Chris Whittall
@chriswhittall.bsky.social
Associate Editor, derivatives and secondary markets, at IFR. Views all mine.
NEW: Hong Kong equities traders are enjoying their most profitable year on record
Volumes booming amid 30% rally in HK stocks, renewed interest from international investors over AI and surge in ECM activity
"There’s been a huge pickup in activity"
www.ifre.com/topic-codes/...
Volumes booming amid 30% rally in HK stocks, renewed interest from international investors over AI and surge in ECM activity
"There’s been a huge pickup in activity"
www.ifre.com/topic-codes/...
Bank traders ride record Hong Kong equities rebound | IFR
People & Markets
AI fever tempts international investors back to Chinese stocks
www.ifre.com
October 17, 2025 at 1:08 PM
NEW: Hong Kong equities traders are enjoying their most profitable year on record
Volumes booming amid 30% rally in HK stocks, renewed interest from international investors over AI and surge in ECM activity
"There’s been a huge pickup in activity"
www.ifre.com/topic-codes/...
Volumes booming amid 30% rally in HK stocks, renewed interest from international investors over AI and surge in ECM activity
"There’s been a huge pickup in activity"
www.ifre.com/topic-codes/...
Goldman Sachs: "The AI Spending Boom Is Not Too Big"
"Anticipated [AI] investment levels are sustainable, although the ultimate AI winners remain less clear..."
👇
"Anticipated [AI] investment levels are sustainable, although the ultimate AI winners remain less clear..."
👇
October 16, 2025 at 8:53 AM
Goldman Sachs: "The AI Spending Boom Is Not Too Big"
"Anticipated [AI] investment levels are sustainable, although the ultimate AI winners remain less clear..."
👇
"Anticipated [AI] investment levels are sustainable, although the ultimate AI winners remain less clear..."
👇
Goldman Sachs going out on a limb here and projecting where government bond yields will be in ***2035***
Sees 10yr US and Japan yields slightly higher, UK yields slightly lower, Germany flat
Sees 10yr US and Japan yields slightly higher, UK yields slightly lower, Germany flat
October 16, 2025 at 8:48 AM
Goldman Sachs going out on a limb here and projecting where government bond yields will be in ***2035***
Sees 10yr US and Japan yields slightly higher, UK yields slightly lower, Germany flat
Sees 10yr US and Japan yields slightly higher, UK yields slightly lower, Germany flat
The definitive account of the First Brands collapse
helluva piece of work 👏👏👏
www.ft.com/content/8373...
helluva piece of work 👏👏👏
www.ft.com/content/8373...
The secretive First Brands founder, his $12bn debt and the future of private credit
Patrick James borrowed billions — even after presiding over a string of failed businesses
www.ft.com
October 15, 2025 at 3:19 PM
The definitive account of the First Brands collapse
helluva piece of work 👏👏👏
www.ft.com/content/8373...
helluva piece of work 👏👏👏
www.ft.com/content/8373...
