November 2018

November 2018

Are stablecoins the reinvention of money?

Even as the most infamous cryptocurrencies crashed this year, new ones were already emerging, designed to peg their value to fiat currencies. The most popular of the so-called stablecoins, Tether, broke its peg to the dollar in October, raising questions over the best design for these instruments and the worry that they may be just the latest crypto fad to sucker in the unwary. But if they succeed, stablecoins could prove a tipping point for broader crypto adoption and the reinvention of money.

Top Stories

Banking resolution: BRRD on the run

Banking resolution: BRRD on the run

Even its main architects admit that Europe’s banking resolution directive is fundamentally flawed – and they are in a desperate race to fix its failure to deal with funding and liquidity crises before the next bank collapse occurs.

Asset management: Should Europe’s banks buy back into the buy side?

Asset management is one of the few opportunities European banks have for growth and good returns, but regulation is challenging the captive market and margins are falling. Can banks build their own versions of the low-cost US fund management firms – or are these few remaining crown jewels heading the same way as their investment banks?

Monetary policy: Argentina takes its bitter medicine

Another financial crisis has rocked the country. As it slips into what could be a deep recession, time is running out to achieve the recovery that could create the conditions for a pro-market candidate to win next year’s presidential elections.

Banking

Capital markets

Fintech

Western Europe

Latin America

A deal slump tests LatAm DCM bankers

A deal slump tests LatAm DCM bankers

It was always going to be a tough year for debt capital markets in Latin America. A turbulent election calendar in three of its biggest economies and rising US rates had been expected to dampen issuance volumes. But few anticipated the drop-off would be so severe.

Argentina: Investment bankers hold their breath

When president Macri’s finance team settled with the bond hold-outs and re-opened Argentina to the capital markets, the good times rolled. But following that emerging markets feast came indigestion. Investment bankers in the country face an uncertain future.

Asia Pacific

Asia: The strange case of CLSA

Few firms have seen change quite like CLSA. It is now owned by Citic Securities and incorporates the Hong Kong (and international) arm of the mainland business. As such, it is Citic Securities’ international bridgehead to the world.

Emerging Europe

Emerging Europe: Sovcombank’s star rises

Emerging Europe: Sovcombank’s star rises

Five years ago it was a niche player specializing in consumer loans for the elderly – today Sovcombank is one of Russia’s largest privately owned banks, with a clutch of new shareholders from China and the Gulf. What lies behind its remarkable rise?

Middle East & Africa

Banking merger momentum grows in the Gulf

Banking merger momentum grows in the Gulf

The formation of First Abu Dhabi Bank, widely viewed as a success, has sparked a series of merger announcements. Will scale make for better performing banks? And could cross-border mergers in the region finally happen?

Foreign Exchange

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