The European Central Bank is expected to pump half a trillion euros in ultra-cheap, three-year loans into the eurozone’s troubled financial system today.
In the second such operation to fight the eurozone crisis, banks can stock up on as much of the cheap funding as they like – a ploy the ECB unveiled late last year to dampen tensions on eurozone bond markets.
ECB President Mario Draghi said after the first of the operations that “a major credit crunch” had been averted.
Banks used much of the €489bn they borrowed last year to cover maturing debt.
Mr Draghi has urged them to lend out the funds they tap at today’s operation to households and businesses, helping strengthen economic growth.
Financial markets are monitoring the progress of the longer-term refinancing operations.
The LTROs are unleashing a wall of money just as the US Federal Reserve and the Bank of England have with their quantitative easing (QE) programmes.
The ECB operations differ from QE in that they provide liquidity against guarantees instead of intervening directly in bond markets.
They achieve a similar result while allaying the concerns of some policymakers – led by the Germans – about funding governments.
ECB policymakers in Germany and beyond are nonetheless worried that the central bank risks storing up problems for the future by releasing the wave of cash through the LTROs.
http://tourism9.com/ http://vkins.com/
2012年2月29日星期三
Loans flow from Europe’s central bank, but analysts debate if they’re a cure or a crutch
Throughout his waning months in office, European Central Bank President Jean-Claude Trichet boasted that he had avoided the excesses of his counterparts at the U.S. Federal Reserve and kept the ECB’s response to his continent’s financial crisis relatively modest.
It has taken his successor, Italian central banker Mario Draghi, less than three months to upend that approach, triggering a debate about whether the ECB has quietly solved the euro-zone debt crisis or simply postponed a reckoning by shuffling hundreds of billions of dollars among banks, governments and the central bank’s own coffers.
It has taken his successor, Italian central banker Mario Draghi, less than three months to upend that approach, triggering a debate about whether the ECB has quietly solved the euro-zone debt crisis or simply postponed a reckoning by shuffling hundreds of billions of dollars among banks, governments and the central bank’s own coffers.
As it did in December, the ECB this week is again offering inexpensive three-year loans to euro-region banks. Market analysts expect the central bank to provide new loans worth a trillion dollars or more, putting the ECB on a fast track to catch the Fed.
The policy has stabilized European finances in recent weeks, contributing in a roundabout way to a decline in the exorbitant interest rates that some heavily indebted governments had to pay. After the first round of ECB loans, banks spent some of the money on government bonds, and Italy and Spain as a result saw a drop in the cost they had to pay to attract bond investors.
The banks also began to retire their own bonds, reducing the competition for money on private markets. And bank lending to households and businesses ticked up.
These were all reassuring developments after an autumn consumed by fears that the region’s debt crisis would lead to a breakup of the euro zone.
“There are tentative signs of stabilization,” Draghi said at a recent news conference on ECB policy.
But some analysts and bankers are warning that the policies under Draghi could leave the European financial industry addicted to cheap ECB loans that will be difficult to replace if the region’s economy remains stagnant.
For a variety of reasons, the euro zone remains in trouble. The region is heading into recession, and governments are scrambling to restructure economies ill-suited to compete globally or support the costs of aging populations.
Greece, the region’s hardest-hit country, is in the midst of a bond restructuring that will shape its future. If all goes smoothly, the exchange of new, less-expensive bonds for older ones will greatly reduce the country’s outstanding debts and pave the way for a large package of new international loans. But the debt restructuring has left the country in technical default on its bonds, possibly triggering the insurance payments to bond holders — a development that some analysts worry could stigmatize the euro region for years.
If nothing else, the ECB loans have bought time and helped the currency union through a bulge of borrowing required by governments and financial companies in the first months of the year.
The ECB lending program was launched at a critical moment, when borrowing costs for Spain and Italy were at such a high level that they might have needed a bailout that the rest of Europe and the International Monetary Fund could ill afford. As those rates have dropped, Spain has actually accelerated its borrowing for the year to take advantage.
http://tourism9.com/ http://vkins.com/
The policy has stabilized European finances in recent weeks, contributing in a roundabout way to a decline in the exorbitant interest rates that some heavily indebted governments had to pay. After the first round of ECB loans, banks spent some of the money on government bonds, and Italy and Spain as a result saw a drop in the cost they had to pay to attract bond investors.
The banks also began to retire their own bonds, reducing the competition for money on private markets. And bank lending to households and businesses ticked up.
These were all reassuring developments after an autumn consumed by fears that the region’s debt crisis would lead to a breakup of the euro zone.
“There are tentative signs of stabilization,” Draghi said at a recent news conference on ECB policy.
But some analysts and bankers are warning that the policies under Draghi could leave the European financial industry addicted to cheap ECB loans that will be difficult to replace if the region’s economy remains stagnant.
