Polish stocks had a very positive start of the year. The “Trump Rally” in the US that started from mid-November had a positive effect on stocks around the world, including Poland and that effect seems to continue in January 2017. In addition, at the end of the last week there were some positive...Read more

In our branch of the financial services industry, for many years now, we have been required to tell the clients what are the risks from the investments they are planning to make, or from the services they will be using from us. Even more so for retail clients – we are required to make sure the...Read more

This week on Wednesday 21-September the Federal Reserve (the US central bank) will announce its decision on interest rates. All markets are watching Fed decisions. The level of short term interest rates in the US has of course a direct impact on yields (and prices) of US treasury bonds. It has...Read more

I started reading Liar’s Poker from Michael Lewis. A very colourful description of the US bond trading business in the 1980’s. And my first reaction was – not much has changed in 30 years. At Intercapital Markets we have traditionally been stocks guys. When we started business in 2003,...Read more

Or how the benefits to some will be paid for by others.

Hungary nationalised private pension funds’ assets – Poland did it as well (although in a slightly different form). Hungary forced banks to pay for CHF loan losses of their clients – Poland is about to do it as well.

On the Polish...Read more