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Sunday, 17 December 2017

Upfront

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  • Arch of Constantine

    The Italian Job

    Italy blew the doors off with its first foray into the rarefied atmosphere of the 50-year part of the bond curve.

  • Deutsche Bank headquarters

    Stop being beastly to the Germans

    What did the US Department of Justice (or those connected to it) think it was up to when it leaked the size of the fine it planned to levy on Deutsche Bank for alleged misdemeanours related to US mortgage-backed securities?

  • Bond traders

    Top of the swaps

    When the G20 threw the over-the-counter derivatives market on the naughty step for its role in the financial crisis, sweeping reforms that threatened to hike swaps costs had derivatives exchanges rubbing their hands with glee.

  • John Cryan

    Another fine mess

    The “think of a number and double it” approach adopted by the US Department of Justice may not be an especially seemly way to run an enforcement system. But it is effective.

  • Schaeffler

    Picking up pennies

    There’s an old phrase in financial markets, used to describe those who book small dead-cert profits while ignoring a looming risk that could wipe them out completely: picking up pennies in front of the steamroller.

  • CFTC building in Washington, DC

    ​In the clear

    The biggest overhaul in the history of the US$493trn over-the-counter derivatives market finally got under way last week as swap dealers across the US, Canada and Japan were forced to post collateral on uncleared swaps exposures.

  • European Commission headquarters

    MAR attacks

    The European Union’s market abuse regulation came into effect in July, with drastic implications for bond syndication both in Europe and beyond its borders.

  • Money in the bank

    ECM bankers are talking up the prospects for European IPOs only weeks after the UK’s decision to leave the EU was meant to have put the kibosh on issuance in a year when activity was already down 40%.

  • Par for the corpse

    “The report of my death was an exaggeration.” So wrote Mark Twain, having read a newspaper article announcing his demise.

  • Greek Presidential Guards march

    Time to act

    Memories in banking can be very short indeed. It’s only five years since some of Europe’s biggest banks – Deutsche Bank, BNP Paribas, Societe Generale and Commerzbank – took a bath on their Greek government bond holdings. After being lured in by the juicy yields on offer in the 2000s, the banks were hit by huge losses when the bonds were restructured in 2011.