Sponsored Content | China Construction Bank
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Sponsored by Lloyds BankOne year in, and Lloyds Bank’s institutional strategy is building momentum – deepening client relationships through a more holistic, joined-up approach across the wider group.
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Sponsored by Mashreq BankMashreq Bank’s Corporate and Investment Banking business has been growing from strength to strength in recent years. Group Head of CIB, Joel D Van Dusen, talks to Euromoney about what differentiates the business, its growth strategy, and its positioning in ESG and sustainable finance.
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Sponsored by CIBThe Egyptian banking sector has needed to demonstrate resilience amid the country’s economic volatility. CIB has showed this and delivered growth, says Omar EL-Husseiny, Head of Treasury Group.
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Sponsored by CIBThe African continent is increasingly alive with digital innovation and development in financial services. Fintechs are at the forefront of this shift. Traditional banks are racing to respond.
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Sponsored by CIBAfrica’s most populous country and largest economy is in the middle of a financial transformation. Uzoma Dozie, founder and CEO of digital bank Sparkle, tells Euromoney about innovation, supporting small businesses and the power of generative AI.
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Sponsored by Mashreq BankAfter a strong first half of the year, Mashreq Group Chief Executive Officer, Ahmed Abdelaal, talks to Euromoney about the importance of customer experience, the bank’s growth and expansion plans, operational resilience and his outlook for the remainder of the year.
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Sponsored by Abu Dhabi Commercial Bank ADCBSmall and medium-sized enterprises (SMEs) play a vital role in driving economic growth and job creation worldwide. However, accessing financing for international trade remains a significant challenge for many of these businesses.
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Sponsored by HSBCCompanies and their treasury teams are under increasing pressure to evolve, adapt and innovate new digital business models to thrive, and survive.
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Sponsored by SantanderThe bank’s digital transformation, underpinned by its vision to be the best digital bank with branches, is yielding positive results.
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Sponsored by Commercial International Bank (CIB)The central bank is expected to award its first digital banking licences this summer, adding fuel to a market already burning from ambitious fintechs.
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Sponsored by Commercial International Bank (CIB)As the economic outlook of Egypt improves, the country’s banking sector is expected to reap the benefits.
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Sponsored by HSBCCompanies are increasingly looking to transform their corporate treasury functions into a real-time operation. While this transformation is a compelling opportunity, it is complex, requiring key building blocks to support it and ensure success.
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Sponsored by HSBCAs the financial and digital landscape rapidly evolves, corporate treasurers are at the forefront of navigating emerging payment trends. To succeed, preparation is key.
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Sponsored by Abu Dhabi Commercial Bank ADCBThe UAE’s decision to take on the mantle of global leadership on climate change by hosting the COP28 conference has galvanised the private sector to take action. Companies are aligning their corporate strategies with the country’s roadmap to achieve net zero in greenhouse gas emissions by 2050, and making their own commitments.
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Sponsored by HSBCChristina Ma, Head of Global Banking for Asia Pacific at HSBC, discusses the digital revolution happening in the financial sector – and HSBC’s pivotal role in leading the transformation.
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Sponsored by Bank of SingaporeThe private banking arm of OCBC is demonstrating differentiation and leadership on sustainability in the region.
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Sponsored by Commercial International Bank (CIB)The importance, opportunities and challenges of mainstreaming transition finance across the continent
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Sponsored by Abu Dhabi Commercial Bank ADCBAbu Dhabi Commercial Bank (ADCB) has recently made strategic moves to position itself as a corporate and investment banking leader in the Gulf Cooperation Council region, signifying a shift in the institution's focus, capabilities, and commitment to its clients.
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Sponsored by CaixaBankWhen it comes to banking, proximity and accessibility to people matter.
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Sponsored by HSBCIn the world of finance, partnerships often hold the key to success. The relationship between HSBC and fintech innovator Saxo proves the case.
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Sponsored by Commercial International Bank (CIB)Egypt has made strides towards financial inclusion as part of the country’s Vision 2030 strategy. Commercial International Bank (CIB) is one bank that is playing an important role in supporting the issue.
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Up to 60 selected participants will benefit from one year’s access to online courses on Euromoney Learning On-Demand, powered by Finance Unlocked
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Sponsored by Commercial International Bank (CIB)How Egypt’s economic transformation plan has enabled the country to position itself as a trade and investment gateway to Africa.
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Sponsored by CaixaBankWhile many financial institutions support good causes and run discrete projects to promote community well-being, Iberian leader CaixaBank has taken a unique, much longer-term approach to the idea of banking with a positive social impact.
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Sponsored by OTP BankThe successful integration of Alpha Bank Albania has further boosted OTP Bank Albania’s status as the rising star of the country’s banking sector.
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Sponsored by Bank of AmericaIn this third article of a series, Adrienne Bloom, head of Asia Pacific financial institutions corporate banking at Bank of America, and Jennifer Cheung, head of Hong Kong corporate banking, explain how the bank works with clients to help them re-engineer their business and achieve their sustainability commitments.
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Sponsored by Commercial International Bank (CIB)Digital transformation is a key component of Egypt’s Vision 2030 strategy. Along with other key initiatives (ICT 2030 and Digital Egypt) it is expected to further accelerate the development of the country’s digital economy and potentially provide a blueprint for other African countries.
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Sponsored by Mashreq BankThe UAE’s Mashreq has for years invested shrewdly in growing and developing its digital banking capabilities. As that investment continues to deliver returns, group CEO Ahmed Abdelaal explains the vision behind the success and highlights the areas where the bank is investing next.
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Sponsored by Commercial International Bank (CIB)Seeking diversification and access to high-growth markets across Africa, Egyptian banks such as Commercial International Bank have pursued select investment and M&A opportunities in recent years. The investments are paying off.
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Sponsored by UOBAmid global economic turbulence and uncertainty, Asean is demonstrating the type of resilience and growth other regions would be envious of. There are good reasons for this and why Asean could become the world’s fourth largest economy by 2030
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Sponsored by CaixaBankThe metaverse is barely three years old as a business concept outside its sci-fi beginnings. Expectations ran far ahead of reality but banks that have invested slowly and wisely in all of the associated technologies are doing the right thing. The metaverse is here to stay.
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Sponsored by SantanderDigital banking continues to be a battleground for banks as they seek to modernise, gain a competitive advantage and ultimately deliver a better and swifter experience to their customers.
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Sponsored by BanreservasThe Dominican Republic’s Banreservas has had a busy and productive 12 months including delivering some record-setting financial results for 2022, and launching an ambitious international expansion plan.
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Sponsored by DBSWhile the weakness in the US commercial market remains top of mind for most investors, the story in Asia is different, argues Chew Chong Lim, managing director and global head of real estate, institutional banking group, DBS Bank
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Sponsored by CaixaBankIt is no secret that cloud computing technology has revolutionised the financial services industry over the last few years. Its capabilities include enabling companies to scale their resources, ensure disaster recovery, extend their reach globally and enhance testing and development environments. For banks in particular, these capabilities present significant opportunities.
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Sponsored by CaixaBankBanks are prime targets for cybercriminals who are always looking for new ways to steal money, data, and customer information. Institutions are effectively in a constant battle of innovation, requiring them to invest heavily to help predict and combat emerging threats from sophisticated criminals.
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Sponsored by BRIBRI has set out a vision to support financial inclusion efforts in Indonesia, and the bank's digital transformation strategy is one way of helping it achieve this goal. In an interview, Agus Noorsanto, BRI director of wholesale and institutional business discusses BRI’s vision, expansion plans and how it's leveraging digital technologies to enhance the customer experience and drive growth.
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The European Bank for Reconstruction and Development (EBRD) will host its 32nd annual meeting and business forum in Samarkand, Uzbekistan on 16 -18 May 2023.
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There is growing hope among banking and business leaders that the country’s next government can unlock and accelerate needed transformational development and economic reform. Without it, Kuwait risks falling further behind.
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Sponsored by Bank of AmericaIn the second in a series of articles, Leo Weng, treasury director, APAC, at Avery Dennison joins Rakshith Kundha, head of trade and supply chain finance, APAC, global transaction services at Bank of America, to discuss the importance of driving ESG goals across the supply chain.
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Sponsored by SwiftCross-border payments are entering an exciting new era with the global introduction of the data-rich ISO 20022 standard. To find out what outcomes banks and customers can look forward to, Swift's Stephen Lindsay spoke to Isabel Schmidt, co-head of payment products, BNY Mellon.
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Sponsored by Mashreq BankMashreq has been transforming its corporate and investment banking group (CIBG) over the past few years. In an interview, Joel Van Dusen, head of CIBG, explains the need for change, where investment has focused, and how how the bank is leveraging its capabilities to drive growth.
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Sponsored by J.P. MorganThere has never been a time in the history of capitalism when an acronym has been so influential. ESG – or environmental, social, and governance – has taken the corporate world by storm, effectively reorientating how companies and investors see the world and their role in it. It’s a profound shift, which, despite encountering some push back recently, has not lost any of its inexorable momentum. It is, however, evolving, and fast, and that is needed.
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Sponsored by J.P. MorganIn an interview with Lia Cao, global co-head of corporate and e-commerce sales and solutions at J.P. Morgan Payments, she outlines some of the key marketplace trends emerging this year, how companies can capitalise effectively from business model transformation, what this means for working capital and liquidity management, and the game plan corporate treasurers need to think about and execute to maximise this opportunity.
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Sponsored by CaixaBankDavid López Puig, head of human resources and member of the CaixaBank management committee since January 2022, discusses people and talent management trends, as well as some of the challenges CaixaBank, Spain’s leading bank in terms of assets, clients and market shares, faces in this area after its integration with Bankia.
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Sponsored by Bank of AmericaIn the first of a series of articles, Param Thind, APAC head of digital channels at Bank of America, looks at the crucial role digitisation plays in helping clients meet their sustainability objectives and how artificial intelligence is improving analytics and automating manual processes.
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Sponsored by CaixaBankIn January 2020 the European Central Bank (ECB) started to study the issuance of a Central Bank Digital Currency (CBDC), or the so-called digital euro.
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Sponsored by BNP ParibasCorporate treasury has undergone material transformation over the last few years, impacted by everything from cyclical economic trends, and regulatory initiatives, to rising geopolitical risks, digitisation, and the drive towards greater sustainability.
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Sponsored by RawbankCorporate social responsibility (CSR) has been a key area of focus for Rawbank. In an interview, the bank highlights some of the CSR initiatives it is undertaking and explains how digital innovation in banking is supporting financial inclusion.
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Sponsored by DBSTechnological advancement has revolutionised the payments industry over the past couple of decades, even as far as redefining the forms of money we use. Of all the innovations driving this transformation, blockchain technology is at the forefront, pushing the boundaries of payments as never before, says Lim Soon Chong, group head of global transaction services at DBS.
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Sponsored by Bank of AmericaA new wave of restructuring is set to shape the healthcare industry after a decade of consolidation.
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Sponsored by Bank of AmericaBank of America research shows that 71% of healthcare firms expect M&A to increase in the coming year, driven by the need for scale and cost reduction
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Sponsored by Boubyan BankFor many financial institutions it has become more crucial than ever to have a digital transformation strategy to drive growth and become future ready. If banks are to remain competitive they need to find ways to accelerate digital innovation. In an interview Abdullah Abdulkareem Al-Tuwaijri, CEO of consumer, private, and digital banking at Boubyan Bank explains how the bank's digital transformation strategy is shaping the future of the bank.
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Sponsored by CTBC BankWith its sights on seamless cross-border capabilities, Taiwan's largest lender is opening the door to red-hot investing opportunities in renewable energy in the region.
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Sponsored by OTP BankUnder the leadership of CEO Bledar Shella, OTP Bank Albania has assertively grown and developed into one of the country’s leading banks, boasting stellar profits and the type of shareholder returns most western European peers would be envious of.
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Sponsored by Bank of AmericaThe transformation of energy, natural resource, oil and gas firms is ramping up. With a host of new entrants, many of these markets will face convergence and the development of new ecosystems.
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Sponsored by Bank of AmericaThis is the decade of the electric car, with forecasters expecting sales of electric vehicles to overtake sales of internal combustion engine vehicles in the coming years.
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Sponsored by Bank of AmericaEuromoney and Bank of America have partnered to produce an original sponsored content series that highlights and analyses important topics for corporate treasurers.
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Sponsored by Bank of AmericaThe e-commerce growth opportunity in new markets comes with the challenges, cost and risk of foreign exchange.
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Sponsored by Bank of AmericaCross-border e-commerce is booming. By 2027, the value of cross-border payments could hit $250 trillion.
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Sponsored by J.P. MorganAli Almakky, global head of payment solutions for the mobility sector at J.P. Morgan, looks at the key components of the automotive payments ecosystem fuelled by the evolution of the ‘connected car’.
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Sponsored by Afghanistan International BankAfghanistan International Bank provided vital lifelines to society during the challenges that gripped Afghanistan in 2021. In an interview, CEO Joseph Carasso speaks about the mission and strategies that enabled the bank to support Afghan society during one of the most difficult years for the country.
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Sponsored by Boubyan BankKuwait’s Boubyan Bank is one of the leading Islamic banking institutions in the country and the Gulf Cooperation Council region. But its ambitions do not stop there, it aims to be a top five Islamic bank in the world, supported by expansion in its corporate banking business.
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Sponsored SwissquoteAfter a stellar year for growth in 2021, the Swiss banking group and online trading and execution provider, has ambitious plans to leverage its balance sheet and grow its FX business, according to Mohamed Hajibe, global head of institutional desk, and Maxime Mordelet, digital asset and eFX institutional liquidity manager.
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Sponsored by Commercial Bank of QatarCommercial Bank of Qatar (CBQ) has played a leading role in Qatar's economic and social development since it was established as the country's first private sector bank in 1974. In an interview, Sheikh Abdulla Bin Ali Bin Jabor Al Thani, chairman of CBQ, discusses the bank's achievements to date, how CBQ is driving its digital strategy and the resilience of Qatar's economy amid rising political, economic and social challenges.
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Sponsored by J.P. MorganAccelerating digitisation and technological advancement have caused tremendous change in the global payments industry over the last decade. Yet this next decade – one destined to be super-connected and increasingly spanning physical, digital and virtual worlds – and beyond, promises to deliver a revolution, say JPMorgan’s Jeremy Balkin, global head of innovation and corporate development, and Neha Wattas, head of strategic insights, innovation and corporate development
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Sponsored by CaixaBankQuantum computers are supposed to be much faster and more powerful than current supercomputers, and as such, their application could have a profound impact on any industry. As banks begin to embrace quantum computing, potential use cases for the banking industry are emerging. CaixaBank is one bank that is demonstrating these through its quantum banking programme.
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Sponsored DatasiteThis webinar is sponsored by Datasite and will be hosted on the BrightTALK platform.
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Sponsored by J.P. MorganCiaran Byrne, global head of clearing transformation at JPMorgan, looks at how all participants in the payments industry can make the most of the transition to ISO 20022.
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Sponsored by Bank Negara IndonesiaThe Indonesian bank provides corporations around the world with some innovative cash management, liquidity and payment solutions. In an interview, Adi Sulistyowati, vice president director of BNI, explains the importance of the transaction banking business to the group, what differentiates it, and highlights areas for investment this year.
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Sponsored by J.P. MorganPriyanka Rath, global head of liquidity and account solutions specialists at JPMorgan, and Lula Sheena, third-party money product executive at JPMorgan, explore some of the key considerations for corporates holding or processing third-party money flows.
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Sponsored Sino GroupHong Kong property developer Sino Group not only embraces sustainability at the core of its business model, it is also at the forefront of driving the green and sustainable agenda in Asia’s real estate industry. In an exclusive interview, Mr Daryl Ng, deputy chairman, Sino Group, explains the importance of sustainability to the company and how the company is demonstrating this.
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Sponsored by CaixaBankThe metaverse encompasses a range of digitally enhanced environments, using virtual and augmented reality to create different types of experience for workers and consumers. So, what might a bank look like in the metaverse? And how would it enhance its clients’ experience of banking? Imagin, CaixaBank’s digital services and lifestyle platform, and its imaginLAND, offers a glimpse into a meta future.
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Sponsored by China Merchants Bank CMBPrivate banking in China is entering a new era of growth and development. Wang Yanrong, general manager of private banking at China Merchants Bank – Euromoney’s Best Overall Private Bank in China – describes the transition and the role private banks should play.
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Sponsored by Industrial Bank of ChinaChinese financial institutions are among those at the forefront of the global push to accelerate the transition to a low carbon future. Industrial Bank of China, a pioneer of green finance in the country, is one financial institution that is leading the charge in helping China reach its climate change goals.
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Sponsored by Bank of China2021 was another strong year for Bank of China’s ambitious bond underwriting business, which maintained its leadership in some markets, and pioneered new transactions in others.
