Author Archives: Aran Murphy

Buyer and Seller Beware

The Commodity Futures Trading Commission (CFTC) in January 2012¹ created a regulatory safe harbor for major dealers and market participants to be counterparties to many swap transactions with “end users”, such as pension plans. The safe harbor applies if a … Continue reading

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Inflation and Instability

The Consumer Price Index indicates that so far U.S. inflation rates are relatively benign1. However, prices in the U.S. for dollar-denominated commodities, such as fuel and basic foodstuffs, have been on a sustained upward trend2. Elsewhere in the developing world, … Continue reading

Posted in Capital markets insights, Economic and Market Insights, Economy, Global economy | Leave a comment

“Risk free” rates in the new risk environment

As every school boy and CFA candidate knows, the anchor of relative investment valuation and portfolio construction is the risk free rate. Whatever the market has to offer for returns on any mix of assets, that rate should be better … Continue reading

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Adrift without an axiom

Motivated by the innovative work on currency by our colleague Ian Toner, we at Russell often times find ourselves in near theological debates. Changes in conventional thinking on a subject like currency must be earned yard by yard, as on … Continue reading

Posted in Indexes, Manager research | Leave a comment