Search results for

The tussle between liberals and dirigiste conservatives in Russia's ruling circles shows no signs of subsiding. Analysts are uncertain of the meaning of it all. The dismemberment of Yukos was a clear manifestation of the conservative line but there are indications that liberal intransigence is winning back ground

Construction conservatism | Essen Hyp: leading the way with jumbos | Eurohypo: biggest in the market

Five years ago, US banks ruled the roost when it came to European credit research. They won 8 out of 12 investment-grade and high-yield sectors in 2001's credit research poll. In 2002, when Euromoney began weighting votes by funds under management, US banks won all 16 categories in the poll. Morgan Stanley reigned supreme in investment-grade, Merrill Lynch in high-yield and indices. In five categories, US banks swept the first, second, and third spots.

What the clients think of EBS Prime Professional pilot programme is largely unknown; the prime brokers are closely guarding their identities. What the prime brokers, and others, are revealing, though, is that several have been somewhat taken aback by what they found.

Successful foreign involvement in Brazilian investment banking demands some sort of venture with one of the local firms that dominate the market. Banco Pactual is among the most successful of these and Goldman Sachs seems to have recognized this.

Manipulation of the stock prices of small, start-up companies can manifest itself in several ways. Genuine start-up companies are in need of investment, and illegal naked shorters can use their vulnerability and inexperience as a means of making money. Wes Christian, partner with law firm Christian, Smith & Jewell, says there tends to be two or three ways that these investors will loan a company money, and simultaneously short them out of existence using complicated financial arrangements – so-called toxic funding, or 'death-spiral financing'.

The successful restructuring of energy company Medco shows what can be achieved in the byzantine and often murky world of Indonesian restructurings. With creditors all paid out and the family back in control, plans are afoot for a rapid expansion and an overseas listing.

EBS Prime is aimed at smaller banks which, because of credit rating, limited credit facilities or other factors, either cannot use EBS at all or could not reap the full benefits. "For example, a bank might run out of credit during the trading day, especially when the non-farm payroll number comes out, or when the Federal Open Market Committee issues its interest-rate statement," says James Sinclair, head of research and strategy for EBS. Such banks could also not get the best price. They see the best price available to the best credits, but can only trade on the price available to them given their credit standing with the counterparty.

In global terms, the Nordic region does not register highly in private banking. In fact, industry consultants estimate the size of the whole Nordic private banking market is still smaller than that of Spain. This has discouraged international banks from establishing businesses there, and has left the Nordic banks and their private banking arms to fight it out for the small customer base. But it's a growth market. The number of affluent Nordic individuals is estimated to be set to increase by some 5% by 2007. Banks are trying to develop a pan-Nordic presence to attract as many of these clients as possible. In addition, the Nordic private banks are realizing the importance of pushing out to the rest of Europe and Asia to serve ex-pats and even compete for non-Nordic clients. Euromoney asks the heads of the private banking businesses of SEB and Nordea how they are managing for growth.

Definitions for: Naked short selling; Illegal naked short selling; Stock borrow programme; Fail to deliver; Margin account stock; Market maker; OTC Bulletin Board; Pink Sheets; DTCC; NSCC; Freiverkehr; Regulation SHO; Threshold Securities List; NASD Rule 3370.

The SEC has amended legislation in a belated effort to clamp down on naked short selling. But it remains under pressure from a lobby group that ranges from senators to lawyers, and management to shareholders, who believe the new rules are having little effect.

Foreign banks are racing to enter the Serbian banking market, one of the few in eastern Europe that still has large assets up for sale and strong potential for growth. Austria's Raiffeisen has stolen a march on its rivals but Italian and Greek banks are eager to build up business.