Latest articles from Markets

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.

New heights

July 4, 2005

Justin Malta of RBS charts the turnaround in vision and management approach in the 1990s that took the bank from a second-tier ranking in the UK to being the sixth largest in the world.

Best of breed

July 4, 2005

Outsourcing offers the opportunity to pick and choose the best services and products from a provider that excels in that area. Frances Maguire looks at how this new model is changing the face of the financial services industry.
Global consolidation, enabling large banks to compete locally through acquisition, and the subsequent pressure upon local banks to compete at a global level, are the two main drivers for a new focus upon outsourcing and white-labelling in the financial sector.

Treasury taming

July 4, 2005

Mat Knowles of RBS discusses the potential for using quantitative techniques to reinvent the treasury portfolio.

Regulatory capital reinvented

July 4, 2005

Jonathan Gray of RBS Group Risk Management outlines the background to Basel II and highlights what remains to be done.

NPL trading takes off in Germany

July 4, 2005

The market in German non-performing loans is booming as the country’s banks start an aggressive sell-off of their portfolios.Alan McNee reports.
Sales of non-performing loans to foreign investors are becoming more common in Europe. Morgan Stanley, for example, bought a €430m portfolio of problem loans from Italy’s Banca Nazionale del Lavoro (BNL) last year.
However, the main focus in Europe at present is on Germany, where banks such as Dresdner and Hypo Real Estate (HRE) have been restructuring their portfolios and selling them off to foreign investors. The next stage could witness the involvement of the Sparkassen (savings banks) and co-operative banks which make up the bulk of the country’s banking system.

Basel shifts market focus

July 4, 2005

The securitisation market is constantly evolving to meet the challenges of prevailing economic conditions but the approach of Basel II is also driving change, says RBS’s Ronald Thompson.

The evolution of Europe’s markets

July 4, 2005

Eden Riche of RBS describes the changes undergone by the European banking and capital markets over the last few years – which were speeded up by the introduction of the euro.

Flight from innovation

July 4, 2005

Innovative hybrid capital is no longer the first choice for banks when it comes to capital issuance, as the growth in non-step-up securities clearly illustrates, reports Alan McNee.
The Financial Institutions Group (FIG) is playing an important role as banks focus on strategies for raising capital. But a period of innovation in hybrid capital is now giving way to a relatively standardised, mature market. Paradoxically, much innovation on the part of bank issuers is now driven by the need to avoid their hybrid capital being classified as ‘innovative’ by regulators.

The winds of change

July 4, 2005

The financial markets are evolving at pace and institutions must adapt so they are not left behind.

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