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Sponsored by CTBC BankA bank’s technology solutions and commitment to sustainability, both in its operations and in the advice and products it provides to clients, are increasingly a competitive advantage in any banking business. For Taiwan’s CTBC Bank, its investment and commitment to these two areas is paying off and keeping it ahead of the competition, especially in private banking and wealth management.
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Sponsored by Ahli United BankOver the past few years, Ahli United Bank (AUB) has accelerated its digital transformation strategy – encompassing various initiatives from the back office to the front and across its operations and core banking businesses. It is a strategy designed to improve the operational efficiency of the bank and enhance the service it provides to its customers. In an interview, AUB CEO, Adel El-Labban, discusses the strategy, what differentiates it from other banks’, and the areas they are targeting for digital investment this year.
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Sponsored by CaixaBankBanks have a pivotal role to play in accelerating the transition to a low carbon economy; they can direct financing towards activities that are aligned to the Paris Agreement, and away from those that are not. They are the key intermediaries of the investment required to reach net zero. And they can help their clients with strategies and products that support the transition toward a sustainable economy. Some are doing better than others.
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Sponsored by Commercial International Bank (CIB)With many obstacles facing women's financial inclusion in the Middle East and North Africa (MENA) region, addressing them is a key priority for the Egyptian government. In an interview, Hussein Abaza, CEO and managing director of CIB discusses how Egypt's financial sector has taken steps to promote gender equality and women's economic empowerment in the country.
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Sponsored by Commercial International Bank (CIB)Sustainable finance is growing rapidly in the MENA region. With more countries entering the green bond market in recent years and global green bond investment set to double and reach $$1 trillion for the first time in a single year by the end of 2022, tackling the climate crisis is top of everyone’s agenda. CIB CEO and managing director Hussein Abaza discusses the opportunities for the MENA region to advance sustainability practices.
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Sponsored by Commercial Bank of QatarCommercial Bank of Qatar’s financial results across the year have been strong, capping five years of growth and development under its strategic plan. In an interview, Rehan Khan, CFO of CBQ, discusses some of the highlights from the bank’s performance, how its investment in digitisation is paying off, and what its main financial focus will be for 2022
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Sponsored by CaixabankHigh-net-worth individuals today demand a wide array of sustainable investment options and increasingly sophisticated digital services. Larger, integrated institutions may be best placed to benefit from these trends.
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Sponsored by CaixabankLuis Javier Blas Agüeros, chief operating officer at CaixaBank outlines how banks can ensure their future success through innovation, cloud technology and the reinvention of their products and services.
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Sponsored by DBSTechnological advancement is revolutionising financial services, and in the next few years even more profound change is likely to happen. Blockchain – or distributed ledger technology – is one technological advance in particular that offers immense potential to completely transform areas of transaction banking, if not the entire financial industry, says Lim Soon Chong, group head of global transaction services at DBS.
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Sponsored by HSBCAustralian banks are ready to return in force to the capital markets for their fundraising activity, with investors in Asia set to play a critical role in the deals.
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Sponsored by Commercial Bank of QatarDigital transformation has been a core pillar of Commercial Bank of Qatar’s five-year strategic plan, initiated in 2016. After consecutive years of investment in digitising its operations and banking businesses, the bank’s operational efficiency and financial performance has strengthened, highlighting the success of the transformation so far.
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Sponsored by Commercial International Bank (CIB)Environmental, social and governance considerations have been a strategic focus for CIB for quite a few years, pushing the Egyptian lender to the forefront of the regional banking industry's embrace of ESG issues. In an interview, CIB CEO Hussein Abaza, explains the importance of these issues to the bank and how this is reflected across its operations and businesses.
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Sponsored by Banking CircleAnders la Cour, chief executive officer of Banking Circle Group, talks about the payments bank’s latest research, and how chief information and chief technology officers can future-proof their businesses.
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Sponsored by BNP ParibasIn an interview, Gautier Mouzelard, head of transformation and compliance for global trade finance at BNP Paribas outlines the key elements of the bank’s digital transformation strategy in the business.
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Sponsored by SEBA BankIn this article, Yves Longchamp, head of research at SEBA Bank, explains the rise of digital assets and highlights an important component to unlocking greater institutional adoption.
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Sponsored by HSBCMainland China’s sustainable bond market has gone from strength to strength recently, with issuers and investors finding new opportunities – and embracing international standards.
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Sponsored by State StreetDavid Newns, global head of GlobalLink execution services, talks to Euromoney about some of the factors that have enabled the multi-dealer platform to increase its market share and achieve top ranking in the Euromoney 2021 FX survey.
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Sponsored by DBSSriram Muthukrishnan, group head of product management, global transaction services, DBS, explains how digitisation is accelerating the sustainability agenda.
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Sponsored by CaixabankThe European banking sector is facing three key challenges: a prolonged period of negative interest rates, the pace and scale of the digital transformation of the sector, and increased competition from established and new entrants.
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Sponsored by Southern Asset ManagementIn an interview, Shi Bo, general manager and CIO (equity) of Southern Asset Management, warns of lower short-term stock market returns ahead, but sees plenty of opportunity for growth in investment advisory.
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Sponsored by CaixabankThe CEO of one of the world’s largest banks said recently that institutions “risk losing their licence to operate”, if they fail to make green finance a priority. At a recent annual general meeting of another global bank, there were many questions about sustainability, leaving little time for discussion of more traditional financial matters. Momentum has been building for years, but now sustainable banking is coming of age.
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Sponsored by Banking CircleIt can be difficult to imagine a world in which real-time payments are the norm for businesses. Yet Jon Levine, co-head of institutional banking at payments bank, Banking Circle, explains why the reality is closer than businesses realise.
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Sponsored by Jusan BankRating agency Moody’s Investors Service recently assigned a B1 credit rating to Jusan Bank, one of Kazakhstan’s leading banks. The award is in recognition of the successful work and strategy of the bank's new management team. In an interview, Aibek Kayip, Jusan’s chairman of the management board, explains what has been achieved by the bank, and highlights some of the new challenges it is facing.
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Sponsored by Commercial Bank of QatarDigital transformation has been a core pillar of Commercial Bank of Qatar’s five-year strategic plan, initiated in 2016. In an interview, Joseph Abraham, group CEO, talks about what evolving into a more digital enterprise means for the bank and its retail and wholesale banking businesses.
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Sponsored by Ahli United BankDigital transformation is beginning to have a profound impact on the advice, services and products that banks such as Ahli United Bank provide to their corporate banking customers.
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Sponsored by China International Capital CorporationAfter a robust year, China’s securitization market is poised to reach new highs in 2021. Li Zhiming of CICC, the go-to investment bank for securitized products, highlights some opportunities and risks in this fast-growing segment.
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Sponsored by BNP ParibasThere was a dramatic and necessary shift last year by banks to harness digital technology to execute M&A. That shift, as a result of societies in lockdown and travel restricted, has brought clear advantages and efficiencies that will have an impact on the way M&A is executed in years to come.
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Sponsored by BNP ParibasBNP Paribas’s Instanea instant payments initiation solution is a benchmark for how corporates can benefit from open banking, explains Carlo Bovero, global head of cards and retail payments at BNP Paribas, and Neil Pein, co-global head of Axepta BNP Paribas and head of payments transformation.
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Sponsored by Ahli United BankDigital transformation is beginning to have a profound impact on the advice, services and products that banks such as Ahli United Bank provide to their retail and private banking customers.
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Sponsored by Banking CircleRapid and widespread digital adoption by banking customers, and accelerated digitalisation across financial services in response to Covid-19, have expanded the opportunity for fraud, and money laundering in particular.
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Sponsored by Banking CircleDr Louise Beaumont works with legislators and regulators to create disruption, with corporates to cope with disruption, and with start-ups to exploit disruption – with open and accessible data as the guiding principle. She is an expert in innovations in Open Banking, Open Finance, Lending and Payments.
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Sponsored by China Merchants Bank CMBIn the course of a difficult year, China Merchants Bank’s private banking business has gone from strength to strength, extending its lead over domestic rivals and solidifying its position among the international top tier.
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Sponsored by Societe GeneraleSustainable finance is no longer just a virtue-signalling additional option to have in the corporate toolbox. It is a core part of a broader purpose, says Societe Generale’s Alexandre Maymat, head of global transaction and payment services.
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Sponsored by Standard CharteredStandard Chartered’s refreshed strategy in Ghana is proving a success story.
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Sponsored by BBVABBVA is an organization with a transformational purpose: to create a positive impact on the lives of people, companies and society as a whole and “to bring the age of opportunity to everyone.”
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Sponsored by Ping An GroupDigital transformation is a long term, ongoing strategy that has gained even greater momentum at Ping An Bank this year, complementing the entire group’s commitment to continuous innovation. For its outstanding achievement, the bank is named “World’s Best Digital Bank” in Euromoney’s Awards for Excellence 2020.
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Sponsored by HSBCGreen and sustainable finance are gaining support in the United Arab Emirates, although risk considerations have also gained a new prominence.
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Sponsored by HSBCSustainability considerations are gaining significant ground in Canadian financing and investing, though investors in particular still report some obstacles to full engagement.
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Sponsored by Commercial International Bank (CIB)Improving financial inclusion is a key objective of CIB’s African expansion – a strategy that is already gaining momentum outside Egypt.
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Sponsored by Commercial International Bank (CIB)CIB is at the forefront of innovation in Egyptian banking through its involvement in a number of initiatives designed to accelerate digital transformation.
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Sponsored by Kuwait Finance HouseFor the Gulf Cooperation Council (GCC), the outlook is stability, resilience and, in time, growth.
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Sponsored by HSBCChina's dynamic market sees scope for innovation when it comes to sustainable finance, however old habits persist when it comes to coal.
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Sponsored by Mashreq BankIn late October we spoke in-person, in Dubai, to Joel Van Dusen, head of corporate and investment banking at Mashreq Bank, to understand how the bank and its clients were navigating the long journey that the pandemic has become.
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Sponsored by Bank of ChinaOne of the world’s largest banks, Bank of China has become a leader in international cash management services by continuously developing and refining its offering to multinational institutions and enterprises.
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Sponsored by Commercial International Bank (CIB)The response of Commercial International Bank (CIB) to the coronavirus crisis can be seen as validation of a long-term strategy to become a more customer-centric and sustainable organization.
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Sponsored by Ping An GroupPing An’s domination as a financial services group in China has catapulted it into the global limelight, but Richard Sheng, board secretary and brand director, says its culture is what makes it important
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Sponsored by SwiftSwift has embarked on a strategy that will enable seamless transactions between accounts with end-to-end transparency and predictability. Chief Strategy Officer David Watson explains how this transition will impact payments and securities worldwide.
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Supported by ERSTEThe third and final live panel in our CEE Forward series focused on how banks and their tech partners have responded to changes in customer behaviour and needs during the pandemic, and how they are positioning to support their clients and the wider society in a post-Covid world.
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Sponsored by J.P. MorganCorporates have done an incredible job of facilitating work at home. By ensuring this is not done at the expense of cybersecurity, they can reduce their exposure to future attacks explains JF Legault, managing director and global head of cybersecurity operations at J.P. Morgan.
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Sponsored by Societe GeneraleCorrespondent banking is alive and well and has a key role to play in the future of international payments, according to Societe Generale’s Didier Balland, head of marketing for correspondent banking, cash clearing services, Jean-Francois Mazure, head of cash clearing services, global transaction banking and Frantz Teissèdre, head of interbank relationships, global transaction banking
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Sponsored by Societe Generale Private BankingMouhammed Choukeir, chief executive officer of Kleinwort Hambros, explains how the bank will play a leading role in the evolution of responsible banking.
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Sponsored by Zhengzhou Hi-TechStrong growth pushes Zhengzhou Hi-tech into top 20 in China’s industrial development zone rankings
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Sponsored by J.P. MorganGiven the widespread disruptions caused by the COVID-19 pandemic, it has become critical that corporates improve the transparency and visibility within their treasury functions explain Priyanka Rath, EMEA head and Amy Eckhoff, APAC head of Liquidity Product Solutions Specialists, J.P. Morgan.
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Sponsored by Societe GeneraleEric Flour, deputy CEO of Societe Generale Factoring in charge of CSR resources and sponsors, explains how factoring, an essential lever of short-term financing for companies, has a strong impact in corporate social responsibility.
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Sponsored by HSBCSustainable finance is growing, offering surprising hope for investors and issuers as well as the planet
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Sponsored by CaixabankLabels can be misleading, none more so than those that try to reduce entire generations to a handful of shared characteristics. However, as technology has come to dominate our lives, its cycles also frame some of the key behaviours of particular cohorts.
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Sponsored by China Construction BankOn October 26, China’s top environmental and financial regulators jointly issued the “Guiding Opinions on Promoting Investment and Financing in Response to Climate Change”, which says that a preliminary scheme of climate investment and financing will be in place in China by 2025, and the scale of funds invested in the field of climate change will increase significantly.
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Sponsored by BNP ParibasWim Grosemans, head of product management, payments and receivables at BNP Paribas, and Steven Lenaerts, head of product management Global Channels at BNP Paribas, explain the significance for corporate clients of the bank’s recent advances in instant payments.
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Sponsored by Harvest FundHarvest Fund Management believes its local knowledge and approach to research gives it an edge over international asset managers on critical market issues such as the development of ESG investing.
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Sponsored by Banking CircleDomestic European markets remain key for financial institutions focusing on growth, according to the latest Banking Circle research. Anders la Cour, co-founder and chief executive officer of Banking Circle, looks at how attitudes and aspirations vary between western European nations.
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Supported by ERSTEThe second live panel in our CEE Forward series focused on the challenges of bringing Central and Eastern Europe up to speed on sustainability and the opportunities this creates.
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Sponsored by Societe GeneraleBanking has changed in the face of the pandemic and is the more secure for it, according to Katy Leclaire, Chief Risk Officer, Cedric Bauer, Business Continuity Manager and Eric Bendavid, Chief Information Security Officer on Societe Generale's Transaction Banking team.
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Sponsored by CalastoneThe dynamics of money markets have been widely varied this year, from heavy March outflows to record Q2 inflows, under the shadow of the pandemic. This webinar sets out to understand how these events are affecting the money markets, and download the supporting white paper which gives practical insights into how we can work together to create a more effective, efficient and resilient market for all.
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Sponsored by SberbankVeronika Zhukova, managing director, head of financial products and innovations at Sber Private Banking, discusses the importance of digital innovation and how the bank is helping clients understand the value of ESG investment.
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Sponsored by Alfa-BankEvgeny Kochemazov, chief investment officer for A-Club at Alfa-Bank, looks at how developments in the bond market have challenged the established view of this asset class.
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Sponsored by BNP Paribas Wealth ManagementEleonore Bedel explains how helping BNP Paribas Wealth Management clients to make the right investment decisions can create a greater impact for all
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Sponsored by China Merchants Bank CMBChina Merchants Bank is the primary bank in its market. Its success has been down to a long-term vision as much as a long-term perspective on its assets under management.
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Sponsored by Societe GeneraleDigitization and data have been the mantra of trade finance experts and consultants for several years now. In this article, we address the central issues currently facing the data universe and how the trend can best be accelerated.
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Sponsored by Banking CircleCovid-19 has caused banks, fintechs and payment providers to accelerate their digitalization strategies. Anders la Cour, co-founder and chief executive officer of Banking Circle, discusses the vital role of digital financial infrastructure in rebuilding banking to face an uncertain and unpredictable future.
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Sponsored by CaixabankSustainable sentiment is driving growth in demand for sustainable and socially responsible financial services, leading to change in both asset management and banking
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Sponsored by China Merchants Bank CMBA keen eye for trends sees China’s top private bank leading from the front
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Sponsored by DBSCovid-19 has exposed gaps in global trade ecosystems, but there is no better time than now for industries and businesses to transform, says Daniel Lit, executive director for trade product management, global transaction services, DBS Bank
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Sponsored by Societe GeneraleDigitalization should allow banks to focus on what really matters – their relationships with their customers
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Sponsored by ERSTEIn a post-Covid world, competitiveness will be more important than ever. The heads of Erste Group, the European Bank for Reconstruction and Development (EBRD), and leading regional private equity firm Mid Europa Partners discussed how Central and Eastern Europe can take advantage of a changing global environment in a post-Covid world.
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Sponsored by CTBC HoldingDaniel Wu, president of CTBC Financial Holding, discusses the bank’s commitment to corporate social responsibility and digitization, particularly in making it easier for customers to access banking services.
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Sponsored by Southern Asset ManagementSetting trends in China has led Southern Asset Management to sustained growth and new opportunities
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Sponsored by BanreservasBanco de Reservas de la República Dominicana (Banreservas) has led the Dominican Republic’s financial sector as it battles the impact of the Covid-19 pandemic.
