Northern Sky

About Northern Sky

Jefferies described market makers as the ecosystem’s “liquidity backbone”. They post executable bids and offers, manage inventory and provide prices when customer activity is heavily weighted to one side.

The analysts estimated that an operator capturing a one-cent spread and managing its exposure successfully could generate net economics of approximately $1.69 on a $100 trade. Returns are not guaranteed: adverse price movements and unresolved inventory can offset or exceed income from spreads, rebates and liquidity incentives.

The operational infrastructure available to these new firms, however, remains underdeveloped. Gonzalez contrasts prediction markets with equities, where trading businesses can use prime brokers, clearinghouses and standardised systems such as FIX.

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About Northern Sky

About 18 months ago I wrote this weird, esoteric, wacky article. I made the case that once U.S. dollar interest rates went negative, all commodities would warp into backwardation. Meaning, the spot prices for all commodities would become more expensive than their futures price. This is now happening. Almost all commodities are now in persistent backwardation. All grains, sugar, lumber, and cotton; energy including natural gas and both Brent and WTI crude oil; base metals including copper, tin, and iron ore. They are all in backwardation now, and some have been that way for months now. The CRB commodities index is now climbing at its fastest pace ever, doubling since March.

And this is with various forms of lockdowns persisting in Europe and the U.S., which should mute industrial demand for commodities. Paper currencies are dying. That’s what’s happening, pure and simple. And they are about to get their death blow.

What death blow exactly? Short term nominal U.S. dollar interest rates will be negative within precisely 4 weeks.This is because Janet Yellen, now Secretary of the Debt, has now begun the process of dumping $929 billion directly into the U.S. banking system by the end of March. This is in addition to the $1.9 trillion “stimulus” bill and $1,400 checks to every American about to get through in a matter of weeks.