The sting in the tail of the good times

As German media empire Kirch begins to buckle and telecom firms are again making headlines for all the wrong reasons, contingent liabilities are suddenly a hot topic for credit fund managers.

Continuous linked settlement at last

The imminent implementation of T+0 settlement for foreign exchange ought in theory to be an all-round blessing for market participants, reducing Herstatt risk.

Privatization plans bump along apace

Privatization in India has accelerated under firm government leadership but the process has been complicated by doubts about the involvement of state companies as buyers and government provisions to prevent monopolies developing.

Landesbanken look to a new life

After years of complaints from regulators and private-sector rivals that Germany’s state banks are taking unfair advantage of public guarantees, the issue is in sight of being resolved.

When shareholder value conflicts with shareholder utility

Deutsche Börse’s move to take full control of international central securities depository Clearstream highlights the divergence between banks, exchanges and clearers that would like to see an integrated utility-style system of settlement for European securities markets and those exchanges such as Deutsche Börse that see such operations as a way of generating value for their own shareholders.