**PLEASE READ ** BONDS YIELDS : YIELDS ARE HEADING IN THE RIGHT DIRECTION ACROSS THE BOARD, WITH PLENTY MORE UPSIDE IF THE MONTHLY CHARTS ARE TO BE BELIEVED.
BONDS YIELDS : YIELDS ARE HEADING IN THE RIGHT DIRECTION ACROSS THE BOARD, WITH PLENTY MORE UPSIDE IF THE MONTHLY CHARTS ARE TO BE BELIEVED.
US 30YR YIELDS HAVE BREACHED THEIR 200 DAY MOVING AVERAGE FOR THE FIRST TIME SINCE MARCH 2019.
OPEN INTEREST AND VOLUME HAS SEEN A MAJOR DROP IN LONG HOLDINGS FROM MARCH, THE RESULT IS YIELDS COULD RALLY HARD OVER THE NEXT FEW MONTHS, CONFIRMING THE LONGSTANDING QUARERTLY-MONTHLY CALL.
PREFERENCE STILL REMAINS FOR A BOND YIELD BOUNCE AND STOCK SELL OFF.
** STILL CONFIDENT WE HAVE SEEN THE LOWS IN LONGEND YIELDS!**
GERMAN MONTHLY YIELDS CONTINUE TO HOLD THE LONGTERM DOWNTREND CHANNEL.
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BONDS-YIELDS-..-YIELDS-ARE-HEADING-IN-THE-RIGHT-DIRECTION-ACROSS-THE-BOARD-WITH-PLENTY-MORE-UPSIDE-IF-THE-MONTHLY-CHARTS-ARE-TO-BE-BELIEVED..pdfMICROCOSM: GILTS > Bear Steepening Into 0F35/0F50s Taps > TRADE IDEAS
- Long-end weakness in the US on renewed hopes of a stimulus deal and a $22bn tap of the 20yr have driven a steepening of the UST curve that has leaked into Gilts this am.
- With Vlieghe's front-end friendly comments yesterday, renewed hopes of Brexit progress and a motivated seller of a ton of UKT 0H61s at yesterday's APF, it looks like tomorrow's 0F35 & 0F50s taps will come at cheaper yield/curve levels than expected on Monday.
- We've been highlighting how well-trodden the ~135-00 to ~137-00 range in G Z0 has been since mid-August, despite a handful of supply/data/Brexit driven spikes in volatility during that span. We also highlighted how significant the 20 day MA has been, providing solid support levels in September. The chart below confirms yet another rejection of the highs and a return to the 20 day MA. This has been accompanied by a 2bps cheapening of the 1H26-0R30-4H34 fly and a re-steepening of some of the front-end flatteners we've had on like 1H26-1Q27 et al.
- The inaugural tap of the 0F35s tomorrow, along with more 0F50s will likely provide GEMMs an excuse to keep the curve steep, especially since there's a tap of the 1F71s next week and no long-end APF action until next Tuesday to mop it up. In our recent notes we've highlighted the directional bias of these 0F35s vs their high-cpn neighbours, the HCs outperforming in a rally. The reversal of the last 36hrs has cheapened the 4Q36s on our 0F35-4Q36-1T37 fly recommendation by about .4bps, removing some of the auction concession, however, our 0R30-0F35-1Q41 fly remains at/close to its wides given the steepening we're seeing. Medium-term, we see value in these 0F35s on the curve and will use tomorrow's tap to begin accumulating a position in them given their cheapening on the curve.
- Supply-Trade… UKT 0F35-1Q41-0F50 fly – sell the belly. This is a directional fly that gets us short with 41s still at the rich end of their range vs these cheaper wings. Carry and roll is flat so this is a position we can hold onto for a while as the 35s grind into the curve.
We'll be in touch…
Thanks
Mark
Mark Funsch
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This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission's Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
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MACROCOSM: Quick Charts - Rates/Macro, Etc...
- Charts provide a relatively objective view of the markets and often confirm (or refute) consensus sentiment. Here are a handful of charts I put together this am that I think give us a good starting point for discussions.