Morgan Stanley reports $4.12bn of equities trading revenue in Q3, $380m > its closest rival Goldman Sachs
First time in nearly three years that Morgan Stanley has reported more equities trading revenue in a quarter than Goldman
Goldman still just ahead year-to-date in equities revenues (by $264m)
First time in nearly three years that Morgan Stanley has reported more equities trading revenue in a quarter than Goldman
Goldman still just ahead year-to-date in equities revenues (by $264m)
October 15, 2025 at 1:51 PM
Morgan Stanley reports $4.12bn of equities trading revenue in Q3, $380m > its closest rival Goldman Sachs
First time in nearly three years that Morgan Stanley has reported more equities trading revenue in a quarter than Goldman
Goldman still just ahead year-to-date in equities revenues (by $264m)
First time in nearly three years that Morgan Stanley has reported more equities trading revenue in a quarter than Goldman
Goldman still just ahead year-to-date in equities revenues (by $264m)
Conviction in the short USD trade dropped to the lowest level since Liberation Day - BofA research
October 10, 2025 at 9:16 AM
Conviction in the short USD trade dropped to the lowest level since Liberation Day - BofA research
Some interesting thoughts from RBC BlueBay's Mark Dowding on the next Fed chair and Fed independence
Sees Bessent as the frontrunner and Trump rate-cutting pressure not as much of an issue
Sees Bessent as the frontrunner and Trump rate-cutting pressure not as much of an issue
October 10, 2025 at 9:03 AM
Some interesting thoughts from RBC BlueBay's Mark Dowding on the next Fed chair and Fed independence
Sees Bessent as the frontrunner and Trump rate-cutting pressure not as much of an issue
Sees Bessent as the frontrunner and Trump rate-cutting pressure not as much of an issue
Goldman Sachs: Why we are not in a bubble... yet
"We see key differences" to previous bubbles
Eg tech appreciation driven by fundamental growth from companies with strong balance sheets
Tech valuations "are becoming stretched" but "not yet at levels consistent with historical bubbles"
"We see key differences" to previous bubbles
Eg tech appreciation driven by fundamental growth from companies with strong balance sheets
Tech valuations "are becoming stretched" but "not yet at levels consistent with historical bubbles"
October 8, 2025 at 8:36 AM
Goldman Sachs: Why we are not in a bubble... yet
"We see key differences" to previous bubbles
Eg tech appreciation driven by fundamental growth from companies with strong balance sheets
Tech valuations "are becoming stretched" but "not yet at levels consistent with historical bubbles"
"We see key differences" to previous bubbles
Eg tech appreciation driven by fundamental growth from companies with strong balance sheets
Tech valuations "are becoming stretched" but "not yet at levels consistent with historical bubbles"
Reposted by Chris Whittall
NEW: Zero-day contracts become dominant force in S&P 500 options market
ADV in zero-day options hit a record 2.5m contracts in September, now representing ~ 60% of all S&P 500 options volumes
www.ifre.com/topic-codes/...
ADV in zero-day options hit a record 2.5m contracts in September, now representing ~ 60% of all S&P 500 options volumes
www.ifre.com/topic-codes/...
October 6, 2025 at 12:57 PM
NEW: Zero-day contracts become dominant force in S&P 500 options market
ADV in zero-day options hit a record 2.5m contracts in September, now representing ~ 60% of all S&P 500 options volumes
www.ifre.com/topic-codes/...
ADV in zero-day options hit a record 2.5m contracts in September, now representing ~ 60% of all S&P 500 options volumes
www.ifre.com/topic-codes/...
NEW: Larry Ellison pledges 30% of his Oracle shares in loans
Regulatory filings indicate Ellison increased his use of margin loans over the past year
Comes as the tech magnate is increasingly active deploying his vast wealth to backstop corporate takeovers
www.ifre.com/topic-codes/...
Regulatory filings indicate Ellison increased his use of margin loans over the past year
Comes as the tech magnate is increasingly active deploying his vast wealth to backstop corporate takeovers
www.ifre.com/topic-codes/...
Larry Ellison pledges 30% of his Oracle shares in loans | IFR
People & Markets
Soaring share price ups Ellison's borrowing capacity
www.ifre.com
October 6, 2025 at 1:05 PM
NEW: Larry Ellison pledges 30% of his Oracle shares in loans
Regulatory filings indicate Ellison increased his use of margin loans over the past year
Comes as the tech magnate is increasingly active deploying his vast wealth to backstop corporate takeovers
www.ifre.com/topic-codes/...
Regulatory filings indicate Ellison increased his use of margin loans over the past year
Comes as the tech magnate is increasingly active deploying his vast wealth to backstop corporate takeovers
www.ifre.com/topic-codes/...
NEW: Zero-day contracts become dominant force in S&P 500 options market
ADV in zero-day options hit a record 2.5m contracts in September, now representing ~ 60% of all S&P 500 options volumes
www.ifre.com/topic-codes/...
