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August 2005

August 2005

Euroclear: friend or foe?

Euromoney August 2005

Euroclear wants to create a single, low-cost European securities market, but it also wants to expand the role of its bank. That leaves market participants feeling uneasy about where Euroclear fits into the brave new world of clearing and settlement. Some are concerned that time is running out to settle the debate.

Investment banking

UBS: How to succeed at succession

Euromoney August 2005

UBS has dispelled the notion that investment bank CEO successions must be messy, vindictive battles. When John Costas handed over in June to Huw Jenkins, his global head of equities, it was the culmination of almost a year of planning. It was a fitting end to a successful term for Costas, and Jenkins's appointment recognized UBS's success in equities. Euromoney speaks to both men about Costas's legacy and what Jenkins plans to do next.

UBS's John Costas: Reflections on running an investment bank

Euromoney August 2005

John Costas speaks to Euromoney about the achievements of UBS's investment bank during his tenure as chief executive and the legacy he leaves to his successor.

Debt markets

ResCap tips the scales

Euromoney August 2005

In the past few years, GMAC's mortgage-related businesses have become increasingly stymied by the ill-favoured rating environment of their immediate parent and GM. It was time to find a way out.

Cash management

Cash management: Making the dimes and quarters count

Euromoney August 2005

Citigroup's TreasuryVision is answering the challenge of putting PepsiCo's disparate global cashflows, emanating from 1,000 bank accounts, on a real-time system.

Technology

Pulling it all together

Euromoney August 2005

We have the tools to develop much more coherent and flexible financial markets. But it will only happen if a spirit of openness is maintained, says Philippe Buhannic.

Financial IT survey

Technology vendors 2005: Boom time for IT vendors

Euromoney August 2005

Banks are spending more to remain competitive, but with so many firms to choose from how can they be sure a vendor will understand their needs? Euromoney's second financial technology users' survey has some answers.

Editorial

Right hand, left hand

Euromoney August 2005

Front end

Market leaders

Creating value for emerging-market companies

Euromoney August 2005

Why an acquisition pays rich dividends

EU directive Absolutely MAD

Euromoney August 2005

EU directive misses the mark

Philippines: Snatching defeat from the jaws of victory

Euromoney August 2005

Threats to the Arroyo regime in the Philippines raise worries about the quality of likely successors.

What was that about market imperfections? High hedge fund fees

Euromoney August 2005

Investors bemoan high hedge fund fees

Why non-sterling borrowing could be good for the gilt

Euromoney August 2005

There should be no false patriotism over whether it is appropriate to finance outside the domestic currency

Markit heats up

Euromoney August 2005

Online information provider is proving to be a big hit

Executives feed at the trough

Euromoney August 2005

Bank executives are paid well to do a good job. But they should not be rewarded for failure.

Time for Depfa to rejoin the VDH

Euromoney August 2005

The German bank has nothing to lose

Debt markets

High Yield: A bridge too far?

Euromoney August 2005

European high-yield market faces a €6 billion test

Corporate debt: Autos get back in gear

Euromoney August 2005

Unsecured debt markets are still open for GMAC and Ford

Spanish banks to issue step-up tier 1

Euromoney August 2005

Was it Abbey that prompted the Bank of Spain to level the playing field?

Covered bond liquidity should be on tap

Euromoney August 2005

The squeezing of grandfathered covered bonds last month has left issuers pondering how they can guarantee the liquidity of their product

iBoxx creates global platform

Euromoney August 2005

The cash bond trading index has launched a US version

Debt market round-up

Euromoney August 2005

Structured credit

Securitization: FIP's fillip for Italy

Euromoney August 2005

The Italian state's packaging of a fund of official property confirms the treasury's reputation for innovation

Pooled funding for the Mittelstand

Euromoney August 2005

Synthetic CDOs: Production slows down

Euromoney August 2005

But credit tranche activity has held up despite the GMAC fallout

Structured finance: Volumes rocket, up for fourth year in a row

Euromoney August 2005

ABS: Will it all end in tiers?

