2013

Foreign Exchange 2013: Measuring Up

The foreign exchange market, the largest asset class in the world, is continuing to grow and evolve. Globally, FX trading averaged $5.3 trillion a day in April 2013, up from $4 trillion per day in April 2010 and $3.3 trillion ...

Cover Story: World’s Best Banks 2013

TECHNOLOGY IS THE TRUMP CARD By Jonathan Gregson, Antonio Guerrero, Anita Hawser, Gordon Platt and Michael Shari Global Finance unveils its annual list of the best banks globally, regionally and by country. The winners have all demonstrated dedication to satisfying ...

BRICS: Currency Fund A Big Step

MILESTONES By Gordon Platt The emerging-markets currency crisis, spurred by the Federal Reserve’s plan to begin winding down its economic stimulus, is prompting the BRICS countries—Brazil, Russia, India, China and South Africa—to move forward with the creation of a $100 ...

Central Banker Report Cards 2013

‘A’ FOR EFFORT, ‘B-’ FOR RESULTS By Antonio Guerrero, Anita Hawser and Gordon Platt Global Finance presents its annual report on the performance of the world’s central bank governors. There are a lot of new faces among the world’s major ...

Middle East: Iraqi Oil Pressures OPEC

EMERGING MARKETS ROUNDUP By Gordon Platt Rising Iraqi output could well represent the largest increase to global oil supplies over the coming years, easily outstripping projected gains from US shale oil, according to a report by National Bank of Kuwait ...

Equity: US JOBS Act Stimulates IPO Activity

CORPORATE FINANCING NEWS By Gordon Platt A new US law that makes it easier for smaller companies to raise equity capital is boosting initial public offerings, analysts say. The Jumpstart Our Business Startups, or JOBS Act, was largely responsible for ...

M&A: Brazil, Latin America In Slump

CORPORATE FINANCING NEWS By Gordon Platt Fears that the Federal Reserve would cut back on its bond-buying program, as well as the collapse of Brazilian billionaire Eike Batista’s commodities empire, triggered a sharp decline in mergers and acquisitions in Latin ...

Corporate Debt: Emerging Markets Default Risk Rises

CORPORATE FINANCING NEWS By Gordon Platt The recent sharp decline in emerging markets currencies to multiyear lows will make it more costly for corporations in these countries to repay their dollar-denominated debt. Analysts say this could lead to a further ...

FX: Recovery In Europe No Threat To Dollar

CORPORATE FINANCING NEWS By Gordon Platt A cyclical economic recovery is under way in the UK and the eurozone, but it won’t be strong enough to boost the euro against the dollar, analysts say. They expect the dollar to gain ...

Equity: IPO Markets Gain Momentum

CORPORATE FINANCING NEWS By Gordon Platt The global market for initial public offerings continued at a quick pace in early August, led by the US and the Asia-Pacific region, according to Renaissance Capital. Sprouts Farmers Market, which operates more than ...

US: Recovery Slow Despite GDP Revisions

MILESTONES By Gordon Platt Rewriting economic history going back to 1929, the Commerce department’s Bureau of Economic Analysis (BEA) increased the size of the US economy by $560 billion. That is the equivalent of the output of the state of ...

GCC: Oil Prices And Regional Stability

REGIONAL SUPERSECTION — SHALE OIL BOOM RATTLES GCC ECONOMIES By Gordon Platt As US shale oil and gas production continues to grow, it could have an impact on GCC economies over both the short and long term. The supply shock ...

FX: Analysts Still Bullish On Dollar

CORPORATE FINANCING NEWS By Gordon Platt The Federal Reserve is expected to gradually cut back on its bond purchases, becoming the first of the major central banks to do so. The divergence in US monetary policy from those of Europe ...

M&A: Telecoms, Media Deals Rise In Down Market

CORPORATE FINANCING NEWS By Gordon Platt Technology, media and telecoms—the TMT sector—is enjoying a surge in deal activity this year, even as the value of worldwide mergers and acquisitions is slumping, particularly in Europe. The first half of this year ...

Awards: World’s Best Subcustodians 2013

SAFETY FIRST By Gordon Platt Safeguarding client assets has never been more important in this era of global economic uncertainty —and even subcustodians are finding themselves increasingly in the spotlight as a result of sovereign and commercial pressures. With the ...

World’s Best Subcustodians 2013: Regional Winners

By Gordon Platt NORTH AMERICA Citi Lee Waite: The rules of the game are not static Citi is the largest subcustodian in the US, the world’s biggest subcustody market. The bank also has the largest proprietary network in the industry, ...

M&A: US, China M&A Activity Heating Up

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS By Gordon Platt Shanghui International, China’s biggest pork producer, agreed to pay $4.7 billion to acquire Virginia-based Smithfield Foods, the world’s largest pork producer. If the deal succeeds, it should be the biggest takeover ...

