May 2002
| Euromoney May 2002 Bank of America CEO Ken Lewis is aiming for a goal that no-one has yet achieved. He wants to be the first chief executive of a commercial bank to build a successful, sizeable and sustainable US investment-banking franchise. Plenty have tried - some are still trying - but whether domestic players or European banks they have in the end all had to make one of three choices: to buy, sell, or give up. |
Euromoney May 2002
Euromoney's largest ever foreign exchange survey reveals the market's evaluation of the leading banks.
Euromoney May 2002
Consolidation, including the transformation of regional banks from competitors of the biggest forex banks to their customers, is moving on apace. Only the biggest dealers are in a position to offer the wide range of interlinked services demanded by their largest customers and to invest in winning technology.
Euromoney May 2002
Forex trading platform Atriax was backed by some of the biggest-hitting banks. Its failure marks it out as yet another example of how bad technology and poor management can ruin a good idea.
Euromoney May 2002
In the wake of the Argentine crisis the sovereign credit derivatives market is preoccupied with legal disputes about what triggers a credit event. New definitions from ISDA must bring clarity, though even that might be insufficient to lure back investors.
Euromoney May 2002
Cantor Fitzgerald’s prescience in buying up financial e-commerce patents could boost its earnings as it rebuilds after its tragic September 11 staff losses. Its claims, though, have not gone unchallenged and sympathy for the firm might wane as litigation proliferates.
Euromoney May 2002
Nearly six months ago, the MTS bond markets were offered a shortlist of clearing houses. It should be a simple choice between the London Clearing House and Clearnet but the process is dragging on. The cause of this delay may be that Gianluca Garbi, CEO of EuroMTS, is trying to force decisions in Clearnet’s favour.
Euromoney May 2002
Asset managers face tough choices on technology spending, even as transaction volumes fall and margins shrink. Regulators’ push for T+1 settlement will require expensive upgrades of existing systems or purchase of new ones. Handing over the middle and back office to the revamped custody banks is an alternative. But fund managers are wary of outsourcing.
Euromoney May 2002
There should be cost advantages to using a pan-European equities exchange such as Virt-x. However, some potential users say complexity outweighs savings and much of Virt-x’s market share is Swiss stocks.
Euromoney May 2002
Vulture funds – or distressed-debt investors, as they’d rather be called these days – have never had it so good. The supply of distressed-investment opportunities is at an all-time high. It’s going to stay that way for a while yet – regardless of whether the global economy booms, slumps or just bumps along.
Euromoney May 2002
Euromoney May 2002
Euromoney May 2002
The incumbent governor of the Bank of Thailand has clearly taken the experience of his two immediate predecessors to heart. Troubled by one’s profligacy with the kingdom’s foreign currency reserves he would like his own powers curbed. However, he may also be concerned about the other’s dismissal after a dispute with the prime minister about interest rates and is keen to assert the independence of the central bank
Euromoney May 2002
All the indications are that Singapore is losing economic ground to immediate regional neighbours and – a bigger, more distant threat – Hong Kong and mainland China to the north. The financial authorities and some investment bankers deny that there is a problem, or at least one that can’t be solved, but ideas for a change of direction are thin on the ground.
Euromoney May 2002
Hints of a revival of M&A activity should not breed false hopes of a new boom. Accounting rule changes are forcing acquirers to write down goodwill on pricey deals, fuelling the view that M&A doesn’t create shareholder value but destroys it.
Euromoney May 2002
Dubai is moving fast to develop an international financial centre with strategic links to western markets. Its plans are ambitious but UAE regulatory problems, regional rivalries and simmering political tensions might prove to be stumbling blocks.
Euromoney May 2002
Euromoney May 2002
Euromoney May 2002
Euromoney May 2002
Euromoney May 2002
Euromoney May 2002
Euromoney May 2002
Euromoney May 2002
Fund management
Euromoney May 2002
Fund management
Euromoney May 2002
Exchange traded funds
Euromoney May 2002
Enron
Euromoney May 2002
Australian banking
Euromoney May 2002
Euromoney May 2002
Chile
Euromoney May 2002
India
Euromoney May 2002
Russia
Euromoney May 2002
Russia
Euromoney May 2002
Panama
Euromoney May 2002
Issuer: JetBlue Airways CorpAmount: $158.4 millionLaunched: April 11 2002Lead manager: Morgan Stanley