Search results for

Spain, Italy and Greece should not expect a happy new year – the eurozone’s bumpy ride is set to continue.

The Russian government’s desire to build an international financial centre in Moscow is genuine. However, the government’s market infrastructure reforms are also driven by other short-term and long-term motivations. Short-term concerns centre on a reluctance to lose out to rival markets in central and eastern Europe. “Other CEE countries are competing hard for foreign investment and investors,” says Alex Krunic, head of product sales for direct custody and clearing at JPMorgan. “Poland clearly has positive momentum: it is number one for IPOs in Europe in 2012, number four by value of IPOs and number nine by cash equity value.”

After more than two decades of unusually strong bond returns and more than a decade of sub-par equity returns, the tables have started to turn.

There are good strategic reasons for Sberbank to be concerned about the growth of such operations as Tinkoff and Home Credit: and good reason for a counter-attack. Tinkoff, Home Credit and Russian Standard are all at their strongest outside the main cities: regions where Sberbank, as the former state savings bank, has in some cases had almost a monopoly.

Now extended from a laggard emerging Europe to post-revolutionary Arab countries, the EBRD’s mandate has never been so stretched. But the multilateral lender’s new president, Suma Chakrabarti – its first British head – says that under him the institution has what it takes to change and fulfil its role.

A central securities depository, liberalization of the local bond market, movement to T+2 settlement and a stock exchange merger – it’s all very welcome in Russia’s capital markets. But work remains to be done if its infrastructure is to catch up with its peers.

News of the death of the commodity bull market might be exaggerated, according to seven vital signs identified by Ned Davis analysts. But don’t expect a ripe old age for the bull either.

A trio of successful listings out of emerging Europe has boosted bankers’ hopes of an equity primary markets renaissance in 2013, with prospects for further supply from Russia, Turkey and beyond.

As China continues to liberalize its economy and the renminbi gains in importance, efforts to make the currency international are gathering pace. How will London get a piece of the action?

Sovereign borrowers in central and eastern Europe have been key beneficiaries of the tide of liquidity washing into emerging market bond funds over the past 12 months. Can they maintain their success into 2013?

The Guelphs have papal blessing, but to preserve your wealth you are better off sticking with the Ghibelline camp.

Regulators and shareholders are channelling their concerns over banks’ slow progress in shifting to new and sustainable business models to a new cadre of activist chairmen. Often experienced in the industry, independent of executive management and with strong personalities, these chairmen are increasing the pressure on bank CEOs to abandon unrealistic ambitions and reshape their banks to a new world. Expect more ructions ahead.