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UK Treasury China-bank charm offensive exposes regulatory arbitrage

The UK Treasury’s courtship of Chinese banks highlights, in part, London’s relatively flexible regulatory regime for foreign banks – in contrast to the Fed. It also opens up a broader debate about subsidiarization and global banking models, more generally, amid regulatory turf wars.

November 01, 2013

CAPITAL MARKETS

Verizon’s watershed moment for M&A financing

The telecoms company’s $130 billion acquisition deal has both M&A and debt bankers salivating at the prospects for more jumbo takeovers. Are they getting ahead of themselves?

Louise Bowman, November 01, 2013

CAPITAL MARKETS

Too big to price? The real legacy of Verizon's record bond deal

Verizon’s $49 billion bond deal rewrote the corporate finance record books. Banks say it opens up new possibilities in corporate finance. Investors who bought the bonds will hope so – they can’t believe they got them so cheap. Is Verizon’s real legacy a new type of bond deal: one where price doesn’t matter? And what does that mean for the role of bookrunners?

Louise Bowman, November 01, 2013

Opinion

HLBC: What the ‘L’?

Much of Euromoney’s editorial desk is rather obsessed with the US TV drama Homeland. The ‘is or isn’t he a terrorist’ twists surrounding former US marine Nick Brody have kept us all hooked, despite the increasingly far-fetched storylines the writers of the series have offered up.

November 01, 2013

CAPITAL MARKETS

Bank of England might be open for business, but it's heading for a fall

Bank of England governor Mark Carney is correct that the City of London should be open to global finance. But he dismisses moral hazard and market distortions – the inevitable consequence of easy money and a reflationary UK housing policy – at his peril.

October 31, 2013

Treasury

Transaction banking revenues stable but under pressure

The third quarter performance of Deutsche Bank and Standard Chartered’s transaction banking divisions shows how stable revenues and profits can be from the business, but this resilience is being tested by pressure points, not least competition.

Duncan Kerr, October 31, 2013

Foreign Exchange

US Treasury renminbi undervaluation claim disputed

The US government has upped the ante in its criticism of China’s foreign exchange regime, but Lombard Street Research reckons the renminbi is, in fact, overvalued by 30% on a trade-weighted basis, citing, in part, rising unit labour costs and disinflationary pressures.

Peter Garnham, October 31, 2013

Transparency scores for Chile’s SWF

Ranked as the third best in the world, the country’s sovereign wealth fund has become a model for other Latin American countries to follow, including Colombia, Panama and Brazil.

Jason Mitchell, October 31, 2013

Treasury

Banks shift technology focus from speed to experience

The rationale behind technology has evolved over the last couple of decades. Where in the 1990s investment in technology was principally about increasing the speed at which transactions could be executed, and thereby saving cost, recent enhancements have been more about improving functionality and the customer experience.

Solomon Teague, October 31, 2013

CAPITAL MARKETS

Agricultural Bank of China economist warns economic reform hinges on politics

Xiang Songzuo, chief economist of state-owned ABC, says China’s next raft of reforms – from retooling state-owned enterprises to tackling local government debt burdens and environmental challenges – will involve a disruptive shift in the political system.

Sid Verma, October 31, 2013

BANKING

Shadow banking: Repo CCPs, anyone?

Recommendation 10 of the Financial Stability Board’s Policy Framework for Addressing Shadow Banking Risks in Securities Lending and Repos instructs local authorities to "evaluate, with a view to mitigating systemic risks, the costs and benefits of proposals to introduce CCPs [central counterparties] in their inter-dealer repo markets where CCPs do not exist. Where CCPs exist, authorities should consider the pros and cons of broadening participation."

Joti Mangat, October 31, 2013

CAPITAL MARKETS

Bovespa assimilates with the world’s leading indices

Bovespa is to abandon its volatility-driven index methodology. Its replacement should better represent the Brazilian market, but its relevance is being challenged by bespoke indices created by third parties, especially as ETFs grow in popularity.

Rob Dwyer, October 31, 2013

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