May 2007
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LATEST ARTICLES
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Which US investment bank is back in the top 10? Which Danish bank breaks into the top 25 for the first time? What’s the best multi-bank platform – FXall or Currenex? And who are the leading local banks in emerging market FX? Here are the views of over 8,000 end-users who transacted over $120 trillion in the past 12 months.
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The range of structured credit products on offer to investors has grown as they seek to increase returns in a low-yield environment. The next stage, led by CPDOs, is to create more spread-based, rated products that incorporate default and market risk.
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The Argentine government has advised Ecuador not to follow its example and default on its debt.
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Whatever the conclusion of the bid war for ABN Amro, it will put the Dutch bank’s prize Brazilian asset, Banco Real, into the ring.
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Macro fund on losing streak; incentive fees down 88% in February quarter.
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In 20 years, RZB has gone from being an Austrian also-ran to a central and eastern European market leader. Much of its success is attributable to the vision of Raiffeisen International’s CEO, Herbert Stepic. No wonder he is known to the Austrian masses as ‘Der Cash-Man’. Guy Norton looks at RZB’s ambitious plans for further expansion in the region, and Sudip Roy finds out what keeps the fire burning in Stepic’s belly.
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Czech power provider CEZ has been voted central and Eastern Europe’s best-managed company for the second year running. Rising energy prices are helping the firm to record strong profits, but why are analysts so impressed by the firm’s management? Lawrence White reports.
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The Irish bank is bringing unconventional assets into the burgeoning covered bond market.
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A flurry of bond deals should not disguise the fact that aggressive loans and PIKs have squeezed both high yield and mezzanine finance.
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Niall Cameron, who left ABN Amro as head of traded markets in February this year, has joined the Markit Group.
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The International Securities Exchange, which pioneered electronic equity option trading in the US, has listed contracts on four currency pairs: US dollar/euro, US dollar/sterling, US dollar/yen and US dollar/Canadian dollar. Timber Hill will serve as the primary market maker, and Citigroup Derivatives Markets, Lehman Brothers and Optiver US will act as competitive market makers. The contracts are very much aimed at the US retail sector.
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Ukrainian politicians and bankers are considering allowing the dollar-pegged hryvna to become a managed floating currency. A first reading of a draft law in the country’s parliament, the Rada, has led to expectations that such a change could be made within 12 months.
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Icap has widened the distribution of its electronic forward foreign exchange platform after what it says is its successful take-up in Europe. The company says the platform will build on the success of EBS, the spot platform it bought from its mainly bank owners in 2006.
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European credit strategist Gary Jenkins has joined Synapse Investment Management as a partner and portfolio manager in the credit strategy team. Gary was previously a managing director and head of fundamental credit strategy at Deutsche Bank, and before that was a managing director and head of credit research at Barclays Capital.
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"It was one of those deals that really worked. It caught the market, it caught the moment and it caught the imagination" -Tim Skeet, Merrill Lynch
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The opening up of the Chinese FX market has continued with the unveiling of a new trading platform by the China Foreign Exchange Trade System. The platform, which uses Reuters’ electronic trading technology, initially went live on March 12 for currencies other than the yuan before being expanded to allow CFETS member banks to trade the yuan against five other currencies in early April.
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Doubts have surfaced about the feasibility of monetary union after a tense meeting of central bankers.
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FXMarketSpace, the 50/50 joint venture owned by the Chicago Mercantile Exchange and Reuters, officially went live as planned at the end of the first quarter.
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Head of prime brokerage Hannah Goodwin talks about expansion of the bank’s services to Singapore.
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"Help me.... I’m cold... I don’t know where I am... there are bugs crawling all over me..."
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One man, one vision might be a line from a naff Queen song but it neatly encapsulates the role Herbert Stepic has played in building Raiffeisen International into one of the strongest banking franchises in Europe.
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The present run of stock market buoyancy cannot be sustained. And that’s not just because credit is set to contract – so, too, are corporate profits.
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"And what drives me? I want to create a huge empire. That is what drives me. And as long as God is willing and gives me strength and I am healthy, I will do that"
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Boards spend more time discussing alternative investments.
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Is Poland the new Russia? Not in economic superpower terms, but in riding roughshod over the wishes of foreign investors?
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Chinese regulators now want the largest state-owned firms to list at home, leaving smaller private companies to trade in Hong Kong. But these might be the best Chinese companies and losing them may be a big mistake.
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Slackening underwriting standards in loans that back a burgeoning CDO market? It all sounds horribly familiar.
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Can you afford to invest in Cuba’s London Club NPLs and maybe wait 20 years for a restructuring? Perhaps not, but there are other potential winning bets on the wilder shores of the emerging markets.