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Europe’s self-proclaimed investment banking champions are playing to their strengths, but remain far behind US peers
After quitting M&A and equity capital markets in Europe and the US last year, HSBC is striving to maintain global relevance — and London and New York still have a role to play
Deal raises questions about whether transaction was done at arm's length
Public pension schemes have sold shares in coal, oil and gas companies but are still funding expansion of the gas industry through infrastructure funds
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Chief economists for the Savings Bank Finance Group (SBFG) in Germany warned the European Central Bank against using monetary policy to help struggling banks this week, adding that such a course conflicts with its role as a supervisor, and could lead to asset price bubbles.
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EU regulators granted a stay of execution to corporate treasury officials as they mandated a slower roll-out of new margin requirements on some of the most popular uncleared derivatives trades. But they stayed firm on a September 1 deadline many believe is untenable. With this temporary reprieve comes also the knowledge that treasuries’ recoursing to swaps strategies will soon become much more challenging.
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Bank of England governor Mark Carney confirmed to the UK parliament on Tuesday what currency traders and analysts have been saying for weeks: worries about the EU referendum are sending prices higher for sterling options and raising the risk of a sharp fall in the pound. -
Nasdaq this week agreed to buy International Securities Exchange (ISE) from Deutsche Boerse in a transaction valued at $1.1bn in cash and debt, a move that will give it a dominant position in the options market. It also adds another twist to the wider battle for hegemony in global derivatives exchange and clearing.
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Primary dealerships are either pointless prestige business or the essential foundation of an investment banking franchise in a country. But as the cost of providing liquidity and bidding at auctions rises, who pays for them is more controversial than ever.
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Far from a signal of returning strength in commodities, this week’s iron ore surge was due to freak activity in derivatives markets, an analyst has claimed, since daily futures volumes were equal to the annual output of big iron ore producers.
