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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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Market participants have been active in trading options on the euro against the US dollar, playing the view that the currency pair will move lower. The highlight of the flow was one investor picking up a sizeable at-the-money straddle on the pair.
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The US investment bank has earned its place at the top of Europe’s M&A rankings but faces rising competition from boutiques and threats from clients who are increasingly trying lure leading rainmakers away. David Rothnie reports.
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Structures such as forward volatility agreements that capture lower volatility carry rolldown relative to outright short vol positions, but are protected from broad based moves in higher fx vols, are expected to gain traction in the continued low vol environment.
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RBC Capital Markets has hired Andrew Graham and Neil Weatherall as managing directors in sterling rates trading. Graham will be head of sterling rates while Weatherall will be head of sterling inflation trading. Both will report to Alastair Hollingdale, head of European rates. -
LCH-CME basis swaps, where one counterparty pays a fixed rate on a swap cleared on LCH.Clearnet’s SwapClear versus receiving a fixed rate on a swap cleared by CME Clearing, and vice versa, are to grow in frequency as dealers seek to balance exposure between one or more central counterparties, writes Beth Shah.
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Standard Chartered is looking for a new global head of financial markets, following the news on Thursday that Lenny Feder will begin a one year sabbatical on July 19 and will not return to his current position.