For a variety of reasons, the euro zone remains in trouble. The region is heading into recession, and governments are scrambling to restructure economies ill-suited to compete globally or support the costs of aging populations.
Greece, the region’s hardest-hit country, is in the midst of a bond restructuring that will shape its future. If all goes smoothly, the exchange of new, less-expensive bonds for older ones will greatly reduce the country’s outstanding debts and pave the way for a large package of new international loans. But the debt restructuring has left the country in technical default on its bonds, possibly triggering the insurance payments to bond holders — a development that some analysts worry could stigmatize the euro region for years.
If nothing else, the ECB loans have bought time and helped the currency union through a bulge of borrowing required by governments and financial companies in the first months of the year.
The ECB lending program was launched at a critical moment, when borrowing costs for Spain and Italy were at such a high level that they might have needed a bailout that the rest of Europe and the International Monetary Fund could ill afford. As those rates have dropped, Spain has actually accelerated its borrowing for the year to take advantage.
http://tourism9.com/ http://vkins.com/
Banks Vie for $2 Billion in Secretive Europe Equity Derivatives
February 29, 2012, 2:56 AM EST
By Elisa Martinuzzi and Zijing Wu
Feb. 29 (Bloomberg) — Investment banks including Deutsche Bank AG and Morgan Stanley are vying for as much as $2 billion in annual fees in Europe arranging customized equity derivatives — a secretive market that has defied the downturn.
The business, about as large as underwriting initial public offerings before the 2008 financial crisis, is now three times bigger and held steady last year, according to estimates from six bankers who asked not to be identified because the information is private. The contracts accounted for almost 10 percent of total investment-banking fees last year in Europe, the Middle East and Africa as revenue from dealmaking and trading sank, data compiled by research firm Freeman & Co. show.
Because the deals, whose value is tied to stocks, are customized and not traded on exchanges, banks are able to charge higher fees than for contracts in which customers seek competing bids. They’re also attractive to lenders because new rules demanding capital buffers against potential losses aren’t as punitive as for other derivatives.
“Regulatory change may drive banks back to the business, not away from it,” said Rachel Lord, Citigroup Inc.’s London- based global head of corporate equity derivatives. “This is one part of the investment-banking industry where, despite compressed margins, the business remains a high priority because it’s so important to the client base.”
Tailor-Made
Investors such as Aabar Investments PJSC, the Abu Dhabi- based sovereign-wealth fund, and Italy’s Fondazione Monte dei Paschi di Siena, owner of the world’s oldest bank, sought derivatives to protect the value of their holdings or to borrow against equity stakes.
Banks including Deutsche Bank AG, Morgan Stanley and Goldman Sachs Group Inc. are competing in a region that’s the biggest in the world by fees, surpassing the U.S. and Asia. The annual notional value of tailor-made equity derivatives is typically more than $50 billion in Europe, the Middle East and Africa, according to estimates from two of the bankers.
The market is so big and lucrative that even lenders shrinking their investment-banking arms want to keep the business going. Royal Bank of Scotland Group Plc, which is selling or closing brokerage, merger-advisory and IPO- underwriting units, will continue arranging “profitable” equity derivatives, the London-based firm said last month. Credit Agricole SA, France’s second-largest bank by assets, will do the same for corporate clients, said Bertrand Hugonet, a Paris-based spokesman.
“There’s a lot of competition because there’s been a history of profitable transactions in this space,” said Samuel Losada, London-based head of European corporate equity derivatives at Bank of America Corp. “You can achieve over the long run, if risks are managed properly, above-market returns.”
Daimler Derivative
Because the deals are private, there aren’t any publicly available rankings. Based on bankers’ own assessments and the sharing of information among them, the business is dominated by the region’s top equity brokers and better-capitalized firms. Industry leaders include Frankfurt based Deutsche Bank, Morgan Stanley, Goldman Sachs and Citigroup, all in New York, and Zurich-based Credit Suisse Group AG, the bankers said.
Deutsche Bank, Morgan Stanley and Bank of America arranged a derivative in May that allows Abu Dhabi’s Aabar to keep its share of the potential near-term gains of Daimler AG, even as the fund sold a 1.25 billion-euro ($1.7 billion) bond exchangeable for the German automaker’s shares. The sale could cut Aabar’s Daimler holding to 7.2 percent from 9.1 percent when the bond matures in 2016.
The deal was the region’s largest ever derivative overlay, a strategy to hold multiple contracts against the same assets, linked to an exchangeable bond, according to Losada.
Emerging Markets
“There’s a clear trend that the emerging-market business is becoming more important,” said Losada. “We saw continuous activity in this space over the last 12 months.”
