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Anthropic’s recent product announcements have caused equity market ructions, so I try Claude in Excel, which offers to change the way financial analysts do their work. The Financial Press has been full of articles attributing the recent market sell-offs in specific sectors to product announcements by Anthropic, for example…

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Funding imbalances between currencies create cross currency basis.The Front Roll is the physical manifestation of that imbalance, anchoring the whole curve. Definition Front Roll: The Front Roll is the 3-month funding spread implied by spot FX and FX forwards relative to OIS rates. It forms the first period of…

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Mechanics, market structure and the modern economics of swap spreads Trading in Swap Spreads sheds light on new issuance flows (including spread locks), funding demand, term premiums, cost of balance sheet, capital allocation, liquidity, market infrastructure and sometimes even credit provision. That a single instrument provides such rich insight…

