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LATEST ARTICLES
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In a volatile equity market, asset managers may now pay the price for having concentrated research spend on analysts from a few bulge-bracket firms.
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The European Commission keeps pressing, but a consolidated tape for bonds is not yet realistic – and firms should use AI analytics to create a quasi-tape.
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Unbundling hits European research provision as providers grapple with transparency and valuation.
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The transition from Libor is passing key tests as benchmark reform moves into its endgame. In October, the discounting rate for cleared interest rate derivatives was smoothly shifted to Sofr and Isda’s fall-back protocol was finally published. However, the Gordian knot of legacy loan contracts remains.
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Volumes more than doubled in March; before the coronavirus crisis hit, Euromoney spoke to market participants about why portfolio trading will transform bond market liquidity.
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Regulatory technology vendors are relishing the prospect of helping banks minimize FX client onboarding errors, but in a world where legacy systems remain commonplace, regtech is not always an easy sell.
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Japanese banks must go overseas to build sustainable profits, each in their own way. Nomura is streamlining global operations and applying itself in China; Daiwa wants to be a global mid-market M&A house; MUFG has bought Asean banks; Mizuho prefers organic growth; and SMBC is somewhere in between. Who’s ahead?
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Esma no longer feels it needs to impose EU-wide leverage limits on the FX contracts for difference (CFDs) market, but there is little evidence to suggest its efforts to protect retail traders have done anything other than push business offshore.
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Deutsche Bank’s decision to exit equities but continue with ECM is a startling move, but it reflects the reality of the industry as much as it does the bank’s own uncomfortable position.
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Deutsche Bank has taken the radical step of getting rid of its equities business, but thinks it can still offer ECM. Can it?
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It has just received a very public vote of no-confidence from non-bank liquidity providers, but concerns around transparency are yet to outweigh the perceived benefits of last look.
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A push into the regional mid-markets, as well as the international subsidiaries of those clients, is a useful driver of market share at a time of uncertainty.
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It is less than two and a half years until Libor, the benchmark on which trillions of dollars-worth of financial instruments are based, will disappear. That is a hopelessly ambitious timetable in which to complete what has been called the largest financial engineering project in history. Even if chaos is averted, the way in which banks lend, and indeed how corporates borrow, may never be the same again.
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Private banks across the world are changing fast, placing greater emphasis than ever on a host of key factors. The best wealth managers are busy boosting inclusivity, emphasising technology and security, and ensuring they are on-point when it comes to meeting compliance needs.
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Other players are expected to follow Goldman Sachs and BNP Paribas in introducing algos designed to source both internal and external liquidity for FX NDFs, despite limited liquidity in many non-deliverable currencies.
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European firms are looking in-house and building up more engaged buy-side analyst teams themselves, according to new research.
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For 22 years, he has led banking in Austria and across CEE at the helm of Erste Bank. Even as he nears retirement, he is pushing to transform Erste into a ‘financial health company’. Euromoney’s Banker of the Year for 2019 talks about this vision and how digital transformation is at its heart.
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JPMorgan today dominates the global corporate and investment banking landscape. The key to success? A long-term strategy led by group co-president and CIB chief Daniel Pinto, and a management team that keeps the business in a constant state of reinvention.
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Well-capitalized, liquid and digitally sophisticated, banks in emerging Europe today are far from the clunking incumbents and fly-by-nights of the post-socialist era. A fragmented, diverse and politically volatile region is a challenge for smaller banks – is a new wave of consolidation on the way?
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The absence of a regulatory imperative has not deterred FX traders from increasing their use of transaction cost analysis tools, in turn increasing the pressure on brokers at a time when margins are already thin.
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Euromoney explores bond liquidity and investigates the winners and losers.
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The biggest dozen global investment banks have now reported their results: here's what their execs said about each of your businesses
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Automating debt and equity new issues comes a step closer with $20 million funding round for a new regulated platform.
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The regulator's conclusions could be announced within the next two weeks.
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Like most of its big US peers, Citi had a strong run in 2018
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After a good result in its core areas, Barclays is setting its sights firmly on a better future for its investment bank in Europe.
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As Mifid II and shrinking margins pile pressure on single-country firms in Europe, Kepler Cheuvreux is an equities mirror for how Amundi has grown a multi-local asset management platform. Can other businesses replicate their practical solutions to Europe’s fragmented financial services market?
