North America

Litigation funding has surged in recent years. The asset class is catnip to yield-hungry investors, with funders expanding from their roots in Australia and the UK to tap new markets from Germany to Brazil and the US.

As government debt burdens keep rising to fight the virus, so do the chances of sudden sell-offs that could suck all markets into a vicious downward cycle.

The investment bank profited in markets and capital raising, as acquisitions set it up for the future

A history of patient investment meant Royal Bank of Canada was well-placed to navigate a turbulent year.

A drastic management overhaul will please some, but chief executive Charles Scharf still has much to do – especially after Covid-19.

The US firm is changing in subtle ways that are proving to be productive.

Its cautious approach means the bank underperforms in some areas, but its management prefers it that way.

The ICG managed price and counterparty credit risk well, but regulators see control deficiencies across the bank that they demand be addressed.

Banner year for CIB helps pay for big provisions, while bank sticks to strategy of investing for growth.

Selling its US bank to PNC fixes BBVA’s capital problem and allows it to consolidate in Spain. Arch-rival Santander’s similar troubles may be harder to solve.

The chief executive of PNC Financial Services is making good on his plan to deploy the proceeds from this year’s sale of its stake in BlackRock in support of its national strategy.

Fear of Chinese advances with programmable money and Facebook’s Libra are pushing central banks to digital currencies, which may transform financial markets.

Corporates borrowed their way through the crisis of 2020. What might happen next? Seven months after the first lockdowns began in Europe and the US, is coronavirus now priced into debt markets?

Whoever eventually wins the US election, stock markets will likely do well thanks to Fed QE enabling fiscal stimulus, but polarization itself is a threat.

An SEC-registered transfer agent buying an SEC and Finra-registered broker dealer and alternative trading system may boost trading of private equity security tokens.

One of the biggest capital markets stories this year has been the rise of social bonds.

Within three years a quarter of Europe’s bank branches could be closed – more if the rising M&A wave strengthens. When banks shout about investing in digital for their customers, they want investors to hear they are cutting costs. In the rush to become tech companies could they lose what keeps customers loyal?

Politicians in the US and China warn of decoupling, but at a financial level the two countries are closer than ever. China needs US money and help to build its capital markets. US funds are snapping up mainland securities as they tap into the great investment opportunity of the 2020s. It’s a perfect match.

A dispute with investors means that adding capital raising to direct listings won’t happen as quickly as stock exchanges would like.

For an IPO alternative designed not to give a first-day pop, liquidity is the real measure of success.

A specialist calculation agent reckons now is an ideal time to break into a busy region for equity-linked deals.

Private banks are having a good pandemic, streaming Covid-themed webinars to high net-worth clients. Now they’re competing with each other to hire the biggest names in US politics to explain to wealthy investors what Trump or Biden will do.

As the second wave of the coronavirus hits, The Hut Group may win from new lockdowns after completing the biggest UK IPO in five years and largest ever for a tech company.

There’s no point attacking banks for filing suspicious activity reports as they are required to, but they must work better together with law enforcement to fight financial crime.

Multi-dealer platforms may remain bullish about their prospects, but if other banks follow Citi’s lead and pull away from them, market share may continue to fall.

China’s new ‘dual circulation’ economic system aims to slash imports while keeping export growth high. Analysts say it is simple protectionism and will only lead to more trade conflicts.

Everything points to intense pressure for Hong Kong’s markets: global pandemic, geopolitics, local unrest. Yet HKEX just had a record first half. Its chief executive explains why.

Large banks have spent billions on IT to efficiently process standardized products, leaving an opening for local lenders that offer a banker to talk to.

Brazilian bank set to take in US firm’s domestic bankers and clients.

The bank’s new Development Finance Institution could move the needle in helping developing economies meet the UN’s sustainable development goals. Euromoney talks to managing director Faheen Allibhoy and chair of the governing board Daniel Zelikow.