Though many details remain undecided, regulators’ drive towards a new order in OTC derivatives looks set to pick up pace over the next 12 months, up-ending the economics of virtually all market participants. That prospect has already triggered significant market structure change, with much more on the horizon.

The Bank of England is hamstrung by its tight remit: 2% CPI at all times. Although the subtle change Chancellor Osborne made in March allowed the Bank to take its eyes off inflation under exceptional circumstances, . . .

China remains cheap AND undervalued. The current administration is moving to liberalize the economy at a pace that is far faster than most people had expected, and those equity friendly reforms are not being adequately appreciated by the market.