May 2008
| Euromoney May 2008 Just as banks in Russia were beginning to resemble their peers outside the country, engaging in conventional retail and corporate banking, the western financial market crisis hit. Reduced availability of long-term funding from abroad highlights the shortage of such a market in Russia and reveals a systemic vulnerability. Will this help state-owned banks, which had previously been losing market share, turn the tables on their privately owned rivals? |
Euromoney May 2008
Investment banks are rushing to offer systematic payoffs and smart underlyings as structured notes, partly in response to investors’ growing mistrust of more complex products. But is replicating hedge fund strategies in note form as simple as they are trying to make out?
Euromoney May 2008
Foreign exchange has arguably held up better than any other financial market in the fallout from the sub-prime crisis. Will its robustness result in it being taken more seriously as both a business and as an asset class? And which banks have fared best in Euromoney’s benchmark industry poll?
Euromoney May 2008
Millennium BCP used to be the star of Portuguese banking. But a period of destructive internal rivalries, abortive takeover bids and dubious strategies made the firm a basket case. Can a new chief executive – seen as a safe pair of hands – rebuild the bank’s capital and revitalize its growth?
Euromoney May 2008
Sberbank’s chief German Gref has the task of creating a national banking champion for Russia. That includes building a presence overseas.
Euromoney May 2008
Russia’s infrastructure will cost trillions of dollars to fix. How are bankers and investors looking to profit from the rebuilding?
Euromoney May 2008
A plentiful supply of cheap, high-quality farmland means Russia may become key in the drive to solve global food shortages.
Euromoney May 2008
Growth potential is the buzz-phrase in the central and eastern European private equity market. Many in the market are extolling its virtues, not to mention its returns, but what are the hidden risks? Jethro Wookey reports.
Euromoney May 2008
Turkish companies are the rising stars of corporate governance in emerging Europe. But CEZ remains the one to beat.
Euromoney May 2008
Kazakhstan’s banks have built up onerous debt repayments after a splurge of
Eurobond issuance. Are they facing a liquidity crunch?
Euromoney May 2008
Ukraine’s financial institutions are thriving despite renewed political
upheaval. A surge in M&A and IPO activity could be the next stage.
Euromoney May 2008
Romania is vulnerable to the global credit crisis, with its current account in deficit, a budget shortfall and a domestic credit binge.
Euromoney May 2008
Sepa came into being in January but there is still much work to be done before the full benefits come through for banks and corporate customers. What are the main threats or opportunities of the developments? What obstacles have to be overcome? Euromoney’s debate panel wrestles with the key issues.
Euromoney May 2008
The rise of alternative beta strategies seems inevitable as investors chase greater levels of diversification in their portfolios. What are the secrets of alternative beta’s success and what obstacles can still impede its progress?
Euromoney May 2008
While elsewhere the mortgage market is drying up and securitization is quiescent, the biggest economy in the Gulf is trying to expand both. The finishing touches are being applied to laws on the Saudi mortgage market but it’s uncertain they will provide enough flow to meet demand for funding. Dominic O’Neill reports from Riyadh.
Euromoney May 2008
Bad infrastructure, a weak economy and vulnerable financial assets – but
bankers in South Africa remain confident.
Euromoney May 2008
The crunch has precipitated a world where good credits can turn bad overnight. Research teams must adapt to the new circumstances while clients increasingly have their own expertise. Jethro Wookey reports.
Euromoney May 2008
The sideways, low-volatility markets of the past two years are gone, so how should investors review their currency management strategies? Should they consider shifting mandates from quant to discretionary? And should capital preservation take over from return maximization?
Euromoney May 2008
South Korea’s new president, Lee Myung Bak, urgently wants the privatization of Korea Development Bank; he hopes it will become globally competitive. But some question the wisdom of the deal. Lawrence White reports from Seoul.
Euromoney May 2008
High-ticket foreign purchases by Tata Steel and Hindalco have grabbed the headlines but India’s SMEs are also increasingly acquisitive. Cash-rich, or funded by enthusiastic local banks or foreign investors, they are taking advantage of turmoil in the US. Elliot Wilson reports.
Euromoney May 2008
UK PFI deal taps loan market for entire £2.2 billion.
Euromoney May 2008
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New organization for the merged RBS/ABN business is unveiled.
Euromoney May 2008
Can the rapid growth of e-trading in recent years continue?
Euromoney May 2008
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Uncertainty worldwide on the next move in interest rates is leading to short-term volatility and price gyrations in the foreign exchange market.
Euromoney May 2008
The fuller acceptance of volatility as an asset has moved closer with a new range of investable indices.
Euromoney May 2008
Euromoney May 2008
It has become increasingly recognized that the attraction of flow from the retail aggregators can have a huge impact on the volumes of sell-side institutions.
Euromoney May 2008
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The number of new equity-linked issues in the first quarter of 2008 fell dramatically across all regions in comparison with the same period in 2007.
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There are complaints that investors are being misled by funds.
Euromoney May 2008
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Speakers at the EuroHedge Summit offered sound advice: leverage addicts were warned about the drug’s potency, and panickers were advised to panic in good time. Neil Wilson reports from Paris.
Euromoney May 2008
Euromoney May 2008
Senator talks of progress on the SWF plan, the problems he has faced promoting the idea and why he thinks it will succeed this time.
Euromoney May 2008
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Senior officials at the US Treasury are urging Latin American countries to pursue policies that will help grow their mortgage markets, despite the sub-prime woes of the US.
Euromoney May 2008
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Banks are paying the price for hanging on to their stuck leveraged loans for so long.
Euromoney May 2008
The crisis suggests that privately owned banks are not self-evidently better managed nor more effective at allocating capital than state-owned ones.
Euromoney May 2008
The Bank of England’s special liquidity scheme does nothing that hasn’t already been done by the Fed and the ECB – except on more onerous terms.
Euromoney May 2008
A reduction in foreign capital flows means that many banks in eastern Europe are indirect victims of the credit crunch.
Euromoney May 2008
The US secondary market in life insurance is being extended to sellers who can ill afford to relinquish their policies.
Euromoney May 2008
Freeing up markets would help the country lose its tag as the poor man of Latin America.
Euromoney May 2008
Does the EC need to force clarity on clearing.
Euromoney May 2008
Euromoney May 2008
Only suckers believe that the remedies applied to the credit crisis have cured the underlying sickness. There’s more painful adjustment to come, and it could last two to five years.
Euromoney May 2008
With the euro hitting fresh record highs against the dollar, it must be tempting for European policymakers to crow. However, complacency could lead to crisis.
Euromoney May 2008
UBS has done a service to all investors in bank stocks and bonds by making public the report requested by the Swiss Federal Banking Commission into the root causes of its sub-prime losses.
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Including:
● MiFID update
● NDFs
● Automated trading
● Transaction Cost Analysis (TCA)