July 2008
| Euromoney July 2008 Voracious risk appetite propelled Goldman’s earnings in the good times and induced rivals to follow suit. Only when the crash came did they learn, too late, how good a risk manager Goldman is. By managing itself well and avoiding the worst hits, while rivals are clearing up their own mess, Goldman has enhanced its client franchises. It is open for business with customers and reminding them why they wanted to deal with the firm in the first place. How has Goldman achieved this? Peter Lee asks the firm’s senior management to answer the question. - Goldman’s enduring mystique
The obsession about Goldman Sachs in the financial world – not least among its competitors – is nothing new.
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Euromoney July 2008
Find out which institutions have excelled this year in providing high-quality products and services across all areas of commercial and investment banking. The Euromoney Awards for excellence define banking excellence in global categories and across 110 individual countries. Over the years these awards have set the standards for banking and capital market excellence amongst the top ranking financial institutions around the world. Awards are based on on outstanding performance, quality service, innovation and momentum.
Euromoney July 2008
Capital markets and financial services have advanced dramatically in the past few years across Africa. In this debate, Nigerian bankers and informed foreign peers discuss the achievements and the upcoming challenges.
Euromoney July 2008
The restructuring of Cheyne’s SIV could provide a blueprint for other stricken vehicles; Blackrock in the frame to manage StanChart’s SIV.
Euromoney July 2008
As the structured finance market struggles to reinvent itself, the orgy of recrimination among constituents is intensifying.
Euromoney July 2008
The announcement of the creation of a central counterparty for over-the-counter credit default swap trades has been described as one of the biggest developments in the history of the market.
Euromoney July 2008
Appetite for distressed ABS is not nearly sufficient to mop up supply.
Euromoney July 2008
Dealers crushed by shift in interest rate expectations as swap yield curves invert.
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
With almost 100 years of foreign exchange experience between them, the three executives running Tradex Capital Markets have plenty to say about the industry.
Euromoney July 2008
Decision to sponsor cycling team guarantees to generate huge media coverage.
Euromoney July 2008
The firm appears to have timed the launch of its upgraded option system to perfection.
Euromoney July 2008
Icap has confirmed the launch of its web-based version of EBS.
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
FSA forces disclosure of significant short positions in companies undertaking rights issues while issuers look for a quicker route to market.
Euromoney July 2008
Euromoney July 2008
NYSE plans rule changes to improve the competitiveness of its trading floor.
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Widespread speculation about the likely purchaser of Bank of America’s equity prime brokerage business has come to an end.
Euromoney July 2008
Barings, Castlepoint, AIG, Eclectica, to name but a few, have all set up agriculture funds in the past 12 months to cash in on expected commodity price increases. And if returns to date are anything to go by, more will be joining them.
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Many hedge funds are significantly more hedged that they were one year ago, says Steve Gross, principal of Penso Capital Markets, a New York asset management and risk management firm.
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
In Europe and Asia, UBS is the closest challenger to the top two prime brokerage players but Deutsche Bank and Credit Suisse are arguably now the best placed to grow. Neil Wilson reports.
Euromoney July 2008
Euromoney July 2008
This time last year, Phil Green had plenty to smile about.
Euromoney July 2008
Japan’s stock markets have struggled lately as foreign investors abandon the country in droves; the Tokyo Stock Exchange, meanwhile, suffers from the perception that listing on it is still too difficult for foreign companies and that it is prone to technological problems.
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Ceiba Investments, a closed-end fund that invests solely in Cuban assets, is set to list its shares on London junior market AIM this month.
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
"You should come to Beirut soon. The situation has improved a lot," Adnan Kassar, chairman of Lebanon’s Fransabank, advises Euromoney.
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
The belief that Libor is an actual rate at which banks lend substantial money to one another is a façade that the credit crunch has torn down with a vengeance.
Euromoney July 2008
The departure of Andre Esteves from UBS need not be a big setback for the Swiss bank’s fortunes in Brazil.
Euromoney July 2008
Changes in domestic market conditions are making borrowing abroad the most attractive option for Chilean banks and corporates.
Euromoney July 2008
The biggest retailers will regret having been blind to opportunities in emerging Europe.
Euromoney July 2008
Institutional investment in commodity markets is boon not bane.
Euromoney July 2008
Appetite for distressed ABS is not nearly sufficient to mop up supply.
Euromoney July 2008
Tight spreads and a lack of differentiation between issuers are things of the past in the covered bond markets. But perhaps this is more “normal” than the bull market situation.
Euromoney July 2008
It’s a truism that hindsight is 20/20 vision. But those who spot the signals of turning markets are visionaries and those who act on these signals are true geniuses.
Euromoney July 2008
Underlying the headlines are distortions in the market that can be overcome by liberalization.
Euromoney July 2008
'The Black Swan: The Impact of the Highly Improbable' is an excellent read, but anyone who talks about the credit crunch in these terms is not being intellectually honest.
Euromoney July 2008
We could be living through the last days of the independent investment banks.
Euromoney July 2008
Euromoney July 2008
Euromoney July 2008
As part of the decision-making process for the Awards for Excellence, Euromoney journalists conduct numerous interviews with senior bankers who aim to convince us why they should win.
Euromoney July 2008
Perhaps Credit Suisse is seeking to reach the parts other banks dare not reach for?
Euromoney July 2008
Euromoney July 2008