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Global Investor Magazine

Clearing and settlement

  • December

    News in brief 18 December 2007

  • In the post 18 December 2007

  • Legal brief 18 December 2007

    Stock loan under fire

  • A new world to explore 18 December 2007

    ?Extension strategies are being touted as the next frontier for securities finance. Will these strategies change the industry? And who will benefit most from 130/30 – custodians, prime brokers or both. Craig MacDonald reports.

  • Back to basics 18 December 2007

    As commodities continue to soar, Marek Sanders looks at how long hedge funds and emerging markets will carry the markets, and speaks to one hedge fund manager playing the old school physical trading game to gain an edge.

  • Enjoy the ride 18 December 2007

    In the financial market turmoil stirred up by the subprime crisis and dragged out by uncertainty and periodic waves of credit downgrades, an environment has been created that securities finance players can actually enjoy and profit from. Marek Sanders takes a look at what's happening to the industry.

  • Italy market profile 18 December 2007

    Leaving the past behind

  • Let the countdown commence 18 December 2007

    ?It is not often this reporter interviews an ex-Russian space engineer who has crossed over to finance. Craig MacDonald speaks to Eddie Astanin about his former career, his work now at the National Depository Centre of Russia and why he is pushing for the Russian market to adopt a securities lending model.

  • Mandate wins 18 December 2007

  • People in brief 18 December 2007

  • Revisiting an old friend 18 December 2007

    ?The hottest emerging market right now is Brazil and interest from the international community off the back of this has propelled the Latin American region back into the spotlight. Marek Sanders chairs a debate in New York on the opportunities this boom or bust region has to offer.

  • September

    News in brief 13 September 2007

  • Asia update 13 September 2007

  • In the post 13 September 2007

  • Islamic finance: the dawn of Sukuk trading 13 September 2007

    As Islamic finance blooms in the oil-rich gulf, Marek Sanders investigates how the Sukuk bond is carving a path to a developed and liquid secondary market, and the opportunities arising for securities finance.

  • IT round up 13 September 2007

  • Legal brief 13 September 2007

    Antitrust immunity in the spotlight

  • News analysis 13 September 2007

    A baby boom in hedge funds

  • The pillars crumble 13 September 2007

    ?The Equity Lending Survey has become the cornerstone of isf's autumn issue. Within this survey another cornerstone has emerged over the years - the Morgan Stanley and Goldman Sachs supremacy at the top of the rankings. But this duopoly has ended. Craig MacDonald reports.

  • Bank profiles 13 September 2007

  • Overall results 13 September 2007

    The unedited rankings of both borrowers and lenders

  • Lender service categories 13 September 2007

  • Lender regional breakdown 13 September 2007

  • Borrower service categories 13 September 2007

  • Borrower regional breakdown 13 September 2007

  • Funds pay the price 13 September 2007

  • Japan market profile 13 September 2007

    How fares the Eastern giant?

  • Opening the gates 13 September 2007

    The National Pension Service of South Korea is making a real push to diversify its portfolios. With the help of recent market legislation, the fourth biggest pension fund in the world is looking to go more global. Craig MacDonald reports.

  • People in brief 13 September 2007

  • Taking a time out 13 September 2007

    ?Walter Kraushaar did something in his life, we all wish we could do – quit his job and go snowboarding. Craig MacDonald asks why he left Dresdner, what brought him back to the industry and debates whether snowboarding is really better than skiing?

  • Who can build it first? 13 September 2007

    Extension products, such as 130/30, will revolutionise asset management alongside new UCITS investment guidelines in Europe. But who will win the race to service these new, flexible clients? It all depends how fast they can build, says Maria McGrady.

  • Investing once is never enough 01 September 2007

    Never have pipes and networks been so interesting to the investment management industry. Caroline Allen listens to Mike Clark, head of JPMorgan Worldwide Securities Services describe a sector, which after sustained and careful investment, is challenging asset management as the top revenue earner for the parent bank.

  • Sailing off... into the sunrise 01 September 2007

    Fred Francis is bowing out of RBC Dexia after 27 years with the company. In that time the fund services industry and the many sectors he has worked in have changed out of all recognition. He talks to Caroline Allen about his formative experiences, and the shape of things to come.

  • Don't ditch the product, look to the asset quality 01 September 2007

    In the present credit market turmoil, asset-backed securities – and structured products in general - have come in for plenty of unfavourable comment. But Gareth Quantrill says the innovative products themselves are not the problem. In fact they remain a useful tool for institutional investors.

  • June

    Weight adds cred in the hot 120/20­­­­ market 01 June 2007

    Barclays Global Investors created the first index strategy in 1971, pioneered the first quantitative active equity fund in 1978 and has long dominated the market in index tracking, more recently through its iShares exchange traded fund products. Caroline Allen examines how the firm is now moving to secure the middle ground of the risk spectrum, developing its range of so-called 120/20 or partial shorting 130/30 funds.

  • Slow but sure 01 June 2007

    Clearing and settlement in Europe is a complex and fragmented environment. But it is clear from the panel of experts gathered by Global Investor that progress is being made to break down the barriers to the creation of an efficient, streamlined process and a level playing field. Representatives from Deutsche Bank, BNP Paribas, Citi, SEB and Equiduct met at the Park Hyatt Hotel in Paris to discuss what progress has been made and what challenges lie ahead.