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Stop-loss orders have proved their worth again in 2018, protecting retail FX traders in particular from increased volatility in emerging market currencies.
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UK corporate broking is the business that won’t die. There is no requirement for it outside the smallest listed firms, and corporates the world over manage without it. Yet UK companies almost always want the reassurance it provides. Is it finally under threat?
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The damage done to mid-cap equities coverage by unbundling research is ever harder to ignore. It will not be easy to lower this self-imposed barrier to improved capital-markets access for fast-growing businesses in Europe.
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What will Brexit mean for the UK, and for the rest of the EU? Bankers, traders, corporates and economists prepare for the economic impact of Brexit.
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Lay-offs part of 'disciplined' strategy targeting growth in UK and US.
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Long years of losses and scandals, and now new regulation, spell a break-up with European banks’ bedrock of support in their retail investors, who have often been their own clients. Read on for a guide to Dominic O’Neill’s story on their split and the deep implications for Europe’s financial sector.
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Scandals and losses are ending the co-dependency between European banks and retail shareholders, highlighting the conflict of interest in relying on depositors for capital – and showing up a barrier to Europe’s new bail-in framework. A less parochial, more austere but more accountable era is just beginning.
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A combination of regulatory requirements and commercial imperatives are driving interest in quality execution analysis (QEA), a subset of transaction cost analysis (TCA) that is a vital component in measuring FX best execution.
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More than six months after the updated directive was implemented, its effects on research provision are becoming clearer. The good news is that buy-side research budgets seem to have stabilized; the bad news is that if you aren’t big, you probably aren’t on the receiving end of them.
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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?
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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.
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A disruptive new platform aims to slash the cost of capital raising, bringing together conventional institutions with $200 billion earmarked for growth and private companies seeking expansion funding.
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A boutique broker renowned for the accuracy of its currency forecasts has warned that a no-deal Brexit could see the pound fall to parity with the euro by the middle of next year.
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The UK's financial market regulator finds firms still struggling with suspicious transaction reports, but it could be bolder in its criticism.
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As Mifid II beds down, its impact on the global fixed income research industry is already being felt. There are clear signs that investors are less reliant on research and are using fewer providers than before. As they start to cut costs to implement their own research budgets, providers must ensure that they are getting good value for money.
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The market tremors from the FX-fixing scandal and subsequent probe – triggering a flurry of fines, litigation cases and prosecutions – is set to reverberate for years to come. Euromoney investigates the fallout for global banks and possible reforms.
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Banks have found it hard to lend to Mexico’s large SME segment, but persistence is beginning to pay off for those with the requisite focus – and skills.
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The regulation recently adopted by the European Securities and Markets Authority (Esma) around the provision of contracts for difference (CFDs) and binary options to retail investors has raised a furore among retail traders and brokers.
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A fintech headed by veterans of algorithmic trading in equities aims to transform unregulated gold trading as a pure agency broker.
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Can a failing frontier markets brokerage transform itself into a full-service investment bank? Duncan Wales, head of Exotix, believes it can be done through the creation of a global partnership network – and so does his backer, Icap founder Michael Spencer.
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Stock coverage to double, says partner; hiring spree turns to the US.
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Berenberg wants to transform itself from a German firm to a European one with a UK mindset, before eventually taking on Wall Street. Partners Hans-Walter Peters and Hendrik Riehmer are convinced the old merchant banking model can be modernized, but can they avoid the pitfalls of rapid expansion?
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Deutsche Bank is showing it can cut leverage exposure in its corporate and investment bank without slashing revenues. It has a long way to go in its pursuit of acceptable returns, but the new management team is demonstrating an early determination to deliver.
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Unbundling probe will confirm Mifid II distortions.
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Euromoney’s round-up of the European Central Bank’s CSPP, including the eligibility criteria and process.
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Less onerous regulatory requirements and the proximity to markets where retail FX is prohibited continue to encourage brokers to set up shop in the Middle East, despite ongoing state protection for the Saudi Arabian currency.
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The US firm is now the top non-universal bank in global sales and trading – a remarkable turnaround in a business that was struggling just five years ago
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The old charges against Citi’s wholesale banking division no longer apply. Its scale and breadth are a big positive that no other bank can match. Its diversity and balance are clear strengths that its competitors increasingly envy. As a firm, it’s more joined up than anyone thought possible. And its clients value what Citi can deliver more than ever before.
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UK regulator to examine regulatory impact as current research pricing viewed as unsustainable by investors.