Increasing demand from emerging-market clients, such as Middle Eastern sovereign-wealth funds, has helped buck a slowdown in Western European deal flows.
“The business can be divided into two parts: the growth markets, where it’s harder for some to obtain liquidity and hence is driven by financing, and developed markets, where clients seek to manage their equity positions,” said Simon Watson, a managing director at Goldman Sachs in London who heads corporate equity derivatives for the region.
While financial firms are cutting employees in other investment-banking areas, many are looking to add to their equity-derivatives businesses in the region.
‘Beefing Up’
Bank of America, based in Charlotte, North Carolina, may hire two bankers this year to join the eight it has in London today, said Losada. Citigroup this month named Sophie Lecoq to the new position of head of corporate equity derivatives for Europe, the Middle East and Africa.
Morgan Stanley also may increase its team’s headcount, according to Daniel Palmer, the firm’s London-based global head of corporate equity derivatives.
“We expanded our business significantly over the past three years,” said Palmer. “Our team is now almost complete, but we might add one or two heads later in the year.”
Nomura Holdings Inc., which took over Lehman Brothers Holdings Inc.’s European business in 2008, may add one senior banker to its 12-person team in London, said Kenneth Brown, global head of equity capital markets. Lenders are “beefing up their European teams” of corporate equity derivatives because Europe is a now a bigger market than the U.S., he said.
It’s also a more resilient market, and the teams, which typically employ about a dozen people, are small compared with those that manage IPOs, said Christopher Wheeler, a banking analyst at Mediobanca SpA in London.
“It’s a business driven by the sweat of the brow,” Wheeler said.
Margin Loans
While banks can earn more arranging tailor-made equity derivatives than underwriting stock sales, increasing competition has driven down fees for financing some deals, including margin loans, or loans from securities firms backed by clients’ equity holdings used as collateral, the bankers said.
Margin loans are a way for investors who have limited access to bank funding or capital markets to raise money. At least 10 firms competed to win a margin loan from an Italian client this year, compared with three or four that would have bid for the business a couple of years ago, said one banker, who declined to be identified citing client confidentiality.
Monte dei Paschi
Fondazione Monte dei Paschi, the biggest investor in Banca Monte dei Paschi di Siena SpA, last year raised about 600 million euros through loans backed by collateral on its stake in the lender.
Eleven banks participated in the deal, which helped raise funds to pay for shares sold by the bank in June, said Gianni Tiberi, a spokesman for the foundation. The firms, which included Credit Suisse and JPMorgan Chase & Co., participated equally, Tiberi said, declining to elaborate. The loan was reduced to about 525 million euros as Monte dei Paschi shares fell, he said.
In one type of equity derivative, known as an equity swap, one party agrees to receive gains in a stock or basket of stocks and in return makes interest payments to the other party on the value of the securities it bet on. Investment banks typically act as intermediaries between the two parties in the swap.
Under the so-called Basel III rules, approved by the Basel Committee on Banking Supervision and scheduled to be phased in through 2019, banks will face a capital charge for potential mark-to-market losses on over-the-counter derivatives.
Data Gaps
“Because credit markets tend to be less liquid and transparent than equities, banks often need proxies to measure the counterparty risk in credit derivatives, creating data gaps and higher capital charges,” said Anastasios Zavitsanakis, a financial-risk consultant at PricewaterhouseCoopers LLP in London. “The actual exposure in equities is more measurable in the short term, and there might be more collateral, reducing further the capital charges.”
Still, banks’ waning risk appetite is spreading the business around more evenly, said Citigroup’s Lord.
“In the past 10 years, two to three banks would typically lead the industry, while over the last year it has been much more broad-based,” Lord said. “Before 2008, banks would have been happy to be sole books on very large deals. It’s not feasible to do that now, so there’s a lot more deal-sharing.”
Morgan Stanley has expanded its business by building up a book of margin loans, said Palmer.
“Some competitors are looking to sell their loans,” he said. “As banks de-lever, we’ve come across clients coming to us seeking to raise money on a shareholding, for example.”
‘Bespoke Solutions’
Even with the increased competition, Deutsche Bank sees demand from clients “as high as ever,” said Ian Holt, the bank’s London-based global head of equity structuring.
“It’s a good business because you are providing bespoke solutions and providing clients with what they need in and around complex situations, which makes higher margins naturally achievable,” said Holt.
Success for most firms this year depends on whether there’s a pick-up in mergers, bankers said. When companies combine, a seller left with a minority stake may seek to raise funds against the holding by buying put options on the shares and using the options to raise cash. Banks can also use derivatives to help investors who receive stock protect the value of their holdings.
“In M&A, you’re the exclusive adviser, and that’s where you can have prime access to interesting situations before they become public knowledge,” said Bank of America’s Losada. “That’s where the real alpha is.”
