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Brazil's hedge funds break through

Greater anonymity, leverage and lower trading costs are seen as incentives.

Cantor Fitzgerald offshoot BGC is being coy about the apparent closure of its spot FX broking business.

Citigroup to take on $11 billion of risk in a single package.

Resolution becomes a new type of insurance participant in the Tier 1 hybrid insurance capital sector.

As the festive season approaches, speculation is rife about who will get the lion’s share of this year’s bonus pool. But that’s nothing compared to the build-up to the Morgan Stanley staff pantomime. As the bank is again generously sponsoring the season at London’s Old Vic Theatre, where Kevin Spacey is artistic director, its employees also get the chance to tread the theatre’s hallowed boards. After the Old Vic production of pantomime ‘Aladdin’, Morgan Stanley takes over the theatre for one night in January to put on its own show.

Brazil's hedge funds break through

The cost of retaining commodities traders is rising faster than comparable costs in any other area on the street, according to a new financial markets compensation report published by executive search and strategic consulting firm Options Group. “Energy has been a very neglected business for a long time, especially the area of energy derivatives,” says the group’s co-founder, Michael Karp. “Now lots of banks are trying to recruit in this area and commodities traders’ compensation packages should be up 30% from last year. It’s been difficult to find skilled energy traders for a couple of years but now the market’s getting tougher on a daily basis.”

Algorithmic trading is transforming the secondary equities market and the brokerage business. Its growth seems inevitable, but what will the consequences be? Peter Koh reports.

Demands for compensation from two currency option brokers over the rogue trading scandal of January 2004, presents the market with another act in one of the most entertaining financial farces for years.

Banque du Liban et d’Outre Mer (Blom), Lebanon’s largest bank, with a paid-up capital of $128.3 million, is set to continue its regional expansion via its acquisition of Egyptian-Romanian bank, Misr Romanian Bank (MRB). Saad Azhari, general manager of Blom, said: “We expect the acquisition to be completed in the first two weeks of December [2005].” He expects Blom eventually to hold between 80% and 100% of MRB’s shares.