#interdealer

[globaleconomicdrops]

Know the views of experts on treasury markets by watching easy-to-understand videos

Treasury market, which comprises cash markets and repurchase agreements or repo and futures markets, is among the biggest, deepest, and most essential bond markets. Treasury market is considered to be risk-free and near-cash assets markets that have the capacity to retain value and be sold easily during normal as well as stressed market periods. Owing to their stability, U.S. treasuries are often used to serve as a benchmark for other fixed-income securities and hedging positions. Liquidity of treasury markets under stress depends upon very large broker-dealer affiliates of the U.S. Global Systematically Important Banks (GSIBs) in a large measure.

All-to-all trading has the potential to increase opportunities to match buyers and sellers, and mitigate the effects of intermediation constraints on treasury markets. All-to-all trading describes a range of trading protocols that enable any market participation to trade directly with any other market participant. In principle, this structure of treasury markets merges the interdealer segment with the dealer-to-customer segment, and allows any market participant to trade any US treasury security directly with any other market participant. In practice, only a few markets allow purely all-to-all trading but many market segments, including treasury markets, employ protocols to broaden the trading participants.

Low barrier to entry means increased participation

Some market observers argue that all-to-all trading could improve liquidity in the trading market due to an increase in the amount of liquidity available to anyone treasury market participant. Outside of the matching-end investors, all-to-all trading also has the potential to widen the field of liquidity providers that a liquidity consumer can access for trading purposes. The trading strategy can also offer increased transparency of executable and executed prices. Increased transparency can potentially improve the bargaining power of liquidity consumers and potentially lower the barrier for new liquidity providers that require more transparency in order to participate in trading securities. As barriers to entry are low, any type of investor can join the system and participate in treasury securities.

In practice, only a subset of participants serves as liquidity providers in treasury markets. However, even a small share of all-to-all trading in a market results in a more competitive trading environment, thus lowering the cost of trading, and improving overall liquidity. However, all-in-all trading is usually adopted along with other changes in the market, such as central clearing, and increased transparency.

When could the treasury market develop organically?

Many market observers argue that all-to-all trading in the secondary US treasury market would likely develop organically if certain marketing conditions evolve, like a greater degree of market transparency and broader central clearing. CPP becomes the counterparty in the case of centrally cleared trades. However, something close to all-to-all trading can occur even without formal central clearing, like in the case of corporate bonds where the platform effectively acts as the central counterparty to the trade.

There are many conditions that might limit adoption to all-to-all trading in the treasury markets. To get more information on these conditions, and what all the near future holds for treasury markets in the US and all over the world, you can watch informative videos by experts at the Global Economic Drops.

[cryptoheard]

Crypto Options Market Has Become More 'Interdealer' Since FTX's Blowup: Paradigm

Crypto Options Market Has Become More ‘Interdealer’ Since FTX’s Blowup: Paradigm

The crypto market, like traditional finance, comprises the “buy-side” and the “sell-side.” The buy-side invests in assets and includes pension funds, mutual funds, institutional investors, hedge funds and retail investors. The sell-side, which includes commercial banks, investment banks, market makers, stockbrokers and other entities, is concerned with creating, promoting and issuing traded…

[petnews2day]

Crypto Options Market Has Become More 'Interdealer' Since FTX's Blowup: Paradigm

New Post has been published on https://petn.ws/lWcO

Crypto Options Market Has Become More 'Interdealer' Since FTX's Blowup: Paradigm

The crypto market, like traditional finance, comprises the “buy-side” and the “sell-side.” The buy-side invests in assets and includes pension funds, mutual funds, institutional investors, hedge funds and retail investors. The sell-side, which includes commercial banks, investment banks, market makers, stockbrokers and other entities, is concerned with creating, promoting and issuing traded securities.

See full article at https://petn.ws/lWcO #OtherNews

[capitalxtendsmartinvestment]

How Forex Trades are Quoted?

Introduction

The world of online Forex trading is expanding at a rapid rate. To be precise, this market witnessed over $6 trillion in transactions and millions of traders speculating on the market. The best part is Forex market is an unlimited ocean of vast possibilities. So, it’s natural to say that more of millions of traders will come and participate foreign exchange market.

To make a profit in fx trading, you need to buy on the cheap and sell when the price is high, however, this doesn’t have to happen in that specific sequence. You need to be familiar with the way currencies are quoted if you want to calculate how much money you are paying or receiving from a currency transaction.

Since there are no official exchanges for trading currencies, over-the-counter markets are where currency transactions take place. As a direct result of this, there is no global exchange rate that is considered official.

