MALTA E TUTELA RISPARMIO ITALIANO 2, dopo il Sole 24 Ore anche il Corriere

«Dovrete colpire i risparmi privati E forse vi servirà un salvataggio Ue»

Faccio seguito al precedente post, MALTA E TUTELA RISPARMIO ITALIANO, questi giorni pre-natalizi sono dedicati ai miei connazionali che contituo a vedere in FEAST MODE e a fare bella vita per ristoranti e negozi.
Ma non lasciare i tuoi risparmi a garanzia dei DEBITI di altri, con noi a Malta, puoi avere strumenti, soluzioni e veicoli legali che sono ideali per la tutela del risparmio e del patrimonio:
EFFICACI, in quanto completamente compliant e rispettosi delle norme Europee e OCSE
EFFICIENTI, fiscalmente e per il costo più basso d’Europa in percentuale al totale del valore degli asset trasferiti
in un paese che è il migliore d’Europa per stabilità, crescita del PIL, sistema bancario solido, fiscalità, dati macro economici, debito pubblico
Leggi questo articolo e pensa a proteggere te stesso, la tua famiglia, la tua impresa, il tuo patrimonio……………….

Lars Feld, consigliere del governo tedesco e vicino al ministro Wolfgang Schaeuble, intervistato da Federico Fubini sul Corriere della Sera prefigura scenari tragici per i risparmiatori italiani:

«Il bail-in può sempre essere seguito da instabilità. C’è sempre rischio di contagio quando si interviene su una banca, ma sarebbero colpiti solo i depositi sopra ai 100 mila euro, non quelli piccoli e medi. Dunque non sono rischi pesanti. E in caso di contagio, ci sono strumenti europei per gestirlo».


Investors were obsessed with “smart beta” looking for alpha

Here’s a theory for why investors were obsessed with ‘smart beta’ in 2015

What investors buying smart beta strategies want, in other words, is alpha.

Our MALTAway’s TEAM, has a fully expertise and practice to build up, know and examine these financial solutions

“Smart beta” was the most searched-for term on investing dictionary in 2015.

And this tells you everything you need to know about how anxious investors have felt this year.

“Smart beta” is more or less an investing strategy that calls for investing in indexes that are weighted differently than the traditional market cap method.

For example, an investor looking to replicate the returns of the S&P 500 — which many investors are — can buy an “index fund” which is simply an exchange-traded fund or mutual fund that seeks to replicate the S&P 500’s performance. These instruments will have a beta of 1, meaning this asset’s volatility will be the same as the market’s.

Assets with a beta above 1 are more volatile than the market, though the idea is that these assets will outperform. (Netflix, for example, is a high beta stock.) Low beta stocks will be less volatile than the market but produce steadier — though potentially lagging — returns. (Think Coca-Cola.)

But since the S&P 500 is constructed by taking all the index’s components and then giving these components weights based on their market cap, or simply how large the company is, this investor will also own more than Apple than anything else. And the reason this will be the case is simply because Apple is the biggest company in the index.


As Investopedia writes, smart beta is a “new, popular financial product that attempts to beat indexed funds, but many investors are still not familiar with it.” 

Broadly, smart beta is a type of what you would call “factor-based investing” which weights indexes of stocks based on certain performance or financial measures other than simply the size of the company.

A smart beta strategy, for example, may involve buying a basket of 30 S&P 500 stocks weighted based on how much free cash flow these companies throw off each year. Smart beta strategies are also rule-based and designed to be transparent, meaning investors are supposed to know exactly what will happen with their basketed investment if certain other things happen.

In short, no major surprises.

Back in September 2014, hedge fund manager Cliff Asness wrote a paper titled, “Smart Beta: Not New, Not Beta, Still Awesome.” And as Asness wrote in his paper, co-authored with his colleague John Liew, smart beta is mostly, “re-packaged, re-branded quantitative management.”

Asness added, “That’s not to say we don’t like [smart beta] or think it’s not good for investors. We love quantitative management, having spent our careers pursuing these types of strategies. However, we work in a business where good ideas are constantly repackaged as something new. Smart Beta is the latest example.”

Smart beta, as Asness writes, is still an active strategy because by choosing a smart beta strategy an investor is making an effort to not merely match but outperform the market. And so while the strategy itself may be transparent, choosing the strategy is an active decision and inherently not giving investors beta (which, again, is a proxy for market-level volatility and returns).

What investors buying smart beta strategies want, in other words, is alpha.

