February 2014

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Another Swiss SIX-listed Company Switches from complex IFRS to pragmatic Swiss GAAP FER

After Meyer Burger (SIX: MBTN) at the end of October 2013 and Burckhalter Holding (SIX: BKRN) beginning of October 2013 today a further company has joined the list of those dissatisfied with IFRS rules, complexity and costs: Kaba (SIX: KABN) released this press release today: kaba-switches-from-ifrs-to-swiss-gaap-fer. Kaba Group sells its products and solutions all over the world. Its main markets are Europe, North America and, increasingly, the Asia-Pacific region. The press release: Kaba switches…



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Option Strategies – Overview – Graphs

This overview of option strategies can come in handy when discussing with clients or prospects how to best capitalise on their / my views for index or single equity levels and other instruments. Options-Strategies-Overview


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Swiss Old Age and Survivors Insurance (OASI/DI – AHV/IV – AVS/AI) – Active Trading

Today I came across the graph below (arrows and highlighting added by me) on the website of the Swiss Old Age and Survivors Insurance (OASI/DI – AHV/IV – AVS/AI). It shows the equity portion of the holdings and how they switched from close to 30% Emerging Markets in December 2012 to 15% by September 2013. And at the same time increased holdings in European Large Caps by close to 10%. What…


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Reasons for Flash Crashes: Example Dax Future February 6th, 2014

Certain market participants believe that short sharp corrections, aka a Flash-Crash, are caused by ominous or secretive algorithms. The action in the Dax Future on February 6th is an example that the F.A.Z. sees as a Flash-Crash, – even though the exchange was quick to point out that they wouldn’t describe it like that. If you take a close look at what the reason for this ‘Flash-Crash’ was, it boils…


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Swiss Mid & Small Cap Off Exchange Most Active – 06-02-2014

This list, exclusively compiled by Zuberbühler Associates Ltd for proprietary client trading strategies, shows which stocks had most off-exchange trading volume (06-02-2014). Interesting on todays list: Peach Property has a large institutional bidding the order book. Currently there are 30k bid in the order book at 10.15. Considering that kind of size is the usual daily volume the off market of close 55k on February 6th and that the price…


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Swiss Mid & Small Cap Off Exchange Most Active – 05-02-2014

This list, exclusively compiled by Zuberbühler Associates Ltd for proprietary client trading strategies, shows which stocks had most off-exchange trading volume (05-02-2014). Interesting on todays list: DKSH (Market Expansion Services Group with a focus on Asia)and gategroup (leading independent global provider of products, services and solutions related to a passenger’s onboard experience) once again (already on 04-02-2014) active. VZ Group was however the largest by % of trades shares off market today. The…


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Structured Products and their Importance to Universal Banks’ Profits

The data below is from a large universal bank in Switzerland. It shows that close to a quarter of the entire banks trading profits come from structured products. The fact they make 300% more money with structured products vs equity trading and equity derivatives tells you a lot about margins and how widespread the use of structured products has become. From a client perspective investing in these instruments this can’t…


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Equity Linked Bond / Reverse Convertible Bond

Today, reading the F.A.Z, I came across this ad for equity linked bonds. These kind of products are interesting as they appeal to people’s need or demand for a high guaranteed percentage return. Everyone knows that current interest rates are close to zero, so you get a lot of regular, even university educated people who are attraced to the high yield shown in the ads (and touted with: “chance for attractive…


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Swiss Mid & Small Cap Off Exchange Most Active – 03-02-2014

This list, exclusively compiled by Zuberbühler Associates Ltd for proprietary client trading strategies, shows which stocks had most off-exchange trading volume (03-02-2014). Interesting on todays list: Interroll (rollers, components, drives and modules for material handling, storage and automation) had seen a nearly 24% rise since October 2013 and looks to be consolidating on insider trading. More than half the days volume off-market on Monday. Seeing as they are a logistics…