Brokers & Fx Market

The most traded currency pairs and their exchange rates that are reported in the news and on the internet receive their quotes from a variety of different sources; however, when a trader decides to do a transaction, Dealers determine their prices in accordance with the buy and sell orders they are currently receiving, thus the exchange rate will almost certainly differ.

As a consequence of this, various dealers will report somewhat different rates, despite the fact that arbitrage serves to eliminate significant disparities between the various marketplaces.

In the foreign exchange market, there are three sorts of key participants: reporting dealers, other financial institutions, and non-financial clients:

Commercial banks, investment banks, and securities firms are examples of the types of businesses that fall under the category of “reporting dealers.” These businesses conduct trades with large corporations, governments, and other financial institutions, and they do so for the benefit of both their customers and their own proprietary accounts.

In addition, they engage in business on the interdealer market. Many of them also act as liquidity providers for brokers, providing the bid and ask prices on currency pairs that are shown to retail consumers on the trading platforms of the brokers.

Other financial institutions are financial institutions that are not reporting dealers, including insurance firms, finance divisions of large corporations, and investment funds, such as pensions, hedge funds, and money markets. Also, central banks, as they sometimes undertake currency transactions to alter the exchange rate.

Customers that do not fall into the first two categories make up the non-financial customer base; the nonfinancial customer base is dominated by corporations and governments.

Since reporting dealers undertake the majority of foreign exchange transactions, they have a more precise understanding of the supply and demand for each currency pair, resulting in a more precise foreign exchange rate. However, there will be some variations in the currency rates quoted by various dealers. Virtually all transactions done by reporting dealers are completed online.

How to Read Currency Pairs?

The International Organization for Standardization has established codes for clearly identifying the currencies (ISO). The ISO standard for currencies is ISO-4217, which lists both the alphabetic code and numeric code of more than 200 currencies, as well as any minor units of the currency, the smallest subdivision of the currency.

However, the ISO depicts the minor unit of a currency in a peculiar manner. The log base 10 of the number of minor units equivalent to one unit of currency is used. Consequently, since 100 cents equals $1, the minor code for USD is 2, as 102 cents equals $1. In reality, the minor currency code for the majority of currencies is 2.

The first two characters represent the nation, while the third letter represents the currency. The most well-known example of this is the United States dollar — USD. The Canadian dollar (CAD), the Australian dollar (AUD), and the New Zealand dollar (NZD) are also referred to as dollars. As can be seen, each of these symbols concludes with the letter “D,” which signifies the dollar name. Occasionally, though, the nation name or currency symbol is not the most popular name.

Thus, the sign for the Swiss franc is CHF, where CH stands for Confederation Helvetica, which refers to Switzerland, and MXN stands for the Mexican Nuevo Peso, despite the fact that the peso is the more recognized word for Mexico’s currency.

In addition to currencies, four metals known as forex metals or FX metals may be traded in forex accounts. Their sign consists of the element symbol followed by the letter X:

Gold: XAU

Silver: XAG

Palladium: XPD

Platinum: XPT

In order to facilitate the representation of currencies in computer systems and to identify currencies for countries that do not use the Latin alphabet, a three-digit numeric code is also specified for each currency. For example, the numeric code for USD is 840.

One of the functions of currency is to facilitate barter. Money is wanted less for its own sake than for what it may be traded for. Consequently, money forms one side of practically every transaction. Consequently, cash is swapped for a vehicle, food, services, etc. Because money is the global medium of exchange, all other values are measured in terms of it. I can purchase a loaf of bread for $2 and a vehicle for $20,000, respectively. Both prices are stated in terms of the amount of money required to acquire the item.

However, there is a way to view these transactions that facilitates better comprehension of currency exchanges. Buying a loaf of bread for $2 is equivalent to selling a loaf of bread for $2. In other words, this is only a transaction. Since currency is the medium of exchange, all prices are expressed in terms of currency.

However, when purchasing currency, both items exchanged are money. When examining currency quotes, it is essential to comprehend the format of the quote.

Currency Quote Format in the Foreign Exchange Market

Currency is commonly expressed in pairs. The first price is referred to as the base currency, and its value is a unit of that currency. The second currency is referred to as the quote currency (also known as the counter currency), which is the quantity of the second currency that is equivalent to one unit of the base currency.

Base Currency/Quote Currency = Exchange Rate

Consider the following exchange rate:

If GBP/USD=2

This means 1 British pound may be purchased for 2 United States dollars when the GBP/USD ratio is equal to 2.

