Emerging Europe: Special focus

Emerging Europe: Special focus

Exploring the banking and capital-market landscape

Swimming not drowning

Swimming not drowning

Bond market has ability to adapt

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Deutsche's GTB hit by rising regulatory costs

October 2014

Deutsche Bank’s explicit admission in its third-quarter results that higher regulatory costs are hitting the profitability of its global transaction banking business will come as blow to the bank and a warning to others.


ECB-Fed divergence triggers corporate hedging

October 2014

The US has reached a milestone by announcing the end of its eight-year quantitative easing stimulus programme as its economy recovers, but the news highlights the increasing policy divergence between the US and Europe. Corporates have as a result started factoring in increasing euro weakness ahead of 2015.

Social trading grows amid calls for regulatory oversight

October 2014

The full-scale disruptive potential of social trading is beginning to become clear, according to proponents. But there are fears that it is encouraging inexperienced traders to load up with risk in the pursuit of large returns and there have been calls for tougher regulation.

Innovation in wealth management technology awards 2014

October 2014

Recognising wealth management industry leaders in client services, products, and back office technology in every region around the world.

Dollar-equity correlation conjures up memories of dotcom boom

October 2014

The US dollar has become highly correlated with equities in recent months, conjuring up memories of the late 1990s and the dotcom boom, the last time the two asset classes rose together for such an extended period. But the differences between the two periods are as illustrative as their similarities.

Brazilian real troubles far from over

October 2014

The decline of the Brazilian real to a nine-year low this week seemed to mark a nadir for a currency buffeted by economic and political concerns. Analysts say, though, that things could get worse before they get better.

Gloves come off in the fight for leveraged finance

October 2014

Fed gets tough with Credit Suisse; cov-lite loans on the rise in US and Europe

Financial regulation: special focus

October 2014

Bitcoin: special focus

October 2014

Cryptocurrency space – the final frontier for money. Below is the voyage of starship Euromoney. Its mission: to explore strange new digital currencies, to seek out new payments systems and gateways, to boldly go where no financial magazine has gone before...

BNY Mellon expands Apac wealth business

October 2014

BNY Mellon is to expand aggressively in the Asia-Pacific region, targeting increased market share in the wealth business, offering a discretionary model to customers.

Stress tests and TLAC will transform bank funding markets

October 2014

Bankers are looking past Sunday's publication of the stress-test results and the TLAC requirements that will follow to a substantial change in how banks fund in the capital markets and maybe even new forms of senior debt.

Bitcoin market starts to mature

October 2014

Interest and use of cryptocurrency bitcoin has undergone a meteoric rise in the past year, but it is now moving away from speculative investments into the real world of cross-border business transactions.

ECB commences covered bonds amid intrigue

October 2014

The ECB commenced its covered bonds purchasing programme last week, but no sooner had it started than rumours surfaced about a new plan to purchase corporate bonds. The fevered speculation demonstrates the lack of confidence in the ECB's existing plan, reviving questions about full-scale QE and its seniority in bond holdings.

Bank Asya fights back against Erdogan attack

October 2014

The chief executive of the leading Turkish Islamic bank claims it is the victim of a politically driven campaign by the country’s president, in an exclusive interview with Euromoney.

Bill Gross: special focus

October 2014

Yen depreciation back on track after safe-haven strengthening

October 2014

A momentary strengthening of the yen amid market panic coincided with reports the government might be having second thoughts about key planks of the reform agenda – the consumption tax and a weak yen. But analysts insist there has been no change of policy, but pension and energy reforms hold the key.

Looming China crisis adds to eurozone and emerging-market threats - ECR Q3

October 2014

The latest results from the Euromoney Country Risk survey point to an unprecedented rise in risk across almost all geographical regions since June, with emerging markets (EMs) taking the biggest hit as doubts over China, the eurozone and US liquidity support weigh heavily on experts’ evaluations.

Lack of secondary market liquidity exacerbates sell-off

October 2014

As equity markets have sold off and investors rushed into risk-free bonds, even supposedly liquid US treasuries have seen prices gapping. As volatility rises and investors focus on grim fundamentals, they see a broken bond-market structure.

Nigeria’s finance minister pledges fiscal restraint

October 2014

In candid remarks, Nigeria’s finance minister Ngozi Okonjo-Iweala sounds an upbeat note on exercising control in government spending in the run-up to the 2015 general election. However, outstanding structural reforms and declining oil demand pose risks for growth.

Russia borrowers strike bullish note over sanctions

October 2014

While sanctions are hitting the Russian markets and pushing up interest rates, senior executives at Sberbank and potash producer Uralkali tell Euromoney the country’s banks and corporates are looking internally and to the east for new sources of financing. But with Russia sliding towards recession, liquidity is vanishing.

FX swaps: Market players grapple with fragmentation risk

October 2014

Market participants are relatively relaxed about the impact of last year’s change to the US trading model, relative to the dire warnings from the global trade association for OTC derivatives, but global market fragmentation remains a risk.

'Perfect storm' on the horizon for commodity FX

October 2014

Commodities could be facing further weakness, amid falling demand in China and elsewhere. All eyes are again on the US, where strong growth could support prices and prevent a further sell-off of commodity currencies.

Bank revenues under threat from alternative payment providers

October 2014

Providing payment services is likely to become more attractive to brands with large, loyal customer bases that see value, either directly or indirectly, in processing transactions.

FX options awaken amid volatility uptick

October 2014

Spikes of volatility have appeared in FX markets in recent weeks, prompting speculation that a long period of dormancy in currency options might be coming to an end. However, reports of a forthcoming bonanza could be exaggerated, some analysts say.

The last days of Ricardo Salgado and Banco Espírito Santo

October 2014

Bankers in Lisbon say the demise of BES is a watershed moment for the country: the turning point when old Portugal became new Europe. When BES collapsed earlier this year, markets briefly feared a return of the crisis to Portugal and to Europe. Even after the bank's bailout, investigators in at least six countries still pore over bank documents, transfers and deals, trying to make sense of Salgado’s last days battling to keep his empire afloat. The backstory is of an extraordinary rivalry, spanning the decades before and after Portugal's 1974 revolution, between the country's two pre-eminent business families.

Banco Espírito Santo (BES): special focus

October 2014

BES and Eurofin: Leaning on Lamps and Post

October 2014

You couldn’t make it up. Yet investigators across the world are trying to determine if making it up is exactly what Banco Espírito Santo’s Ricardo Salgado did in Lisbon. Lausanne corporate advisor Eurofin has found itself uncomfortably inside the maelstrom.

South Korea: Macquarie man’s highway dreams

October 2014

Word reaches us from Seoul of a fabulous new career direction for Macquarie’s Korea head, John Walker.

Off the record

October 2014

Quotes of the month

October 2014



Final days of Ricardo Salgado and Banco Espírito Santo

Euromoney Pulse Survey: Renminbi’s internationalization continues apace
When BES collapsed earlier this year, markets briefly feared a return of the crisis to Portugal and to Europe. Even after the bank's bailout, investigators still pore over bank documents, transfers and deals, trying to make sense of Salgado’s last days battling to keep his empire afloat. The backstory is of an extraordinary decades-long rivalry between the country's two pre-eminent business families.