  • The 2-minute month 01 June 2007

  • The power of one 01 June 2007

    Consolidation is not new to the world of finance. But over the past few years there seems to be a trend of the big custodians getting bigger. Is bigger better? How big is too big? What happens to the smaller custodians? And does scale really benefit clients? Craig MacDonald reports.

  • News in brief 01 June 2007

  • Asia update 01 June 2007

  • IT round up 01 June 2007

  • Mandate wins 01 June 2007

  • Funds pay the price 01 June 2007

  • A path to be forged 01 June 2007

  • A shrinking stock loan pool? 01 June 2007

  • In the post 01 June 2007

  • The rise of repo 01 June 2007

    This year the isf global repo survey has almost doubled in size with over 100 respondents, up from 59 last year. The growth of the survey suitably matches the surging global repo market, the fastest growing of all capital markets. Marek Sanders reports on the winners of the survey and how this market, through products and regulation, is changing.

  • Market analysis 01 June 2007

    Synthetic to substance

  • A customised approach 01 June 2007

    It would be easy to mistake a beneficial owner the size of General Motors Asset Management as one who overlooks securities lending as an investment strategy. But this could not be further from the truth. Craig MacDonald reports.

  • All change at ISLA 01 June 2007

    In a previous issue of isf, former chairman of ISLA, Richard Steele, promised changes to the association in future – he did not disappoint. Craig MacDonald speaks to David Rule, newly appointed CEO of ISLA, about the association's new lease on life.

  • By leaps and bounds 01 June 2007

    Is tri-party too expensive? Is the Re-use product the biggest innovation in the market? Should there be more interoperability between the tri-party agents? And is this business really a global one or a regional one? All these questions and many more were answered at this year's tri-party discussion. Craig MacDonald reports.

  • People in brief 01 June 2007

  • The growth test 01 June 2007

    This year Julius Baer Investments became Augustus Asset Management Limited. CEO Tim Haywood talks to Marek Sanders about the difference between good prime brokerage and great prime brokerage, the conciliation of fixed income and equity brokerage for a convertible bond fund, and hedge fund regulation.

  • The waiting game 01 June 2007

    The vast and bustling city of Shanghai played host to this year's PASLA/RMA securities lending conference. The venue was the Grand Hyatt Shanghai – an 88-floor colossus surrounded by a skyline of buildings shooting up as fast as the Asian stock loan markets around China.

  • May

    London slashes fees for internal trades 01 May 2007

    Nick Fitzpatrick gauges the pressure of competition to the quasi-monopoly of European exchanges.

  • ETFs: the magic grows 01 May 2007

    In the seven years since their introduction into Europe, exchange-traded funds have become an important part of the investment landscape. With an estimated $600 billion assets in ETFs globally in early 2007 being forecast to reach $2 trillion by 2011, ETFs are reaching a critical phase in their development. Brian Bollen chaired a discussion among half a dozen of investment industry experts at the Zurich headquarters of SWX Swiss Exchange and virt-x, to discuss the future of ETFs in Europe.

  • Focus on change 01 May 2007

    As a ratings agency, Fitch's job is to take a close look at the inner workings of asset management firms. But in this Roundtable hosted for Global Investor, Said Rafat, a managing director at Fitch, takes an equally close look at the broader asset management industry and gains an insight from prominent firms into how managers are dealing with change. This is the first of two parts, in which the panel discusses changes to investor expectations and competitive drivers for the industry. The second part of this discussion will be published next month.

  • April

    The 2007 Global Investor Awards for Investment Excellence 01 April 2007

    Global Investor is delighted to announce the winners of its 2007 Awards for Investment Excellence. Picked by a panel of independent judges from a shortlist of nominations offered by the industry, the Awards recognise and acclaim consistent outperformance, rigorous investment processes and commitment to transparency and best practise. Congratulations to our winners. The Awards will be presented at our annual dinner on June 28th in London.

  • Business models in transition 01 April 2007

    The argument that investment banks face greater conflicts of interest than asset managers that provide transition management, looks increasingly weak in light of the evolution of both these business models, finds Hugo Cox.

  • EU accession boosts CEE markets 01 April 2007

    Central and Eastern Europe (CEE) is rich in investment opportunities, says David Penstone, Global Head of Sales, Relationship Management and Strategy at UniCredit Markets & Investment Banking.

  • March

    Sacred laws 01 March 2007

    It could be time for the Irish regulator to relax an aspect of its fund administration rules to stay competitive in the long term, Nick Fitzpatrick finds.

  • Calculating fund profitability accurately 01 March 2007

    Accurately calculating the profitability of a fund is critical to any decision to invest with it. Srilalitha Gowrisankaran and Harpreet Arora of Infosys Technologies Limited explain how to achieve it.

  • February

    Piling on risk protection 01 February 2007

    Critics of the latest credit derivative, the CPDO, say its triple A rating is fragile. If so, then institutional asset managers might regret buying it. But can anything be done to manage CPDO risk? By Nick Fitzpatrick.