- 10yr Bund yields vs total Coronavirus cases in Germany (inverted). There have been a number of strategists who have targeted -60bps in 10yr Bunds as the lower yield boundary for the 2020 and into 2021. This is partly because we've tested that level in May and got close in August and in both cases the market sold off. This chart, however, suggests that a continued surge in the number of cases could take us further into negative territory.
- BTPS-DBR 10yr Spread vs US MOVE Index. While these are different markets, in theory, both the DBR-BTPS 10yr index and the UST MOVE index are barometers of volatility and have been well correlated since April. In the last couple weeks we've seen a pop wider in the MOVE which seemed isolated until BTPS came under fire late last week, cheapening 12bps intraday before ending 6bps wider. With S&P reviewing Italy's credit rating on Friday (they are widely expected to finally cut them to BBB-, in line with Moody's and DBS although negative outlook would be a surprise given BBB- is the lowest rung on the investment grade ladder) and new C-19 cases making the outlook unclear, it's time to lighten up on BTPS on a cross market basis and consider steepening positions.
- Gamesmanship or Legitimate? While recent articles in the press paint a rather disturbing lack of mutual cooperation and respect in the Brexit talks, most pundits expect a deal to be done, even if it's a barebones one. We're not at Armageddon levels yet but you can see from the chart below that gilts have outperformed 10yr USTs and DBRs by about 14bps in the last 2 weeks, a reflection of the state of Brexit and the Covid-driven restrictions that have hit much of the UK, further dampening the economic outlook.
- New EU SURE program kicks off today with a new 10yr and 20yr benchmark. This will be an interesting issuer that should add some 'firepower' to the core/semi-core market with ample support from the PEPP program to keep them well bid. Dealers are already quoting these issues up to 6bps richer than IPT, well before the books have been built.
EIB curve below vs swaps > with estimated spreads to swaps of today's EU deals circled
More to come…
Mark
Mark Funsch
O: +44 (0) 203 - 143 - 4177
M: +44 (0) 789 - 996 - 4051
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This research was prepared by Mark Funsch. He is a consultant with Astor Ridge. A history of his marketing commentaries can be provided upon request in compliance with the European Commission's Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains recommendations, those recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the clients who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
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STOCKS : EUROPEAN EQUITIES CONTINUE TO STRUGGLE, ONCE AGAIN WE HAVE DIPPED BELOW THEIR 50 DAY MOVING AVERAGES.
STOCKS : EUROPEAN EQUITIES CONTINUE TO STRUGGLE, ONCE AGAIN WE HAVE DIPPED BELOW THEIR 50 DAY MOVING AVERAGES.
THE DOW WEEKLY HAS TOPPED OUT, FAILING TO BREACH THE EARLY SEPTEMBER HIGH OF 29199.35.
THE EUROPEAN RECOVERY HAS BEEN NOTHING LIKE THE USA.
THE NASDAQ AND RUSSELL ARE BOTH NOW ABOVE THEIR RESPECTIVE 50 DAY MOVING AVERAGES.
I DO BELIEVE WE WILL ONLY SEE THE REAL ECONOMIC OUTLOOK ONCE PEOPLE RETURN TO WORK OR NOT AS THE CASE MAYBE.
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FX UPDATE : USD WEAKNESS, THE LONGTERM FORECAST CONTINUES TO BE FOR A WEAKER USD ESPECIALLY AS WE ARE CLOSE TO SOME KEY LEVELS.
FX UPDATE : USD WEAKNESS, THE LONGTERM FORECAST CONTINUES TO BE FOR A WEAKER USD ESPECIALLY AS WE ARE CLOSE TO SOME KEY LEVELS.
THE AUD IS THE MAIN CROSS TO WATCH AS HOPEFULLY IT CAN POP BACK ABOVE ITS MULTI YEAR MOVING AVERAGE 0.7262.
USD CAD SHOULD SOON BE TESTING ITS MAJOR 50 PERIOD MOVING AVERAGE 1.3175!