ADV in zero-day options hit a record 2.5m contracts in September, now representing ~ 60% of all S&P 500 options volumes
www.ifre.com/topic-codes/...
October 6, 2025 at 12:57 PM
NEW: Zero-day contracts become dominant force in S&P 500 options market
ADV in zero-day options hit a record 2.5m contracts in September, now representing ~ 60% of all S&P 500 options volumes
www.ifre.com/topic-codes/...
ADV in zero-day options hit a record 2.5m contracts in September, now representing ~ 60% of all S&P 500 options volumes
www.ifre.com/topic-codes/...
Goldman Sachs publishes a note on the curve steepener trade stalling on Friday
Politics in Japan and France over the weekend: not so fast
Politics in Japan and France over the weekend: not so fast
October 6, 2025 at 9:04 AM
Goldman Sachs publishes a note on the curve steepener trade stalling on Friday
Politics in Japan and France over the weekend: not so fast
Politics in Japan and France over the weekend: not so fast
Nikkei 225 up 5%, yen off 2%, 30yr JGB yields 15bp higher is quite a set of moves
October 6, 2025 at 8:52 AM
Nikkei 225 up 5%, yen off 2%, 30yr JGB yields 15bp higher is quite a set of moves
NEW: UK remains top FX and derivatives trading hub
Half of all interest rate derivatives trading activity in April took place in the UK, according to the BIS, up from 43% in 2022
London’s share of FX trading also held steady at 38%
www.ifre.com/topic-codes/...
Half of all interest rate derivatives trading activity in April took place in the UK, according to the BIS, up from 43% in 2022
London’s share of FX trading also held steady at 38%
www.ifre.com/topic-codes/...
UK remains top FX and derivatives trading hub | IFR
www.ifre.com
September 30, 2025 at 1:21 PM
NEW: UK remains top FX and derivatives trading hub
Half of all interest rate derivatives trading activity in April took place in the UK, according to the BIS, up from 43% in 2022
London’s share of FX trading also held steady at 38%
www.ifre.com/topic-codes/...
Half of all interest rate derivatives trading activity in April took place in the UK, according to the BIS, up from 43% in 2022
London’s share of FX trading also held steady at 38%
www.ifre.com/topic-codes/...
Reposted by Chris Whittall
NEW: The data centre investment boom is providing a fast-growing line of business for investment banks
Record amounts of debt being underwritten for these mega projects, often paired with bespoke, deal contingent derivatives hedges 👇
www.ifre.com/topic-codes/...
Record amounts of debt being underwritten for these mega projects, often paired with bespoke, deal contingent derivatives hedges 👇
www.ifre.com/topic-codes/...
Data centre boom drives surge in derivatives hedging activity | IFR
People & Markets
Hedging requirements spur deal contingent volumes
www.ifre.com
September 30, 2025 at 8:36 AM
NEW: The data centre investment boom is providing a fast-growing line of business for investment banks
Record amounts of debt being underwritten for these mega projects, often paired with bespoke, deal contingent derivatives hedges 👇
www.ifre.com/topic-codes/...
Record amounts of debt being underwritten for these mega projects, often paired with bespoke, deal contingent derivatives hedges 👇
www.ifre.com/topic-codes/...
NEW: The data centre investment boom is providing a fast-growing line of business for investment banks
Record amounts of debt being underwritten for these mega projects, often paired with bespoke, deal contingent derivatives hedges 👇
www.ifre.com/topic-codes/...
Record amounts of debt being underwritten for these mega projects, often paired with bespoke, deal contingent derivatives hedges 👇
www.ifre.com/topic-codes/...
Data centre boom drives surge in derivatives hedging activity | IFR
People & Markets
Hedging requirements spur deal contingent volumes
www.ifre.com
September 30, 2025 at 8:36 AM
NEW: The data centre investment boom is providing a fast-growing line of business for investment banks
Record amounts of debt being underwritten for these mega projects, often paired with bespoke, deal contingent derivatives hedges 👇
www.ifre.com/topic-codes/...