And whereas buying Vanguard’s S&P 500 index fund is “passive” because the index itself will not be managed in any way that isn’t an effort to replicate the actual S&P 500’s weighting and return, smart beta involves investors making a bet on how they can be rewarded with above-market returns. Additionally, investors are deciding what factors to overweight and making a judgment on which factors they think will offer the most attractive return.

On some level, of course, buying stocks via an S&P 500 fund is a broad bet that the economy will either improve or remain steady, thereby allowing corporate profitability to increase over time. But no investing comes without risk, and for someone who wants to “own stocks” the S&P 500 is your standard plain vanilla investment.

And so back to why an increasing focus on smart beta makes total sense in 2015.

All year, strategists and other commentators have noted that something in the markets seemed “broken.”

There have been seemingly never-ending concerns about bond-market liquidity. And in the wake of the August 24 “flash crash” seen in the stock market, concerns about whether exchange-traded funds will “work” have also weighed on the markets. These concerns focus on whether these funds will give investors accurate proportional claims on the assets underlying the fund.

And of course, returns have been sort of crappy, which is going to make investors re-examine their strategies and assumptions.

Investors have short memories, and while the S&P 500 has more than tripled since the 2009 low seen after the financial crisis — in addition to the index gaining more than 10% in each of the last three years — the last 11 months of an essentially flat stock market has taken its toll.

As a result, investors want something different.

Maybe something smarter.

Banks are going crazy for the tech behind bitcoin: being a CTO at a bank is sexy’

Banks are going bananas for the ‘fastest growing market since the internet’


Banks are going bananas for blockchain, the technology that underpins bitcoin.

Blockchain can revolutionize mainstream finance by ripping out huge amounts of processing cost, and millions of dollars are flowing into companies building the technology.

A working group of 42 world-leading banks has been set up to establish standard practices, and top banks like UBS, Santander, and Barclays are tinkering with the technology themselves behind closed doors.

Blockchain is technology that uses a distributed ledger and complex cryptography to regulate bitcoin transactions. What that means in practice is if people want to trade or transact with each other online they can do it directly, rather than go through a middleman like a clearing house.

Cutting out the middle man makes things faster and cheaper, so banks are desperate to find a way to adapt the technology to traditional finance. Goldman Sachs says the technology has the potential to change “well, everything.”

“The market for private blockchain 24 months ago was zero,” says Jeremy Millar, a partner at boutique technology bank Magister Advisors. “Now we’re at a stage in the market where it has already gone into specialisation. This is a market that’s poised to scale incredibly rapidly.”

Millar co-authored an extensive report on bitcoin and blockchain technology that came out this week. It’s arguably the most extensive overview of the ecosystems surrounding the technology out there.

I got on the phone to him this week to hear how he sees the space evolving and one big take away is just how fast the blockchain space is growing.

“This is the fastest growing market that I have seen in enterprise technology since the internet,” says Millar. “Adoption of these projects in the banks is going to be much faster than people think.”

Everyone gets a win. It’s not just the uber-geek that gets the benefit.

Millar’s report says almost $1 billion (£670 million) has been invested in bitcoin and blockchain-related technology over the past three years. Well-known financial firms like Goldman Sachs, Citi, and Nasdaq are all investing in the technology.

So why are banks moving so fast on blockchain? A big reason, Millar says, is because the benefits of the technology are so wide ranging.

“Everyone gets a win. It’s not just the uber-geek that gets the benefit. The CIO gets to replace very expensive, outdated mainframe infrastructure with something better.

“The business owner gets to release capital — this is very important. With the new regulations, post-2008 and Basel III, the collateral and capital that’s required against any trade has increased. Reducing settlement windows allows the banks to do more trades or release more capital.”

Banks legally have to put cash aside to cover a trade until it’s completed. That’s to guard against the risk of a settlement house — the middle man — rejecting the trade, going bust, or any other potential risk.

But by cutting out the middle man the blockchain makes the settlement period — the time it takes to complete a trade — much shorter. That means you can get more bang for your buck from the money set aside to cover the trade, as the efficiency gains theoretically mean you can get more trades done in the same time period.

Millar adds: “The compliance team gets a win too because if everything is cryptographically signed on a blockchain, two things happen. One, you will spot misbehavior in real-time and two, after the fact no one can tamper with the evidence.”

Millar expects the blockchain markets rapid development to continue for the foreseeable future thanks to the sheer level of money being pumped into the sector. He also expects more businesses to evolve around the technology, such as blockchain analytics.

“This is the banks internet moment,” Millar says. “This is their moment in the sun. All of a sudden being a CTO (chief technology officer) or director of information at a bank is sexy.”