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Sponsored by HuobiHuobi Group’s Ciara Sun says that cryptocurrencies are continuing to fascinate investors looking to diversify their portfolios
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Sponsored by China Construction BankCCB Match Plus is a smart matchmaking platform safely connecting businesses that cannot trade easily in today’s disrupted markets
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Sponsored by Mashreq BankTarek El Nahas, Head of International at Mashreq Bank joined (remotely) Richard Banks, Editor, Euromoney LiveStream to talk about the banks’ international network and the opportunities brought by new trade, business and investment flows.
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Sponsored by Credit SuisseDaniel Wild, global head of ESG strategy at Credit Suisse, explains how the bank’s approach to sustainable investing is helping investors achieve their societal and financial objectives.
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Sponsored by Southern Asset ManagementIn the first in a series of head-to-head articles, Southern Asset Management and Franklin Templeton offer a China-first and international perspective on equities.
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Sponsored by J.P. MorganJ.P. Morgan’s commitment to optimizing its sustainable investment offering has seen its private banking solutions evolve in line with client requirements.
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Sponsored by Southern Asset ManagementMid- to long-term bonds appear to be the sweet spot of the Chinese bond market, according to a recent online roundtable discussion between Euromoney and local leading asset managers
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Sponsored by CalastoneThe money market is rapidly becoming a 24-hour industry. But as it becomes more global, continuous and wide-reaching, is that making it easier or harder to do business?
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Sponsored by CaixabankCaixabank is determined to help its customers understand the bewildering array of services offered by a modern bank
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Sponsored by Mashreq BankEllis Wang, EVP, Technology, Transformation and Information at Mashreq Bank joined Richard Banks, Editor, Euromoney LiveStream (remotely) to talk about the banks’ investment in and drive towards a digital-first future.
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Sponsored by Mashreq BankKarim Labadi, Global Head of Transaction Banking at Mashreq Bank sat down (remotely) with Richard Banks, Editor, Euromoney LiveStreams to talk about the impact of the pandemic on GTB and the future of the Mashreq platform.
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Sponsored by Credit SuisseHelping clients understand how to grow their wealth is a key element of Credit Suisse’s Asian private banking wealth planning service.
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Sponsored by Mashreq BankJoel Van Dusen, Head of Corporate and Investment Banking at Mashreq Bank talked to Richard Banks, Editor, Euromoney LiveStreams about the challenges of managing through the pandemic and prospects for the future.
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Sponsored by Banking CircleWho will emerge from the Covid crisis stronger – challenger banks or the incumbent giants?
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Industrial Bank is one of the Chinese banks working to ensure the world post-Covid-19 looks as green as can be, through a diversity of green finance products designed to support investment.
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Sponsored by Banking CircleDigitalization has acquired a new urgency in the post-Covid world, says Banking Circle’s CEO, Anders la Cour.
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Sponsored by CalastoneThe turmoil of Covid-19 has starkly questioned how automation can help money markets build resiliency against the most massive disruption.
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Sponsored by Zhengzhou Hi-TechIn Zhengzhou Hi-tech Development Zone, efforts are under way to carefully contain the Covid-19 epidemic and fully support the resumption of productivity at the same time.
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Sponsored by KBCThe coronavirus pandemic is accelerating the switch to digital banking and digital banks, argues KBC’s Johan Thijs, but much of the upheaval was predicted to happen.
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In this two-part podcast, we explore the history and expansion of the private sector and venture capital into space exploration, including insights from Nasa’s chief economist, Alexander MacDonald; Apollo astronaut, Bill Anders; CEO of the Coalition for Deep Space Exploration, Mary Lynne Dittmar; and venture capitalist and Space X and Tesla board director, Steve Jurvetson.
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Big data, satellite feeds from space and social media platforms is just some of the technology changing corporate disclosure. In this episode, we will be looking at the tech innovations that are helping corporates map their supply chain and influence environmental social and governance (ESG) goals on the way.
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Sponsored by Banking CircleFinancial infrastructure provider Banking Circle and Euromoney are hosting a webinar to understand whether Covid-19 could offer newer banks the chance to seize the market in a world where digital is more important than ever.
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Sponsored by CaixabankThe coronavirus outbreak will fundamentally change society and the workplace. It has highlighted how digital agility is the difference between those organizations able to remain operational at all times and those that are not. Nowhere has this been more evident than in banking. In an uncertain future, one thing is certain: digital leadership will drive market leadership.
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Over $30 trillion has been invested in environmental social and governance (ESG) themed assets. With over 600 ESG rankings and ratings and over 4,000 ESG key performance indicators, standardization has never been more important. But who decides on ESG standards in the corporate supply chain and how can banks help corporate treasurers navigate this evolving market?
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Sponsored by China Construction BankFocusing on the people’s livelihoods and fulfilling social responsibilities – China Construction Bank reports operating results for 2019
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The world as we know it has turned on its head. Reeling from Covid-19, supply chains have fractured beyond recognition and firms globally are scrambling to stay afloat in order to get goods to market. But as the lockdown continues, are companies cutting corners – and putting their environmental, social and governance (ESG) goals aside – at the expense of their workers? The same workers who will be vital once the recovery begins?
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In the latest series of Treasury and Turbulence, Euromoney will examine where Sustainable Finance in the supply chain holds up, and where it falls down.
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Sponsored by CaixabankThe sudden shift to digital banking channels as a result of coronavirus lockdowns creates significant cybersecurity challenges for the banking industry. Those institutions furthest progressed towards safe digitalization will stand out as part of the solution to today’s challenges, and will become crucial actors in the post-Covid-19 world.
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Sponsored by Central American Bank for Economic Integration CabeiAchieving the best credit ratings in Latin America, issuing its first green bond, approving its most important project and welcoming a high-quality new member, 2019 was some year for the Central American Bank for Economic Integration (CABEI). The Honduras-headquartered bank will celebrate its 60th anniversary this year in stronger shape than ever.
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Sponsored by Banco BasaParaguay’s positive growth and credit metrics create a compelling investment story and Banco Basa is leading the country’s financial evolution – for the benefit of both domestic and international investors, says president Fernando Paciello.
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Sponsored by Abu Dhabi Commercial Bank ADCBA willingness to explore opportunities beyond its core markets coupled with intelligent use of technology has enabled Abu Dhabi Commercial Bank to significantly expand its customer base, says Krishnakumar Duraiswamy, ADCB head of trade finance.
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Sponsored by Abu Dhabi Commercial Bank ADCBAbu Dhabi Commercial Bank is capitalizing on the determination of the UAE government and central bank to promote payment automation and digitization. Jacek Kurantowicz, head of cash management, explains why.
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Sponsored by OCBCSmall and agile businesses demand a bank that can leverage technology quickly and effectively.
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Sponsored by Zhengzhou Hi-TechZhengzhou National Hi-tech Industrial Development Zone is attracting the attention of the world as a leader in economic development – but why?
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Sponsored by Morgan StanleyMorgan Stanley's chief sustainability officer, Audrey Choi, outlines the bank’s perspective on tackling the problem of plastic waste
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Sponsored by Standard CharteredThe formation of the African Continental Free Trade Area is expected to boost trade volumes across the continent. Corporates that leverage local banking knowledge and services will be well placed to take advantage of this opportunity, writes Emmanuel Ajayi, managing director, head of FX trading, Africa, Standard Chartered.
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Sponsored by Standard CharteredDavid Mann, Standard Chartered’s global chief economist, plots the year ahead for banks around the world.
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Sponsored by BNP ParibasBNP Paribas’s first payment tracking solution for beneficiaries demonstrates the cooperative focus the bank is taking with its corporate customers.
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Sponsored by OCBCSustainable growth is the goal of every business, says Tan Chor Sen, head of international, global commercial banking, OCBC Bank. To survive, entrepreneurs must act on digitalization to drive innovative processes, products and services that positively impact revenue and costs.
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Sponsored by Zhengzhou Hi-TechStar corporates at the 2019 World Sensors Summit in Zhengzhou point to opportunity for investment in the region
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Sponsored by CaixabankArtificial Intelligence (AI) promises to transform financial services, enabling banks to tailor products and services to customers’ needs at the times they need them; but success means solving both technology issues and challenges around security, privacy and ethics.
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Sponsored by Standard CharteredDeciding whether or not to hedge against foreign exchange risks is a lot like deciding about insurance: by the time you realise you need it, it might be too late, too expensive, or both.
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Sponsored by Standard CharteredAcross the globe, cities are growing at an unprecedented rate and are now home to the majority of the world’s population. By 2050, it’s estimated that two out of three people worldwide will live in cities.
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Sponsored by Standard CharteredVarious programmes designed to facilitate foreign investment have boosted financial market reform in China, and the internationalization of the renminbi. As bond market liberalization nears completion and the onshore stock market opens up to foreign ownership, corporate and investor interest in the Chinese currency is picking up.
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Sponsored by Societe GeneraleA huge amount of progress has been achieved in recent times in the field of rapid, even almost instant, payments. Few would argue with that assertion. Intraday transfers between domestic retail and corporate accounts have become entrenched to the point where even technophobic customers have embraced them.
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Sponsored by Standard CharteredStandard Chartered is sponsoring a series of Euromoney webinars to tackle the latest challenges and opportunities in the global financial markets. Register below to join our next webinar discussion covering global economic growth in 2019.
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Sponsored by Mashreq BankLike its domestic peers, the UAE’s oldest lender is branching out into new markets, using digital innovation to boost profits and cut costs.
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Sponsored by Standard CharteredAccessing restricted FX markets can be a considerable challenge for corporates and investors. Many markets still require local institutions to support trades despite an increasingly globalised world. After a year of trade tensions and rising geopolitical uncertainty, this is unlikely to change any time soon.
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Sponsored by Bank of ChinaIn an increasingly interconnected financial realm, multinational businesses need a cash management partner that has global reach as well as best-in-class services. Bank of China offers a five-star service that is unrivalled in its expertise and international connections.
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Sponsored by Standard CharteredThe world’s energy companies are recasting their activities not only to reduce their carbon emissions but also to diversify into forms of energy that don’t produce emissions at all.
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Sponsored by China Merchants Bank CMBCMB’s investment in technology signals a focus on the future
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Sponsored by Societe GeneraleAs technology continues to drive huge change in financial markets, do banks need to think differently about thinking differently?
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Sponsored by OCBCLocalization is key for OCBC Bank as it supports Asian clients who want to venture further afield.
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Sponsored by Standard CharteredIn this podcast episode Euromoney will examine what the energy industry can learn from the Ørsted story.
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Sponsored by SwiftThe days of ‘pay and pray’ are over. A new normal of fast, transparent international payments has begun as companies around the world embrace SWIFT’s global payments innovation (gpi).
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Sponsored by BNP ParibasHaving established the efficacy of the service, the focus of Swift global payment initiative (gpi) has moved to how its full value can be passed on to corporate clients. Wim Grosemans, global head of product management for payments and receivables at BNP Paribas, and Marc Delbaere, Swift’s global head of corporates and trade, explain how this is being achieved.
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Sponsored by Societe GeneraleTechnology is allowing banks to respond to customer requests with increasing precision, despite rising expectations and pressures on time ‒ but excellent service demands something more.
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Sponsored by CaixabankHeads or tails? The ‘either/or’ idea sits at the heart of everything from binary computers to Monte Carlo risk simulations, but in the world of quantum computing it’s heads AND tails ‒ and everything in between.
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Sponsored by Bank of ChinaBank of China successfully launched a SWIFT direct connection business for Otis Electric Elevator Co. Ltd.
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Sponsored by Ayala LandAyala Land, the Philippines’ leading property developer, has swept the board in the 15th annual Euromoney survey of the global real estate markets.
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Sponsored by Morgan StanleySustainable investing is redefining the traditional investing landscape. Investors have established their interest, and are now asking how their investments are making a positive impact.
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Sponsored by Standard CharteredA series examining how sustainable finance solutions may help us address the crisis our planet faces.
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Sponsored by Societe GeneraleTrust matters more in banking now than ever before.
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Sponsored by Refinitiv“Fintech” has become a buzzword in recent years ‒ headlining conferences and becoming a crucial investment focus for many establishment financial institutions. But fintech itself is not a new concept.
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Sponsored by HSBCSustainable finance, in all its forms, is where much of the innovation in the financial sector in the coming years is likely to be focused. That conclusion can be drawn from many indicators in the recent HSBC Sustainable Financing & Investing Survey on attitudes to sustainability, covering 500 investors and 500 issuers.
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Sponsored by BNP ParibasThe correlation that exists between the adoption of best-in-class risk management practices and shareholder value offers a clear path of opportunity for companies to outperform their peers financially.
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Sponsored by Standard CharteredFinancial services and public sector development organisations are turning to innovative technology to secure access to financial aid.
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Sponsored by CaixabankRapid digital transformation is critical to the evolution of the banking industry. But it comes with new responsibilities to keep customers and their data safe from cyber crime.
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Sponsored by Abu Dhabi Commercial Bank ADCBTransaction banking has always relied on technology and digital solutions to provide value to clients. Today it is all about transforming client experience through the use of automated services and solution providers for niche services, explains Isaac Thomas, head of transaction banking at Abu Dhabi Commercial Bank.
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Sponsored by Abu Dhabi Commercial Bank ADCBColin Fraser, group head of wholesale banking at Abu Dhabi Commercial Bank, explains how maintaining its commitment to small and medium-sized business lending has enabled the bank to gain market share in the face of difficult economic conditions.
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Sponsored by SwiftThe time has come to examine exactly how adoption of the ISO 20022 messaging standard will happen. To make the process as smooth as possible, banks need to understand the scope of changes required, secure resources and plan their implementation projects, according to Saqib Sheikh, global head of the ISO 20022 programme at Swift.
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Sponsored by Societe GeneraleCross-border payments are getting faster but some elements of friction still remain, slowing down the process. Will the industry ever achieve 100% straight-through-processing (STP) rates?
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Sponsored by Bank of AmericaThe evolution of technology continues to play a pivotal role in the creation of a digital world that is continuously being transformed – be it in the consumer space with self-driving cars or in the corporate space with distributed ledgers, artificial intelligence and machine learning.
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Sponsored by Mashreq BankThe UAE’s biggest private lender is a pioneer, embracing technology and innovation long before its peers. In retail banking, it is pushing back the boundaries in digital, finding new ways to serve customers – and to bring new clients into the fold.
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Sponsored by Standard CharteredA series examining how sustainable finance solutions may help us address the crisis our planet faces.
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Sponsored by Standard CharteredThe growing use of application programming interfaces (APIs) is challenging how businesses communicate and how client solutions are developed and delivered. APIs enable new solutions that address demands for personalized services and immediate fulfilment – driving industry innovation, disruption and connectivity.
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Sponsored by OCBCOCBC is the oldest established Singapore bank and the second-largest financial services group in southeast Asia.
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Stories of corporate treasury innovating to mitigate external threats.
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Sponsored by CaixabankBusinesses today compete as much, if not more, on customer experience as they do on price. Delivering that across all channels, digital and physical, drives a win-win of engagement, profitability and tailored service. But to achieve this, banks need cutting-edge data analytics to provide the necessary insights.
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Sponsored by SwiftThe adoption of ISO 20022 creates significant opportunities for banks. It will enable rich customer experiences, make compliance more efficient, and allow banks to future-proof their business and keep pace with new competition, according to Saqib Sheikh, global head of the ISO 20022 programme at Swift.
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Sponsored by Standard CharteredAs global economic growth slows, Asia’s high-growth markets look especially appealing to debt investors.
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Sponsored by Societe GeneraleTrade creates a vast and fragmented ecosystem, involving a wide range of different players across various industries: manufacturers, retailers, customs, transport and logistics, insurers, banks and others. All have a part to play in their interlocking local, regional and global networks.
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Sponsored by Standard CharteredWith a select group of economies likely to grow at 7% into the 2020s, investors that take a long-term view can make the most of the opportunity.
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Sponsored by Standard CharteredAs Gulf Cooperation Council (GCC) countries strive to diversify their economies away from oil, capital markets have become unexpectedly valuable partners.
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Sponsored by Standard CharteredDiscussion around digital assets is taking the industry by storm and growing at an unprecedented pace. But as the world embraces the next iterations of technology in banking and capital markets, questions arise. Do we have clear definitions and understandings of these digital assets? How do differing definitions by regulators lead to challenges and conflicts? Have we accounted for the different risks that this technology brings about? Our webinar will find out.
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Sponsored by Mashreq BankMashreq Bank’s deep and long-standing presence at the heart of the Middle East has paid handsome dividends for the Dubai lender and its corporate clients, placing it at the heart of trade corridors stretching from Asia to Africa and Europe.
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Sponsored by Standard CharteredAs trade friction between China and the United States escalates, the situation is having the unintended consequence of benefiting certain countries. We take a look at who these ‘winners’ are and how treasurers are managing the disruption.
