December 2014
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LATEST ARTICLES
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Brazil has a long and painful struggle ahead to revive its economy. Denial and complacency will not help that process.
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The WSE should pursue local opportunities, rather than chasing new listings from foreign firms.
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Global banks may feel that purging their correspondent banking relationships will help them de-risk, but they should beware the unintended consequences.
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It’s time to get some perspective back into the debate about global foreign exchange.
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Illiquid markets, limited exchanges and sometimes vague institutional information make Africa’s securities landscape difficult to navigate. Firms such as Imara are in a good place to act as guides.
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“This isn’t the end. It is the beginning. There are many more stress tests yet to come”
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When an email dropped into our inbox from BNP Paribas talking about something called the Marylebone Project we were hoping it might be the name of a five-piece band with BNPP’s head of primary markets, Martin Egan, as its lead.
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Euromoney is on a health kick. Stand outside our UK building near St Paul’s Cathedral, and you’re as likely to see one of our team drawing on an e-cigarette as you are someone with a traditional ‘fag’ these days.
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Is the eagerness of bank executives to spend heavily on retraining bankers to change their culture achieving anything?
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The opening up of the Saudi Stock Exchange to foreign investors could be a watershed moment for the country’s capital markets. Bankers predict a rush of deals to soak up demand. But what will foreign investors find in the Middle East’s biggest market? And can structural issues over settlement be solved?
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No, this headline does not refer to those naughty traders who abused the London fix in the foreign exchange market and caused a number of banks to receive huge fines.
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It is not often new countries open up to international banks. Nine lenders have recently received licences to operate in Myanmar. It gives them a ready advantage in a country that lacks some basic infrastructure.
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Intercompany credit data suggests companies are more willing to borrow than banks claim. But what’s the point of banks if they won’t lend?
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Moscow’s revamped stock exchange has everything it takes to be a global player, with the exception of supply and demand. Has Russia’s isolation put a dampener on its ambitious domestic capital markets development programme?
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Asset-hungry and cash rich, Qatar keeps grabbing the headlines. But there are questions over which branch of Qatar’s wealth actually owns its trophy assets, while it is becoming increasingly hard to fathom whether the authorities are coordinating these investments.
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Regulators’ scrutiny of Credit Suisse’s leveraged finance business has the potential to hit one of its most successful divisions hard. Has the Swiss bank been unfairly singled out?
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African exchanges can be small, illiquid and difficult to navigate. Some regulators are making efforts to resolve these issues, while others struggle to keep up with investors' demands.
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Brazil’s banking industry exclaimed loudly that another four years of Dilma Rousseff would be a disaster for the country. Now that she has been re-elected, have the bankers changed their minds?
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Don’t believe the G20 hype. In interviews with Euromoney, the world’s top financial policymakers admit regulatory tensions are tight. What’s more, the collateral damage of the focus on too-big-to-fail, capital rules and bankruptcy resolution risk rolling back financial globalization. Is it time to change the terms of the discussion?
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Multiples and lack of covenants in the leveraged finance market are firmly in the firing line of US regulators. Sponsors say they can handle the new rules. Banks are already looking for ways round them. But with regulators hell-bent on proving a point in 2015, what will happen when a leading US company struggles, or fails, to refinance a cov-lite loan?
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Three years ago, the leader of one of the world’s biggest countries almost called for a run on one of its biggest banks.
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New York’s highest court has delivered a boost for the global banking model but the international legal architecture remains a minefield.
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Turkey’s president has tried to kick of one of the country’s largest banks into touch, through public attacks and behind-the-scenes pressure. Despite becoming a political football, Bank Asya is still in the game. Can Turkey’s reputation in the west as a place to do business survive Erdogan’s continued, politically-motivated vendetta?
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Investors greeted the European Central Bank’s asset quality review with little more than a shrug. They view it as merely the first step on a journey to enhanced and uniform bank supervision that might take a decade to complete. They are much more worried about the sustainability of banks’ business models and whether or not they can even earn enough to service their growing capital stack.
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The main charge against Goldman Sachs by the US Senate committee investigating commodity market practices was that the bank effectively controlled actions by its metals warehouse subsidiary, Metro International, that created a bottleneck in aluminum supply, and that Goldman could have profited from associated trades in its securities arm.
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Paul Simon sang that there are 50 ways to leave your lover, and Goldman Sachs has reminded us that there are just as many ways to sneak a trade through, even when conflicts of interest threaten to drag your reputation back into the mud.
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A war of all against all in currency markets will not be pretty. For some countries it may also be too little, too late. The International Monetary Fund has failed in its role as the arbiter of currency values.
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Stress tests fail to address corporate lending; online platforms might have emerged too late.
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Merger with Vienna ‘too complex’; regional listings in the spotlight.
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Second big hire this year; ramps up competition with Dubai.
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Growing investor comfort in region; IFA culture developing.
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Strong results across the sector; banking system ‘a source of strength’.
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No short-term response to price shift; fiscal discipline key to economy.
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Rising rates deter equity investors; Brazil no longer driving volumes.
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Debt service costs will hit profits; regulators see M&A as the answer.
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The US looks to benefit from a changing energy landscape, at the expense of Russia and the Middle East, while Europe will be happier to be less reliant on those producers.
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Our new column seeks the truth behind the PR spin in the world of banking. This month: how Jefferies put itself on the front pages, and why Barclays’ timing is always off.
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The Central Bank of Seychelles has taken full control of one of nine banks on the Indian Ocean archipelago, in one of the clearest examples yet of the impact of global banks exiting correspondent banking relationships.
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Technology companies are gearing up for a potential gold rush around FX benchmark trading, amid expectations the multi-billion dollar fines imposed on banks last week will accelerate appetite for solutions to boost transparency, oversight and pricing, analysts say.
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The development of Angola's capital markets has been long promised but recent indications from the country's capital-markets commission suggests secondary public-debt trading could begin as early as next month. Nevertheless, it's unclear when the stock exchange will open its doors.
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The eagerly awaited Stock Connect system connecting Hong Kong to the mainland is up and running to relief all round. While traditional long-only funds and southbound flows have lagged, market players foresee a new dawn in Chinese equity trading.
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In an interview with Euromoney, Bundesbank board member Andreas Dombret sounds an upbeat note on the rigour of the ECB’s asset-quality review (AQR) and the eurozone’s resolution arrangements, but issues a sharp warning over banks’ risk-free treatment of sovereign debt.
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Meeting KYC requirements is an irksome and expensive task for banks to contend with. But there are a slew of offerings from financial-services companies to ease the compliance burden.
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The overwhelming retail demand for the Saudi bank’s $6 billion listing raises questions about how the country’s equity market will respond to its opening up to foreign investors.
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Overall results Best research provider overall
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Bank analysts and equity investors give their opinions on which companies they think are the best by the individual company sectors.
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Local brokerages dominate the 2014 Euromoney Middle East Research rankings. With international interest in the region’s stock markets set to reach new heights, the big global investment banks have a lot of catching up to do. They can start by renewing their commitment to research in the region.
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Backed by its robust trading relationship with China, the east Asian nation is the latest fledgling offshore renminbi hub. Market participants shed light on South Korea’s renminbi bid as internationalization of the Chinese currency gathers pace.
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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.
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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.