Quote Currency/Base Currency = 1/(Base Currency/Quote Currency)

Example: If GBP/USD = 2

Then, the exchange rate for USD/GBP is 1/2 = 0.5, and one USD may be obtained by exchanging half a GBP.

Summing up: A quotation for GBP/USD is the amount of United States dollars (USD) required to acquire 1 Great Britain pound (GBP), or how much USD would be received for 1 GBP.

Priorities of Currencies

There is a standard in the foreign exchange for assigning the base currency to a currency pair, so when currencies are quoted, the most traded currency with the highest priority is the base pair. The relative importance of the main currencies is as follows:

Euro

British pound (aka Cable)

The GBP/USD pair is known as the Cable because price quotes were delivered by transatlantic cable in the 19th century.

Australian dollar (aka Aussie)

New Zealand dollar (aka Kiwi)

US dollar

The Canadian dollar (aka Loonie)

Swiss franc (aka Swissy)

Japanese yen

Online Forex Trading platforms will thus quote EUR/USD rather than USD/EUR and USD/CHF rather than USD/EUR. All other currencies are deemed small. Typically, the major currency is listed as the base currency in forex quotations of a major and a minor currency.

In some circumstances, however, several sorts of quotations may be preferable, and the media may report different quotations. The primary benefit of these various forms of quotations is that the base currency or quote currency stays constant across all currency pairings, regardless of currency priority. For example, American forex consumers would be primarily interested in American quotations, since they like to see the value of foreign currencies per $1. In the United States, currency futures are also reported as American quotations.

There are four primary categories of currency quotes:

Direct Quote: The base currency per unit of the other currency, i.e., the dollar. Currency Quotation / Base Currency

Indirect Quote: The number of foreign currency units per unit of the base currency; this is how currencies are often quoted, i.e. Base Currency/Quote Currency

American Quote: The number of USD per unit of another currency, expressed as a direct quote where USD is the base currency, i.e. USD/Unit.

European Quote: This is an indirect quote where USD is the base currency, i.e. Units/USD. The number of foreign currency units — any foreign currency, not necessarily only the Euro — per 1 USD.

[cryptobitnews]

UK Interdealer Broker TP ICAP to Sell CME’s Bitcoin Futures United Kingdom-based interdealer broker TP ICAP will sell bitcoin (BTC) financial derivatives, Bloomberg…

[not-a-coral-snake]

for @lamenweek Day 8 prompt: “It was one kingdom once”

"Their support is . . . tennous," Berenger says. He shifts his weight. "Your majesty, if I may be so bold . . . You retain their support because they think you are young and tractable. They think they can sway you, if not into abandoning the alliance with Akielos entirely, into minimizing its priority. If you proceed as you plan, you will lose their support entirely."

It’s like this sometimes. His nobles, or Damianos’s, dangling promises of support before them, of difficulties that could be amicably smoothed over, if only the king would be reasonable. The three nobles Berenger is referring to today hold between them a significant portion of Toutaine, rich in timber and mineral resources, and in Lord Mitry’s case, along a strategically-important stretch of the border with Vask. Appease them, and Laurent will have a significant amount more funds and men for fighting the more directly-belligerent of his uncle’s remaining supporters and pursuing the various domestic projects he has planned. Refuse, and Laurent will be likely be faced with years of delayed and short tax payments, a haven for smugglers that will sharply reduce tariff revenue from Vaskian goods, perhaps even a breeding ground for more direct rebellion. 

It comes as little surprise. Laurent knows it would be difficult to find broad support for his plans with Akielos even if he had political capital to spare. Knows how little political capital surviving his uncle's court has left him. Knows whatever tolerance, whatever grudging deference, he has wrangled out of his court by virtue of their nearly executing him on false charges is fleeting.

“Invite the Toutainais nobles to court for the snowmelt festivities,” Laurent says. “We can give them an opportunity to attempt to convince me of the wisdom of their position. It will be as much a chance for me to reassure them of the logic of mine.”

Berenger nods, jots down a note. “Shall I delay the announcement of the new trade policy with Akielos until after their visit, then?” he says.

Laurent pauses, shakes his head. There is only so much to be gained by stringing the Toutainais nobles along for a few weeks longer. “We cannot allow the reservations of a handful of northern lords to dictate our policies for the nation,” he says. “Announce the trade policy as planned.”

