GlobalCapital Leader

• Nasdaq must come clean

  A Norwegian trader lost millions on Wednesday in a bad bet on the German and Nordic power markets, putting other members of Nasdaq Clearing on the hook for €107m in losses. The clearing house withstood the test to its capital buffers, but Nasdaq must be clear about what went wrong and what steps need to be taken to maintain confidence in its systems.

  • 13 Sep 2018

• UBS and World Bank team up for green-washed equity linker

  World Bank has sold a new equity-linked bond. The twist is that the return is correlated to the performance of a sustainability index — but that doesn’t make it any greener.

  • 13 Sep 2018

• Greece: no time to wait

  Talk of Greece’s return to the bond market for a 10 year euro benchmark has abounded over the last few weeks, following the sovereign’s exit from its third bailout programme. To paraphrase Elvis, it is time for a little less conversation and a little more action.

  • 06 Sep 2018

• EU should take CFTC's hand

  The United States’ top derivatives regulator, Commodity Futures Trading Commission (CFTC) chair Christopher Giancarlo, this week apologised for his organisation’s past regulatory overreach in policing foreign derivatives markets and called for a “reset” in relations with the European Union. The Europeans would be wise to take him up on his offer.

  • 06 Sep 2018

• Japan: blossoming at the right time

  It is high time that the famously conservative Japanese market started embracing new practices. There are signs that modernisation is afoot.

  • 30 Aug 2018

• SEC fine no panacea for ratings risk

  The role of rating agencies in contributing to the 2008 financial crisis should not be forgotten. Inflated ratings on securities that turned toxic played a major part in the build-up of the financial bubble that later burst with costly consequences.

  • 30 Aug 2018

• MREL: speed is of the essence

  It is misplaced to be relaxed about the speed with which banks are aligning their liability structures with regulatory requirements.

  • 23 Aug 2018

• Turkey crisis is loans market's time to shine

  Panic has gripped Turkey's markets, sending investors scuttling. Luckily, the loan market has proved once again that it is capable of providing much needed cool heads amid the sea of red on screens this summer.

  • 23 Aug 2018

• It’s a nexus, not a doom loop

  The sovereign credit crisis spurred lawmakers to undertake a number of major initiatives designed to sever the ‘doom loop’ — the link between sovereign and bank credit risk. Recent events in Italy and Turkey show the limits of these policies, but not their impotence.

  • 16 Aug 2018

• Where will it end?

  There is something strange about allowing banks to use ordinary senior debt to count towards their minimum requirement for own funds and eligible liabilities (MREL).

  • 16 Aug 2018

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