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The state of straight-through processing in energy markets
Integrated front- to back-office processes in energy trading still lag those of financial markets considerably, putting energy markets at a big disadvantage. Lianna Brinded takes a look at why this is the case, and whether change is on the way
New regulation could open up French power market
A slow response to the EU’s liberalisation directive has left the French power market lagging behind some European markets in terms of liquidity, but recent regulatory proposals are set to open up the market and may spell the end of regulated tariffs…
New approaches to energy credit risk management
The aftermath of the financial crisis led to some innovative approaches to tackling energy credit risk. Pauline McCallion looks at developments and asks whether proposed US and European regulation will help or hinder innovation in this space
Russia $5.5bn bond establishes benchmark curve
The Russian Federation returned to the international markets last month for the first time since its 1998 default, potentially paving the way for corporate issuers to follow.
Yields on Africa debt drive new demand from credit investors
Risks to investment include high inflation and corporate governance problems in many African countries.
Oil supply outlook: Nigeria
An uptick in Nigerian oil production at the end of 2009 led to hopes of greater supply stability. However, with political uncertainty looming and attacks on oil facilities on the rise again, Lianna Brinded asks experts if they are still optimistic for…
Africa must not become overly reliant on foreign investment: Jacqueline Irving interview
Local bond markets can provide sub-Saharan Africa with much-needed financing, but countries must guard against over-borrowing.
Natural gas: a story of surplus
Oversupply in the natural gas market looks set to keep prices soft in the near term. Pauline McCallion speaks to the experts about the price outlook for this year and next and what that means for the arbitrage with oil
US power market concern over FERC credit reforms
The US FERC’s recent move to standardise credit policies across the US power market has led some participants to question the application of a ‘one size fits all’ approach across the organised wholesale markets. Pauline McCallion reports
EXCLUSIVE: Greece debt crisis may break the Eurozone
Fears mount over Greece's ability to reduce fiscal deficit and service debt repayments, despite Eurozone-IMF bailout package.
International Finance Corporation reveals capital market plans: Credit interview
Treasurer Nina Shapiro and deputy treasurer John Borthwick outline how the IFC will aid capital markets of developing countries.
Looming junk bond glut threatens high yield returns
US high yield issuance has soared in the past year, but an imminent wall of refinancings is raising longer-term concerns.
Hybrid issuance suffers amid Basel confusion
High interest rates relative to other forms of debt make hybrid securities issued by banks an attractive investment opportunity. But with regulatory changes to what constitutes core capital looming, could hybrid issuance be on its way out?
Risk managers gain new prominence in post-Lehman boardrooms
Pre-Lehman, risk managers used to occupy a place some way down the pecking order within senior management of banks and investment firms. The financial crisis changed all that.
Buy-side firms turn to tech vendors to address risk management failings
The past few years have shown the importance of robust risk management, but also highlighted shortcomings in the risk approaches of many buy-side firms.
Lehman reorganisation plan not equitable, says LBIE administrator
Plans by Lehman Brothers Holding Inc (LBHI) to disregard a majority of guarantee claims from its affiliates are not fair, according to one of the joint administrators of Lehman Brothers International (Europe) (LBIE).
Sparks fly on regulation during Isda's annual general meeting
Heated debate over financial regulatory reform going through the US Congress was at the forefront of the International Swaps and Derivatives Association’s annual general meeting in San Francisco last month.
Senate bill raises the stakes in financial reform debate
The future of the derivatives market in the US has become the subject of a political tug-of-war, after the Senate Committee on Agriculture, Nutrition and Forestry passed a bill prohibiting federal support to all dealers, derivatives exchanges, clearers…
Basel III: kill or be killed
The Basel Committee is trying to prevent a repeat of the financial crisis with a package of new rules, but banks argue the cure could be worse than the disease. After spending the past two months filling out spreadsheets on the impact of the proposals,…
Confusion over CVA
Dealers are becoming more disciplined in pricing credit – a lesson learned the hard way after the collapse of Lehman Brothers. However, banks are taking a variety of approaches, and some participants believe certain firms are habitually underpricing…
Dampening pro-cyclicality in margin
The Committee on the Global Financial System has released a proposal recommending changes to dampen pro-cyclicality in margin practices and haircuts for securities financing and over-the-counter derivatives. How could this affect collateral management…