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Corporate broking relationships endure for decades and build deep roots between both individuals and institutions, enabling banks to win outsized revenues from clients they serve. No wonder that a new crop of banks are expanding their ambitions
Five months in, Alessandro Melzi is getting started on the plan, but his boss is about to change
The launch of a €35bn exchange offer for Germany’s Commerzbank marks a decisive attempt to break a stalemate that has frustrated Andrea Orcel in his quest to turn UniCredit into a pan-European banking champion
Bank strives for ‘complete global offering’ in M&A and ECM but market conditions hang in the balance
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The fate of the eurozone’s ailing economy, and the policies undertaken to tackle the malaise, should have the biggest influence on spread direction in the coming months. But in the near term, Europe’s banking sector will be under scrutiny with the announcement of the ECB’s Asset Quality Review and the EBA’s stress test results on October 26. -
Futures commission merchants (FCMs) are expected to come under increasing pressure from the buyside to reduce the clearing fees that they charge as trading volumes increase. This comes following an increase in rates charged by some FCMs in a bid to cover the rising costs of business associated with the implementation of various regulatory changes.
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Live order book trading of market agreed coupon swaps is now trading on UBS’ electronic trading platform Neo, making it the first platform to offer an aggregated order book for MAC swaps.
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Conduct charges defined third quarter results at Bank of America, while Citi and JP Morgan also saw their numbers marred by litigation provisions or conduct failings. Only Goldman, of the first crop of US investment banks reporting this week, largely escaped a blow from past misdeeds.
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Dealers are facing increasing costs when providing clearing services to pension funds amid the regulatory push to move trades to clearing houses. The lack of netting provisions for pension funds means capital charges for dealers are high, with the result that leading banks are questioning the viability of the business without a rise in clearing prices.
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Two Frankfurt-based covered bond traders have left Credit Suisse, while two London-based traders will no longer focus on covered bonds, as the Swiss bank folds its separate covered bond market-making operation into investment grade credit trading.