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Sponsored by Standard CharteredHow blue financing can support the fight against climate change
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Sponsored by BNP ParibasThe secure messaging service Request to Pay has the potential to significantly ease the burden of managing receivables for corporates across Europe. Euromoney asked Dennie Servranckx, senior product manager receivables and Francis De Roeck, Payment Regulations Expert at BNP Paribas to explain how corporates will benefit from the new service.
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Sponsored by Standard CharteredThere is an increasing sense of urgency about putting the global economy on a path towards sustainable development.
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Sponsored by Societe GeneraleCash management remains a crucial part of banking as well as a catalyst for technological innovation. Whether it is the completion of a multitude of transactions or working across myriad currencies, Societe Generale continues to stand at the vanguard of development in this plain but crucial operation.
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Sponsored by Standard CharteredA series examining how sustainable finance solutions may help us address the crisis our planet faces.
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Sponsored by Societe Generale Private BankingPaul Kearney, head of private banking at Kleinwort Hambros, says that there are two overriding prerequisites for success in the competitive private banking market: relevance and efficiency.
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Sponsored by Bank of China InternationalIn an era of increasing global connectivity, BOCI’s Investment Banking Division has established a reputation as one of the world’s most innovative and highly regarded investment banks, with an enviable history of landmark deals.
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Sponsored by Societe GeneraleAs the global trend towards real-time payments systems continues to accelerate, many industry stakeholders fear increased fraud – and rightly so.
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Sponsored by Standard CharteredA series examining how sustainable finance solutions may help us address the crisis our planet faces.
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Sponsored by Standard CharteredA series examining how sustainable finance solutions may help us address the crisis our planet faces.
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Sponsored by HSBCChina’s Panda bond market continues to develop and internationalise, what does it means for China in a globalising world?
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Sponsored by CitiTo be ‘in your element’ means to be right where you want to be – where you can deploy your skills and expertise to achieve your objectives. A treasurer’s ‘element’ is money.
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Sponsored by CaixabankThe next step in the digitalization of banking will likely lean heavily on artificial intelligence. But the ethical implications of algorithms, machine learning and robotic process automation are complex. So which issues and conversations keep AI experts up at night?
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Sponsored by Societe GeneraleAnne-Claire Gorge, head of product management & innovation for trade services at Societe Generale and member of the we.trade board of directors, explains how distributed register technology is driving change in the international trade sector.
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Sponsored by Standard CharteredThe trade war between the United States and China reignited in May, when the US government increased tariffs on Chinese goods and began to target individual companies. What will come next? Which sectors are most exposed? Is there anywhere safe for global investors? The latest webinar between Euromoney and Standard Chartered will find out.
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Sponsored by Societe GeneraleOpen banking via application programming interface (API) is an integral component of the future of banking. Some in the industry will welcome that fact. Others will not. But in order to prepare, we must accept that it is a fact.
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Sponsored by Societe Generale Private BankingSociete Generale has had a presence in Luxembourg since 1893, making it the oldest foreign bank in the Grand Duchy. As well as being one of the market leaders, Societe Generale is now the fifth largest employer in Luxembourg’s thriving and business-oriented financial services industry.
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Sponsored by Caixabank“As financial policymakers and prudential supervisors we cannot ignore the obvious physical risks before our eyes. Climate change is a global problem, which requires global solutions, in which the whole financial sector has a central role to play.”
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Sponsored by CaixabankCustomers demand speed, simplicity and security in their digital interactions. The technology industry gives them passwords, smart cards and dongles – and with them the problem of remembering which one should be used for which service. Biometric identification solves many of these key ID verification problems bedevilling the digital economy. CaixaBank’s launch of its game-changing biometric ATMs shows how face recognition is moving mainstream.
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Sponsored by Bank of ChinaChina’s opening capital markets are unlocking a world of opportunity for investors and building bridges with businesses and governments on every continent. The Bank of China is at the heart of these initiatives to create pioneering new global partnerships.
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Sponsored by Standard CharteredTreasury management is on the brink of a transformation. Emerging new technologies and accelerating transaction speeds are driving treasurers to overturn traditional operating models, extricate themselves from day-to-day processing and engage more directly with their businesses to drive growth.
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Sponsored by CitiTechnology. It’s a metamorphic force, running at full tilt, that keeps corporate treasurers on their toes.
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Sponsored by Central American Bank for Economic Integration CabeiPriorities under new administration: importance of economic integration, stronger together.
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Sponsored by Corporacion Andina De Fomento CafThe development bank strengthens its partnerships with businesses and governments across Asia
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Sponsored by HSBCKatia Bouazza, co-head of global banking, Latin America at HSBC, advocates that LatAm borrowers have demonstrated ever-more prowess while the region’s investors play a larger role in offerings and domestic markets become an important conduit for the global investment community.
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Sponsored by CommerzbankWith reforms to the EU Emissions Trading System pushing up the cost of CO2 emissions certificates and lowering the future number of allowances, companies with high emissions could benefit from leveraging Commerzbank’s expertise in emissions trading.
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Sponsored by Bank of China InternationalThe success of BOC International over the past decade is part of an evolving narrative in global banking that is reshaping the world of finance.
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Sponsored by BNP ParibasStrategic FX management vs operational FX management
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Sponsored by CitiIt is of no surprise, given the change under way in many corporate business models, that much has been spoken about and written on the emerging digital opportunities that exist for treasuries to reimagine and reinvent how they operate.
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Sponsored by CommerzbankRob Scott, head of custody, collateral & clearing at Commerzbank, explains the importance of data in the digitalization of the post-trade environment and the potential of blockchain and artificial intelligence to transform the customer experience.
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Sponsored by Khan BankKhan Bank is the benchmark for financial stability and innovation in Mongolia. The country’s biggest and best lender has spearheaded technological change for nearly three decades, setting the bar ever higher.
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Sponsored by Standard CharteredStandard Chartered is sponsoring a series of Euromoney webinars to tackle the latest challenges and opportunities in the global financial markets. Register below to join our next webinar discussion covering global economic growth in 2019.
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Sponsored by Societe Generale Private Banking"Our primary mission is to protect our clients’ wealth. How they can as well invest in a positive and sustainable way is more and more at the centre of our dialogue with them.”
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Sponsored by Standard CharteredIt is a well-known maxim that regulation and technology are the co-drivers of change in the financial industry.
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Sponsored by Standard CharteredSourcing and supply strategies have become increasingly sophisticated in recent years, with companies across industries taking a more strategic approach to procurement in view of shifting ecosystems.
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Sponsored by CitiA regularly-tested clear, robust recovery plan is essential if companies are to meet the challenge of an increasing number and variety of cyber threats
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Sponsored by Standard CharteredDigitization is radically changing the way we communicate, transact and share information, transforming business models and customer expectations. However, underpinning the business models of both the past and future is the processing and financing of trade transactions.
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Sponsored by SwiftApplication programming interfaces enable seamless payments that have helped make apps and banking services so convenient and popular. But banks must now work together to increase standardization and security and to guarantee quality to ensure customers continue to enjoy these benefits.
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Sponsored by Standard CharteredStandard Chartered is sponsoring a series of Euromoney webinars to tackle the latest challenges and opportunities in the global financial markets. Register below to join our next webinar discussion covering the potential for fintech disruption in securities services.
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Sponsored by Standard CharteredStandard Chartered is sponsoring a series of Euromoney webinars to tackle the latest challenges and opportunities in the global financial markets. Register below to join our next webinar discussion covering the potential implications of US-China trade war.
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Sponsored by CreditEaseChinese high net-worth individuals no longer consider whether or not they should plan for inheritance. That question is settled. But they still face the question of how they plan for wealth transfer – and which firms they should work with.
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Sponsored by Central American Bank for Economic Integration CabeiCABEI is the regional multilateral financing institution for Central America, with headquarters in Honduras. It is known also by its Spanish acronym BCIE (Banco Centroamericano de Integración Económica) and was founded in 1960 by the original five shareholder member countries – Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua.
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Sponsored by DBSSince 2014, DBS’s transformation has been nothing short of impressive. Nearly every aspect of the way it operates and how it interacts with customers has been digitalized.
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Sponsored by OTP BankAs other regional groups have been forced to pull back from Central and Eastern Europe, a strong capital base and long-standing commitment to innovation have allowed OTP Bank to pursue an ambitious expansion and development strategy
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Sponsored by BNP ParibasTreasurers globally are juggling a broad and growing range of responsibilities, with limited resources and a myriad of technologies and cultural, market and regulatory challenges from all sides. How does the treasurer of today overcome these challenges and identify the innovations that are likely to affect the corporate treasury function in the short and the long runs?
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Sponsored by Standard CharteredToday’s modern treasurer plays a key role in creating structures and processes that ensure the continued availability of working capital across their supply chains
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Sponsored by Standard CharteredFinancial inclusion enables and empowers people and communities, and can help drive economic growth by bridging economic opportunities and outcomes. Increasing financial inclusion for individuals and small businesses is an objective for policymakers, governments, banks and corporations alike. Payment innovations such as mobile money solutions have proved a catalyst for greater financial inclusion over recent years, but there is no ‘one size fits all’ solution, and challenges and complexities remain. Continued progress in mobile money, and by extension financial inclusion, requires greater cooperation on multiple fronts, involving governments, regulators, telecoms, banks and fintechs.
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Sponsored by Societe Generale Private BankingOver the last five decades, Societe Generale has been synonymous with innovation, says Jean-François Mazaud, Head of the group’s private banking unit (SGPB).
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Sponsored by Bank of China InternationalBank of China International (BOCI) has launched a China Commodities Index – the first China-focused commodity index launched by an offshore Chinese investment bank
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Sponsored by HSBCA sustainable global economy starts with individual acts of conscience and responsible corporate citizenship. But taking on the climate and social issues that continue to affect people all over the world requires more. To drive fundamental change, individual action must evolve into institutional transformation – where Environmental, Social and Governance (ESG) becomes not simply a moral imperative, but a business imperative as well.
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Sponsored by CitiThe introduction of new types of money market funds in the European Union may prompt institutional investors to revisit their investment strategy.
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Sponsored by Standard CharteredProliferation of bank accounts, unreconciled suspense entries and fragmented liquidity are challenges for both domestic and international corporations. Virtual accounts tied with automated liquidity management structures provide a scalable way for treasurers to automate processes and simplify liquidity management whilst concurrently reducing physical bank accounts and streamlining resourcing.
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Sponsored by Societe Generale Private BankingIn the six years since Jean-François Mazaud’s appointment as its chief executive, Societe Generale Private Banking (SGPB) has undergone a fundamental transformation. As recently as 2012, Mazaud explains, SGPB remained a relatively small player in its home market, France, and maintained an extensive and costly international network with a presence throughout Asia, the Middle East and the Americas, as well as in several locations in Europe.
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Sponsored by Standard CharteredStandard Chartered Bank are sponsoring a series of Euromoney webinars on DCM & securities services tackling the latest industry challenges. Sign up below.
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The influx of new technology is touted as having the possibility of revolutionising how the payments industry operates.
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Sponsored by Standard CharteredInternational investors are increasing their exposure to China, our latest survey finds.
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Sponsored by Standard CharteredTechnology has always played a critical role in the evolution of securities services, from streamlining and reducing risk from our processes, to creating new products and generating enhanced value from data.
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As the payments landscape changes due to changes in regulation, technology and client behaviour, the treasury function is also undergoing a major shift. While every change presents its share of threats and opportunities, certain points will have long-lasting implications on corporate treasuries around the world.
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Sponsored by Standard CharteredChinese regulators have taken major steps to open up the onshore renminbi bond market to foreign investors, including launching the landmark Bond Connect scheme. But many foreign fund managers are still taking a gradual approach to the market, preferring to invest in short-term deals from high-rated issues. This webinar explores the opportunities for foreign investors - and asks when they will make the most of their access to China's bond market.
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Sponsored by HSBCIn this exclusive interview with Samir Assaf, CEO of HSBC Global Banking and Markets, he explains why Vision 2030 is such an important opportunity, both for Saudi Arabia and the international financial community.
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Sponsored by HSBCCFOs, Treasurers and funding officials need liquid and diversified sources of funding at the best of times, and even more so in a rising interest rate environment. China's bond market, the third largest in the world, has begun opening up to foreign issuers over the past few years. In the coming months, more new issuers are expected to enter the market as they look for funding sources that match their requirements, in a currency that is rapidly internationalizing.
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Sponsored by Standard CharteredThe Belt & Road initiative is proving to be a win-win situation for both China and Africa, creating a foundation for the next level in Sino-African economic ties.
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Sponsored by CitiAlternative financing options - particularly those which provide companies with flexible arrangements - are becoming increasingly popular with S&P 500 companies. Next generation technologies are making these financing arrangements ever more possible.
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Technology has enabled the movement of funds in secure environments. The speed of transactions has also dramatically increased, reducing down to just a few seconds in some countries and currencies as APIs and real-time systems arrive. But are instant payments always necessary? Is improving the speed and automation of your treasury systems a key part of your strategy? Please complete our short survey to share your views.
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As lower interest rates in Brazil have made wealth managers more relevant, the CEO of Consenso — which UBS acquired in 2017 — says that the secret of wealth management goes beyond making big calls on markets.
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Receivables are key to keeping a company or institution in business. They are the final step of the cash conversion cycle, closing the gap in the working capital. In other words, receivables are really important for treasurers and yet are often seen as a difficult topic to address.
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Sponsored by CitiOver the past decade, many corporates have adjusted their financing strategies as the availability and cost of capital have changed due to a number of factors, including market, regulatory and economic transformations.
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Technology may be creeping into every aspect of banking and corporate treasury, but there seems to be a low appetite for working with fintechs and more demand for a focus on traditional banking relationships and business understanding.
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Sponsored by Bank of China InternationalLeading Chinese and US investment banks BOC International Holdings Limited (BOCI) and Jefferies LLC have formed a powerful strategic banking alliance that opens a world of new opportunity for investors.
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Sponsored by Thomson ReutersEven by recent standards, 2018 should be quite a year for regulation. Over the course of the coming months, those on the data management frontline will be tasked with ensuring compliance with EU Benchmarks Regulation, MiFID II, FRTB, GDPR or PRIIPs in a cost-efficient way. A challenging undertaking, to be sure. But within even the most arduous of challenges lies opportunity — one only has to know where to look.
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Sponsored by Bank of China InternationalGlobal economic growth momentum strengthened further in 2017 with many economies concurrently sharing in the upswing, and the Eurozone, Japan and emerging markets significantly outperforming expectations in particular.
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Sponsored by Standard CharteredIn the past two years, Standard Chartered has conducted the RMB Investors Forum survey to monitor investor sentiment about China access. This infographic highlights the key results for 2017
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It is no secret that cross-border payments have been historically laden with problems of delays and errors, unclear payment status and fees. To address these issues, Swift launched the global payments innovation (GPI) with the goal of significantly improving the customer experience by increasing the speed, transparency and tracking of cross-border payments. This initiative from Swift involves more than 120 key transaction banks from more than 200 countries and territories around the world, and because Swift is where the critical mass of cross-border payments happen, its global payments innovation has been hailed as one of the biggest advancements in international payments in several decades. The initiative is designed to be functional at the short, medium and long terms.
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Sponsored by Standard CharteredMore and more investors are looking favourably on sukuk as an asset class
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Sponsored by Thomson ReutersA new Thomson Reuters report highlights the challenges organizations face as they prepare to meet the complex demands of the Markets in Financial Instruments Directive II (MiFID II).
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Sponsored by Standard CharteredInitiated by China, the Belt & Road was to promote free trade and connectivity between Asia, Africa, and Europe via a huge infrastructure investment
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Sponsored by CitiCorporate treasury teams should prioritize setting a strategy for using data and digitization to transform how they operate, writes Ron Chakravarti, global head of treasury advisory, Treasury and Trade Solutions, Citi. Meanwhile, Martin Schlageter, head of treasury operations at Roche, explains how digitization is core to shaping what treasury achieves.
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Sponsored by Standard CharteredIn the search for investment yield, one asset class that is expected to grow significantly in the coming years is global local currency bonds, with recent macro conditions set to spur new demand.
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Sponsored by HangzhouEuromoney presents the Hangzhou investment e-book, with an intro by Hangzhou deputy mayor Xie Shuangcheng; containing information on on Hangzhou's digital future, business hubs & help, Hangzhou's location, private investment, talent and tourism.
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Sponsored by DBSGlobal technology companies have changed many industries and banking has not been immune from this digital onslaught. But banks themselves have maintained their central role in a world increasingly dominated by tech companies. The key advantages banks have over technology companies include the solidity of branches, brand loyalty, and national purpose. Banks also have zero tolerance towards failure. Tech companies do many things well, and banks need to learn from them if they are to maintain their central position.