*    *    *

It had been an impulsive proposal, uniting the kingdoms, born out of high emotion rather than logic. Laurent is reminded of this every time he is faced with its costs. He had been dehydrated, had not slept in thirty hours. Damianos had lost rather a lot of blood. It was one kingdom once.

They do not plan to unite it into one kingdom again immediately or all at once. They had announced, in those early days in Ios, simply an alliance. In the negotiations that followed, they had laid out a stronger, more intimate alliance than was usual. They plan, over the next several years, to strengthen the terms of the alliance still further, the alliance’s existing success hopefully serving as an argument in favor of further entanglement. 

In the meantime, they plan to harmonize the workings of their respective governments, to increase trade and cultural exchange. They will join the kingdoms later, when Akielons and Veretians are no longer strangers to each other, when laws and governments can be joined without friction, when trades and interdeallings have grown to a point that union seems more natural than not. 

Moving the capital of each kingdom to Marlas has been an early success. Veretians are proud to once again rule over Delfeur, and see the court at Marlas as a literal and obvious symbol of their reign. Akielons, aware that Veretians possesses the province on paper, are glad of the new capital as evidence that Akielos still, in the ways that matter, holds Delpha. 

Damen smiles fondly at the gracefully shifting narratives Laurent employs when speaking of the two countries’ decision to form a court at Marlas, the flexible, carefully-chosen explanations he uses that allow everyone, Veretian or Akielon, to view the new capital as a win for their side. Laurent, for his part, never denies outright that greater unity with Akielos was his main goal in moving the capital.

*    *    *

There are costs for Damen too, among the kyroi and the powerful noble families of the Akielon court. 

Even with the lingering doubts and resentment left in the wake of Kastor’s coup, Damen’s position in his own court upon taking the throne was stronger than Laurent’s was. The rumors meant to delegitimize Damen after his return from Vere had never really had time to take root, and few of Kastor’s supporters had been truly loyal to Kastor himself, rather than Theomedes’s bloodline. Damen is a beloved warrior, a hero, triumphantly returned from supposed death to claim his rightful throne. He has the support of his people for whatever grand and improbable project he might wish to take on. 

The first grand and improbably project Damen takes on, however, is ending slavery. He and Laurent agree: ending slavery as early in Damen’s reign as possible is a moral imperative, as well as a practical one. Whatever chance there is of winning broad acceptance in Akielos to ending slavery, it will be the greatest while the knowledge of the king of Akielo’s time as a slave is still a raw wound, while that king’s survival and seeming return from death still seems like a miracle. In the days of still-unsettled emotion at the beginning of Damen’s reign, ending slavery becomes a way of channeling the people’s fervor, allowing all the shock and outrage and gratitude and shame the people feel upon learning his story to be converted into action.

It is also probably for the best that the people of Akielos do not associate the end of slavery with growing Veretian influence in Akielon affairs.

When the project to end slavery succeeds, it is in the eyes of both kings a monumental triumph. If I do nothing else of worth during my reign, Damen thinks, I can nonetheless be proud of my achievements, having accomplished this.

As things stand, though, Damen has other plans as well. And as he begins the process of moving Akielos towards unification with Vere, he finds he has a steeper uphill battle ahead of him now than before. There is talk that the young king is trying to change too much, too fast. Overconfident, perhaps. There are enough of Kastor’s more subtle supporters left at court to become a focus point for the murmurs of discontent that arise. Damen’s throne is hardly in danger, but building support for his policies is increasingly a matter of strategic effort rather than easy assurance. 

Unfortunately, Laurent’s presence at court has a tendency to exacerbate these weaknesses. When Laurent attends meetings with the kyroi, he becomes a proxy for criticism the kyroi would not dare direct at Damen himself. In one meeting concerning defense against Vaskian raids, the pace of the meeting slows to a crawl as the kyroi present Laurent with objection after objection. They argue with Laurent, try to pick open holes in his logic, even ask for confirmation his sources of information are reliable and his calculations correct. Damen would be outraged on Laurent’s behalf, except that Laurent is clearly unbothered by their rudeness. He seems to be enjoying himself even, sidestepping their traps easily and demolishing each objection almost as quickly as it’s raised. He’s anticipated nearly every one of the arguments the kyroi fling at him, Damen notices. So instead, Damen sits back and watches appreciatively as Laurent wins endless battles of words. 

In private, after the meeting ends, Nikandros is livid. “They have no business speaking to a king like that,” he says. “Even a foreign one. To ask you if you were certain about the timing—they had no place—”

Laurent is silent for a while, reassessing, as Nikandros paces the room. “That wasn’t normal political discourse, then,” he says finally. “Akielon protocol does not allow for direct critique of a king’s line of reasoning.” 