Record amounts of debt being underwritten for these mega projects, often paired with bespoke, deal contingent derivatives hedges 👇
www.ifre.com/topic-codes/...
Reposted by Chris Whittall
NEW: Banks ride gold rush trading bonanza
Banks' precious metals trading revenues were up >60% to over $1bn in H1, says Coalition Greenwich
On track for their best year in over a decade
“This is the most interest and enthusiasm for gold I’ve seen in my entire career"
www.ifre.com/topic-codes/...
Banks' precious metals trading revenues were up >60% to over $1bn in H1, says Coalition Greenwich
On track for their best year in over a decade
“This is the most interest and enthusiasm for gold I’ve seen in my entire career"
www.ifre.com/topic-codes/...
Banks ride gold rush trading bonanza | IFR
People & Markets
“The most interest and enthusiasm for gold I’ve seen in my entire career”
www.ifre.com
September 29, 2025 at 9:27 AM
NEW: Banks ride gold rush trading bonanza
Banks' precious metals trading revenues were up >60% to over $1bn in H1, says Coalition Greenwich
On track for their best year in over a decade
“This is the most interest and enthusiasm for gold I’ve seen in my entire career"
www.ifre.com/topic-codes/...
Banks' precious metals trading revenues were up >60% to over $1bn in H1, says Coalition Greenwich
On track for their best year in over a decade
“This is the most interest and enthusiasm for gold I’ve seen in my entire career"
www.ifre.com/topic-codes/...
NEW: Banks ride gold rush trading bonanza
Banks' precious metals trading revenues were up >60% to over $1bn in H1, says Coalition Greenwich
On track for their best year in over a decade
“This is the most interest and enthusiasm for gold I’ve seen in my entire career"
www.ifre.com/topic-codes/...
Banks' precious metals trading revenues were up >60% to over $1bn in H1, says Coalition Greenwich
On track for their best year in over a decade
“This is the most interest and enthusiasm for gold I’ve seen in my entire career"
www.ifre.com/topic-codes/...
Banks ride gold rush trading bonanza | IFR
People & Markets
“The most interest and enthusiasm for gold I’ve seen in my entire career”
www.ifre.com
September 29, 2025 at 9:27 AM
NEW: Banks ride gold rush trading bonanza
Banks' precious metals trading revenues were up >60% to over $1bn in H1, says Coalition Greenwich
On track for their best year in over a decade
“This is the most interest and enthusiasm for gold I’ve seen in my entire career"
www.ifre.com/topic-codes/...
Banks' precious metals trading revenues were up >60% to over $1bn in H1, says Coalition Greenwich
On track for their best year in over a decade
“This is the most interest and enthusiasm for gold I’ve seen in my entire career"
www.ifre.com/topic-codes/...
"By 2029, we expect 20% fewer wealth and asset managers" - Morgan Stanley
September 25, 2025 at 2:20 PM
"By 2029, we expect 20% fewer wealth and asset managers" - Morgan Stanley
Reposted by Chris Whittall
NEW: Nonbanks' trading growth stalls in $7.5trn FX market
Nonbank trading firms made $2.1bn in FX marketmaking in 2024, Coalition Greenwich estimates, ~ flat from 2021
Banks, by comparison, increased FX revenues 32% to $39.4bn
Story and 🧵on this rare trading slowdown
www.ifre.com/topic-codes/...
Nonbank trading firms made $2.1bn in FX marketmaking in 2024, Coalition Greenwich estimates, ~ flat from 2021
Banks, by comparison, increased FX revenues 32% to $39.4bn
Story and 🧵on this rare trading slowdown
www.ifre.com/topic-codes/...
September 23, 2025 at 11:16 AM
NEW: Nonbanks' trading growth stalls in $7.5trn FX market
Nonbank trading firms made $2.1bn in FX marketmaking in 2024, Coalition Greenwich estimates, ~ flat from 2021
Banks, by comparison, increased FX revenues 32% to $39.4bn
Story and 🧵on this rare trading slowdown
www.ifre.com/topic-codes/...