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Sponsored by Standard CharteredA full quarter has elapsed since Bond Connect was launched, and the mood remains confident.
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Sponsored by Standard CharteredChina is keen on deepening its bond footprint, and the world should take notice.
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Penelope Smith, Director, Head of non-German Schuldschein Origination, DCM Loans at Commerzbank, considered the role of this unique private placement instrument in international investors’ portfolios.
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Sponsored by Standard CharteredThis year marks a decisive year in the global economy, and the transaction banking industry that facilitates it. In every region, we have seen how eCommerce, new technology and changing regulations are prompting new business models, faster or real-time payment methods and changing customer expectations, both at a consumer and corporate level. While the underlying trends may be similar, however, the implications for transaction banking in each region are quite different, demanding a multi-faceted approach to address the distinct strategic challenges and opportunities.
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Sponsored by Standard CharteredAsia’s high-yield bond market has had an impressive year so far – and it’s set to continue.
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BNP Paribas, PwC, SAP and the European Association of Corporate Treasurers (EACT) released the second edition of their thought leadership initiative, the Journeys To Treasury (JTT) report at EuroFinance Barcelona on the 4th of October 2017. The first edition of the report, released at EuroFinance Vienna in 2016 made a lasting impression on the corporate treasury community, with more than 1000 downloads across the world and more than 24,000 visits to the report’s website within the first three months of its launch. The 2017 edition of the report has taken the narrative further and discusses some of the most important issues and trends affecting the corporate treasury.
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Sponsored by Standard CharteredStandard Chartered Bank are sponsoring a series of Euromoney webinars on DCM & securities services tackling the latest industry challenges. Sign up below.
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Sponsored by DBSIt’s lunchtime in Singapore. And like many people, you feel like going to a food court for some laksa, or mee goreng. Traditionally, you would have to find some money, walk out of the office, join the queue at the stall, pay for the food with your cash, wait to pick it up and then go find a table. It’s a standard process. But DBS has come up with a better way through DBS FasTrack. Now, all you need to do is order on your smartphone, be notified when your food’s ready, walk up to the stall and collect your food. No queue, no wait, and perhaps most importantly, no cash. This is the Uber of lunchtime.
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Sponsored by HSBCA number of market participants believe that a prominent theme of 2018 may be the accelerated convergence of trading and reporting mechanisms across the global fixed income and equity markets.
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Sponsored by Standard CharteredMalaysia’s infrastructure financing market is well ahead of many of its peers, proving time and again that it can support greenfield financing when many other countries are still focused on funding pure brownfield projects.
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Sponsored by CitiCyber threats are on the rise and no industry is immune. According to a January 2016 report by Forbes, the global cost of cyber crime will reach $2 trillion by 2019.
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Sponsored by Banca MarchBanca March is the only wholly family-owned bank in the Spanish financial sector. More than nine decades of responsible management have positioned us as a leading provider of financial advisory and wealth management services in the Spanish market.
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Sponsored by Standard CharteredCyber security is a growing problem as the frequency and diversity of attacks continues to increase. While many attempts are rebuffed by existing defences, the number of successful recent attacks has elevated cyber security to a critical risk that is beginning to feature regularly in C-Suite strategic discussions.
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Sponsored by Standard CharteredStandard Chartered recently chaired a panel discussion themed Charting The Future Growth Of Risk Management And How To Manage A Longer Custody Chain. Not surprisingly, an area of initial discussion focused on the somewhat complex and convoluted web of intermediaries, technologies, jurisdictions, processes and costs sitting between the beneficial owner or investor and the securities issuer that exist in this cycle.
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Sponsored by Standard CharteredIndia has undergone significant structural changes in recent years and it is presently one of the world’s fastest growing economies.
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Sponsored by Standard CharteredStandard Chartered Bank are sponsoring a series of Euromoney webinars on DCM & securities services tackling the latest industry challenges. Sign up below.
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Sponsored by Bank of China InternationalChina is taking an increasingly major trading role in global commodities as a vast, untapped investor base within the world’s fastest growing economy emerges. The next five years will see China’s influence on commodities trading rise further, according to the company leading the trend – BOCI
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Sponsored by Standard CharteredAnalysis of headline GDP figures in Africa would presuppose a region going through a period of prolonged stagnation, with growth slowing down to 2.2% in 2016 (1) off the back of falling commodity prices and tighter Chinese economic conditions - but this needs to be put into proper context. Nigeria and South Africa are the two biggest regional economies and the main bulwarks behind the continent’s growth, and both markets have contracted. Slowdowns in these two countries tend to have a disproportionate weighting on the overall region’s growth figures.
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Sponsored by Standard CharteredMiddle class savers are looking for long-term return solutions to insulate their savings but the artificial suppression of interest rates by central banks has constrained their options. Low rates of interest paid on cash deposits held in bank accounts is forcing people to identify new means by which they can grow and complement their existing income and savings.
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Sponsored by Standard CharteredThe latest access channel between the Hong Kong and China financial markets went live on July 3 with the launch of the northbound Bond Connect – connecting international investors with the China Interbank Bond Market (CIBM). Previous China market access platforms – such as Stock Connect – have typically started slowly as investors exercise initial caution, before attracting proper momentum.
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Sponsored by Standard CharteredChina has never been more important to foreign investors and the pace of liberalization in the country’s financial markets continues to accelerate. With MSCI’s inclusion of China A-shares into its emerging markets index and the launch of Bond Connect, we are nearing a critical point in the journey towards the complete opening of China’s financial markets to global investors.
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Sponsored by Standard CharteredFor the second time in a little under two months, an audacious hack of major institutions spanning vast geographies was executed by cyber criminals. Companies operating in around 64 markets were breached as a result of malware, causing enormous cost and delays to their operations.
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Sponsored by Standard CharteredThe sukuk market continues to expand, but some significant challenges remain for both investors and issuers wanting to access the Sharia-compliant market which are arguably holding it back from faster growth.
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Sponsored by Standard CharteredChinese real estate firms have been the source of many of Asia’s high yield deals in the past few years. The landscape is changing, however, due to a complex mix of Chinese regulatory efforts to make domestic capital markets more accessible for issuers, prolonged renminbi volatility that has lowered the appeal of dollar funding, and increasingly stringent rules set by China’s National Development and Reform Commission that control offshore issuance by domestic firms. The NDRC recently went as far as naming and shaming issuers circumventing such procedures. At GlobalCapital's roundtable, held in Hong Kong at the end of May, hosted by Standard Chartered, leading market experts discussed the evolution of Greater China high yield, the challenges posed by ever lower yields and what the future drivers of issuance will be at times of rising policy uncertainty.
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Sponsored by Standard CharteredStandard Chartered Bank are sponsoring a series of Euromoney webinars on DCM & securities services tackling the latest industry challenges. Sign up below.
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Sponsored by Bank of America Merrill LynchBank of America Merrill Lynch’s detailed transaction cost analysis (TCA) gives clients valuable algo performance insight.
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Sponsored by CreditEaseCreditEase wins the best wealth management firm award in the inaugural Asiamoney China awards for the category, an acknowledgement of the firm’s rise from a peer-to-peer lending platform to a pillar of the maturing wealth management sector in China. Asiamoney spoke to Tang Ning, CreditEase founder and CEO, about the firm’s success story.
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Sponsored by Standard CharteredAPAC fund managers are looking to set up UCITS and AIFM products to attract domestic and European investors
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Sponsored by Standard CharteredThe short answer is yes – of course it does. The emerging-market asset class is still small and depends on flow of funds from developed market investors. Moreover, it is non-homogenous and disaggregated, and therefore tends to be a price taker rather than a price setter. This makes the EM asset class dependent on markets that are price setters, such as the US and Europe. In this article, we examine the linkages and dependencies between EM and Europe.
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Sponsored by Standard CharteredThe Asia-Pacific (APAC) region has seen multiple fund passporting schemes launched in quick succession, but can we tell how well they are likely to fare as they become more established over time?
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The importance of emerging markets in the world economy has grown steadily but managing EM currency risk can be a nightmare for the unwary corporate treasurer. By 2014, emerging market economies already accounted for 36% of world GDP and 27% of world trade, yet in the period between 2010 and 2015 there were eight large depreciations of emerging market currencies, according to the International Monetary Fund. Managing the company’s financial interests in these challenging markets has become a top priority for treasurers. Which factors should treasurers look at?
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Sponsored by CitiThe EU’s revised Payment Services Directive (PSD2) will be implemented in January 2018 and provide non-banks with free access to payment initiation from bank accounts, subject to account holder consent. PSD2 creates a new Request to Pay (RTP) capability that is of significant interest to merchants and to the fintechs providing them with payment services.
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Sponsored by Standard CharteredIf its second half maintains the pace set to date, 2017 may be a landmark year for bank and insurance capital issuance, with investors showing an appetite for a wide range of credits and willing to go down the credit curve in search of yield.
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Sponsored by Standard CharteredStandard Chartered Bank are sponsoring a series of Euromoney webinars on DCM & securities services tackling the latest industry challenges. Sign up below.
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Sponsored by Standard CharteredAs one of the fastest growing economies in the G20, Indonesia is on the up. Having taken some difficult decisions after coming to power in 2015, Joko Widodo’s administration is reaping the rewards, with growth accelerating, a budget deficit below 3% and inflation tamed. This benign economic background has helped the Indonesian government become one of the most sophisticated sovereign borrowers in the international market. At GlobalCapital ’s roundtable in Jakarta in early April, hosted by Standard Chartered, leading bankers and issuers explored the impact of reforms to state-owned enterprises, potential US interest rate rises and changes to tax laws on the potential to create a deeper, more effective debt market.
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Innovation is on everybody’s mind and many wonder whether it’s actually more than just a buzzword. BNP Paribas’s response is clear and strong: innovation is a continuous journey, it goes beyond technology, is already underway and bringing progress at multiple levels and the Bank is also now working hand in hand with its clients to rock the treasury house. From blockchain-based solutions to SWIFT gpi and Virtual Account Management, the evidence is blooming.
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Sponsored by Standard CharteredEnvironmental, Social, Governance (ESG) investing is not a temporary trend for fund managers, but a movement that is gaining momentum, and one that could have a significant impact on firms’ operations
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Sponsored by Standard CharteredMiddle Eastern governments and companies rose to the financing challenge set by falling oil prices in 2016, rethinking their operations, cutting costs and turning to the international bond markets in committed fashion to plug funding gaps. Issuers in the Gulf Cooperation Council countries raised $66bn last year, and this year’s first quarter total of nearly $25bn suggests issuance will be similarly high in 2017. At GlobalCapital’s roundtable in Dubai on March 27, hosted by Standard Chartered, leading participants discussed the steps needed to take the region’s debt capital markets from nascent to mature, to ensure that they can continue to function, whatever happens to the oil price.
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Asian green bond initiatives are supporting an unprecedented global surge in issuance, with many markets taking a leaf out of China’s regulator-led book.
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Sponsored by Standard CharteredThe commercials of running an onshore fund product are appealing, and Asia-Pacific managers want to jump in on the action.
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Sponsored by Standard CharteredStandard Chartered Bank are sponsoring a series of Euromoney webinars on DCM & securities services tackling the latest industry challenges. Sign up below.
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Sponsored by Bank of ChinaBank of China’s powerful combination of global reach, quality service, and profound local and regional expertise has led to it triumphing as Asia’s most highly ranked cash manager.
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Sponsored by Standard CharteredIn 2016 there was substantial growth in the panda market. New reforms may stimulate activity further in 2017.
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Sponsored by Standard CharteredThe Gulf Cooperation Council (GCC) regional grouping is one the fastest growth engines in global debt capital markets.
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Banks involved in trade should be striving to find a practical solution to today’s challenges while also working towards the ideal of a purely digital future.
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Sponsored by Standard CharteredBond issuance volumes have picked up in the early months of this year, as borrowers have capitalized on low volatility and interest rates. Issuance has reached some $950 billion year to date, 5% up on the same period last year. Of particular interest are bonds from Asian high-yield issuers (with credit ratings below BBB or Baa), which account for over $6.2 billion in offshore debt year to date. This is over four times the total amount issued in 2016 whereas the broader high-yield segment rose 66% year on year.
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Sponsored by HSBCIn the world of trading, January 2018 could mark the start of a new era, as a result of the changes that will be introduced by the EU’s revised Markets in Financial Instruments Directive and accompanying Regulation (together, “MiFID II”). MiFID II aims to build on MiFID I by establishing a more transparent financial system, restoring investor confidence and improving the way capital markets function “to the benefit of the real economy”.
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Euromoney and J.P. Morgan conducted a survey of global corporate treasurers to find out what they see as the biggest challenges they currently face, and assess their expectations for 2017. The survey enjoyed an overwhelming response, with more than 230 respondents sharing their thoughts, from over 30 countries.
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Sponsored by Standard CharteredBy Henrik Raber, global head, capital markets, Standard Chartered Bank
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Sponsored by ScotiabankThe new administration in Washington is pushing a pro-growth agenda, which we expect will further support the recent strength in the US dollar. Comments from the president and senior representatives of the new government have suggested some concern about the dollar’s level. We expect the dollar to remain relatively strong in the coming year, however.
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Sponsored by DBSJohn Laurens leans back in his chair and looks out across the Singapore skyline. “Everything in the world has changed so much over the last 100 years, but there are fundamental aspects of trade finance that remain stubbornly anchored to the past,” he says. “Sure, there are new platforms and technologies but, fundamentally, documentation that is still in use today would be familiar to people in the 19th century.” For some banks and their clients, such familiarity might seem a comfort. But it clearly makes DBS’s head of transaction banking uncomfortable. Innovation for DBS is a matter of survival. And in the world of transaction banking the bank is aiming to be one step ahead of its rivals, two steps ahead of its clients and, as far as possible, in front of the disruption that is coming to this most traditional form of banking.
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Sponsored by DBSMany banks pay lip service to innovation, but none has embedded it as deeply into its operations as DBS.
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Sponsored by HSBCSince the global financial crisis, the banking industry has been confronted with a wave of regulatory changes intended to ensure that the near-meltdown of 2008 is never repeated.
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The surprises and uncertainty that characterized 2016 for treasury will continue this year. While some clarifications will materialize, the confluence of traditional and emerging priorities will also challenge decision-making. J.P. Morgan has identified the main areas of focus for treasury professionals below.
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Sponsored by J.P. MorganThe surprises and uncertainty that characterized 2016 for treasury will continue this year. While some clarifications will materialize, the confluence of traditional and emerging priorities will also challenge decision-making. J.P. Morgan has identified the main areas of focus for treasury professionals below, and presents a short survey so you can share your view on how these drivers may impact your business – and to see what other treasurers think. Just submit your answers to proceed through this interactive article.
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Sponsored by HSBCGreg Pierce, Head of Global Markets in the US, and Hossein Zaimi, Head of Trading, Asia Pacific, HSBC.
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Euromoney hosts a number of annual economic and investment forums in tier-two and tier-three cities across China.
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Sponsored by ShenyangShenyang has a rich cultural history. It is the birthplace of one of China’s greatest imperial dynasties and was the imperial capital during the reign of two emperors. It is considered one of the most important historical and cultural cities in China.
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Sponsored by ShenyangShenyang and Germany have a close, long-standing and mutually rewarding association. The headline example of this is the highly successful three-plant BMW Brilliance operation in the city, but in fact the connections are deep and widespread.
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Sponsored by ShenyangShenyang’s economic performance over the past 50 years is well known. But what is it like as a place in which to live?
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Sponsored by ShenyangFor an industrial city, Shenyang has substantial environmental ambitions. It is, the city government says, a National Civilized City, a National Environmental Protection Model City, a National Forest City and a National Garden City.
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Sponsored by ShenyangShenyang is considered the cradle of industry in China, where so many innovations took place as the modern country took shape.
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Sponsored by ShenyangThe Shenyang Economic Zone is an exercise in the theory that the whole can be greater than the sum of its parts.
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Sponsored by Bank of America Merrill LynchExamining the best options for execution in challenging markets.
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Sponsored by HSBCA key part of the pooling process is the “Collaboration in Action” initiative under the LGPS framework, which sets out a number of targets for reducing costs arising from duplication of functions in areas such as custody, accounting, actuarial and investment consultancy.
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As corporate treasures look ahead to 2017, the global outlook remains mixed, yet with positive momentum from gradually improving economic conditions.
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Pension plans of many European companies are in crisis. Longer life expectancy entails paying out more in defined benefits, while volatile equity markets and low-yielding bonds have cut deep into investment returns. At the same time, the historically low interest rates and credit spreads result in higher discounted values of pension liabilities. Satu Jaatinen, Global Head of Corporate and Investor Solutions at Commerzbank, examines the strategic options for safeguarding pensions at risk.
