir Group, the consortium for the rescue of Ilva has always seen eye with a favor from the government, was born. Yesterday the Board of Directors of Cassa Depositi e Prestiti chaired by Claudio Costamagna has been convened in extraordinary session to decide the new action plan the view of the expiry, in less than 36 hours, the deadline for submission of binding offers .
Algorithmic trading, a systematic method that utilizes mathematical models for making transaction decisions in the financial markets, is a global phenomenon, but the subject is a complex one1.
Stock exchanges began transitioning from a traditional auction to computerized transactions in the early 1980s. In the late 1980s and early 1990s, Electronic Communication Networks (“ECNs”) became increasingly popular for traders looking for more efficient access to the markets.
In 2001, IBM reserchers published Agent-Human Interactions in the Continuous Double Auction2. The research paper found that in a Continuos Double Auction market process, simple software bidding agent- strategies were able to outperform human subjects by a clear margin, setting the stage for the high-frequency trading, an algortithmic trading approach characterized by high speeeds and widely used today in the financial markets.
Last month I interviewed, in occasion of the publication of his last book “A guide to creating a succesful algorithmic Trading Strategy”, Perry Kaufman. He began his career as a “rocket scientist,” first working on the Orbiting Astronomical Observatory (OAO-1), the predecessor of the Hubble Observatory, and then on the navigation for Gemini, later used for Apollo missions, and subsequently in military reconnaissance. There is a certain connection between the construction of a trading program and the world of rockets; in fact, the earliest systematic programs used exponential smoothing, a technique developed in Aerospace for estimating the path of missiles. In the early 1970s, he started trading using automated systems while the idea was demeaned by professional traders as “ridiculous”, “the market just doesn’t work that way”, “you can’t make money if you don’t know the value of the stock”8. Now that opinion seems to have been turned upside down
AZ Swiss & Partners, a subsidiary of Swiss Azimuth Group, today signed an agreement to acquire the business operations of Sogenel Capital Holding, including all assets, customers, contracts and agreements, which will create a new division within AZ Swiss. "After several years after our first partnership in Switzerland, and following a major reorganization of the Swiss company, we are happy to announce our first funding operation – Pietro Giuliani, Chairman and CEO of Azimut Holding commented, stating:" The our intention is to become a major operator in Switzerland, attracting private bankers and exporting our partnership model in a rapidly developing market on the legislative and regulatory side. "
Juncker did not hesitate to answer the request of the British car industry free access to European markets despite the exit of the country from the Union, which was reached informally in the morning.
The domestic auto industry success "depends on access to the European single market without restrictions, influence on European legislation to protect the interests of the British automotive industry and the ability to recruit talent from abroad", Mikle Hawes, President of SMMT industry federation, said.
What will happen next is very difficult to assess, and this lack of visibility is the very reason why markets should remain very volatile and unpredictable over the months to come.
Politics will outshine market fundamentals, where the UK and the EU will enter into long and complex negotiations.
Brexit is just the beginning, to provide a negative future is the prestigious Financial Times in an editorial signed by Wolfgang Munchau, known for being generous with catastrophic forecasts, prefers the title "Italy could be the next domino piece to fall".
Proposing a comparison between the referendum just held in Britain, the date set for October in Italy on constitutional reforms, on which the President of the Council Matteo Renzi has bet a lot, and that the Referendum of 5 Stars leader, Beppe Grillo, has just reiterated it intends to play on the euro, the columnist goes on to hypothesize an Italy out of the single currency.
Swiss tourism may soon have to deal with the collapse of the pound, a result of the referendum on Brexit in the UK. The statement, made by the vice president of Switzerland Tourism Urs Eberhard to press agency ATS, also makes it clear that the canton Valais would suffer more the drop in overnight stays than others.
