Latest articles from Markets

What will shape the new face of the US equity markets?

May 3, 2004

Wall Street’s equity markets have come through some tough times but now firms are eager for a fresh start. Sophie Roell reports from New York on their potential for a new image.
The word ‘crisis’, in Chinese, combines the character for danger with the one for opportunity. For Wall Street’s equity business, the last three years have certainly had an element of danger: a paltry number of IPOs and the erosion of commissions on the brokerage side to virtually unsustainable levels. And that’s not to mention a regulatory investigation that brought into question the value of sell-side research, and is now causing further alarm by focusing on the ‘soft’ money brokers get for services rendered to institutional clients.

Relationships help to clinch the deals

May 3, 2004

Dresdner Kleinwort Wasserstein’s M&A team has pulled itself up from sixth largest in Germany last year to the top of the pile with a series of deals in which its network of relationships proved vital. Michael Marray reports.
The members of the M&A team at Dresdner Kleinwort Wasserstein (DrKW) in Frankfurt had plenty to celebrate in April, when the Dealogic first-quarter figures for completed deals in the German M&A market had them perched on the top of the league table.

Auto earnings shift up a gear

May 3, 2004

First quarter results have brought good news for General Motors and Ford but an interest rate rise in the US could put a different spin on these companies’ prospects.

The secret world of hedge funds and credit derivatives

May 3, 2004

Hedge funds may be cagey about their investment strategies but their use of credit derivatives is doing the market no end of good. Natasha de Teran explains why a lack of transparency is the least of bankers’ concerns.

Train PAs to curb artistic tendencies

May 3, 2004

“She was the Picasso of con men. She was brilliant.” That is how Scott Mead, the former Goldman Sachs dealmaker described Joyti De-Laurey, the secretary who stole £4.4m from his bank account and those of two other Goldman bankers. She was found guilty by a London court in April.

GDP measurement bugs Bulgaria

May 3, 2004

Measuring GDP is an extremely complex and error-prone process. Investment pay-outs on bonds should be based on criteria that are definitive and easy to measure. For that reason, linking payments to the growth in a country’s GDP could never be anything other than challenging even though the sense of the idea (you pay more when you earn more) is indisputable.

Custodians could catch China outflow

May 3, 2004

The big issue in China is not inward investment but outward investment. Even as the queue for QFII (Qualified Foreign Institutional Investors) status lengthens (allowing access to China’s renminbi denominated A shares market, the bulk of stock market capitalisation), the talk is of when China’s own insurance and social security funds may be allowed to venture overseas freely and openly.

Dutch issuers strive to satisfy investors

May 3, 2004

Investor appetite for Dutch paper is strong but getting a slice of action can be tricky with the low level of offerings. Michael Marray reports.

The cutting edge of debt tools

May 3, 2004

Agence France Trésor has been a pioneer of European inflation-linked bonds. Natasha de Teran interviews chief executive Bertrand de Mazičres about the development of these debt instruments.

Linkers market diversity grows

May 3, 2004

Although sovereign issuers have so far dominated the inflation-linked bond market, the number and diversity of issuers is beginning to grow along with the investor base.

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