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CAPITAL MARKETS

Don't rely on VaR

Belief that a single number can capture the degree of risk being taken within a bank or an investment is mistaken, especially when that number is value at risk. Markus Leippold explains why the measure is flawed, points to the dangers of its widespread acceptance by regulators and investors, and suggests an alternative.

Markus Leippold, November 01, 2004

BANKING

Russian IPOs set to boom

Few Russian companies have done foreign IPOs, and even fewer have issued domestically. That looks set to change in the next 12 months. Investors should expect more diversity, some big winners - and one or two unpleasant surprises.

Julian Evans, November 01, 2004

CAPITAL MARKETS

Exchanges open to speculation

In Soviet Russia "speculator" was one of the worst of insults. It summed up all the pejorative associations of capitalist activity that the socialist state instilled in its citizens.

Julian Evans, November 01, 2004

Foreign Exchange

Risk managing the black box

Guarding against hedge fund fraud

Julie Dalla-Costa, November 01, 2004

CAPITAL MARKETS

EU approval prompts hopes and fears

Turks of all classes were jubilant about the European Commission's decision last month that their country was ready to negotiate for EU membership. But it soon became apparent that this implied further substantial reform. Sceptics point out reforms already written into law are barely being implemented.

David Judson, November 01, 2004

BANKING

Etisalat deal breaks record for Islamic financing

The Islamic capital market proves its capacity to fund one of the biggest ever deals outside the oil and gas sector in the Middle East.

Deborah Kimbell, November 01, 2004

CAPITAL MARKETS

Covered bonds face an identity crisis

The covered bond market is growing fast on heavy demand for alternatives to supra/agency debt and on buoyant supply as more and more countries pass enabling legislation. Pfandbriefe might still dominate but expansion is bringing in its wake a wide variety of variants on this classical model.

Mark Brown, November 01, 2004

BANKING

The race for FDI

India sticks to reform

Kala Rao, November 01, 2004

BANKING

India sticks with reform

India's Congress-led coalition government has forged agreements with leftist allies to maintain economic liberalization and reforms initiated by the previous administration. But the left has forced it to limit new openings for foreign investment and queried some privatization strategies.

Kala Rao, November 01, 2004

Opinion

Dividing as it unites

When Serbian president Boris Tadic shook hands with Croatian counterpart Stjepan Mesic at a Euromoney conference last month, the sense of history was palpable. This was the first time these two heads of states had met. It was also the first time that a Serbian president had visited Dubrovnik since the historic Croatian port city was badly damaged by shelling during the Yugoslav civil war in October 1991.

Mark Johnson, November 01, 2004

Panama looks to revitalize its biggest asset

Panama's economy is set to face the biggest challenge in the Republic's 100-year history. A key decision on whether to press ahead with a project to increase the capacity of the Panama Canal and, more important, to find a way to pay the $5 billion it will cost, is due to be taken shortly.

Rainbow Nelson, November 01, 2004

Opinion

BarCap to icecap?

Barclays Capital is funding an expedition to the North Pole in a bid to solve what it calls the greatest polar mystery of all time. The team of four, headed by British explorer Tom Avery, aims to replicate the disputed expedition of American explorer Robert Peary. Peary claimed to have reached the Pole in a record 38 days in 1909.

Helen Avery, November 01, 2004

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