Portfolio Managers Sit On Their Hands To Avoid Insider Trading Label

Portfolio managers at commercial banks are holding back from entering legitimate trades because of concerns that market participants might think they are allowing information to flow through the Chinese wall.

  • 04 Apr 2004
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Portfolio managers at commercial banks are holding back from entering legitimate trades because of concerns that market participants might think they are allowing information to flow through the Chinese wall. David Bushnell, senior risk officer at Citigroup, noted that in spite of procedures ensuring portfolio managers do not have access to private information, trading is impeded in many cases because of sensitivity over the issue. David Hinman, executive v.p. at PIMCO, said it believed banks were trading on supposedly confidential information in 2002 and is not convinced this has stopped.

Another challenge facing portfolio managers is how to hedge less liquid exposures and develop hedges that are effective under the new accounting rules. Bushnell said Citigroup has traditionally mitigated credit exposure by selling loans or entering credit derivatives on individual names or portfolios, but is looking at other strategies because recent acquisitions mean its USD500 million portfolio has more middle market exposure, a sector which is not liquid in the single-name credit-default swap market. Accounting changes have also meant it is looking at different hedging strategies, noted Bushnell.

  • 04 Apr 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Jan 2017
1 Citi 22,118.13 61 9.00%
2 Barclays 20,987.41 55 8.54%
3 JPMorgan 17,406.75 53 7.08%
4 HSBC 16,333.52 48 6.64%
5 Goldman Sachs 15,454.74 49 6.29%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Commerzbank Group 114.00 1 66.16%
2 CaixaBank 37.05 1 21.50%
3 UniCredit 10.62 1 6.17%
3 BNP Paribas 10.62 1 6.17%
Subtotal 172.30 3 100.00%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 SG Corporate & Investment Banking 770.06 2 16.80%
2 Goldman Sachs 656.16 2 14.32%
3 JPMorgan 527.28 4 11.50%
4 Emirates NBD PJSC 408.38 1 8.91%
5 Deutsche Bank 321.53 3 7.01%