Michael Cornips 
The Chevron Doctrine is referring to the US Supreme Court’s decision 40 years ago, giving deference to the Environmental Protection Agency’s (EPA) answer or interpretation of environmental laws. It was coined after a landmark case, Chevron USA, Inc. v. Natural Resources Defense Council, Inc. On June 28, 2024, in Loper Bright Enterprises v. Raimondo, the … Read more
World financial markets are addicted to liquidity to maintain the price level of assets. In a move reminiscent of the over-lending in the 2008 GFC asset bubble, Congress is voting on allowing lending on Second Mortgages by Federal Agencies in a move that could lead to a tsunami of liquidity. Congress recently approved a pilot … Read more
ASX hybrid securities are financial instruments listed on the Australian Securities Exchange (ASX) that combine features of both equity and debt securities. These hybrids offer investors a blend of the characteristics of bonds and shares, providing unique benefits and risks. Understanding ASX Hybrids Hybrid securities can take various forms, including convertible bonds, preference shares, and capital notes. … Read more
The Australian Prudential Regulation Authority (APRA) is proposing several changes to strengthen bank capital requirements and liquidity standards in response to the global banking turmoil earlier in 2024. Here are the key proposed changes: Valuing liquid assets at market value APRA is proposing to require banks subject to the Minimum Liquidity Holdings (MLH) regime to … Read more
Bond yields rose last week as the market absorbed the Central Banks determination to keep short term rates higher for longer in an attempt to kill the inflation impulse. Markets believe in the short term that Central Banks will raise interest rates once or twice more but are certainly convinced, in the longer term, that … Read more
