search.noResults

search.searching

note.createNoteMessage

search.noResults

search.searching

orderForm.title

orderForm.productCode
orderForm.description
orderForm.quantity
orderForm.itemPrice
orderForm.price
orderForm.totalPrice
orderForm.deliveryDetails.billingAddress
orderForm.deliveryDetails.deliveryAddress
orderForm.noItems
EDITORS NOTE


and an even greater escalation of costs, but ultimately create an informational deficit in the public domain, as privileged access to research becomes the ‘norm’. We also ask whether the AIFMD might be the preferred alternative for smaller fund managers.


Brexit, Bitcoin and MiFID II


Welcome to this final edition for 2017 of The Ghost in the Machine, which covers a very broad swathe of topics from Brexit, Bitcoin and MIFID II through the impact of communication on trading in financial markets to the long-term outlook for food production.


It also looks at shorter-term prospects for grains and oil, and the implications of China’s Communist Party Congress ‘reboot’ of its ‘One Belt, One Road’ project for global commodity demand, and whether market fundamentals will reassert themselves.


As 2018 approaches, we look in broad terms at the progress, or lack thereof, of Brexit negotiations, at the immediate challenges in terms of progressing to talks about future trade arrangements, as well as the more specific impact on Gibraltar and the dairy markets. As if Brexit was not enough of an unknown, financial markets are also preparing for the new MIFID II regulatory regime which starts in January. We consider how it will see a ballooning in data volumes,


IMPORTANT please read these terms and conditions carefully before agreeing to continue to read the content of “The Ghost In The Machine”.


The articles in the publication are for informational purposes only and are entirely written for the professional investor and not intended to be read by the retail investor.


The articles are not an offer to sell or an invitation to invest in any products mentioned by ADM Investor Services International Ltd. (ADMISI). In particular, it does not constitute an offer or solicitation in any jurisdiction


There is little doubt that Bitcoin and Blockchain have been two of the biggest talking points in 2017, which raises serious questions about the blurring of the line between the virtual and real worlds, as well as whether regulators are well ‘behind the curve’. Equally it would appear that there is still a large chasm still to be bridged in trust terms before cryptocurrencies might see mass adoption. 2017 has also seen a further relentless rise in equity markets, and with it an ever larger number of those suggesting that it is at or close to a reversal point… but will the bears have their day?


The UN’s latest projections for global population growth by 2050 highlight the likelihood of a 50 pct increase in agricultural demand as a consequence. How the industry adapts will be contingent on urbanization and demographics trends, on technological efficiencies, as well as the likelihood of more vertical integration in corporate terms, which will likely spark concerns about concentration risks. From a shorter term perspective, the implications of the latest USDA crops report for the grains market are also considered.


THE GHOST IN THE MACHINE


EDITORS IN CHIEF Andy Ash


E: andy.ash@admisi.com Marc Ostwald


E: marc.ostwald@admisi.com


PRODUCTION & CIRCULATION David Rose


CREATIVE DESIGN Simrat Kaur Sounthe


CONTRIBUTORS Alan Bush Andy Ash


Chad Thomson Eddie Tofpik George Eddell Howard Jenkins Marc Ostwald Steve Freed


EXTERNAL CONTRIBUTORS Adrian Hogg


David Hightower Maleeha Bengali Selwyn Figueras Susan Kilsby


where it is unlawful or where the person making the offer or solicitation is not qualified to do so or the recipient may not lawfully receive any such offer or solicitation.


It is the responsibility of any person agreeing to these terms and conditions to inform themselves of, and to observe, all applicable laws and regulations of relevant jurisdictions. You should be aware that any rules and/ or regulations applicable to providing financial services (and the resultant investor protections that may be available), may not apply to persons who obtain information


from the internet and its various applications, of which this material forms part.


The information and opinions contained herein have been obtained from or are based on sources which are believed to be reliable, but the accuracy cannot be guaranteed. No responsibility can be accepted for any consequential loss from this information.


The articles within this publication, and all opinions and statements by the relevant are those of the author and may not necessarily represent the views of ADMISI or its officers, employees and / or affiliates. The information


2 | ADMISI - The Ghost In The Machine | November/December 2017


herein is taken from sources considered to be reliable. However it is intended for the purpose of information only and is not guaranteed by ADMISI or its officers, employees and / or affiliates as to accuracy, completeness, nor its trading result, and does not constitute trading advice or solicitation of purchase or sales of any financial instrument.


By continuing to read this publication, you agree to the foregoing terms and conditions and certify that you are qualified to / and understand these terms.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40