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With less than 10 months to go until the UK formally leaves the European Union, most FX venues remain content to wait for the outcome of negotiations around key issues such as financial passporting before confirming their future strategy.
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With a spike in volatility and the opportunity to consign conduct issues to the past, this might have been a turning point for global FX, but faced with a range of challenges, many market makers are retreating to core competencies.
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Banks are having to pedal back on big ambitions and focus instead on core competencies, but that could be positive for all.
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The deadline for registering statements of commitment for the global code is only a day away, and market participants are reporting difficulties finding who has signed up, with statements spread out across eight registers – but GFXC has a plan to alleviate the problem.
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A rule many thought had died silently in the legislative process is about to be resuscitated, and bond market pros say it will be devastating to bond market liquidity.
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ECM bankers look safer from automation than their DCM colleagues, whatever Spotify might be up to.
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Objective to increase transparency has largely failed but liquidity remains resilient, say senior traders.
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The country’s Employees Provident Fund puts considerable effort into Shariah compliance from an ESG framework. Could chief executive Shahril Ridza Ridzuan have hit upon a template for other Islamic funds?
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Collect everything and store it for ever, or only collect some data and destroy it as soon as possible? That is the question facing bank compliance officers struggling with Mifid II and GDPR.
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Comments made by the US regulator at an FX industry event in Miami in February have raised the hackles of some market participants over the thorny issue of ghost or phantom liquidity.
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The Financial Conduct Authority (FCA) director in charge of stamping out market abuse sees her work as a dialogue with the industry.
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The findings of JPMorgan’s 2018 e-trading survey underlined yet again the importance of effective execution policies and systems.
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The forex market may have had a quiet 2017 with no big market dislocations, but liquidity is not as deep as it once was, while the buy side is becoming more discerning, driving changes in trading behaviour.
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JPMorgan’s annual institutional e-trading survey shows rising appetite for mobile trading, but growth in algo execution has been slower than anticipated.
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With just under half of Bank of America’s staff reporting to her, Cathy Bessant is one of the most powerful people in banking. She sees technology now developing faster than banks’ ability to implement it – or work out what to do with it – and believes cyber security to be the most important challenge of all.
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Equities is a business where only the top handful of banks traditionally make money. It is also a sector with shrinking volumes and revenues. So why are two banks outside the top tier – Citi and HSBC – trying to boost their franchises?
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Banks are booking big charges in the fourth quarter, but the domestic names are sitting pretty for the future as US taxes fall.
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Some of the blips thrown up by the launch of the new regime look like more than just teething problems.
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The demands of post-crisis regulation mean that banks need to take a more flexible approach to the compliance function.
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For the banking industry, 2017 was a time of trying finally to resolve issues of the past and avoid new mistakes, yet dig beneath the surface and it was also 12 months of intrigue and, sometimes, farce. Here are Euromoney’s alternative awards for 2017.
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Primary debt capital markets have been remarkably slow to embrace technology. Vested interests are at play: lucrative underwriting fees will not be wrested from the banks without a fight. But automation is coming, partly driven by regulators looking into dysfunctional allocation.
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No one doubts JPMorgan's global influence, but it still needs to fill some holes in its corporate bank
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Global growth will be a key driver of currencies in 2018, a year in which the foreign-exchange industry will have to adapt to the strictures of Mifid II and a self-governing code of conduct.
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FX market participants have benefited from guidance on good practices and the availability of sophisticated technological solutions, but implementing a surveillance programme remains a considerable undertaking.
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Are non-bank market makers simply repackaging existing liquidity or are they genuinely adding to market flows?
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SEC action just delays a final reckoning on the rules.
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From integration to level playing fields: the discussions at this year’s IIF meetings in Washington were dominated by talk of combating divergence. Other familiar complaints were still present, but the overall tone was less fearful than in 2016.
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Co-location providers are getting a boost from higher levels of electronic trading, the ambitions of Asian brokers to grow their businesses in Europe, ongoing concerns over cybersecurity and regulatory factors.
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BNY Mellon and HSBC hope that, in an illiquid fixed income market with no registry of beneficial owners, their asset management clients may benefit from alerts about other counterparties wishing to buy or sell bonds.
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As exchanges look to snap up a bigger share of foreign-exchange business, they face the challenge of catering to investors’ multiple trading models.
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As research departments become revenue earners, their coverage universe will become a crucial part of the business strategy.