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BANKING

Letters of credit: Retreat from open account?

One area of increased interest in the wake of the credit crunch is traditional trade financing products such as letters of credit (LC). In recent years, trading has increasingly moved to open account rather than LC in a bid to lower costs. But Tan Kah Chye, global head of trade finance at Standard Chartered in Singapore, says that as supply chain participants have become cautious about the financial stability of their trading partners they have once again begun to consider LC.

Laurence Neville, April 04, 2008

BANKING

Thailand looks to a return to growth

Thailand’s People Power Party government bears a close resemblance to Thaksin Shinawatra’s overthrown administration, and Thaksin is widely seen as its eminence grise. The government has big plans for infrastructure development but it is highly exposed to a contraction of US export demand and the potential for inflation. Eric Ellis reports.

Eric Ellis, April 04, 2008

CAPITAL MARKETS

Equity trading: Like a horse and buggy in the Daytona 500

Despite the volume of high-profile mergers and acquisitions between exchanges, the number of trading venues in the US is an astonishing 55 and rising. According to industry consultant Larry Tabb: "The US financial markets are not just in flux; they are in full-out, no holds-barred, free-for-all radical change." Moreover, it is a trend that he believes is likely to be exported.

Peter Koh, April 04, 2008

BANKING

Private banking: Banks race to keep up with China’s rich

They are China’s emerging rich: hundreds of thousands of entrepreneurs making money hand over fist. They want that money to work hard for them. And they are the target market for a new domestic industry: private banking. Chris Wright reports.

Chris Wright, April 04, 2008

BANKING

Kazakhstan: No pain, no gain for banks

Despite avoiding the worst effects of the global credit crunch, Kazakh banks will need to undertake reforms in the coming months if they are to regain trust and confidence, concludes Standard & Poor’s credit analyst Ekaterina Trofimova. She says: "The Kazakh banking system has reached a decisive point in its development, with the continuing turbulence highlighting the need for a deep transformation of business practices, strategies and regulation."

Guy Norton, April 04, 2008

BANKING

Insurance survey 2008: The new masters of risk? How insurers are testing out their capabilities in finance

As financial stress grows, economies weaken and companies see risks looming at every turn, insurers offer themselves up as strategic risk advisers. They must prove their risk engineering skills, upgrade systems, overhaul archaic industry practices and adapt to capital market investors seeking insurance exposure. Euromoney polls 255 leading corporations to fi nd which insurers and brokers are doing the best job.

Peter Lee, April 04, 2008

BANKING

Shamshad Akhtar interview: Pakistan’s central bank head takes an optimistic view

Even given its tumultuous history, the past few months have been especially volatile in Pakistan, highlighted by the assassination of Benazir Bhutto. From a financial perspective, the country faces several problems, in particular rising inflation. Shamshad Akhtar, governor of the State Bank of Pakistan, tells Sudip Roy why, despite this, she is confident about the nation’s medium-term prospects.

Sudip Roy, April 04, 2008

Foreign Exchange

Settlement: CLS bursts through $10 trillion ceiling

Foreign exchange settlement system CLS has established a new record for the value of transactions processed in one day, soaring through the $10 trillion ceiling.

Lee Oliver, April 04, 2008

BANKING

Central banks: ECB’s repo window open

The European Central Bank’s term repo window shows no signs of diminished popularity. With the European mortgage-backed market firmly shut, the central bank has continued to back securitization technology and extend liquidity for triple A-rated securities issued by Europe’s banks.

Jethro Wookey, April 04, 2008

BANKING

StanChart: too big to be niche

Its strength in emerging markets makes it a serious player in FX.

Lee Oliver, April 04, 2008

CAPITAL MARKETS

Insurance-linked securities offer safety in numbers

Any product that combines the words “catastrophe” and “securitization” is going to be a tough sell in this market. But insurance-linked securities are a rare sector of spread stability and growth in the credit world. Louise Bowman reports.

Louise Bowman, April 04, 2008

Foreign Exchange

Trading and execution: Oanda launches physical delivery service

Since it launched its FXTrade platform in 2001, Oanda has carved out a reputation as an iconoclast and innovator in the foreign exchange industry. By making use of smart risk management tools, it has helped pioneer the delivery of tight spreads initially to retail customers but increasingly to institutions.

Lee Oliver, April 04, 2008

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