HERE ARE A SELECTION OF USD CROSSES THAT MUST SURELY SEE THE USD FADE OVER TIME. SIMILAR TO THE BOND MARKET REJECTION OF ITS MARCH EXTREMES!
I HAVE USED NON-CORE CROSSES AS THEY ACHIEVED SOME MAJOR DISLOCATIONS IN MARCH SIMILAR TO US BONDS. I HAVE MARRIED THE USD WITH BRL,MXN,RUB AND CLP. THEY HIGHLIGHT BOTH USD AND US BONDS ARE HEADING LOWER FOR SOMNE TIME.
SOME CROSSES ARE AT MULTI YEAR EXTREMES AND REPRESENT A SIZEABLE LONGTERM TRADE OPPORTUNITY.
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EU bonds - announced 10y and 20y - initial thoughts
' EU Hires Banks for Debut Social Bonds Under Pandemic Program (1)
Bloc to offer 10- and 20-year debt linked to SURE jobs package
(Bloomberg) -- The European Union has mandated banks for the sale of its
first social bonds, aimed at helping boost employment amid the coronavirus
crisis.
It hired Barclays Plc, BNP Paribas SA, Deutsche Bank AG, Nomura and UniCredit
SpA as joint lead managers of the offering, according to a person familiar with
the matter. The bloc plans to issue 10- and 20-year securities as part of a
100-billion-euro ($118 billion) program to finance a regional job support
program known as SURE.'
Here's how I see the Curve in forwards at 'Fair'…
10y MS flat
20y MS +8bp
So the real question is how much cheaper than fair do these come? – and is it enough to create forwards so distorted, that despite the prospect of further issuance, they roll at great levels
If you want to see further analysis on that basis please let me know
Best
James
James Rice
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This marketing was prepared by James Rice, a consultant with Astor Ridge. It is not appropriate to characterize this e-mail as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a trade recommendation. A history of marketing materials and research reports can be provided upon request in compliance with the European Commission's Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains opinions or recommendations, those opinions or recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the those who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of, and income from, any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
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BONDS YIELDS : YIELDS, WHAT A RECOVERY AND ALL FROM THE RIGHT LEVELS, ITS DEFINITELY HIGHER INTO MONTH END.
BONDS YIELDS : YIELDS, WHAT A RECOVERY AND ALL FROM THE RIGHT LEVELS, ITS DEFINITELY HIGHER INTO MONTH END.
OPEN INTEREST AND VOLUME HAS SEEN A MAJOR DROP IN LONG HOLDINGS FROM MARCH, THE RESULT IS YIELDS COULD RALLY HARD OVER THE NEXT FEW MONTHS, CONFIRMING THE LONGSTANDING QUARERTLY-MONTHLY CALL.
PREFERENCE STILL REMAINS FOR A BOND YIELD BOUNCE AND STOCK SELL OFF.
** STILL CONFIDENT WE HAVE SEEN THE LOWS IN LONGEND YIELDS!**
GERMAN MONTHLY YIELDS CONTINUE TO HOLD THE LONGTERM DOWNTREND CHANNEL.
ASTOR RIDGE : Independent Ideas, Research, Liquidity, Anonymity and Trusted Experience.
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- • This marketing was prepared by Christopher Williams, a consultant with Astor Ridge. It is not appropriate to characterize this e-mail as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a trade recommendation. A history of marketing materials and research reports can be provided upon request in compliance with the European Commission's Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains opinions or recommendations, those opinions or recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the those who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of, and income from, any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
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Buy ICTZ 9/22 vs BTSZ0 (CTD 01/15/2023)
Trade Rationale:
Buy ICTZ 9/22 vs BTSZ0 or the CTD (BTPs 01/15/2023) : CIX YL017[ICTZ 0 09/28/22 Corp] - YL017[BTPS 0.05 01/15/2023 Govt]
- ICTZ 9/22 launched last month has retained its auction discount despite the rally in the Italian front end, offering an 8 bpts pickup to the comparable BTP and nearly 4 bpts pickup vs the rest of the ICTZ vs BTP curve
|
BTP |
ICTZ |
Pickup (bpts) |
|
01/06/2021 |
29/06/2021 |
2.9 |
|
01/11/2021 |
29/11/2021 |
3.1 |
|
15/07/2022 |
30/05/2022 |
4.2 |
|
15/09/2022 |
28/09/2022 |
8.1 |
- As a bullish trade we look for the bond to roll back into the curve over the next few months, but as risk markets begin to soften we look for inexpensive blowup trades as well.