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The UK’s departure from the European Union will have significant short-, medium- and long-term impacts. Steve Elms, EMEA Head of Corporate and Public Sector Sales, within Citi’s Treasury and Trade Solutions team, is joined by fellow Treasury and Trade Solutions sector specialists John Murray, Roberto Di Stefano, Peter Cunningham and James Lee to assess the outlook for the airline, automotive, healthcare, and technology, media and telecoms sectors in the wake of the UK’s decision to leave.
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Sponsored by Societe GeneraleWant to sign off corporate payments from your phone while on the beach? Looking for a cheaper offering? Need a bank with a footprint in emerging markets? There are many reasons to change cash management providers, and clients need help coping with these transitions. Société Générale discusses why customers change and what it entails.
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Sponsored by ScotiabankGlobal investors are facing a conundrum; developed market bonds have never been pricier while central bank policy has never been looser. Easy monetary conditions are driving gains in equities and supporting bonds. But with the IIF noting recently that USD $10 tn worth of the world’s (i.e. developed market) government securities are now offering negative rates, the search for yield is becoming more pronounced. In the FX space, this has driven renewed interest in the carry trade. The main beneficiaries have been higher-yielding EM currencies rather than the traditional G-10 high yielders and these currencies may be the most exposed to a Fed-induced correction in the trade.
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Sponsored by Standard CharteredWith evolving corporate buying behaviours as a result of global expansion and shifting of supply chains, banks no longer have the luxury to push products for corporates to adapt to. They now have to offer integrated and flexible solutions that address corporates’ transactional, financial and information needs.
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Sponsored by Thomson ReutersFindings from Greenwich Associates 2015 FX survey
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Sponsored by Standard CharteredGlobal banks have been reducing correspondent banking clients, either because they are commercially unviable or they fail today’s higher financial crime-prevention standards. Efforts are now being made to rectify the situation.
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Sponsored by ScotiabankThe Mexican peso seems to be a currency permanently stuck in a tequila hangover driven by underperformance. It appears to underperform in risk-off periods as well as in risk-on periods. Why is this? Should authorities do more to stabilize the currency?
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Sponsored by Societe GeneraleWhile banks are still unsure of how the blockchain will affect their businesses, there is a widely held feeling that it has transformational potential. But it is still early days for the technology, and a lot more work must be done developing the blockchain before it will be clear how it can improve the banking industry.
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Sponsored by Thomson ReutersThe advent of a global code of conduct for the FX market should bring greater consistency, fairness and transparency to key industry practices.
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Sponsored by ScotiabankDiverging monetary policy trends and asymmetric growth prospects suggest that the recent, wide swings in the USDCAD exchange rate are likely to continue in the second half of the year.
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Corporates are increasingly embracing bank-agnostic connectivity and other solutions that make communicating with banks more straightforward. Only those banks that show leadership and make the necessary investment in these innovative technologies will prosper in this new era.
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Sponsored by Societe GeneraleBasel III, expected to come into effect by 2019, will have massive implications on the notional cash-pooling business, making it much harder for banks to offer this service profitably. This is likely to force some banks to reconsider the business, either by repricing their offering or by exiting relationships altogether, warns Société Générale.
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Sponsored by Bank of America Merrill LynchBy joining the Moscow Exchange (MOEX) as a clearing firm, Bank of America Merrill Lynch is able to provide clients with access to higher liquidity, with tighter spreads, than via offshore platforms.
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Amid a dynamic and evolving investment banking environment, in which the largest players are struggling, some more nimble operators are bucking the trend and achieving returns on equity comparable to before the financial crisis.
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Macroeconomic and geopolitical forces are creating an environment of heightened risks, divergent growth, and tax and regulatory uncertainty for corporates. Here we draw on Citi Treasury Diagnostics, our global treasury benchmarking platform, to reveal the top treasury priorities of leading companies, and share insights into how the corporate treasury can support global business objectives.
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Sponsored by Thomson ReutersWith the onset of central clearing and a growing regulatory overhang, market participants are under historic pressure to fully understand the impact of collateral and credit valuation on their portfolios.
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Sponsored by Societe GeneraleThanks to the strong CLN and credit tranches franchise it has developed with retail and private investors, Societe Generale is able to offer to insurers a competitive range of credit derivative-based products and to design innovative solutions specifically for this client segment, whether for investment or hedging purposes.
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CEOs are expected by shareholders and other stakeholders to guide their companies through today’s shifting risk landscape and deliver on financial objectives. Here's how.
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Sponsored by Societe GeneraleEverything corporate treasurers need to know about hedging FX risk as the dollar soars.
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It won’t have escaped your notice but there are further regulatory changes coming down the track. Hard on the heels of European Market Infrastructure Regulation (EMIR), the second iteration of Europe’s Market in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation are under way.
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Sponsored by Thomson ReutersElectronic trading in the fixed income markets is at a crossroads. Regulatory pressures and capital constraints have changed the economics of the business and promise to create a new market structure. In this emerging world, the buy-side community has the opportunity to be increasingly active as the balance of power shifts. That’s good news for trading and communications platforms, which up to now had been constrained by the use of the telephone and a long-established two-tiered market structure.
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As universal lenders retreat from key markets, VTB Capital is pushing hard into industries that will increasingly define the 21st century, from ports services to infrastructure and logistics, building strong and enduring relations with a host of powerful corporates in the global ascendancy.
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Sponsored by Societe GeneraleNew regulations are radically shifting the prime brokerage landscape, and market participants are changing their business models to adapt. James Shekerdemian, Global Head of Prime Brokerage Sales, Societe Generale Prime Services, looks at how services are evolving in response to new rules.
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The latest RUSSIA CALLING! forum, held by VTB Capital in Moscow, proved to be another unalloyed success.
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Trailblazing software specialist InfoWatch has long been one of Russia’s brightest tech-sector prospects. Spun out of software giant Kaspersky Lab more than a decade ago, it now bestrides the industry, helping leading Russian and global firms to combat cyber-attacks and protect against internal breaches. We spoke to InfoWatch CEO and founder Natalya Kaspersky about the firm’s – and Russia’s – increasingly bright future.
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Russia and China are entering a golden age, as the two superpowers finesse political relations, boost the mutual use of one another's currencies and forge profitable new bilateral trade routes. An economic relationship that could define the 21st century is beginning to come of age.
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Public-private partnerships are all the rage in Russia, with toll roads, motorways, airports and medical facilities springing up around the country. New PPP legislation passed this year, which protects the right of all investors, is expected to boost interest even further, dragging in global capital in the years and decades to come as Russia looks to fill a $1 trillion infrastructure gap.
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Russia's debt and equity capital markets are rebounding fast, along with a resurgent onshore and cross-border M&A industry. At RUSSIA CALLING!, VTB Capital is laying the groundwork for multinational firms seeking to invest in the resurgent economy, helping investors to accelerate regional growth, and identifying emerging trends in the domestic and offshore DCM and ECM, along with a host of other business and investment opportunities.
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Russia's economy is over the worst and on the mend. Economic growth might have dipped as oil prices tumbled, but a weaker rouble also meant higher exports and a more competitive economy. The next big step is to return the country to growth, with gross domestic product set to turn positive in 2016, ahead of schedule.
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Sponsored by Standard CharteredIn its ‘Doing Business 2015’ report, the World Bank once again ranked Singapore as the easiest place in the world to do business. This validation of Singapore’s success in encouraging and facilitating international trade and investment is very positive, but we cannot be complacent. Rather, we need to look at what has contributed to Singapore’s success in the past, what is changing, and how we can build for the future.
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Sponsored by Societe GeneraleIn the third and final article on innovation in cash management, Benoit Desserre (Global Head of Payments and Cash Management), Eric Bayle (Head of Payments and Cash Management in the UK) and Bart De Boer (Head of Payments and Cash Management in Germany) discuss recent and future developments in cash management in Europe.
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Santander puts corporate and social responsibility at the heart of its culture. The bank undertakes a wide range of initiatives supporting higher education, sustainable communities and the environment and climate change.
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Sponsored by Thomson ReutersFinal implementation of MiFID II is now just under 18 months away, yet the systems required to comply with the APA regime for pre- and post-trade reporting have not yet been built. Time is running out for the industry to assess the implications of these rules and to build the systems to comply, says Chris Leonard-Appleton at Thomson Reuters.
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Sponsored by NordeaDONG Energy was created from a merger of six companies in 2006, each with its own procedures, systems and bank relationships. Bringing its finance processes into alignment was a huge undertaking – but one that has been vital to the company’s success.
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Sponsored by Societe GeneraleIn the second of a series of articles on innovation in cash management, Michelle Wang (head of payments and cash management in China), Louis-David Rouyer (head of payments and cash management in Hong Kong & Singapore) and Benoit Desserre (global head of payments and cash management) at Société Générale discuss recent and future developments in cash management in Asia.
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Sponsored by NordeaThe treasury can expect a bright future at the top table – so says research conducted by Nordea. We surveyed 82 large corporate treasuries and interviewed more than 60 CFOs and treasurers to find out how the treasury function has changed and what it will look like by 2017.
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Sponsored by Thomson ReutersThomson Reuters FXExchange 2015 brings together leading FX industry experts on topics affecting all participants in the world’s most liquid asset class.
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Sponsored by Societe GeneraleIn the first of a series of articles on innovation in cash management, Philippe Marcotte de Quivières, deputy head of payments and cash management division, and Emmanuelle Fischer, head of marketing and products cash management at Société Générale outline some of the initiatives the bank has introduced to support treasury clients.
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Sponsored by FBN CapitalWithout a substantial infusion of capital, even experienced African national oil companies (NOCs) will remain largely focused on overseeing licensing for exploration and production (E&P), and managing their domestic oil sectors. The more ambitious business of deep-water drilling, complex technical operations and cross-border expansion will remain in the hands of foreign players.
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Sponsored by NordeaIf you receive letters of credit (LCs) worth hundreds of millions of dollars, you’ll want a robust trade finance system. Facing a growing call from its smaller counterparties for trade finance arrangements, international energy company Statoil has sought greater control over its transactions.
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Sponsored by FBN CapitalThe correction in the global commodity cycle shouldn’t derail investors’ search for new exploration frontiers in sub-Saharan Africa (SSA), given the region’s high-quality mining and metal assets, and still-growing steel demand in China. In any case, efforts to boost local value-added processing should remain on track.
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At the start of 2000, a reputable economic magazine referred to Africa as the ‘hopeless’ continent – a comment that may not have seemed controversial at the time. However, more than a decade later, the picture couldn’t be more different. ‘Africa Rising’ was the new message of the day.
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Sponsored by NordeaSupply chain finance (SCF) is seeing a huge amount of interest from organisations of all sizes – yet there’s a lack of consensus even over exactly what it is. We show exactly what it can do, how it connects with trade finance, and how it benefits working capital management for exporters and importers, and ultimately the importance of taking a holistic view when integrating SCF into the wider context of your processes.
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Sponsored by EFG HermesThe Egypt Economic Development Conference (EEDC), which ended on March 15 in Sharm El-Sheikh, provided a launch pad for the Egyptian economy. Here’s what you need to know.
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Large international investors continue to closely monitor Russian issuers and are ready to invest if their requirements are met, as demonstrated by two recent deals successfully brought to the market.
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Sponsored by NordeaThe adoption of financial technology and faster, more agile e-systems in banking has had profound implications in corporate finance. It is becoming increasingly rare to find a corporate financial process that has not been digitized.
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Sponsored by FBN CapitalThe sheer scale of energy demand in Africa rather than the environmental impact of fossil fuels should be the crucial driver of energy policies on the continent.
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EU policymakers need to speak directly to the Greek people – and those of Spain, Portugal and Ireland – and convince them that they have a vision for the eurozone that includes them as equals, not serfs.
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Sponsored by NordeaCompanies do not always appreciate the bigger picture when it comes to the risks involved in international deals – or the trade finance products that can be used to mitigate these risk exposures.
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Sponsored by FBN CapitalA comprehensive guide to how the oil price collapse and the shale revolution will transform the outlook for sub-Saharan oil majors and financiers, from exploration, production and investment to industry consolidation.
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Sponsored by EFG HermesDespite the low oil price, investors dismiss opportunities in the non-oil sector at their peril, thanks to fiscal support, demographics and diversification.
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Beijing ETOWN is a greenhouse for innovative domestic Chinese companies to flourish and reach out to a global marketplace – even though sometimes their products are much more visible than their names.
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The remarkable rise and rise of Beijing ETOWN over the past two decades mirrors China’s transformation from the world’s workshop to a globally competitive hub for innovation, technology and high-end industry.
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Beijing ETOWN is an ideal home from home for an impressive A-list of global brand-name companies that use the hi-tech zone as a base for their China and Asia operations. Executives at GE Healthcare explain why being there gives them a competitive advantage.
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Beijing ETOWN is home to some of China’s most progressive new IT companies. Their growth over the past decade has been a result of an unusual level of cooperation between different companies and with the local government in the hi-tech zone.
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Finding a location in the capital of the world’s fastest-growing economy is only one of the challenges in creating a successful hi-tech industry zone. Having the infrastructure to take advantage of that location and make it a place to live – as well as a place to work – is a far greater challenge.
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Sponsored by Beijing ETOWNSponsored by Beijing ETOWN
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Sponsored by Beijing ETOWNThe remarkable rise and rise of Beijing ETOWN over the past two decades mirrors China’s transformation from the world’s workshop to a globally competitive hub for innovation, technology and high-end industry.
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The end of 2014 has seen considerable turbulence in many emerging market (EM) economies, particularly those most reliant on oil – directly or indirectly. This is a reminder that the secular rise of EMs is not a linear phenomenon.
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Sponsored by NordeaCentralizing group cash and liquidity was ranked as the top treasury priority for the next three years, when Nordea polled CFOs and group treasurers at 80 of Sweden’s largest enterprises.
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Sponsored by INGDespite no action at the ECB meeting on December 4, President Mario Draghi sent strong signals that QE will start next year.
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There is an elevated risk of a global recession in 2015 given eurozone stagflation, setbacks in Japan, a debt-ridden China, the risk of the oil-price collapse triggering geopolitical risk and diminishing returns from G7 monetary stimulus.
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Sponsored by INGWill tomorrow’s economic reality be the same as today’s? ING’s chief economist Mark Cliffe argues that the economic situation in the world is far from normal. And this is not likely to change for the next few years.
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Urbanisation, a positive framework for private-sector participation and pro-active government policies will ensure emerging markets (EMs), from the Brics to Thailand, will boost their share of global spending on infrastructure and capital projects over the next decade.
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Russian banks, in general, benefit from limited external funding, manageable debt maturities and state support when needed. However, loan expansion, Basle III and volatile capital flows have reinforced the need to recapitalize the sector, particularly through common equity and hybrid debt. Structural reforms and the development of alternative pools are needed.
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Sponsored by INGServices are increasingly important in global value chains involving Western Europe and Central and Eastern Europe. The roles of companies in the two regions will continue to evolve, potentially creating jobs and spurring growth for all, according to new ING research.
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In today’s world of economic uncertainty, business leaders seek assurances and encouragement for their decisions. Engaging with key figures allows them to drive forward their businesses and the overall global economy to a better and more stable future: ‘Russia Calling!’ has established itself as a leading facilitator of this dialogue.
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Asian corporate bond markets saw phenomenal growth after the financial crisis, and Asian corporates are increasingly turning to growing capital markets, made available by strong global liquidity, to efficiently fund expansion opportunities.
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Sponsored by EFG HermesSaudi Arabia’s move to allow foreign investors to take direct exposure in listed equities in the first half of 2015 is a once-in-a-lifetime opportunity that will allow fund managers to invest in a deep and broad market and reshape the Gulf capital landscape.
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Sponsored by EFG HermesEgypt’s recovery story under-appreciated, boosted as it is by sustainable inflows of GCC aid, a much more credible economic policy and nearly three years of pent-up demand.
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When it comes to the difficulties in liquidity management faced by treasurers operating in China, 21.3% say renminbi cash-pooling is top of the list of issues.
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Banking giant Industrial and Commercial Bank of China (ICBC) has delivered stellar first-quarter results for 2014 and is now looking to further its global expansion in cash management and cross-border services. Vice president Zheng Wanchun describes strategies for a period of challenge and opportunity in an exclusive interview with Euromoney
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The 30-year, $400 billion China-Russia gas deal – which will turbo-charge economic ties, more generally, from infrastructure finance, FDI and currency diversification – heralds a shift in the centre of global economic gravity.
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Thanks to a pick-up in manufacturing, consumer demand and inventory restocking, commodity prices have started to stage a rebound while technicals also support a recovery. Investors should address large underweight positions in the sector.
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Sponsored by EFG HermesWhile the MSCI upgrade of UAE and Qatar to emerging-market status this summer will open a larger market for capital raising and inflows in the medium- to long-term, the short-run impact of the upgrade might not be as large as expected and, indeed, might be negative. In any case, we remain overweight Egypt, thanks to attractive valuations and a much lower risk of an MSCI downgrade from emerging-market status.
