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September 2007

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  • The 2007 guide to Portugal: download PDF
  • Are you fully up to date with developments on Europe's exchange traded fund market? With experts predicting rapid growth in the next few years and demand for the product from both institutional and retail investors intensifying, it is essential for industry professionals to keep ahead of the game.
  • Published in conjunction with: Global Investment House • SAMBA Financial Group
  • Latin America is on the move, undergoing an investment and financing boom unprecedented in its history. Latin American companies are acquiring globally, expanding regionally, and investing heavily in productive capacity, and R&D. Infrastructure projects are proliferating throughout the region. These developments reflect the region’s positive economic backdrop and corporate confidence in the economic policies and political stability that have come to characterize most of the region for the past few years.
  • Published in conjunction with: ABN AMRO Private Banking • Banco Urquijo • Bank Delen • Bank Gutmann • Citi Global Wealth Management International • Eurobank EFG Private Banking • Marfi n Popular Bank • Sal Oppenheim • SG Private Banking • Yapi Kredi Private Banking
  • Do you know your Apportionment from your Binary Options? Your Collateralized Obligations from your Gross Redemption Yields? If not, you needn’t look any further as this exclusive downloadable guide brought to you by Euromoney has over 30 pages of terminology from the financial industry explained.

    A degree of blurring and overlapping in the terminology of the banking, insurance and investment management industries has been inevitable. This guide aims to demystify many of those terms, bringing some of the more frequently used technical expressions in all three disciplines into a concise, single volume. We hope it will serve as a useful guide for market participants in all three areas of the financial services sector.
  • With high profits, a low and declining cost/income ratio and an expansive global strategy, BBVA ought to be riding high in the stock markets. But some investors seem to think it is overstretching itself and have marked it down. Peter Koh reports on a success story that some in the market are not reading.
  • Bank of London and the Middle East (BMLE) has advanced its bid to provide a bridge between southeast Asian and Middle Eastern Islamic finance. The bank, which became London’s second independent wholesale Islamic bank when it opened at the beginning of July, announced at the beginning of August that it had appointed a head of structured finance, Derek Weist. Weist comes to BMLE from ABC International Bank, where he was European head of Islamic banking and head of Islamic asset management. BMLE’s CEO, Humphrey Percy, says he hopes to expand their team from 35 to around 65 people over the next two years.
  • The governor of Sama has led the Saudi economy through a turbulent but ultimately prosperous period during an unprecedented term of almost 25 years.
  • The CEO of a London-based product design and consultancy firm has told Euromoney his team has developed a Shariah-compliant futures contract which he says will "revolutionize" Islamic finance. Humayon Dar of BMB Islamic, a specialist Islamic finance company, hopes work on the contract, which he says has already been approved by Shariah scholars, will be finished by the end of the year. He says it should be ready to go on the market during the first quarter of 2008.
  • Citi has joined its emerging markets credit and global credit trading businesses. Carey Lathrop is the new head of the group, replacing Jim Higgins and Dave Pichler, who are leaving the bank. Lathrop has been at Citi since 1988 and was head of the investment-grade syndicate until 2003 when he took over emerging markets credit trading.
  • In the week of August 13 participants in the financial markets – credit traders, equity investors, heads of repo desks, hedge fund managers, risk controllers, originators and capital markets bankers, credit strategists, treasurers, chief financial officers – began to lose faith in the financial system itself. But why? What happened in this momentous week and how did it affect the financial global markets? Peter Lee was pounding the sidewalks of New York, sharing the bemusement of Wall Street.
  • Against the background of falling oil revenues and an ambitious five-year plan, Syria is taking its first steps towards a more liberal economy. Mohammed Al-Hussein, minister of finance, spoke to Euromoney about overhauling public expenditure, issuing treasury bills and bank ownership.
  • With successful IPOs completed and the domestic economy humming, China’s banks have never been in better shape to venture overseas, and there are compelling reasons to do so. Chris Leahy reports.
  • Man is the world’s largest hedge fund group, with more than $65 billion in assets. It also claims to be the greenest hedge fund. CEO Peter Clarke tells Helen Avery how alternative investment firms can offer the returns investors want and play a positive role in preventing climate change.
  • "Our aim is to provide long-term capital growth from an investment portfolio consisting of Iraqi and Iraqi-dependent securities." So reads the opening line of a monthly report for the Babylon Fund, a long-only mutual fund run by Godvig Capital Management, which is domiciled in the British Virgin Islands.
  • In a further sign of the burgeoning geographic ambitions of companies from Kazakhstan, oil and gas firm KazMunaiGas (KMG) has bought a 75% stake in Romania’s Rompetrol Group.
  • Net jumbo Pfandbrief issuance is likely be down again this year for the third year running, while structured covered bond issuance grows apace. This is generating some bitter debate about just how much investors understand the difference between the two types of debt. Louise Bowman reports.
  • NBG, Greece’s largest bank, is doing well out of a domestic growth surge but has recognized the need to find the fastest-growing, most profitable parts of the market. The same strategy is being applied to its ambitious expansion programme abroad. Laurence Neville reports.
  • Despite growing market volatility and the fallout from the US sub-prime crisis, Latin American stock markets remain hugely profitable after a three-year bull run. Investors worldwide are keen to get a piece of the action. With plans for regional stock exchanges and cross-border trading still at the draft stage, investors are turning to exchange-traded funds (ETFs) to get exposure to such equity markets as Brazil’s Bovespa and Mexico’s IPC index and tap into high-yielding shares.
  • In the wake of the August 1998 financial crisis, Russia’s regions became a banking wasteland. But on the back of this decade’s strong economic growth the regions are seeing a financial services renaissance. Guy Norton reports.
  • The Brazilian has brought a sense of euphoria back to the country and established it one of the four key emerging nations, as part of the Bric group.
  • Repricing in the leveraged loan market means that some CLO managers have been having a field day.
  • Chi-X, the pan European alternative trading system (ATS) operated by Instinet, is starting to make waves, winning significant market share in certain stocks on some days.
  • Al Gore, the former vice-president of the US, is the most high-profile figure in the fight to force action to combat global warming. He explains why a new approach to investment is needed, adopts an unusual position in the carbon tax versus cap-and-trade debate, and says banks are generally ahead of the game – but still have a lot more to do.
  • Bankers with emerging markets backgrounds are taking most of the senior positions in their firms.
  • Germany’s banking system is in dire straits, and the answer could be a radical one.
  • A broken watch shows the correct time twice a day. I have been a high priestess of gloom for at least a year and finally I can straighten my spine and look you in the eye. There were others who felt uneasy. Many senior bankers told me that the risks being taken were unsustainable. However, it was the investment banker, Paul, who put it most pungently.
  • Private equity firms have a nice business flipping companies from one to another. But what happens when the music stops?