November 2007
| Euromoney November 2007 The credit market seizure vindicated a few brave hedge fund managers who had spotted the sub-prime crash coming, positioned themselves deftly, and made huge returns from it. These managers recount the challenges of deploying funds against the long-only herd, outline expectations for worse market disruptions ahead and analyze the public policy responses that threaten the potential returns of many investors now seeking to profit from distress. Peter Lee reports. |
Euromoney November 2007
The liquidity crunch of August and September highlighted the intricate relationship between prime brokers and their hedge fund clients. Some managers had their livelihoods threatened by increased margin requirements, while asset valuations were brought into question. Do the two sides of the relationship know each other at all? Helen Avery reports.
Euromoney November 2007
The Euromoney debt trading poll is in its second year, and quite a year it has been. Twelve months ago credit houses were hosing their customers with liquidity in a market awash with happy traders. The action had moved out of the cash market and into a thriving derivatives sector. Structured products and indices were flourishing. "You are no longer a bond trader," Henrik Raber, head of credit trading at UBS, was saying to his staff. "You are a trader in multiple asset classes."
Euromoney November 2007
The collapse of structured finance issuance has significant implications for the financing of assets such as mortgage loans but has also dramatically changed the nature of the traditional investment-grade bond business in America. Alex Chambers reports.
Euromoney November 2007
The credit crunch fundamentally altered the cash bond/CDS dynamic. As more and more managers are forced to turn to CDS to hedge their bond portfolios, will we ever see a return to highly liquid cash markets? Jethro Wookey reports.
Euromoney November 2007
The economies of China and the Middle East are expanding at breakneck speed. Over the past 18 months, they have woken up to the importance of investing in each other’s growth. But as Chinese and Middle East investors still find it difficult to cooperate, what can be done to help? Dominic O’Neill reports.
Euromoney November 2007
Maha Al Ghunaim’s rarity factor as a female chief executive in Middle Eastern finance makes her a celebrity. Under her leadership, Global Investment House has become one of the region’s largest investment companies. Here she talks to Euromoney about the secrets of her own and her company’s success.
Euromoney November 2007
Securitization went from being the success story of the capital market to the root of all its evils in just a couple of weeks this summer. Some of those caught in the storm relate the experience to Louise Bowman, who finds out how long it will take to stop being a dirty word.
Euromoney November 2007
The summer’s financial crisis has helped materialize in the markets a distinction between covered bonds and structured covered bonds that had been a matter of debate for some time. Philip Moore reports.
Euromoney November 2007
China’s mergers and acquisitions market is gathering steam after a couple of relatively quiet years. Elliot Wilson reports.
Euromoney November 2007
While Hong Kong, Shanghai, Singapore and others enjoy unprecedented levels of activity, and London and New York poach more Asian business, the Tokyo Stock Exchange is struggling to recapture the success of its early 1990s’ heyday. Is it too late for Tokyo? Lawrence White reports.
Euromoney November 2007
As Brazil’s economy and financial markets pick up, Credit Suisse and UBS face growing competition from other foreign banks and domestic contenders. Chloe Hayward reports.
Euromoney November 2007
In some parts of Latin America foreign banks continue to head the push for consolidation, but locals are beginning to cross borders. Chloe Hayward reports.
Euromoney November 2007
Scotiabank has long had an interest in Latin America, with assets throughout the Caribbean and Mexico. Recently Canada’s number two bank has stepped up its presence by buying a bank in Chile, expanding in the Caribbean and announcing plans to open 100 branches in Mexico. Along with this push, the CEO announced the appointment of Anatol von Hahn, who will take over as head of Latin America in January. Chloe Hayward talks to Peter Cardinal, the head of Latin America at Scotiabank, about its plans for the future before he bows out.
Euromoney November 2007
Economic growth, stability, market reform and liberalization have led to a Latin American investors into Chile, Colombia and Peru. Leticia Lozano reports.
Euromoney November 2007
Many economic indicators in Turkey remain strongly positive despite internal political crises and flashpoints on the country’s borders. David Judson reports.
Euromoney November 2007
Mifid came into effect on November 1 but the market had already been benefiting from the innovation it encourages. Peter Koh reports.
Euromoney November 2007
Shared service centres or payment factories? Corporates have to choose which system works best for them. There is no one size that fits all, while good working partnerships with banks are as important as ever.
Euromoney November 2007
TradeWeb sells minority stake to nine banks, as LiquidityHub gets going.
Euromoney November 2007
Royal Bank of Canada has launched its €15 billion covered bond programme with a jumbo issue in the European covered bond market. The deal is Canada’s first ever covered bond.
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
In front of a US Senate committee, the agencies are indignant while investors claim they are focusing on the wrong signals.
Euromoney November 2007
What was hailed as a great success for the credit derivatives market, the tackling of the unconfirmed transaction backlog, has turned out to be far from a mission accomplished.
Euromoney November 2007
The high quality of its mortgage assets might not be enough to save Northern Rock’s Granite master trust.
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
The NFA is seeking to up the ante in its fight against the bucket shops that tarnish the US retail FX market.
Euromoney November 2007
The news that spot rouble trades have taken place electronically on EBS and LavaFX between Russian and foreign banks has been taken by some observers as proof that the currency has taken a significant step towards full convertibility. However, the deals mask the fact that Russia’s settlement system is still a real impediment to the rouble’s wider acceptance and is harming the government’s hopes that it will one day be accepted as a reserve currency.
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
Many have struggled to beat regular equity market returns, especially after liquidity crisis, says research.
