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Rabu, 01 Agustus 2018

The conditions that triggered the latest stock meltdown are still in place — and the market is vulnerable to another disaster

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August 01, 2018

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The conditions that triggered the latest stock meltdown are still in place — and the market is vulnerable to another disaster

In the aftermath of the February market correction — which saw the S&P 500 decline 11% — market liquidity dried up.

It was an understandable reaction following such a jarring event, which featured the implosion of multiple volatility-linked products , rattled investors to their core, and even led to a talent raid on Wall Street .

Goldman Sachs has since performed an autopsy on the February sell-off and, in the process, asked an interesting question: What if tight liquidity conditions actually caused the sharp decline — or at least made it worse?

As it turns out, it's not that outlandish of a question.

You no longer need a card to get cash from nearly every Chase ATM

At nearly every one of JPMorgan Chase's 16,000 ATMs, customers no longer need a card to take out cash.

Chase announced Wednesday that it has rolled out cardless transactions to the vast majority of its ATM network, meaning customers no longer need a physical debit card and can instead retrieve cash using a mobile wallet — such as Apple Pay, Google Pay, or Samsung Pay — on their smartphone.

Google reportedly wants to launch a censored search engine in China 

Google is reportedly planning to launch a censored version of its search engine in mainland China, after an eight-year absence from the country.

The Intercept obtained leaked documents showing that CEO Sundar Pichai met with a Chinese government official in December 2017, as part of a renewed push to re-enter China.

According to the report, the project is codenamed "Dragonfly", and engineers have created a custom Android app variously nicknamed "Maotai" and "Longfei."

The app was demonstrated to Chinese officials, and a final version could launch within the next six to nine months, but will hide terms about human rights, democracy, religion, and peaceful protest. It would also block sites like the BBC and Wikipedia. The Chinese government is yet to give final approval, The Intercept said.

Morgan Stanley has poached a Credit Suisse crypto banker to head 'digital asset markets'

Morgan Stanley has poached a 12-year veteran of Credit Suisse to lead "digital asset markets" at the bank.

Andrew Peel joined Morgan Stanley as head of digital asset markets in June 2018, according to his LinkedIn profile. A spokesperson for Morgan Stanley confirmed the appointment to Business Insider but declined to comment further.

Peel spent 12 years at Credit Suisse, according to his LinkedIn, most recently serving as a vice president of sales and trading innovation. In that role, he was a "subject matter expert for bitcoin and cryptocurrency," according to his profile.

Peel's appointment comes amid a flurry of activity from investment banks around crypto. Goldman Sachs is reportedly planning to set up a bitcoin trading desk and JPMorgan recently appointed its first head of crypto-asset strategy. Investment banks are attracted by the eye-catching returns of bitcoin in 2017 and have begun to seriously assess cryptos as a potential new asset class despite poor price performance this year.

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