“You let people speak to you that way in your own country?” Nikandros says, amazed. 

Laurent shrugs noncommittally, but Damen has attended enough meetings with the Veretian council and nobility to know that yes, this sort of back-and-forth is relatively common in Vere. And not merely a product of Laurent’s previously-tarnished reputation with the court, but instead a result of the different ways Veretians demonstrate power and deference. 

But later, after Nikandros has left, Laurent says, “I am a weakness to you here in more ways than I thought.” He bites his lip.

“I did not think you minded their questioning,” Damen says.

Laurent says, “I knew, being here, that more people would claim that I wield undue influence over you. That some would dismiss our ideas as too Veretian, that some would whisper that you were thinking with your cock. But most of those people would be saying as much anyway even if I were not in Ios in person.

“But by being here, in person, I have become a proxy for all the criticism they would make of you, and cannot. They can criticize me, and in criticizing me they can make you appear weak. Perhaps I should return to Marlas.”

There is a truth to Laurent’s words, for all that Damen’s mind rebels against it. Knowing now the typical deference afforded a king in policy meetings, Laurent can adjust his own behavior. Damen knows without any doubt that Laurent, if he wanted to, could make any man who questions him instantly regret being born.

But he will be a proxy for criticism not just in meetings, where he is present to defend himself, but in every conversation resentful nobles have with each other. Kastor’s former supporters will complain of Laurent, instead of Damen, and nobles who would never dare criticize Damen will feel comfortable joining in. The more Laurent is present in Ios, the more he is seen to have a direct hand in any particular issue, the more policies the court will find it safe to disparage.  

Damen could agree, could let Laurent return to Marlas and remain in Ios alone. They could correspond by letter, could still shape policy together at a distance. It could work that way. It might even work better that way. And yet—

“You should stay,” Damen says. Whatever the tradeoffs, it’s worth it to have Laurent here, to have Laurent in meetings observing the kyroi’s behavior himself, to be able to consult with him every day, to be able to spend evenings together making plans and picking their way through problems. 

Laurent raises an eyebrow, but some of the tension is already leaving his shoulders. “I work better when you’re here,” Damen says. “The kyroi will have to get used to you.”

*    *    *

There is a set of reasons Laurent uses with the Veretian court to argue in favor of alliance: easier and more lucrative trade, a relaxing of border defenses that allows greater resource use elsewhere, cultural exchange that will improve Veretian knowledge of medicine, engineering, crafts. And it is true that there are indeed advantages of unification for Vere. But Laurent sees on the faces of the Council and the more politically-inclined nobility, at times, that they know, as Laurent himself does, that these advantages are not great enough to justify gambling on such a radical change. It is the same, Damen tells him, with the kyroi. 

With the common people of the two kingdoms, the kings take a different approach. An unlikely romance between enemy princes makes for a good story, and tales spread across the countryside with little effort on Damen and Laurent’s part. Before long, seemingly every village poet and traveling minstrel has their own version of the story, all of them full of battles and adventure and heart-wrenching sentimentality. The common people of Akielos and Vere know the truth: the kings are bringing the kingdoms together out of love. It’s easy to become invested in their love story. It’s easy to hope for it to have a happy ending. In the north of Vere and the south of Akielos, where the common people can safely assume alliance will have little effect on their own lives, that’s for the most part enough to build broad support for the kings’ plans. 

For the people who live near the border, things are a lot less abstract. The border people have the strongest opinions, both in favor of the alliance and against it. Some are very glad of the chance of a lasting peace. Some are very, very nationalist. But the people of the border are also the closest to the court at Marlas, and thus have the greatest opportunity to see the alliance working, the joint court working. Laurent and Damen are optimistic that distrust and resentment are declining in Delfeur, that casual interactions between Akielons and Veretians are on the rise. 

It will be difficult to build enthusiasm among the nobility for full unification, Laurent knows. He considers, some days, whether it was a mistake to attempt to present them with compelling practical reasons. There is no logic-based way to convince them, because unification is not, at its heart, a decision rooted in logic. He imagines sometimes what it would be like, to tell the court that he is going to unite Vere and Akielos because he is madly in love. The idea is amusing, and in equal parts frightening and tempting in its vague transgressiveness. He’s not really sure he can carry off such a thing convincingly, for all that it is the truth: he has not yet lost his reputation as icy-blooded. And if he could convince them, well. He has only barely lost his reputation as petty and selfish. He would not like to give the court reason to once again heed his uncle’s words.

