Saudi Arabia has introduced rules to allow foreigners to buy and sell swaps on Saudi-listed shares through authorised brokers, rather than getting exposure to the market through complex and indirect mutual funds. A dozen international banks and brokers licensed to operate in the country are expected to be approved for this activity.
Liechtenstein, the financial centre renowned for its secrecy laws, is considering plans to make it harder for foreign private banking clients to hide money in its banks. International authorities have demanded greater transparency in certain international financial centres, to counter tax evasion.
Japan’s Mizuho Corporate Bank has agreed to invest $120m in US boutique investment bank Evercore Partners. Mizuho will receive senior unsecured notes to » acquire about 15% of Evercore. Mizuho will also invest up to $150m in the funds managed by the US firm.
The European Multilateral Clearing Facility, launched last year by Fortis to cater for the alternative equities platforms, has announced that up to three similar projects are in the pipeline. EMCF has said it is in discussions with interested parties about such further clearing projects. It offers post-trade services to Chi-X and has secured a mandate for Nasdaq OMX Europe.
JPMorgan Chase has raised $1.6bn in hybrid securities to bolster its balance sheet » but had to pledge to pay a high interest rate to attract investors. The rate offered is understood to be 8.625%, one of the highest offered by the bank on its preferred debt since its merger in 2000, and 10% higher than its previous hybrid issuance in April this year.
