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Opinion

The banking crisis and its consequences

Bankers have been at pains to stress how different the world is today from the dark days of 2008: higher capital; more liquidity; lower credit risk and all that. But while individual banks may be safer than they were, collectively they arguably now face a worse existential crisis. Societies face awkward questions about how they value the utility of the banking sector – and how they should pay for it.

March 20, 2023

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Opinion

Credit Suisse and UBS: The new risks

UBS shareholders might find plenty not to like in what seems at first glance like a great deal. The bank is making itself more complex at a time when creditors and investors put a premium on simplicity and focus.

Peter Lee, March 20, 2023

Foreign Exchange

FX volatility takes shine off multi-dealer platforms

Big foreign-exchange banks are focussing on enhanced functionality to promote greater use of single-dealer platforms.

Paul Golden, March 17, 2023

Treasury

Digitalization invites new funding sources for global trade

HSBC’s global head of trade finance talks about how the bank has built 'the trade finance platform for the future'.

Louise Bowman, March 17, 2023

Treasury

Corporates seek short-term T-bill exposure

Short-term government bonds have re-emerged as a viable option for corporate treasurers seeking returns on their cash, but recent events in the US banking sector highlight the risks of long-dated exposures.

Paul Golden, March 17, 2023

Opinion

Sideways: It’s time to bail out Michael Klein

Michael Klein can’t be expected to ‘devote significant time and attention’ to the unlikely prospect that UBS will allow a CS First Boston spin-off without being paid. Greensill-style invoices for Klein’s theoretical future services could be the answer.

Jon Macaskill, March 17, 2023

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ESG

The climate tech funding gap just got worse

Solar thermal technology could offer cheap carbon-free heat for manufacturers. But tech developers are stuck in a financing gap between venture capital and project finance that will be harder to fill after recent bank failures.

Marianne Gros, March 16, 2023

BANKING

Crisis at Credit Suisse: How we got here

Credit Suisse came out of the global financial crisis in better shape than many peers. But fragility was never far away – in the years that followed its fortunes would swing back and forth, sometimes violently. Here is the bank’s route to 2023, explained through Euromoney’s own coverage.

Mark Baker, March 16, 2023

Opinion

Macaskill on markets: SVB – Is hedging only good for Wall Street?

Interest rate risk management has been complicated by the fall in yields after the US bailout of SVB’s depositors. Clients may feel that hedging chiefly benefits Wall Street dealers rather than themselves.

Jon Macaskill, March 16, 2023

Opinion

Credit Suisse cannot be allowed to fail

Unfortunately, while the SNB can provide ample liquidity that Credit Suisse doesn’t really need, it cannot provide the trust and credibility it sorely lacks.

Peter Lee, March 16, 2023

A worker shelters from the rain as he passes the London Stock Exchange in London

CAPITAL MARKETS

Can London recover as a centre for capital raising?

The decision by its Japanese owners to relist ARM, the UK’s great technology success story, in the US instead of London was inevitable after years of decline and the hammer blow of Brexit. Deregulation might further accelerate its collapse, even as the City wins a boost from new technology bringing the vast pool of retail money into equity capital markets.

Peter Lee, March 15, 2023

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