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The restructuring of Cheyne’s SIV could provide a blueprint for other stricken vehicles; Blackrock in the frame to manage StanChart’s SIV.

Merrill Lynch has launched an investable index that the bank’s researchers say gives investors cleaner and more efficient access to US equity market volatility than products linked to the present benchmark, the Chicago Board Option Exchange’s Vix (Volatility Index). The Merrill Lynch US Forward Equity Variance Rolling (FEVR) index is designed to measure the performance of a long S&P 500 volatility strategy and follows the launch last year of a similar index in Europe, based on the volatility of the Dow Jones Euro Stoxx 50.

Deutsche Bank

The Euromoney Awards for excellence define banking excellence in global categories and across 110 individual countries. Over the years these awards have set the standards for banking and capital market excellence amongst the top ranking financial institutions around the world. Awards are based on outstanding performance, quality service, innovation and momentum.

JPMorgan

Japan’s stock markets have struggled lately as foreign investors abandon the country in droves; the Tokyo Stock Exchange, meanwhile, suffers from the perception that listing on it is still too difficult for foreign companies and that it is prone to technological problems.

On almost the anniversary of what it termed a “functional alignment” of its FX business, Bank of America has made what appears to be a further set of substantial senior level changes. The bank announced last night the departure of Richie Prager, who managed its local rates, currencies and commodities (GRCC) businesses.

Well-placed sources say that Calyon is poised to announce a new global head of FX trading, although the bank has, as ever, declined to comment on staff matters. The sources say that Nasir Afaf will shortly be taking up the role, having recently left Commerzbank, where he was head of FX options. Afaf is replacing Steve Nutland in the role; Nutland moved at the end of June from London to run FX in Asia for the bank. Apparently, Calyon’s overall head of FX, Vincent Leclerc, wanted someone with greater derivative experience to run the bank’s FX trading operations. At the time of writing, it is not known when Afaf will start or where he will be based.

By Michel Heller, CB Richard Ellis/GFI.

Despite commercial property values having plummeted some 12% since the start of the credit crunch, London’s lure is still strong for some investors, particularly Middle Eastern sovereign wealth funds.

by Kenny Ho, head of China research, Jones Lang LaSalle.

GE Real Estate is at the forefront of a growing trend to acquire real estate loans at a discount. Players such as GE with the ability to put cash to work are able to take advantage of opportunities coming on the market from lenders unable to hold on to loans that have dropped in value or have breached loan-to-value covenants. While GE has completed three large deals in the past six months, others are attracted to the value these assets offer. "We’re seeing banks offloading loans from their balance sheets," says Ian Gleeson, international multi-manager at Morley Fund Management, during a session at GRI’s London event in May. "We are looking at buying private loans at a discount. There are some bargains out there."