Euromoney August 2005

Structured credit market round-up

Euromoney August 2005

Foreign exchange

RBS clinches top spot on China's new FX trading system

Euromoney August 2005

Doubts, though, emerge over portal's sustainability

Panopticon closes deals with Reuters

Euromoney August 2005

Visual technology to change the way financial communities react to events in the market

More improvements for FXall

Euromoney August 2005

Banks seek more tools to serve growing asset management clientbase on FXall

EBS responds to a new FX frontier

Euromoney August 2005

Launches trading tool to complement existing spot service

Anvil pioneers multi-asset margining tool

Euromoney August 2005

FX market round-up

Euromoney August 2005

Corporate finance

Chicago exchanges mull a merger

Euromoney August 2005

The CME and CBOT look to be the most likely candidates for a tie-up, despite their long-standing rivalry

Banks gear up for emerging-market deal flow

Euromoney August 2005

As cross-border acquisition grows, global banks must establish the right local presence

UBS M&A revenues up on landmark deals

Euromoney August 2005

Shareholders tick BoA's card

Euromoney August 2005

Corporate finance market round-up

Euromoney August 2005

Equity markets

Sarbanes-Oxley: Counting the cost

Euromoney August 2005

Rank's termination of its ADR programme and a survey on US public company costs highlight impact of legislation

Mergers: Royal Dutch Shell's index nightmare

Euromoney August 2005

Biggest index reweighting since 2000 has caught some investors off guard

Prime brokers: Under pressure

Euromoney August 2005

Big-three providers must face up to new competitors and internalization

Synthetics: Minor innovation, major change

Euromoney August 2005

Investors in convertibles could benefit from synthetic convertible bonds being made more accessible

Equity exchanges move into fixed income

Euromoney August 2005

Euronext and Borsa Italiana take majority stake in MTS platform

Equity market round-up

Euromoney August 2005

Fund management

Hedge funds: Emerging markets funds set for crucial role

Euromoney August 2005

Managers seek better returns in increasingly influential asset class

Lehman lays down European foundations

Euromoney August 2005

Thierry Sciard is set to bring together the US house's investment management stakes

M&A: Deutsche disposal 'better late than never'

Euromoney August 2005

African funds smooth the road to growth

Euromoney August 2005

Private-equity funds are uncovering new ways to invest in Africa

Asia-Pacific: Pension funds set for rapid growth

Euromoney August 2005

Fund management market round-up

Euromoney August 2005

Asia

Japan: Investors start to get active

Euromoney August 2005

A new breed of fund manager is shaking up Japanese markets

India: Pressure mounts on Singh over privatization

Euromoney August 2005

Prime minister faces growing discontent in coalition

China: Twin boom towns

Euromoney August 2005

Smart investors seek out the SARs

Korea's cool wave—Soul from Seoul

Euromoney August 2005

Soul from Seoul wows the rest of Asia

Foreign queue lengthens outside China banks

Euromoney August 2005

Rumour mill grinds on as Temasek invests in CCB

Asia market round-up

Euromoney August 2005

Latin America

Brazil: Investors confident despite political scandals

Euromoney August 2005

Lula remains favourite for second term

Perpetual Brazilian bonds hit the right note

Euromoney August 2005

CSN becomes latest Brazilian borrower to issue new product

Peru: Paris Club deal almost struck

Euromoney August 2005

Big stride taken towards gaining investment-grade status

Argentina's Domingo Cavallo, The comeback kid

Euromoney August 2005

Chávez to save Ecuador?

Euromoney August 2005

Venezuela's president considers buying Ecuador bond

Latin America market round-up

Euromoney August 2005

EMEA

Russia: Gazprom/Sibneft tie-up signals halt to major consolidation

Euromoney August 2005

An end in sight for high-level M&A in Russia's oil and gas sector

Tunisia's Banque du Sud up for sale – again; BNP probable buyer

Euromoney August 2005

BNP Paribas seen as probable buyer

Africa: Local capital markets forecast for strong growth

Euromoney August 2005

G8 agreement could spur development

Jordan's PM appoints new finance chief

Euromoney August 2005

Government remains committed to reforms

Turkey: Good news outweighs bad for banks

Euromoney August 2005

Credit card bad loans to rise but business still highly profitable

EMEA market round-up

Euromoney August 2005

Against the tide

It's the Fed that sets the rate game rules

Euromoney August 2005

A neat theory has it that long-term interest rates are stubbornly low because of excess savings in Asia. But the Federal Reserve can't get off the hook that easily

Flipside

Costly, but cosy Copenhagen still looks to Europe

Euromoney August 2005

Copenhagen is costly, but to great effect. Spend a bit, drink a bit and you'll end up enjoying a tradition of companionship, cosiness and conviviality. But Danes aren't inward-looking. They've stuck with their national currency, though many still favour regional integration.