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Commodity Portfolio Management Research & Reports

M&A off to a strong start in the second quarter

London, 13 April 2015

Royal Dutch Shell’s announcement to acquire BG for £47 billion makes it the largest deal in the oil and gas sector since Exxon Mobil’s acquisition of XTO in 2009. Some are viewing this deal as a harbinger of further consolidation in the oil and gas sector, following the 50% decline in the oil price since July 2014. The news comes on the back of other announcements, including Halliburton’s plans to buy Baker Hughes in the US and Repsol’s (Spain) proposed takeover of Talisman Energy (Canada).

Read more: M&A off to a strong start in the second quarter

Warnings Against Restrictive Confidentiality Agreements

London, 3 April 2015

A recent enforcement action by the U.S. Securities and Exchange Commission aims to protect employees from signing confidentiality agreements that would prevent them from acting as whistleblowers. On April 1, 2015, the SEC announced a settlement with KBR, Inc. (“KBR”) in which KBR will pay a $130,000 civil penalty and agreed to cease and desist from any future violations of SEC Rules, while not admitting or denying the SEC’s charges.

Read more: Warnings Against Restrictive Confidentiality Agreements

The return of the patient investor

London, 31 March 2015

In a recent speech, the Chief Economist of the Bank of England, Andrew Haldane, raises the question as to whether the global economy is sitting at the cusp of a period of secular innovation (the optimist view) or secular stagnation (the pessimist view).

Read more: The return of the patient investor

The ECB Merry-Go-Round

London, March 2015

The EU is also the closest it has ever been to breakup. We all know the old story: If you owe the bank 100,000 you have a problem. If you owe the bank 100 billion, the problem is no longer yours, but the bank’s.

Read more: The ECB Merry-Go-Round

Changing Paradigms in Commodity Markets: PRAs

London, March 2015

What are price reporting agencies doing to remain on top of their game? In this article, Leor Jivotovsky and Jeffrey Wang of Sapient Global Markets discuss how new paradigms are affecting the Price Reporting Agencies (PRAs) and how they are adapting their product and service offerings in the face of these new realities.


Read more: Changing Paradigms in Commodity Markets: PRAs

Proposed Assessment Methodologies for Identifying Non-Bank Non-Insurer Global Systemically Important Financial Institutions

London, 4 March 2015

The Financial Stability Board (FSB) and the International Organization of Securities Commissions (IOSCO) are publishing today for second public consultation Assessment Methodologies for Identifying Non-Bank Non-Insurer Global Systemically Important Financial Institutions (NBNI G-SIFIs). The proposed methodologies for identifying NBNI G-SIFIs complement the methodologies for identifying G-SIFIs that currently cover banks and insurers, and take into account responses received on the first consultative document issued on 8 January 2014.

Read more: Proposed Assessment Methodologies for Identifying Non-Bank Non-Insurer Global Systemically...

Commodity flows boosted by price falls

London, March 2015

Early 2015 has brought a marked pickup in investor interest in commodities, boosting inflows to almost $5bn, their highest in more than two years, and sharply reversing a period of consistent monthly outflows from commodity investments dating back to September 2014, according to Barclays Research.

Read more: Commodity flows boosted by price falls

Is the Price Right? A survey on commodity benchmark pricing

London, February 2015

In the aftermath of the financial crisis, it was inevitable that regulators would turn their attention to benchmarks given their importance to the proper functioning of markets and the systemic risk that price manipulation poses for the global economy.

Read more: Is the Price Right? A survey on commodity benchmark pricing

Rise Of The Vulture Investing Class

London, 5 February 2015

The oil markets are showing some life, having rallied 11 percent over a two-day period. But if a bigger rebound is not around the corner, it won’t just be oil companies that will be feeling the pain: their lenders will also face some steep losses if drillers can’t come up with the cash to cover debt payments. 

Read more: Rise Of The Vulture Investing Class

At a time of uncertainty, frontier markets still set to reward investors

London, 27 January 2015

Geopolitical events have weighed heavily on equity markets in recent months. From sanctions against Russia and the potential for Greece to leave the Eurozone, to speculation about the end of quantitative easing in the US and when that might commence in the Eurozone, there is no shortage of events to raise investor concern.

Read more: At a time of uncertainty, frontier markets still set to reward investors