Still, he and Damen have undeniably learned the importance of emotion in politics. When it comes time to transition from alliance to unification, they plan to draw upon the reservoirs of nationalist and expansionist fervor that had persisted in Akielos and Vere for centuries and had been cultivated so strongly by Theomedes and Aleron. The dream of empire still sleeps in each court. Damen and Laurent plan to wake that dream, to persuade their people that in unifying with their historic enemy, they are not losing their national identity but becoming part of something greater. Returning to a former greatness that was always their destiny.

“And then some meddlesome baron will probably come up and start lecturing you that restoring the Artesian Empire for the first time in a thousand years is increasing the incidental expenses of tax collection by six and a half percent,” Damen says, trying to hide his smile. 

“And it would serve me right, too, I suppose you mean,” Laurent says, smiling too. 

*    *    *

“A trying day, love?” Damen asks when Laurent enters their chambers one night, as Laurent had somehow known he would. Laurent’s posture, he fancies, is straight-backed as ever, but Damen can always spot the tension Laurent tries not to show. 

“Lords Becquet and Merault and Lady Daumont still oppose the new legal code,” he says, hand absentmindedly beginning work loosening the laces on one sleeve. Damen has crossed the room already, is starting work undoing the laces on the back of Laurent’s jacket. “They’ve got the ear of Councillor Mahiet, and I fear they may convince her to change her mind again and withdraw her support.” As king, Laurent no longer requires the Council to approve his actions, but their support is still important to lend his policies an air of legitimacy. 

“Their objection was that there was too large a difference in penalty for violent and non-violent offenses?” Damen says, and Laurent sighs.

“So they claim. I met with Merault and Daumont today to discuss their objections, and they have little real interest in amendments or adjustments. Their real objection, I suspect, is that the proposed system is too Akielon.” It’s a setback, and against the background of the ongoing situation with the Toutainais nobles, a disappointing one.

The proposed legal code is, by design, neither excessively Akielon nor excessively Veretian. In cases where Veretian and Akielon laws had been too disparate to be blended smoothly and retain any kind of internally-consistent logic, there are sections with distinctly more influence from one country or the other. But care had been taken, both by the kings and their advisors in drafting the overall structure of the code and the bureaucrats who had written the actual language, to create a system that prioritized neither country’s existing laws. 

They had also sought to create a system that was more modern, easier to understand, and more just than the existing systems, with the unfortunate result that some new policies originating from neither Akielon nor Veretian law were occasionally mistaken for additional foreign influence. 

“Too Akielon,” Damen repeats. “If only my nobles felt the same way.” Laurent lets out a sigh that is half laugh.

“It’s a thornier problem to solve,” Laurent says. The legal code needs broad support in order to succeed, from the thousands of nobles, mayors, town headsmen, and bailiffs who will be responsible for following it as they mete out justice across two kingdoms. “For many of my nobles, any Akielon influence is too much, and no amount of reasoning will convince them that I am not being somehow taken advantage of.”

“The problem is not that the code is too Akielon-influenced, only that they perceive it to be so,” Damen says, musing. He lifts the open jacket from Laurent’s shoulders. 

“You want to make a spurious proposal so that I can publicly shoot you down?” Laurent guesses. They’ve used this maneuver and its inverse before.

“It’s worked pretty well in the past.” 

“We need Akielon nobles to support and enforce the new laws too.”

“Yes, but the code seems more popular there at the moment. The nobility appreciate the simplified approach to entail and inheritance laws. And Veretian influence in the new code has effectively lowered Akielon agricultural taxes.”

“Yes, I suppose if your spurious proposal is an attempt to keep your nobles’ taxes high, avarice will temper their resentment of me somewhat,” Laurent says. A pause. “It may still make you look weak at your own court, for a time.” It’s becoming easier for Laurent, to admit his own weaknesses, to ask for help, but it’s always hardest when that help comes at a cost for Damen.

“I’m not worried about that at the moment, not so soon after destroying that pirate haven that was menacing Isthima.”

Laurent is silent for a while, considering. “Well then, I will await your proposed changes with pleasure and profound skepticism,” Laurent says. Damen laughs, and they continue getting ready for bed.

“And Damen?” Laurent says, after they’re tucked under the blankets together. “Thank you.”

