Banca Monte dei Paschi di Siena found itself in a tight spot when forced to issue extra capital after poor stress test results, but a strenuous roadshow and a heavy discount for existing shareholders saw the lender's hard work pay off.
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GE Capital was once responsible for more than half General Electric’s profit. So why is the conglomerate busy dismantling the international assets of its financial arm?
It is becoming less and less likely that Argentina will resolve its dispute with international investors over its 2002 default before its presidential election in October. The question is, will the country drift further apart from the international investor community, or will the next government bring about the structural reforms markets are impatient to see?
Frustrated by poor returns from traditional long-only portfolios, investors are increasingly examining the possibility of venturing into cross-asset derivatives strategies. And dealers are keen to offer such products, with Risk Premia indices proving particularly popular.
After a tough few years during and after the financial crisis, the structured products market has pulled itself back together and is in reasonably good shape. However, dealers say new capital rules from the FSB could kill off the business altogether, just as it has begun a shift towards more automation and greater execution efficiency.
Regulators have looked to central clearing as a solution for many ills in the derivatives market, but banks are now saying that they may be unable to offer a clearing house connection to clients because of costs imposed by another new regulatory measure: the leverage ratio.
Structured products investment is becoming more mobile, with investors looking to new regions for higher returns. European and Japanese markets have proved enticing over the last year or so, while China is moving ever closer to releasing its full potential as an investor destination.
The head of Colombia's stock exchange, Juan Pablo Cordoba, discusses the need for further capital market integration in the Andean region, and tells Silvia Pavoni how deepening its capital markets ties in with the country's wider economic plan.
Global Risk Regulator
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