World's Best Banks 2013: Europe

By Thomas Clouse, Jonathan Gregson, Antonio Guerrero & Gordon Platt TOUGH TIMES CONTINUE IN EUROPE Europe remains mired in recession. Apart from Germany and the Nordics, major European economies are either flatlining or, as among the southern peripherals, contracting further ...

Debt: Saudi Sukuk Market Heats Up

CORPORATE FINANCING NEWS: CORPORATE DEBT By Gordon Platt A series of three major sukuk issues in Saudi Arabia in the first week of April demonstrated the growing depth of the debt capital markets in the kingdom, where corporations are diversifying ...

World's Best Banks 2013: Africa

By Thomas Clouse, Jonathan Gregson, Antonio Guerrero & Gordon Platt MOBILE BANKING STIMULATES ECONOMIC GROWTH IN AFRICA Africa is one of the fastest-growing markets in the world for mobile payments. Money transfers using mobile phones will exceed $200 billion in ...

FX: Cyprus Fallout Weighs On Euro

CORPORATE FINANCING NEWS: FOREIGN EXCHANGE By Gordon Platt The euro slumped to a four-month low in the aftermath of the bailout of Cyprus, as market participants worried about the implications for other countries on the periphery of the eurozone. Although ...

World's Best Banks 2013: Middle East

By Thomas Clouse, Jonathan Gregson, Antonio Guerrero & Gordon Platt CONSERVATIVE LENDING AND RECORD EARNINGS IN THE MIDDLE EAST Many of the largest banks in the Middle East posted record earnings in 2012, as they continued to pursue conservative lending ...

Equity: NYSE, Mexican Exchange Top IPO Charts

CORPORATE FINANCING NEWS: GLOBAL EQUITY/DRS By Gordon Platt The New York Stock Exchange and the Mexican Stock Exchange were the top exchanges for initial public offerings in the first quarter, according to research firm Renaissance Capital. The once-sleepy Mexican exchange ...

World's Best Banks 2013: Latin America

By Thomas Clouse, Jonathan Gregson, Antonio Guerrero & Gordon Platt LOCAL BANKS INCREASE MARKET SHARE While European banks have dominated Latin America’s banking sector for more than a decade, their stronghold has recently weakened. Some have sold local assets to ...

M&A: Falling Yen Hits Overseas Buying

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS By Gordon Platt The falling yen is raining on Japan’s parade of overseas acquisitions, which had a record-breaking year in 2012, when the yen was rising. The first three months of 2013 constituted the ...

Emerging Markets Roundup: Middle East

CLIFFORD CHANCE TO OPEN SAUDI PARTNERSHIP By Gordon Platt Clifford Chance is the first global law firm to receive approval from Saudi Arabia’s Ministry of Commerce and Industry to create a Saudi-foreign legal partnership in the kingdom. Photo Credits: SAUDI ...

World's Best Banks 2013: Asia

By Thomas Clouse, Jonathan Gregson, Antonio Guerrero & Gordon Platt REGIONAL ECONOMY ON SOLID GROWTH PATH Asia’s regional economy continues to grow steadily, despite the tepid recovery in the United States and sovereign debt issues in Europe. The region’s banks, ...

Middle East 2013: UAE: Visions Of Splendor

VISIONS OF SPLENDOR By Gordon Platt Investor confidence has returned to the UAE, with the former debt-laden emirate of Dubai once again planning major infrastructure projects. Even a new financial center is planned for construction. Dubai continues to dream big, ...

Debt: Bond Market Rally Losing Steam

CORPORATE FINANCING NEWS: CORPORATE DEBT By Gordon Platt Investors have piled into US treasury bonds in recent years to escape such financial scares as the eurozone debt crisis and slowing growth in China. Analysts warn that the bond rally is ...

Middle East 2013: Ethical Banking

THE ALLURE OF ETHICAL BANKING By Gordon Platt Islamic banks in the Gulf region are tapping into growing demand for ethical banking and are upping their game in structuring sukuk and wholesale banking services. Ethical banking services continue to be ...

Annual Supplement: Middle East 2013

WELCOME TO THE FUTURE Photo Credits: RITU MANOJ JETHANI/ Shutterstock.com Passengers arriving at Dubai International Airport on Emirates’ double-decker Airbus 380 aircraft taxi up to a new $3.2 billion dedicated terminal, Concourse A, which opened in February. After disembarking, travelers ...

M&A: Megamergers Raise Hope for More

CORPORATE FINANCING NEWS: MERGERS & ACQUISITIONS By Gordon Platt With the stock market hitting record highs and confidence growing in the US economy, dealmaking has accelerated dramatically. A series of megamergers has unleashed a spirit of optimism about the prospects ...

Middle East 2013: Jordan’s Uphill Battle

BRIDGING THE GAPS By Gordon Platt Jordan has a difficult road ahead as it implements economic and political reforms as part of an IMF loan package and deals with the spillover from unrest in neighboring countries. Jordan’s economy is being ...