*    *    *

Laurent does lose the support of the Toutainais nobles. Damen loses the support of the kyros of Kesus and much of the nobility from Aegina. Sometimes almost as concerning as the supporters they lose is the supporters that they do have. They each have untrustworthy allies—people whose power at court they would very much rather minimize, but who throw themselves into organizing support for the alliance in order to try to make themselves essential. Chelaut, who is far less innocent of the regent’s plans than he would have the court believe, retains his council seat by making himself one of the earliest and most vocal supporters of the alliance. In the same way, Damen finds himself publicly overlooking Heston’s former support for Kastor’s faction after Heston begins work organizing support for stronger ties with Vere.

For each mote of progress they make towards unification, it sometimes seems, there is another trade-off or setback. Mostly they weather the challenges well together. Often, the challenges bring them even closer together. They learn more about each other’s strengths and weaknesses and manners of thinking, grow to appreciate each other more, learn to rely upon each other without question. But there are nonetheless times when they struggle to understand each other’s point of view, days when they bicker constantly about one policy or another, days when they fight bitterly about them. 

Worst is when distance or work has kept them from really seeing each other for days or weeks, and then a fight ruins the long-anticipated time they do have to see each other. On days like that, Laurent hates the unification project for stealing so much of the time he and Damen might have spent together, and then poisoning what time they have left. 

There are times when Laurent has been alone in Arles or Marlas for so many weeks or months he finds himself settling into routine, finds himself growing half-convinced that he could be content like this: Ruling alone. Living a quiet, useful life, returning each night to empty rooms with a book for company.

And sometimes, Laurent finds himself thinking that if this could be enough on its own, maybe unification won’t be worth it. Maybe it would be better to leave things as they are, the kingdoms apart but at peace. For him and Damen to rule their separate courts, lives simpler without the constant uphill struggles that come from strengthening the alliance. To use the leisure that uncomplicated reigns would bring to see each other a few times each year, their time together limited by distance but unmarred by stressful days and fights over policies and strategy. Perhaps that could be enough. Perhaps that would be for the best. 

And then he sees Damen again, and knows that this is worth it. A lantern may be considered bright in the darkness, Laurent thinks, but it would never compare to the sun. The contentment he might have had with an easier reign alone is nothing compared to the happiness he has ruling alongside Damen. Anyway, it’s not in his nature or in Damen’s to turn their back on a commitment once made or a challenge once taken on.

In the darkness of the Ios palace baths, sleep deprived and dehydrated and losing blood, Laurent and Damen had made a choice. Now, with ample time to consider, in the comfort of study and council chamber and throne room, they make it again and again and again. It will be one kingdom, someday.

[usamaali5050]

forex trading software

Were participants in the interdealer market, larger Forex is forex That's traded through traders, often Market, but they have been discovered to narrow as trading volume climbs. [4] By investors or smaller. These firms are also understood by the word"retail aggregators." Retail forex trading started to become popularised in the late 1990s with the development of financial trading. Into company , retail forex brokers and dealers went at that time to allow traders to get into markets that were formerly limited to large-scale businesses and financial institutions. The broker's role has commonly been found in equities, Account with a limited number of resources and allow them to trade online via trading platforms. Trading is done through the spot foreign exchange market, although some brokers deal in products such as options and futures. Forex trading has been popularised among traders since agents have offered them the chance to trade with margin accounts best forex brokers.

 These allow traders to effectively borrow capital to create a transaction, and multiply the principal that they use to exchange by large quantities up to 50 times their initial capital. Are higher for clients than they're at the interdealer The interdealer market, which will be dominated by banks. Since the trade volumes Traditionally, foreign exchange has been traded on the interbank market by larger customers such as importers, exporters, banks and multinational corporations who must exchange currencies for industrial purposes and hedging from currency risks. Retail forex brokerages behave in the role of traders, Commodities, insurance and derivatives and property markets since the beginning of the modern era. And by phone , most agents run until the dawn of the era. Brokers would buy and sell, and clients can phone in their orders of trades resources on behalf of their client's accounts for a commission. Brokers And Dealers About the year 2000, retail brokers began offering online Provide liquidity for your brokers' prices that are accessible. Bid-ask spreads Taking another side of a commerce in order to provide liquidity for traders best forex brokers in uk

 Before the development of forex brokerages, human trading amounts less than US$1 million have been discouraged from entering the market by bid-ask spreads that are large. A forex broker, also known as a retail forex broker, or Their customers to access accounts and transaction through digital platforms and computer software. A broker previously was considered an individual member of a profession and frequently worked in a special agency called a brokerage house (or even simply a broker ). [1] Accounts to private investors, streaming costs from leading banks and the A concept for modern dealers is forex. Retail Forex Service by negotiating them in and bundling many small trades In commercial and financial trading, Currency trading agent signifies that an intermediary who purchases and sells assets to get a commission or a particular asset. Therefore, a broker may be considered as a salesman of fiscal assets. The origin of the term is unclear, even though it is thought to stem from French. Retail forex brokers normally allow traders to set up an The brokerages were able to provide brokers reviews

[drypuddleublimigal]

I'd like to introduce two great female artists for public interest .