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The Fed and the Bank of England should consider hiking rates this year, thanks to the economic recovery. The later the hike, the worse the credit bubble. However, the eurozone economy remains dangerously barren thanks to Germany’s fiscal scarcity.
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Sponsored by EFG HermesRecent political instability in Ukraine has once again reminded investors of the risks of investing in emerging market economies. Russian equities have fallen sharply, and the central bank has had to aggressively raise rates. This had followed months of broader volatility in mainstream emerging markets in which currencies have weakened – particularly in the so-called ‘Fragile Five’ of Indonesia, Brazil, India, South Africa and Turkey. Sovereign and corporate balance sheets are under scrutiny amidst slowing emerging markets growth
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The pace of UK growth is set to almost double in 2014, but the economy is suffering structural imbalances that threaten stability in the medium term.
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After a roller-coaster ride this year sparked by fears of Fed tapering, emerging market equities could be calmer in 2014, but will continue to face challenges as investors reappraise the risk-reward expectation.
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Germany’s export machine will be hit by a rebalancing of China's economy, but the special relationship between the world’s second- and fourth-largest economies might provide a springboard for the development of more sustainable economic ties.
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The Bitcoin rollercoaster has lurched down as BTC China said it would no longer be accepting renminbi deposits, triggering a massive sell-off across most cryptocurrencies. But Bitcoin believers remain unbowed. Here is a round-up of the most bullish projections.
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A new Isda report reveals how the fight for currency liquidity is on as foreign exchange trading venues struggle to adapt to the new regulatory landscape
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Buy-side involvement in repo markets has yet to recover from lows plumbed following the financial crisis, despite increasing disintermediation of banks resulting from regulatory pressures and the search for yield.
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It’s been a torrid year for emerging market local- and hard-currency bonds. After a 2012 rally, credit picking has reigned supreme and the conventional investment case – emerging markets are at a different stage of the credit-rating and growth cycle than developed market issuers – took a knock.
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Businesses must embrace the digital revolution taking place in international trade.
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The Bank of England’s more activist mandate may push the Monetary Policy Committee to leave interest rates on hold for too long, complicating efforts to bring down inflation and cut British household debt.
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UK companies offering peer-to-peer lending are following their US counterparts into the financial mainstream, with an hospitable regulatory climate, as well as new sources of demand and products.
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Businesses may be taking on exposures to FX risk unnecessarily because they think hedging costs are too expensive. Understanding these costs is the springboard to a robust hedging strategy that avoids too much damage when an unexpected devaluation hits.
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US stock indices are at record highs but the exuberance is not irrational, say bullish analysts, because the level of valuations is justified by strong earnings and a market with some of the world’s most profitable companies.
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With a shrinking economy and a deteriorating balance of payments, Ukraine is in a downward spiral that risks plunging the country into crisis if the current political unrest is not defused with haste.
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A Damascene conversion in some regulatory circles in favour of securitization, as a means of boosting the real economy, has heartened market participants, but regulatory hurdles remain, including the liquidity coverage ratio. While continental European issuance has demonstrated growth, there are grounds for cautious optimism that 2014 will see the securitization market, from CLOs to RMBS, spring back to life.
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China’s once-in-a-generation economic reforms have largely pleased some notable bears, as new policies reflect Beijing’s recognition that a growth-at-all-costs investment-led model is bust, while capital-account opening could help navigate short-term credit challenges.
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Regulation, staying on top of cash flows and the importance of agility – our experts from EMEA, Asia Pacific and the US discuss the major issues facing corporate treasurers. By Etienne Bernard, Head of Transaction Services, EMEA, Julian Oldale, Head of ICM International Solutions, Americas, and Manfred Schmoelz, Head of Transaction Services, Asia Pacific.
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Global banking regulators have placed the risk-absorbing capacity of government bonds at the centre of their brave new financial world, ostensibly opening up revenue opportunities for banks in collateral-transformation for OTC purposes.
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High-volume European car makers look set to emerge stronger than many thought possible from the lowest sales volumes for 17 years and decades of overcapacity issues. This could release more than EUR15 billion for shareholders, new projects or acquisitions, writes Michael Ward, Head of Diversified Industrials.
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Author and former trader Nassim Taleb, who shook the financial world with his best-selling book on risk The Black Swan, recently spoke at an RBS Insight dinner for clients in Milan. Here, he shares his thoughts on handling the unpredictable.
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With inflation continuing to fall and growth flatlining, pressure is mounting on the ECB as it edges closer to exhausting less contentious policy weapons to combat the threat of deflation.
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Typhoon Haiyan is tempering exuberance over the Philippines’ growth story by exposing structural limits on its growth potential – most significantly inadequate infrastructure and governance issues.
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In an exclusive interview, a former drafter of the Volcker rule explains why, in its current trajectory, the flagship regulation will fail to distinguish legitimate market-making and proprietary risk-taking while banks sound the alarm on compliance costs, hit to earnings and extraterritoriality concerns.
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Risk managers have made use of exchange-traded FX options to hedge foreign exposures this year amid a volatile global macro environment.
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An end to Quantitative Easing could pose a number of corporate financing challenges. The risks include rising medium-to-long-term interest rates, wider credit spreads and higher yields on risk assets, writes Eu-Jin Ang, Senior Director, Corporate Advisory, RBS.
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Italian companies are poised to issue bonds quickly as growing investor confidence creates significant opportunities to access the market, writes Andrea Soro, RBS Country Executive, Italy.
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As economic headwinds increase across Asia, darker clouds could be about to descend on the region’s corporate credit markets thanks to increased pressure on balance sheets. However, on a relative-value basis, Asia still looks attractive.
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South Africa has, on the face of it, huge strengths: commodities, rule of law, strong institutions and consumption prospects, a social contract – aided by decent incomes per capita – and a sophisticated financial system, among other factors. But it’s failing in five key areas.
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Allowing China’s financial institutions to establish wholesale branches in the UK is a major step in cementing London’s pre-eminent role in global finance. It holds out the promise of greater investment flows into Britain’s recovering economy, while making it easier for British companies to export to China, writes Janet Ming, Head of RBS China desk in London.
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It’s unclear whether a negative deposit rate – as mooted by ECB officials in recent weeks – would trigger corporates to invest excess cash or, given risk aversion and the deficit of demand, continue to hoard cash, say analysts.
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Rising interest rates, wider credit spreads and higher yields on risk assets are some of the potential impacts on global markets when Quantitative Easing starts coming to an end, writes Eu-Jin Ang, Senior Director, Corporate Advisory, RBS.
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China’s leaders are likely to disappoint those hoping for sweeping economic reforms at the next big meeting of Chinese leaders - the third plenum of the 18th Communist Party congress.
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Chancellor Angela Merkel’s election campaign highlighted a lack of focus on the longer-term issues facing Germany, says academic Horst Opaschowski.
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P2P lending is coming of age, thanks to pent-up demand for credit, new technology and new innovative providers in the market, but the jury is out on whether the sector can become a long-term viable alternative to traditional bank finance.
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The revised approach to the regulation of banks’ trading books – focusing on capturing deep losses during systemic crises and a tougher approach to internal-risk modeling – will limit lucrative arbitrage and trading opportunities.
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Malaysia is at growing risk of an economic bubble that could come to a sticky end as China, its largest trading partner, rebalances its economy away from a commodity-intensive investment-led growth model, analysts warn.
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The European high-yield bond market has enjoyed stellar growth since 2009. Its value has risen from EUR50 billion to EUR300 billion*. We believe it has the potential to expand by half as much again to EUR450 billion in the next five years, writes Kevin Connell, Managing Director High Yield Markets, Merijn Nederveen, Managing Director, Corporate Advisory and Usman Qureshi, Corporate Advisory at RBS.
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The new flexible liquidity rules will prove key to realizing Bank of England governor Mark Carney’s bold ambition to further entrench London’s status as a global financial hub while addressing the challenge of rising interest rates and a collateral shortage.
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The Chinese government says it wants to transform its asset management companies – established to take on growing bad debts in the banking system – into commercially driven enterprises. In reality, a lack of transparency on portfolio loans means analysts are none the wiser as to the scale of the problem and the resolution process for legacy loans.
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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.
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Just months after the prospect of Federal Reserve tapering raised questions about the ability of some emerging market (EM) reserve managers to shore up their currencies value in the face of a resurgent dollar, stockpiles are on the rise again.
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Don’t believe the doom-mongers – US political risk is not the same as US credit risk, thanks to a plethora of positive market technicals and the international monetary architecture.
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Over the past few years international investors shunned Europe as its economies and banks struggled to reform. But things are changing. The bond markets could benefit.
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There has been an inverse correlation between the US dollar and gold price, which, combined with the fact US equities are starting to look rich, suggests the commodity could rise to August highs.
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Efforts to create a single European resolution mechanism to bail out or wind down troubled eurozone banks are bogged down in uncertainty and political wrangling, throwing the banking union project into doubt, according to experts.
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An important milestone for the industry and for everyone making payments in euros across the region is about to be reached: Steve Everett, Global Head, Cash Management and Tino Kam, SEPA Product Executive explore how the long-held vision of a Single Euro Payments Area (SEPA) will become a practical reality at last.
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The yen has long been seen as one of the principal safe-haven currencies, and in a world where US politicians flirt with dollar default, some view it as the world’s premier safe haven.
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The cascade of banking reforms landed in the wake of the financial crash is offering savvy companies a real edge over rivals.
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Demand for sub-Saharan African (SSA) assets is increasing as anticipation continues to build towards the region’s future growth potential, in particular a nascent rebalancing away from resource-dependency towards a consumer market.
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As the global economy recovers, banks’ dependence on short-term wholesale funding, and repo in particular, could rise to levels that pose a danger to the financial system, especially if asset bubbles begin to build again.
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Europe’s economy is enjoying its first meaningful recovery since 2008 but it is a slow, stuttering comeback. To secure and accelerate the turnaround, policymakers should focus on how to increase lending to the real economy and fill the funding gap left by the continent’s shrinking banks.
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Thailand is at growing risk of another debt crisis because of an unsustainable consumption-led credit boom, which has seen lending surge by more than 50% in six years.
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After another annus horribilis for Europe in 2012, there has been a gradual but steady improvement in market sentiment this year. Although the growth outlook still looks weak, there has at least been some respite from the relentless worry about debt default and euro break-up.
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The Shanghai free-trade zone (FTZ), China’s grand experiment with liberalizing interest rates and opening its capital account, has only a short window of opportunity to convince the markets that the Communist Party is serious about reform.
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In the coming decades, commercial banks will face substantial challenges from the greying of societies around the world. These will range from a declining demand for credit in the economy and a shrinking stream of regular payroll deposits to tougher competition.
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When the Commodity Futures Trading Commission (CFTC) created footnote 88 in the final US rules governing swap execution facilities (SEFs) – requiring all multi-lateral trading facilities to register as SEFs whether they trade regulated swaps or not – the prospect it would be closed on the day of the registration deadline was probably not on the agenda.
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Germany’s rejection of parties opposed to closer eurozone integration is a win for Europe. But the optimists must not get carried away, says Peter Bofinger, a long-time adviser to the German Government.
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As worldwide consumption of mobile data and e-commerce services continues to grow exponentially, the payments landscape is being transformed by electronic and mobile payments. In particular, mobile offers huge opportunities. Understanding of this fast-moving market is critical, but it is being hampered by a lack of accurate market data.
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The sharp depreciation of Indonesia’s currency risks plunging the country into a balance-of-payments crisis because any competitive edge afforded by the weak rupiah is being sapped by high inflation, without more aggressive monetary action, say analysts.
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Moody’s has upped its game by disseminating more detail on how it measures sovereign bond default risk. However, like previous attempts to refine and improve its market signalling, this latest announcement still raises several questions about the usefulness of its ratings.
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The European Commission’s latest draft legislation proposal governing financial market benchmarks, released on September 18, reveals that lawmakers have dropped some of the more onerous regulatory requirements that were causing market participants concern over the summer.
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Corporate treasurers are riding out the volatility buffeting emerging market (EM) currencies, employing a variety of strategies to mitigate exchange rate risk, from forward contracts to natural hedges, such as operating in local currency.
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More flexible payments for companies risk damaging the plumbing through which money flows and draining market liquidity. Financial institutions and regulators are therefore firmly focused on tightening up liquidity management to ensure that doesn’t happen.
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The divide between rich and poor has widened across the globe since the 1960s. But shifting demographics could start to redress some of the balance towards ordinary workers.
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The regulatory push for change presents businesses and banks with opportunities as well as challenges. Here’s a run-down of just some of the positive impacts of Basel III, FATCA, SEPA, Dodd Frank, the revised Payment Services Directive, and intraday liquidity requirements.
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As the European Commission (EC) moves forward with its first regulatory engagement with the shadow banking sector, policy experts argue that more work needs to be done to understand the relationship between banks and non-banks, and the ways in which shadow lenders – previously beyond the regulatory perimeter – contribute to the financial infrastructure as a whole.
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The strong appetite for floating rate bonds might be tested by volatility, triggered by the Fed’s decision to delay tapering, but for now demand for investment-grade floaters, in particular, is red-hot, leaving bankers and investors to ask how long the rally can last.
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Derivatives traded on Asia’s exchanges are staging a recovery, with equity index futures leading the way – despite a looming threat from global regulation aimed at taming a sector widely blamed for the financial crisis.
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Investors may have been too quick to jettison Asian assets during their recent pullback from emerging markets. While some economies – including India and Indonesia – have proved vulnerable to fears of scarcer global liquidity, Asia’s emerging economies still boast stronger macro fundamentals and are better prepared for capital outflows than during earlier crises.
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Corporate treasurers are increasingly focused on managing working capital better when buying and selling – and many now realise that supply chain finance (SCF) can help. By breaking down the silos between the purchasing, selling and treasury functions of a business, SCF can ensure good risk management, boost liquidity and improve the balance sheet.
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Discord exists among corporates, banks and regulators over the approach to bringing payments into global harmony.
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European regulators are beginning to get to grips with previously hidden quarters of the shadow banking system with a series of proposals to regulate money market funds (MMFs).
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Strip out the mega Verizon-Vodafone deal and European M&A activity year-to-date is at its lowest level since 2009. Hopes are, nevertheless, growing that an improvement in the economic climate and corporate risk-taking will boost deal-making.
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India’s economy and currency has taken a battering, yet the worst of rupee depreciation should now be behind us. Stability should return, though a more meaningful appreciation of the rupee is still some distance away, writes Sanjay Mathur, Managing Director and Head of Economics Research, Asia Pacific ex-Japan at RBS.
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Emerging market (EM) currencies are expected to continue to expand their share of the $5.3 trillion-a-day global forex market despite the turmoil, with China’s RMB leading the charge.
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Regulators want to shift the risks of such trading away from banks and towards financial institutions and are also pushing for more trades to be cleared centrally, writes Graham Shuttlewood, product manager at RBS.
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Concerns are mounting about the risks to India’s financial health posed by a growing shadow banking sector that has helped fund a decade-long investment-fuelled consumption and investment boom.
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September tapering by the US Fed, which until recently markets took as given, is looking less certain as downside risk factors for winding down the central bank’s $85 billion-a-month stimulus programme continue to mount.
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Capital-hungry borrowers seeking to plug the huge infrastructure deficit in Latin America’s largest economy through international capital markets are hoping Eike Batista’s OGX group will avoid default.
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UK corporates that use cheap debt to fill the gaps in their pension funds could enjoy significant strategic, cash flow and accounting benefits. James Courtenay-Evans, Managing Director, and Shoaib Yaqub, Associate Director, Corporate Financing Solutions at RBS, explain.
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Brazil’s recovery is being cut off at the knees by a set of economic challenges that have all come home to roost – from a depreciating currency and rising current-account deficit to structural problems, including an overdependence on credit-fuelled consumption.
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The tapering-inspired exodus of capital from fixed income and equity markets has forced down emerging market currency yields, killing the high-yield trade and leading to a massive unwind of currency positions, according to currency traders on both sides of the Atlantic.
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A look at the latest Risk Management practices to help corporate treasurers.
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Recent market volatility and the associated disappearance of FX liquidity, from hedge fund-backed algos, underscore the proliferation of new trading venues, the complexity of electronic FX trading and fears among end-users that many liquidity providers do not have their best interests at heart.
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Just months into the recovery in the UK housing market, prices are beginning to look stretched as loose monetary policy and government aid to buyers drives the gap between valuations and incomes ever wider, according to analysts. Are the seeds being sown for a horrible correction in 2015?
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With India’s faltering economy lurching from bad to worse the country’s central bank governor-designate has his work cut out to tackle problems ranging from a falling currency and high inflation to urgently needed structural reforms.