Nonbank trading firms made $2.1bn in FX marketmaking in 2024, Coalition Greenwich estimates, ~ flat from 2021
Banks, by comparison, increased FX revenues 32% to $39.4bn
Story and 🧵on this rare trading slowdown
www.ifre.com/topic-codes/...
NEW: Nonbanks' trading growth stalls in $7.5trn FX market
Nonbank trading firms made $2.1bn in FX marketmaking in 2024, Coalition Greenwich estimates, ~ flat from 2021
Banks, by comparison, increased FX revenues 32% to $39.4bn
Story and 🧵on this rare trading slowdown
www.ifre.com/topic-codes/...
Nonbank trading firms made $2.1bn in FX marketmaking in 2024, Coalition Greenwich estimates, ~ flat from 2021
Banks, by comparison, increased FX revenues 32% to $39.4bn
Story and 🧵on this rare trading slowdown
www.ifre.com/topic-codes/...
September 23, 2025 at 11:16 AM
NEW: Nonbanks' trading growth stalls in $7.5trn FX market
Nonbank trading firms made $2.1bn in FX marketmaking in 2024, Coalition Greenwich estimates, ~ flat from 2021
Banks, by comparison, increased FX revenues 32% to $39.4bn
Story and 🧵on this rare trading slowdown
www.ifre.com/topic-codes/...
Nonbank trading firms made $2.1bn in FX marketmaking in 2024, Coalition Greenwich estimates, ~ flat from 2021
Banks, by comparison, increased FX revenues 32% to $39.4bn
Story and 🧵on this rare trading slowdown
www.ifre.com/topic-codes/...
Deutsche Bank on gold prices rising 42% this year to fresh record highs:
"Gold prices [are] well on track for their strongest annual performance since 1979, when prices surged +127% against the backdrop of the oil crisis after the Iranian Revolution"
"Gold prices [are] well on track for their strongest annual performance since 1979, when prices surged +127% against the backdrop of the oil crisis after the Iranian Revolution"
September 23, 2025 at 10:59 AM
Deutsche Bank on gold prices rising 42% this year to fresh record highs:
"Gold prices [are] well on track for their strongest annual performance since 1979, when prices surged +127% against the backdrop of the oil crisis after the Iranian Revolution"
"Gold prices [are] well on track for their strongest annual performance since 1979, when prices surged +127% against the backdrop of the oil crisis after the Iranian Revolution"
Dollar index at its lowest level since early July
September 16, 2025 at 1:33 PM
Dollar index at its lowest level since early July
NEW: Bank of America's succession battle hots up
Jim DeMare, the BofA's trading chief, has been named co-president alongside regional banking head, Dean Athanasia
Puts them in line to succeed Brian Moynihan, the longest serving major US bank CEO behind Jamie Dimon
www.ifre.com/people-and-m...
Jim DeMare, the BofA's trading chief, has been named co-president alongside regional banking head, Dean Athanasia
Puts them in line to succeed Brian Moynihan, the longest serving major US bank CEO behind Jamie Dimon
www.ifre.com/people-and-m...
September 15, 2025 at 10:39 AM
NEW: Bank of America's succession battle hots up
Jim DeMare, the BofA's trading chief, has been named co-president alongside regional banking head, Dean Athanasia
Puts them in line to succeed Brian Moynihan, the longest serving major US bank CEO behind Jamie Dimon
www.ifre.com/people-and-m...
Jim DeMare, the BofA's trading chief, has been named co-president alongside regional banking head, Dean Athanasia
Puts them in line to succeed Brian Moynihan, the longest serving major US bank CEO behind Jamie Dimon
www.ifre.com/people-and-m...
Sterling has quietly inched its way up to $1.36 against the dollar, highest level in over two months
September 15, 2025 at 9:38 AM
Sterling has quietly inched its way up to $1.36 against the dollar, highest level in over two months