Regulators, led by the US Federal Reserve, on Tuesday approved the final version of the Volcker rules banning proprietary trading that carved out exemptions for trading sovereign debt similar to a carve-out for trading US government debt.
M&A bankers started 2013 with a bang, feasting on such mega-deals as the buyout of food maker Heinz and Glencore’s merger with fellow commodities producer Xstrata. However, they watched deal flow settle into a comfortable range as the total value of transactions announced ended the year relatively flat compared with the preceding one.
A federal judge has cleared the way for Detroit to restructure its debt in the largest ever US municipal bankruptcy while at the same time stripping the city’s pensioners of their presumed status as senior creditors. Bondholders that have been locked in battle with the City of Detroit’s financial advisers for months called the ruling “game-changing”.
- More banks drawn into princeling probe
- Could still be another US$105bn to go
- Volcker may exempt non-US sovereign debt
- JP Morgan concludes US$13bn settlement
- Goldman eyes bigger market share in FICC
- Restructuring advisers buzz around Puerto Rico
- Analysts see FICC consolidating