- Typically the 2y contract comes under pressure much more than the cash in a risk off environment, as evidenced by the move in the ICTZ 11/21 vs BTSH0 (CTD 1.2% 4/22) during the first COVID wave:
- Also this week on Friday we have ratings statement for Italy for S&P
Trade Mechanism:
Buy 100mm ICTZ Sep-2022 (22k DV01) vs 766 BTSZ0 or 96 mill BTPS 01/15/2023
Entry Levels:
Entry: +2.5 bp
Add: +5 bp
Target: -3 bp
Target Rationale:
Under a bullish scenario the front ends will continue to see demand, and the yield pickup will prove too tempting to allow the current anomaly to persist.
Plotting the bond specific forwards against the Bloomberg generic forwards shows how the cheapness of the ICTZ 9/22 is implying a NEGATIVE forward rate between the ICTZ and BTSZ0.
A move from to -3 bpts in this yield spread brings this forward back into line, hence our -3 bpts target
Under a bearish scenario we would expect significant underperformance of the BTS contract, as evidence in the ICTZ 11/21 vs BTSH0 chart above.
Risks:
- Risk off moves fail to materialise and further taps of the bond delay the correction in the spread
Carry/3m:
Roll: +.1bpts
Carry: +.7bpts
**** PLEASE READ *****BONDS YIELDS : YIELDS NEED TO MOVE HIGHER INTO MONTH END AND FROM TODAY!
BONDS YIELDS : YIELDS NEED TO MOVE HIGHER INTO MONTH END AND FROM TODAY!
THEY HAVE EVERY OPPORTUNITY GIVEN 30YR YIELDS ARE CLOSE TO BREAKING HIGHER THROUGH A 200 DAY MOVING AVERAGE 1.5381 WHILST MANY OF TODAYS US FUTURES ARE STALLING AT 50 DAY MOVING AVERAGES. SO ALL TO PLAY FOR!
OPEN INTEREST AND VOLUME HAS SEEN A MAJOR DROP IN LONG HOLDINGS FROM MARCH, THE RESULT IS YIELDS COULD RALLY HARD OVER THE NEXT FEW MONTHS, CONFIRMING THE LONGSTANDING QUARERTLY-MONTHLY CALL.
PREFERENCE STILL REMAINS FOR A BOND YIELD BOUNCE AND STOCK SELL OFF.
** STILL CONFIDENT WE HAVE SEEN THE LOWS IN LONGEND YIELDS!**
GERMAN MONTHLY YIELDS ARE HOLDING THE LONGTERM DOWNTREND CHANNEL.
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- • This marketing was prepared by Christopher Williams, a consultant with Astor Ridge. It is not appropriate to characterize this e-mail as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a trade recommendation. A history of marketing materials and research reports can be provided upon request in compliance with the European Commission's Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains opinions or recommendations, those opinions or recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the those who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of, and income from, any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
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- • You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
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- • Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
- • Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
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- • Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796
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- • Chris
US BREAKEVENS AND USGGT : BREAKEVENS FINALLY HAVE A TOP AND DOUBLE TOP IN 30YRS.
US BREAKEVENS AND USGGT : BREAKEVENS FINALLY HAVE A TOP AND DOUBLE TOP IN 30YRS.
10YRS AND 5YR DAILY CHARTS ARE BREACHING THEIR RESPECTIVE 50 DAY MOVING AVERAGES.
5YR BREAKEVENS ARE BELOW THEIR ALL IMPORTANT 50 DAY MOVING AVERAGE.
I HAVE ADDED MONTHLY BREAKEVEN CHARTS GIVEN THEIR RSI'S LOOK HISTORICALLY LOFTY.
