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  • No bank has won this award before. Frankly, no bank has ever deserved it. Over the past three years, Euromoney has seen banks that are good at online fixed income, some that are good at forex, others that are good at equity or derivatives and so on. Most banks had some good sites and some mediocre ones. No firm has been able to boast of high-quality offerings in all areas.
  • Serbia
  • All the global cash management banks continue to concentrate on the small pool of top-tier multinationals where there are opportunities to cross-sell but where competition is most intense. These most demanding of cutomers are driving down margins. The global players might be overlooking other sources of revenue.
  • The Brazilian presidential elections were a triumph for democracy. The winner, Luis Inacio Lula da Silva, became the first leftist ever elected president. And in an election notable for its transparency he won the largest ever share of the vote.
  • Banks and opportunity funds are lining up to benefit from an expected transfer of real-estate assets from cash-strapped corporates to investors. There’s one catch – some corporates aren’t in a hurry to sell.
  • Russia
  • The sale of a stake in Landsbanki to Samson will take place in two stages. Following the completion of a purchase agreement - due on around November 20 - 33.3% of the shares in the bank now owned by the state will be delivered to Samson. The remaining 12.5% stake will change hands a year later, bringing the state's stake in Landsbanki down from 48.3% to 2.5% by November 2003.
  • Multinationals stand to gain substantially from a reorganization of their treasuries to a regional structure and a rationalization of the number of cash management relationships. A regional structure allows for substantial cost reductions through better liquidity management, reduced treasury teams, and lower network maintenance costs. These benefits are big: according to a recent survey by PricewaterhouseCoopers, a 1% improvement in liquidity management could improve a corporate's share price by 120 basis points.
  • The Islamist AKP fought Turkey’s elections fuelled by discontent with political corruption and incompetence. All the aspirants to power were promising the earth, but can they deliver?
  • There was a huge rally in global equities in the middle of October after markets reached six-year lows. The catalyst was the third-quarter earnings reports of US corporations. Most seemed to beat consensus forecasts.
  • At the start of the year Lucine Kirchhoff took a bold position. The price of high-grade loans, she said, was destined to increase: "Look for investors to focus more on drawn pricing to compensate for the appropriate risk they are taking," said Kirchhoff, the head of loan syndicate at Banc of America Securities. It would be a similar story for undrawn costs. Higher pricing ought to have been inevitable given the recession, a rise in defaults, rating-agency downgrades and fallen angels, and the uncovering of corporate frauds. Banks would surely be looking for a much better return for the risks they were taking, which would imply a wholesale change in prices rather than just a slight increase.
  • Ambitious efforts are under way to bring order to sovereign debt work-outs. But private-sector lenders just don’t see what problem the IMF’s sovereign bankruptcy court is supposed to solve. Felix Salmon reports