Euromoney November 2007
Euromoney November 2007
Spate of high-profile delistings by blue-chip European companies boosts Pink Sheets’ premium market segment.
Euromoney November 2007
A new study confirms the substantial benefits of a depositary receipt programme.
Euromoney November 2007
Euromoney November 2007
A growing number of superannuation funds in Australia are turning away from funds of hedge funds and external advisers to set up hedge fund manager selection capabilities in house.
Euromoney November 2007
The credit crisis has forced US enhanced cash funds, which seek to better money market returns by taking on slightly higher levels of risk than regular money market funds, to fight to secure their reputation.
Euromoney November 2007
Quantitative investment strategies are valid, says report.
Euromoney November 2007
Saybrook’s Tax-Exempt Opportunity Funds are making money by investing in distressed and defaulted municipal bonds. CIO Jon Schotz talks to Helen Avery about the growth of opportunities in the sector.
Euromoney November 2007
Euromoney November 2007
According to Olivier LeMarois, CEO of Riskdata, equity market neutral funds’ reliance on one risk model for both trading and risk management exacerbated their losses in the summer.
Euromoney November 2007
Euromoney November 2007
The contrast with US regulation could hardly be more stark, writes Neil Wilson.
Euromoney November 2007
Euromoney November 2007
India’s booming stock market was given a thorough hiding on October 17. Rumours had been swirling for days that the country’s market regulator, the Securities and Exchange Board of India (Sebi), was planning to ban the use of participatory notes (PNs), which allow any foreign institution to invest directly in India-listed stocks without having to be registered in the country as a foreign institution.
Euromoney November 2007
Euromoney November 2007
Singapore has made great strides as a private banking centre, attracting almost every bank that matters to set up shop there to service the region’s rich. But recent developments in Burma (Myanmar) suggest that the city state’s financial success has come with a string attached to it: increasing scrutiny of its morality.
Euromoney November 2007
Hong Kong’s notoriously volatile investors are again set firm in headless-chicken mode (the bullish version). Ever since China’s foreign securities regulator, Safe, announced in August that mainland investors would "soon" be allowed to begin throwing their hard-earned savings at Hong Kong-listed stocks, the local Hang Seng index has been on a superhuman tear.
Euromoney November 2007
Only Uruguay and Bolivia have active corporate bond markets.
Euromoney November 2007
The Mexican stock exchange, the Bolsa Mexicana de Valores, has announced plans to go public before the end of the year as it attempts to lead by example in the poorly performing Mexican IPO market.
Euromoney November 2007
The expansion of the Panama Canal is set to draw in banks from far and wide because of the increased investment opportunities that the programme will have on all economic sectors in the country, according to bankers and analysts in the region.
Euromoney November 2007
One of Latin America’s biggest challenges is financing its massive infrastructure needs, and nowhere is this more pressing than in Mexico, especially in toll road development.
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
A senior official in the Qatar government has hit back at claims that sovereign wealth funds lack transparency. Finance minister Yousef Hussein Kamal says that his country’s fund, Qatar Investment Authority, is an open, long-term investor, which should be welcomed by other governments.
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
Evolvence Capital, a Dubai alternative investment company, is on track to raise $150 million for what it claims is the region’s first hedge fund when it closes to investment next month.
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
How do you price liquidity risk?
Euromoney November 2007
Leaving to one side the continuing debate about the causes of the credit crunch and how best to cure the dislocation in money markets, the relative inadequacies of European capital markets, especially in fixed income, are undisputed.
Euromoney November 2007
Proposed US legislation shows that patience has snapped with the markets.
Euromoney November 2007
Interest in emerging market high-yield debt is at an all-time high.
Euromoney November 2007
That a third of hedge fund assets are invested in multi-strategy funds has implications for the wider market when funds need to sell off their most liquid assets.
Euromoney November 2007
Liquidity facilities have come out of the shadows, and many are surprised by what they really look like.
Euromoney November 2007
Market participants will live to regret not getting their own houses in order.
Euromoney November 2007
In March, Taiwan’s voters will go to the polls, and as ever the issue of cross-strait relations with mainland China will be key. And few groups will have more at stake than Taiwan’s banking sector.
Euromoney November 2007
The CEO suites of Wall Street have their first vacancy sign since the world learnt what sub-prime means.
Euromoney November 2007
"You’re fired" is the new "You’re free".
Euromoney November 2007
Sub-prime slime and the credit crunch have diverted attention from global imbalances. However, any dollar rout would be ugly. Neglect is no substitute for policy.
Euromoney November 2007
Global liquidity is set to keep contracting and inflation will keep on increasing despite a growth slowdown. There is a serious risk of global recession in 2008.
Euromoney November 2007
They are serious events but the IMF-World Bank meetings always leave plenty of room for frivolities. Investment banks compete to lay on the most lavish parties. Huge amounts are spent to attract the great and the good.
Euromoney November 2007
We don’t usually like to blow our own trumpet at Euromoney, but our Regional finance and investment conference for south east Europe, now in its seventh year and still going strong, is without doubt one of the landmark shindigs in the region. And not just for the sun-drenched charms of the ridiculously picturesque fishing village of Cavtat in Croatia.
Euromoney November 2007
France is looking to contest England’s supremacy in the financial world by challenging London’s claim to be Europe’s financial centre.
Euromoney November 2007
Research released in mid-October came to the far-from-shocking conclusion that two in five of workers in the UK’s financial services sector are stressed.
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007
Euromoney November 2007