Foreign exchange
Grail swoops into US ETF market with actively-managed ETF
Grail Advisers has listed its first exchange-traded fund (ETF) on the Arca platform of the New York Stock Exchange (NYSE). The Grail American Beacon Large Cap Value ETF is an actively-managed fund which uses multi-managers to achieve its return, like a…
SP Magazine Survey: UK IFAs want structured products
The first Structured Products survey of the UK's independent financial adviser (IFA) market has thrown up startlingly positive results which endorse the view that investors are becoming tired of the minimal income on offer from other investment tools.
Credit derivatives market will follow equity's lead, strategist says
After the collapse of securitised products over the past two years, the credit derivatives market is likely to become more similar to the equity derivatives market, according to Sivan Mahadevan, global head of equity and credit derivatives strategy at…
US Wrap: Electric exposures liven up week
Exposure broadened in the US market yesterday as providers launched notes offering exposure to Brazilian equity, international shares and General Electric stock among other underlyings, putting S&P 500 linked products in the minority.
BNP Paribas offers Millenium tracker fund
BNP Paribas has launched its Millenium Tracker Fund as part of its Privalto Ucits III OEIC (open-ended investment companies) range. The fund is designed to provide exposure the BNP Paribas Millenium 10 Europe Series 3 Total Return index, which comprises…
Simple structures
An increase in risk premiums on sovereign debt is giving banks a headache in pricing certain credit-related structured products. Investor appetite for such deals is in evidence, but mainly for simple, unleveraged products. Sophia Morrell reports
Column: Charles Cronin
Flawed models, conflicts of interest, ineffectual leadership: the rating agencies have emerged from the financial crisis with little credit, and reform may strip them further of their influence
Inflated expectations
It may seem counterintuitive, given these deflationary times, but inflation-linked fixed income strategies are proving a hit with investors as fiscal stimulus raises the threat that inflation will take over in the medium term. William Rhode reports
Financial pricing for the 21st century
Putting a price on assets for which no active market exists is a process mired in complexity and no little controversy. But the pricing models of yesteryear are simply not up to the job. David Patrikarakos looks at the new generation of valuation models…
Danny Davis
Mishcon de Reya's insolvency expert talks about the need for companies to learn to rely less on external funding, and why a UK-style Chapter 11 process isn't necessarily a good idea
Column: Paul Taylor
Ratings downgrades reflect a decline in creditworthiness, not an admission that the ratings were wrong in the first place. But that doesn't mean the rating process can't be improved. Paul Taylor
Back to basics
We take you back to the credit basics to review everything you thought you already knew but were too afraid to ask ... Susan Hinko of TriOptima explains multilateral terminations
Banks await verdict from capital adequacy tests
US authorities prepare to release results of a series of stress tests conducted on 19 financial institutions to ascertain whether any are in need of immediate capital assistance
Ellen Marshall
The co-chair of the banking and financial industry practice group at US law firm Manatt, Phelps & Phillips speaks to Matthew Attwood about the securitisation industry
It's payback time
If you still wake up in a cold sweat, haunted by the memory of opening your 2008 bonus slip, you're not alone. Credit professionals across the board saw their bonuses slashed last year. But not all banks were forced to scale back their remuneration…
The sovereign state
While the sovereign market has in the past been most readily associated with rates investors, it has always been a key part of the credit sector, most importantly as a benchmark for the pricing of corporate bonds. But credit default swap levels on…
Legal Spotlight
CDS dealers are under pressure to come up with a market-led solution to the clearing conundrum before regulators force one on them. Peter Green and Jeremy Jennings-Mares report
Column: John Wraith
The Bank of England has yet to reveal how it intends to wind down its quantitative easing programme of buying back gilts - assuming, of course, the policy achieves its aims