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More European companies should consider issuing renminbi bonds to build a name in China, despite plentiful euro and dollar financing elsewhere, writes Ingrid Hengster, RBS Country Head, Germany, Switzerland and Austria.
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Encumbrance of assets on banks’ balance sheets has shot up in the eurozone periphery especially, sparking a push for greater disclosure in the market amid fears over increased risk sensitivity among unsecured creditors.
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The ‘bail-in’ provisions of the European Union’s resolution regime continue to create concerns among creditors about where they stand in the pecking order for payments if everything goes wrong. Meanwhile regulators and owners of bank debt are still evaluating the demand for credit under the new rules.
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European regulators are apparently preparing for a regulatory turf war over the reformed Libor benchmark. A draft EU legislative proposal leaked in early June indicates that Brussels feels that Libor falls within its jurisdiction to regulate important market benchmarks, their contributors and their administrators.
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Brazilian capital markets are showing signs of life again after a particularly torrid summer as industrial conglomerate Odebrecht priced a $1.7 billion nine-year bond. But investor wariness towards Latin America’s largest economy persists.
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China’s economy is embarking on a new and critical phase of development as the country attempts to navigate its way beyond growth for growth’s sake to create an economy that serves the needs of its people.
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The leader of the global monetary cycle will profoundly shape investor sentiment towards emerging market assets – with Janet Yellen seen as a dovish boost for markets – given the structural link between US policy rates and foreign ownership of the local government debt stock. But the master-slave relationship of yesteryear is over.
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European companies building infrastructure should consider bonds at the very start of a project for the money they need. Bond markets are rapidly becoming the best place to turn as Basel III regulations force banks to lend less and for shorter periods. Bert Schoen, Head of CEEMEA Structured Finance and Bruce Riley, Managing Director, Secured Debt Markets, at RBS, explain.
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China’s decision to remove the floor on bank lending rates is meaningful because it paves the way for further interest rate reforms that in time could increase competition in the banking sector, usher in more flexible exchange rates and open the capital account.
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As tapering edges closer in the US, attention is turning to how the Fed might deploy its policy arsenal to engineer a rise in interest rates in an orderly fashion, with reverse repo operations on the agenda, say analysts.
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Five years on from the financial crisis, high-frequency trading remains under an intense spotlight, with regulators on both sides of the Atlantic determined to crack down on alleged manipulation of markets, triggering an inevitable backlash from market players that claim illiquidity, price distortions and regulatory arbitrage will come to the fore if regulators make good on draconian threats.
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Hedge funds that use sophisticated computer systems rather than human judgement to make investment decisions have had a rather torrid summer. An abrupt sell-off across equities, bonds and commodities after official comments that the Fed would look to taper down the asset purchases saw many automated strategies post negative returns.
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Despite the strides China is making in the development of its $2.7 trillion government bond market, it remains structurally inefficient, thanks to meagre trading volume in an asset class strangled by the country’s fixed interest rate regime. Calls are growing for greater efforts to develop the government and corporate bond market structure in a bid to boost the efficiency of savings and non-bank financing.
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US regulators are dedicating increasing levels of scrutiny to the physical commodities interests of investment banks just as a law allowing Wall Street banks to maintain a presence in the product area comes up for review.
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China is on the cusp of a new boom, according to leading academic and advisor to the Communist government.
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Insurers are lagging other financial institutions in preparing for the central clearing of derivatives and the knock-on impacts for investment strategy and risk management. Ian Cooper, Head of UK Insurance and Pension Sales, and Emily Penn, Director ALM Advisory at RBS, explain.
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A regulatory-driven initiative to boost interoperability in the European trilateral repo market should boost the efficiency of collateral. However, before the new system can be put in place, there is the sizeable task of bringing settlement systems together.
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The ECB’s recent decision to reduce haircuts on funding collateral comprising asset-backed securities should be a boon for the moribund European securitization industry, but its real target is the continent’s small and medium-sized company sector, which has struggled to secure bank support since the financial crisis.
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The Brics economies are all experiencing difficult growing pains, but India is probably most at risk of being left behind, afflicted by slowing growth and a raft of legacy structural problems it failed to tackle in the good times.
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Award-winning Canadian journalist and commentator Andrew Coyne, who has followed Mark Carney’s career closely and interviewed him several times, shares his thoughts on what you should know about the new Bank of England governor.
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A faster way to pay suppliers marks a new era for international trade as it helps companies unlock working capital and improve cash flow. Bank Payment Obligations (BPOs) are one tool among many though, so companies should think carefully about when to use them.
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As heavy outflows, product withdrawals and confusion over pricing vex the ETF industry, BlackRock softens its claim that investor demand had made ETFs the ‘true market’. It’s unclear whether the problems are a blip or a more serious threat to the products.
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A scarcity of loans is undermining new issuance of collateralized loan obligations. Managers are trying to squeeze extra life out of existing issues, reinvesting capital years after the reinvestment period has ended. It can be good news for investors if it helps avoid a default, but can also lead to delays in repayment.
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Turkey has transformed, in a matter of a few weeks, from the poster child of emerging market excellence to a volatile economy, with an uncertain macroeconomic and political backdrop, that threatens to reprice the sovereign risk premium. The truth lies somewhere in between.
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Video commentary by Tino Kam, SEPA product executive at RBS
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The UK government is hoping investor appetite for renewables and conventional power generation will grow after unveiling the long-awaited update of its Electricity Market Reforms (EMR). Richard Saint, Managing Director, Corporate Advisory and Sue Milton, Senior Director, Energy Structured Finance at RBS, explain.
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The veracity of official data from China has long been questioned due to inconsistencies, missing key indicators or massaging of the numbers for political reasons. Now the stakes seem higher: the rise in the shadow banking system and question marks over the accuracy of economic and industry data add to fears that calculating systemic leverage in China’s economy is mission impossible.
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The ruling party is likely to secure a resounding victory in the parliamentary elections, in part thanks to a lack of viable contenders, analysts say, boosting the Abenomics agenda. Nevertheless, growth-expectations remain mixed.
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A cyclical correction or a structural shift? Gold’s aggressive recent sell-off has revived the debate about whether the commodity is a legitimate hedge against Armageddon financial forces, while the jury is out on whether fundamental or technical forces are driving the bullion’s price.
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The first renminbi (RMB) swap line between China and a G7 central bank – a three-year agreement with the Bank of England (BofE) – is a safety net that will boost the confidence of UK banks to become more actively involved in RMB transactions.
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Banks remain disinterested or wary of Bitcoin but there is a growing acknowledgement that the digital currency’s popularity cannot be overlooked indefinitely, if a recent gathering of the faithful is anything to go by. From trade to settlement, Bitcoin offers plenty of opportunities – and threats – for banks.
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While emerging market equities have been taking a battering, their diminutive near-relative frontier market equities have been holding up rather well, seemingly immune to the headwinds buffeting the interconnected jigsaw that makes up the global equities market.
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The rapid, seemingly uncontrolled, expansion of China’s shadow banking sector is under intense scrutiny because of the risks it poses to the banking system, and the economy itself, but also because the sector is largely unregulated. Urgent steps are needed to beef up regulatory vigilance as China seeks to engineer a contraction of credit to levered sectors.
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Foreign firms with ambitions in China need a smarter strategy to crack the country as the old certainties of double-digit growth, untrammelled markets and low-cost production are replaced by a more complex growth picture, says Ben Simpfendorfer, founder of Silk Road Associates.
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Some credit managers are predicting a market rally, at least in the short term, as the recent market sell-off restores value in the bond markets.
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The appreciation of China’s renminbi in the face of deteriorating economic fundamentals and global disinflation represents a new normal in China’s political economy, but opinion is split about whether the currency is overvalued.
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Fears are growing that a concentration of bad debt in China’s informal lending or shadow financial sector, is a ticking time-bomb that might not only weigh on economic growth and stoke inflation but could cause a far more damaging banking crisis.
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Central banks’ imminent retreat from the unprecedented monetary easing adopted following the financial crisis could lead to a severe loss of confidence in the markets, economic contraction and deflation — not just inflation as many fear. Sherif Lotfi, Head of Corporate Advisory, Americas, and Edward B. Marrinan, Head of US Macro Credit Strategy and Co-Head, Markets Strategy, Americas, at RBS explain.
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George Osborne is demanding monetary activism from the Bank of England to speed a fragile recovery, but its new boss Mark Carney is unlikely to start a revolution on Threadneedle Street.
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Companies need easier access to their cash across the globe as regulatory changes are expected to make borrowing more expensive. But strict rules on getting funds out of emerging markets – where many have invested heavily – are a major roadblock. Fortunately, regulatory reforms mean cash previously caught behind a country’s borders is becoming more accessible.
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The mini liquidity crunch is the early warning sign of a substantial economic correction long overdue, amid rising leverage and a broken growth model, say bearish analysts.
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The violent synchronized sell-off in emerging market assets – across FX, local rates and credit – raises the spectre of a new normal: the end of unsustainably high foreign ownership of assets, particularly local currency credit, greater credit differentiation and the waning power of financial repression in the US as a fillip to EM flows, bearish analysts say.
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The development of FX trading venues has been idiosyncratic, but can it follow other asset classes toward an exchange-traded future?
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Like it or not, electronic currencies are here to stay, challenging traditional payment channels. Euromoney surveys the contenders for digital dominion as security and regulatory challenges bite.
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The 2008 financial crisis undermined the old model of corporate funding. A smarter, more balanced model is emerging in its place.
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Mobile banking is poised to become a crucial tool to help corporate treasurers make financial decisions and access a range of services. Carlo R.W. De Meijer and Jonathan Bye, Market Engagement at RBS, explain.
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With interest rates unleashed from their recent trading range, and amid a mini-panic over the end to cheap central bank liquidity, investors in the credit markets are seeking ways to mitigate losses, which are eating into the record returns seen earlier this year.
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Japanese prime minister Shinzo Abe has promised structural reforms, alongside monetary action, to drag the country out of decades of slow growth. The jury is out on whether he is making sufficient progress.
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Risk models have come under the spotlight as markets fear that portfolios are at risk of interest-rate volatility amid swings in government bond markets. Concerns are growing that financial institutions and institutional accounts might be over-exposed to large paper losses – but the devil, as ever, is in the details.
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Talk of a bond market sell-off has increased after a jump in US Treasury yields in recent days, but many investors are convinced that, with inflation and unemployment off target, the Federal Reserve will continue to buttress the market.
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Fears are growing that China’s elevated debt levels, diminishing returns from its bank-financed investment-led growth strategy and slowing GDP prospects mean a credit crisis is in the making.
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The ECB has achieved some successes over the past two years. Its liquidity injections stopped the bleeding in bank deposits, narrowed the gap in core-periphery bond yields and made markets more resilient to shocks such as Cyprus or Italy’s inconclusive elections.
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The International Swaps and Derivatives Association (ISDA) is attempting to bring the credit default swap (CDS) market into the modern era of government intervention in credit markets with its most profound consultation paper in a decade as bank bail-in risks rise.
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Optimism around the UK economy has been picking up lately: improved industrial production, a rebound for sterling, even the outgoing Bank of England governor is sounding a little more upbeat. But these tender green shoots of recovery are deceptive. They will probably turn out to be weeds.
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For all the rhetoric about the importance of international cooperation in banking oversight, a lack of trust, regulatory fragmentation and a complex pipeline of divergent policy measures, particularly at the national level, are preventing the creation of a workable cross-border bank resolution system, observers warn.
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Banks and businesses are being forced to transform how they report liquidity – regulators want them to understand their balances on an intraday basis instead of using end-of-day forecasts. This requires fundamental change but the insight it provides will enable banks to increase controls, decrease operational risk, reduce buffer requirements and offer better services.
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The IMF’s ambitious plan to flesh out new sovereign debt restructuring plans is laudable, but it faces strong opposition from EU policymakers, adding more uncertainty to the asset class, as fears grow of official sector restructuring in Greece.
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The Bank of Japan’s bond-buying plan is bedevilled by contradictions: it seeks to promote financial stability but has triggered inevitable bouts of market volatility. What’s more, the central bank wants low yields and greater inflation expectations. A new communications policy is needed, analysts say.
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Compressed yields and high valuations in many asset classes are leading more fund managers to employ greater leverage to juice their returns to investor clients.
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Despite falling yields on Greek government bonds and renewed interest from international investors, the dire economic outlook and inability to reduce its debt burden means Greece is years away from being able to issue sovereign debt, according to analysts.
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Russia’s largely https://dat.euromoneydigital.com/authoring/journalist?article=047ac601-56d9-4410-8935-dd211e6a899a#tab10state-owned banking sector needs greater competition to help catalyze private sector investment as the economy enters a new era of permanently weaker growth and lower oil prices, say analysts.
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All issuers should be looking beyond the US dollar when seeking new financing. Alternative currencies can bring several advantages, including lower funding costs and greater flexibility.
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Middle East businesses are borrowing more as the long-term nature of the burgeoning bond markets brings a greater sense of comfort. They must reveal all in the public documents needed to access those markets, initially an uncomfortable experience for many. But the better financing mix is worth it.
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Regulation of the global repo market is inching closer – particularly in the US – but is hindered by a lack of consensus on how to proceed internationally, as well as the oft-touted concerns about the impact on credit flows to the real economy.
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Basel III, Dodd-Frank and market pressures are forcing banks to bolster their tier 1 and loss-absorbing capital levels on their balance sheets, a process that is under way but far from complete. There are few palatable options on the capital-raising menu.
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European pension funds and insurance companies face years of diminished returns because of artificially low yields on long-dated debt. Investors should consider strategies now so that they can mitigate losses when yields start to rise again.
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Mergers and acquisitions have undergone a paradigm shift as far as some are concerned, with bond issuance fast becoming the default funding source, but others say bank lending can still give debt a run for the money.
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Three years on from the infamous flash crash of 2010, there is relief for some that speed limits do not feature in new European rules on high-frequency trading, but others now see a gap in the market for a slow lane.
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Companies across the globe are increasing their use of so-called “cloud solutions” for handling payments. Europe leads the way, driven by the need to meet upcoming changes to regulation, but many are now embracing the benefits to secure a broader competitive advantage. Etienne Bernard, Head of Transaction Services, EMEA at RBS, says the opportunities are limited only by companies’ aspirations.
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Record low yields in emerging market local currency debt is fuelling concern among some investors over a bubble, but analysts and asset managers insist the growth picture and slow inflation in many core EM economies justify increased allocations.
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Companies are turning to bonds to fund their acquisitions as part of unprecedented change in financing across Europe.
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European and Basel forbearance on trade finance regulations will reduce, at the margin, borrowing costs for the larger corporates but for SMEs the challenge of accessing capital will remain undiminished until the banking sector is re-capitalized. Meanwhile, creative financing solutions are afoot.
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Republicans and Democrats seem to be inching towards to a deal that would raise the United States’ debt ceiling and avoid a damaging government shutdown – or even a sovereign default – a senior Republican strategist has told RBS.
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For some, citing weak growth and fiscal cuts, there is seemingly no end in sight to quantitative easing in the United States, while others argue rates can no longer decouple from improving economic fundamentals. The Fed has sent mixed messages about its monetary policy course, heaping on allocation risks.
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Emerging Asian economies concerned over the impact of capital inflows from Japan, thanks to the latest bout of quantitative easing, are breathing a collective sigh of relief: the expected tsunami has failed to materialize to-date, an apparent boost to Asian price, FX and financial stability.
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Technology that joins up every stage of a trade and brings together a wealth of data will one day help businesses make fast financing decisions and borrow cash the moment they need it.
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China has been inching towards full currency convertibility – and perhaps reserve currency status for the renminbi – with a number of developments that amount to an acceleration in its trade liberalisation programme. FX swap lines are largely symbolic but yield practical benefits in liquidity crises.
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Emerging market sovereign bonds are overvalued by an average 5 per cent and are due a correction as US monetary easing nears its end. Emerging European debt looks most at risk of a sell-off, RBS analysis shows.
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Harmonised payments across Europe will not meet the goal of launching by February 2014, because some countries are taking advantage of a two-year extension to the deadline for adopting agreed standards. Businesses still need to adapt to a single system for processing payments across Europe, and they will initially handle data in different ways from country to country.
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Just months into Japanese prime minister Shinzo Abe’s master plan to end deflation and kick-start the economy, the jury is out on whether he can succeed.
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UK companies will likely be able to trade with China more freely under a proposed currency swap agreement between the countries’ central banks. John McCormick, Chairman of RBS Group Asia Pacific, says the first renminbi bilateral swap line between China and a G7 country could be the largest yet at about CNY450 billion.
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The bail-in imposed on depositors of banks in Cyprus in March was a new paradigm in resolution mechanisms, and has raised concern among European corporates that money in the bank is no longer a sure bet.