Bitcoin: Property, Currency or Commodity?
On September 18th 2015, the Commodity Futures Trading Commission (CFTC) has decreed Bitcoin a commodity, while other U.S. agencies defined it as a property and as a currency. Who is right? It is common knowledge that Bitcoin, the world’s first peer-to-peer digital currency, was created by a Japanese hacker called Satoshi Nakamoto in 2009. […]
What is the VIX Futures Term Structure telling us?
In July 2015, the American Global Information Technology Company Hewlett-Packard, better known as HP, has released more details about its impending spinoff, announced on October 2014. The operation, that is expected to close by the end of the fiscal year 2015, will result in two publicly traded companies: Hewlett Packard Enterprise (HPE), for the […]
SABMiller Courted by AB InBev for the 2015 Biggest Merger
Volatility trading is becoming very popular in the Investment Banks and Hedge Funds’ trading rooms; therefore, I would like to make a brief summary of the tools more frequently used by traders. First, it is essential to point out the difference between historical volatility and implied volatility. On one hand, historical volatility is a backward […]
Anheuser-Busch InBev has announced its willingness to acquire the British-South African beer maker SABMiller. Then if the proposal was accepted by SABMiller, we would attend the biggest M&A deal of 2015. The operation has already been assessed as one of the five largest takeovers since 1980 in terms of deal volume. Indeed the combination would […]