USGGT ALL DURATIONS ARE AT HISTORICAL MONTHLY RSI LOWS, ONE OF 2008 PROPORTIONS. A BIG STEP AS THE USGGT 10YR IS TEASING ITS
PREVIOUS LOW -0.9494. FINALLY WE ARE GRINDING HIGHER.
**** A ONCE IN A LIFETIME SITUATION REGARDING USGGT10Y!****
GOLD HAS FAILED SOLID RESISTANCE, I.E. ITS PREVIOUS HIGH.
ASTOR RIDGE : Independent Ideas, Research, Liquidity, Anonymity and Trusted Experience.
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- • I provide our research notification below for your convenience:
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- • Research Unbundling:
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- • Astor Ridge does not provide independent research. We have no dedicated or paid strategists, research portals, or research subscriptions. However, you may receive unsolicited marketing communications from our Introducing Brokers from time to time, which may refer to specific trade recommendations. These recommendations are based solely on the opinion of the author, and are not official research recommendations of Astor Ridge. We have considered guidance from ESMA, and any written material from our Introducing Brokers that might fall within the scope of the rules will be provided for free, and made publicly available on our website, to any EU Investment firm that registers for it.
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- • If you are a MiFID firm and do not agree with our approach, and instead believe that you must pay for written commentary or trade recommendations, then Astor Ridge will accept payments determined by you.
- •
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- •
- • I also direct you to our disclaimer on our email footer:
- • This marketing was prepared by Christopher Williams, a consultant with Astor Ridge. It is not appropriate to characterize this e-mail as independent investment research as referred to in MiFID and that it should be treated as a marketing communication even if it contains a trade recommendation. A history of marketing materials and research reports can be provided upon request in compliance with the European Commission's Market Abuse Regulation. Astor Ridge takes no proprietary trading risk, has no market making facilities, and has no position in any security we discuss in this e-mail. The views in this e-mail are those of the author(s) and are subject to change, and Astor Ridge has no obligation to update its opinions or the information in this publication. If this e-mail contains opinions or recommendations, those opinions or recommendations reflect solely and exclusively those of the author, and such opinions were prepared independently of any other interests, including those of Astor Ridge and/or its affiliates. This publication does not constitute personal investment advice or take into account the individual financial circumstances or objectives of the those who receive it. The securities discussed herein may not be suitable for all investors. Astor Ridge recommends that investors independently evaluate each issuer, security or instrument discussed herein, and consult any independent advisors they believe necessary. The value of, and income from, any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity). The information herein is not intended to predict actual results, which may differ substantially from those reflected. Past performance is not necessarily indicative of future results.
- •
- • You should not use or disclose to any other person the contents of this e-mail or its attachments (if any), nor take copies. This e-mail is not a representation or warranty and is not intended nor should it be taken to create any legal relations, contractual or otherwise. This e-mail and any files transmitted with it are confidential, may be legally privileged, and are for the sole use of the intended recipient. Copyright in this e-mail and any accompanying document created by Astor Ridge LLP is owned by Astor Ridge LLP.
- •
- • Astor Ridge LLP is regulated by the Financial Conduct Authority (FCA): Registration Number 579287
- • Astor Ridge LLP is Registered in England and Wales with Companies House: Registration Number OC372185
- • Astor Ridge NA LLP is a member of FINRA/SIPC: CRD Number 282626
- • Astor Ridge NA LLP is a member of the National Futures Association (NFA): Firm ID Number 0499303
- • Astor Ridge NA LLP is Registered in England and Wales with Companies House: Registration Number OC401796
- •
- •
- • If there is anything else you require from us to continue receiving our market communications, or prefer a different medium for access (e.g. publicly available password protected access on the Astor Ridge website), please do let me know.
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- • Otherwise, if you are more comfortable to deem consent by simply acknowledging receipt of this email, and continuing our trading relationship under our updated terms of business below, without registering your disapproval, we are happy to proceed on that basis.
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- • Many thanks,
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- • Chris