I'd like to encourage other U.K. artists, regardless gender, to come together here and share your collaboration idea with dialog.

https://twitter.com/Aliyahjx_/status/1183486506180186112?s=09

https://instagram.com/aliyahjx_?igshid=cu8adn80mow7

https://www.facebook.com/ArtistHeatherRooney/

Art Business Conversation

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At the ART gallery hanging out #ntamdesignstudio #studiolife #artistslife #photographerlife #theartgallery #art #gallery #exhibition

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ART DEALER

candela · concealer · dealer · double-dealer · healer · horse-dealer · interdealer · mela · misdealer · mochila · newsdealer · sealer · sheila · spieler · subdealer · tela · tequila · Vela · wheeler · wheeler-dealing

[expertoptionwiki]

Liquidnet founder Merrin joins portfolio construction FinTech as executive chairman

Seth Merrin joins Neuravest as executive chairman after departing Liquidnet following its acquisition by interdealer broker TP ICAP.

[noncyowen]

Compagnie Financiere Tradition’s H1 Net Profit Declines 24.4%

Compagnie Financiere Tradition’s H1 Net Profit Declines 24.4%

Posted by: CHF Editor in CHF 1 min ago Compagnie Financiere Tradition (CFT), a Swiss interdealer broker and operator of a Japanese retail broking giant, reported a consolidated net profit of CHF 39.1 million for the first six months of …Read Full Story at source (may require registration) Latest posts by CHF Editor (see all) 2021-08-27 Source link

[cryptoassetrating]

World's biggest interdealer broker is partnering with Fidelity and Standard Chartered to launch a cryptocurrency trading platform

The interdealer broker that is known to be World's biggest is now entering into a partnership with Standard Chartered and Fidelity to launch the platform for cryptocurrency trading. With this, Institutional clients will be given better trading and settlement. On June 29 consortium made an announcement in London stating TP ICAP Zodia custody and Fidelity Digital Assets shall create crypto trading akin.

With the launch of a cryptocurrency venue for institutions, ICAP Group Plc is now hoping to expand its footprint in this market that is known for volatility.

[gendihn]

TP ICAP to launch Bitcoin exchange with Fidelity, Standard Chartered

TP ICAP to launch Bitcoin exchange with Fidelity, Standard Chartered

Major global interdealer broker TP ICAP is launching a cryptocurrency trading platform with Fidelity Investments and British banking giant Standard Chartered. TP ICAP’s upcoming crypto exchange is scheduled for launch in the second half of 2021 and will initially offer trading exclusively for Bitcoin (BTC), the world’s largest cryptocurrency, Reuters reported Tuesday. Other digital assets like…

[drypuddleublimigal]

Art Business Conversation

#TheArtGallery

#ArtSales

At the ART gallery hanging out #ntamdesignstudio #studiolife #artistslife #photographerlife #theartgallery #art #gallery #exhibition

Oil on canvas

#oiloncanvaspainting

#oilpainting ART DEALER candela · concealer · dealer · double-dealer · healer · horse-dealer · interdealer · mela · misdealer · mochila · newsdealer · sealer · sheila · spieler · subdealer · tela · tequila · Vela · wheeler · wheeler-dealing

[expertoptionwiki]

TP ICAP latest to take advantage of expanding liquidity hub in Singapore

Interdealer broker will launch an electronic foreign exchange trading platform into the region with support from the Monetary Authority of Singapore.

[techminsolutions]

TP ICAP to launch crypto trading platform with Fidelity, Standard Chartered

TP ICAP to launch crypto trading platform with Fidelity, Standard Chartered

TP ICAP, the world’s biggest interdealer broker, is launching a cryptocurrency trading platform with Fidelity Investments and Standard Chartered’s digital assets custody unit, the consortium said on Tuesday. Institutional investors have warmed to the crypto sector this year and the platform, which is due to launch in the second half of the year, will initially allow them to trade bitcoin, with…

[markalbueba]

from Blogger World’s Largest Interdealer Broker, TP ICAP, To Launch Bitcoin Trading Platform via Grabey.com