Latest articles from Natasha de Teran

Derivatives-based solutions aim to solve ALM mismatch

August 1, 2005

As pension assets drop and future liabilities rise, traditionally conservative pension funds are turning to complex derivatives-based products. This offers a well-timed opportunity for investment banks that have the right skills.

Appetites to satisfy

July 4, 2005

From new recipes to house specialities, demand for structured products is as strong as ever. Natasha de Teran investigates what is on the menu for investors and what tastes are being catered for.
Christophe Mianné, global head of equity derivatives at SG CIB, describes the equity derivatives business as being very much like the pharmaceutical industry: one in which players can either invest in research and development (R&D) and base their business on sophistication and innovation, or run a volume-based, generic business.

The long wait for European unity

July 4, 2005

Natasha de Teran considers Europe’s regulatory landscape, its impact on distribution and why banks have lost faith in the ideal of a single market.
Between the EU Savings Directive, the new International Accounting Standards (IAS), Basel II and the other edicts emanating from national and international regulators, derivatives structurers and markets have had a complex task in recent years. So much so, in fact, that the French have come up with a new word for describing their method of dealing with the issues: structuration.

ETF evolution speeds up

July 4, 2005

Exchange traded funds have been in existence for more than a decade but have only recently become significantly popular products. Natasha de Teran charts their progress and new developments.
Although exchange traded funds (ETFs) were first introduced in the US in 1993, they have really taken off in the past three or four years. In 2000 there were fewer than 100 ETFs listed globally, with less than $100bn in assets between them, according to research from Morgan Stanley’s ETF guru, Deborah Fuhr.

ALM’s role grows

July 4, 2005

All the noise surrounding pension liabilities and EU-wide reform has meant that asset liability management solutions have now become one of the hottest topics in the investment banking world. Natasha de Teran asks what role equity derivatives can play.
Pension liabilities are the bane of many corporates’ existence and a worry for people who are not blessed with solvent defined benefit schemes or a good pool of retirement assets to cushion them in their old age.

Small but perfectly formed

July 4, 2005

The equity sector may be one of the smallest derivatives markets but it has a high profile and a profitable reputation.Natasha de Teran investigates this highly lucrative business.
For the status it is given, you would never believe that the equity derivatives business is one of the smallest of the derivatives markets. The outstanding amounts of equity-linked, over-the-counter derivatives contracted were valued at a mere $4400bn at the end of last year.

Derivatives extend the reach of Islamic finance

June 6, 2005

With huge assets under management and a growing population of issuers and investors, the Islamic investment market is being taken increasingly seriously. Natasha de Teran looks at how derivatives are being used to create Sharia-compliant products.

Crack squads to take care of ALM business

June 6, 2005

Asset and liability management is a growing area for banks and several major players have set up insurance and pensions teams, made up of specialists from a wide range of disciplines. Natasha de Teran reports.
Banks that are feeling sorry for themselves at having to grapple with the minutiae of the impending new capital adequacy framework should spare a thought for the European insurance industry.

But will it fly . . . ?

April 4, 2005

A plethora of new products in the credit derivatives market means that investors, and sometimes bankers, struggle to keep up with developments. Natasha de Teran asks why some products take off easily while others strain to build traction.
Credit derivatives have been the hottest and fastest growing sector of the over-the-counter (OTC) derivatives market for some time now, drawing in players in ever-greater numbers.

Search for yield unearths new dangers in credit markets

March 7, 2005

Credit specialists have risen to market challenges with new products. However, the recent fashion for longer-dated synthetic CDOs could present more risks than investors realise. Natasha de Teran asks how concerned we should be about this latest trend.

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