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  • Private banking 2008: When the ultra-wealthy bump into the sub-prime
  • Euromoney targeted equity analysts covering Asian companies that were constituents as of July 26 2007 of the following indices, the biggest exchanges for domestic shares in the respective countries: Shanghai Composite (People’s Republic of China);
  • Moody’s increased the pressure on some monoline guarantors last month by placing two firms, FGIC and XLCA, on review for possible downgrade from their triple-A ratings. MBIA and FGIC’s outlook has changed to negative and Ambac, Assured Guarantee, FSA and Radian are on stable outlook. In a brief conference call, in which the agency refused to make public the capital shortfalls of the firms, it stated that further changes are unlikely while the firms address their capital-raising plans, a process likely to take "some months".
  • US regulator the National Futures Association decided not to wait to see what impact an increase in the minimum net capital requirement from $1 million to $5 million would have on its forex dealer members (FDMs).
  • But cheer up – things might get better later in 2008.
  • AQR Capital, a super quant house with about $36 billion in assets under management in quantitative strategies, is having a bad spell. The $4 billion Absolute Return fund lost almost 6% in November, putting it down almost 12% for the year. Given the losses, it is unlikely that the firm will undertake an IPO in the near future, as was once expected. "The year 2007 is going to go down in history as the one that quants want to forget," says a hedge fund manager.
  • NYSE Arca and the Chicago Board Options Exchange have decided to close trading for options on exchange-traded funds 15 minutes earlier to synchronize the timing with the close of trading of the underlying assets. Arca last month decided to move up the closing time for ETFs to 4 p.m. Eastern time, to better accommodate after-hours trading and coordinate daily value reporting with fund managers’ daily asset value calculations. Arca is one of the largest marketplaces for ETFs, attracting 128 listings in 2008 alone. CBOE is following in Arca’s footsteps because it trades a large variety of ETF options, and wanted to synchronize its trading with the prevailing marketplace. About 50 options classes are affected.
  • State Street has launched a private equity index that will enable private equity investors to evaluate their performance against their peers.
  • COO Boris Collardi explains how his bank has gained momentum by doing the little things well.
  • Euromoney targeted equity analysts covering Asian companies that were constituents as of July 26 2007 of the following indices, the biggest exchanges for domestic shares in the respective countries: Shanghai Composite (People’s Republic of China);
  • On Wall Street the backstabbing has started, and with good reason – bonus season has arrived. While Latin American bankers watched their counterparts in the structured finance world write down billions of dollars in losses, they, by contrast, quietly brought in good profits.
  • A US recession could be short, shallow and relatively benign for the rest of the world if oil price falls in 2008.