–With assistance from Ben Moshinsky in Brussels. Editors: Robert Friedman, Edward Evans
To contact the reporters on this story: Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net; Zijing Wu in London at zwu17@bloomberg.net
To contact the editors responsible for this story: Edward Evans at eevans3@bloomberg.net; Jacqueline Simmons at jackiem@bloomberg.net
http://tourism9.com/ http://vkins.com/
By Elisa Martinuzzi and Zijing Wu
Feb. 29 (Bloomberg) — Investment banks including Deutsche Bank AG and Morgan Stanley are vying for as much as $2 billion in annual fees in Europe arranging customized equity derivatives — a secretive market that has defied the downturn.
The business, about as large as underwriting initial public offerings before the 2008 financial crisis, is now three times bigger and held steady last year, according to estimates from six bankers who asked not to be identified because the information is private. The contracts accounted for almost 10 percent of total investment-banking fees last year in Europe, the Middle East and Africa as revenue from dealmaking and trading sank, data compiled by research firm Freeman & Co. show.
Because the deals, whose value is tied to stocks, are customized and not traded on exchanges, banks are able to charge higher fees than for contracts in which customers seek competing bids. They’re also attractive to lenders because new rules demanding capital buffers against potential losses aren’t as punitive as for other derivatives.
“Regulatory change may drive banks back to the business, not away from it,” said Rachel Lord, Citigroup Inc.’s London- based global head of corporate equity derivatives. “This is one part of the investment-banking industry where, despite compressed margins, the business remains a high priority because it’s so important to the client base.”
Tailor-Made
Investors such as Aabar Investments PJSC, the Abu Dhabi- based sovereign-wealth fund, and Italy’s Fondazione Monte dei Paschi di Siena, owner of the world’s oldest bank, sought derivatives to protect the value of their holdings or to borrow against equity stakes.
Banks including Deutsche Bank AG, Morgan Stanley and Goldman Sachs Group Inc. are competing in a region that’s the biggest in the world by fees, surpassing the U.S. and Asia. The annual notional value of tailor-made equity derivatives is typically more than $50 billion in Europe, the Middle East and Africa, according to estimates from two of the bankers.
The market is so big and lucrative that even lenders shrinking their investment-banking arms want to keep the business going. Royal Bank of Scotland Group Plc, which is selling or closing brokerage, merger-advisory and IPO- underwriting units, will continue arranging “profitable” equity derivatives, the London-based firm said last month. Credit Agricole SA, France’s second-largest bank by assets, will do the same for corporate clients, said Bertrand Hugonet, a Paris-based spokesman.
“There’s a lot of competition because there’s been a history of profitable transactions in this space,” said Samuel Losada, London-based head of European corporate equity derivatives at Bank of America Corp. “You can achieve over the long run, if risks are managed properly, above-market returns.”
Daimler Derivative
Because the deals are private, there aren’t any publicly available rankings. Based on bankers’ own assessments and the sharing of information among them, the business is dominated by the region’s top equity brokers and better-capitalized firms. Industry leaders include Frankfurt based Deutsche Bank, Morgan Stanley, Goldman Sachs and Citigroup, all in New York, and Zurich-based Credit Suisse Group AG, the bankers said.
Deutsche Bank, Morgan Stanley and Bank of America arranged a derivative in May that allows Abu Dhabi’s Aabar to keep its share of the potential near-term gains of Daimler AG, even as the fund sold a 1.25 billion-euro ($1.7 billion) bond exchangeable for the German automaker’s shares. The sale could cut Aabar’s Daimler holding to 7.2 percent from 9.1 percent when the bond matures in 2016.
The deal was the region’s largest ever derivative overlay, a strategy to hold multiple contracts against the same assets, linked to an exchangeable bond, according to Losada.
Emerging Markets
“There’s a clear trend that the emerging-market business is becoming more important,” said Losada. “We saw continuous activity in this space over the last 12 months.”
Increasing demand from emerging-market clients, such as Middle Eastern sovereign-wealth funds, has helped buck a slowdown in Western European deal flows.
“The business can be divided into two parts: the growth markets, where it’s harder for some to obtain liquidity and hence is driven by financing, and developed markets, where clients seek to manage their equity positions,” said Simon Watson, a managing director at Goldman Sachs in London who heads corporate equity derivatives for the region.
While financial firms are cutting employees in other investment-banking areas, many are looking to add to their equity-derivatives businesses in the region.
‘Beefing Up’
Bank of America, based in Charlotte, North Carolina, may hire two bankers this year to join the eight it has in London today, said Losada. Citigroup this month named Sophie Lecoq to the new position of head of corporate equity derivatives for Europe, the Middle East and Africa.
Morgan Stanley also may increase its team’s headcount, according to Daniel Palmer, the firm’s London-based global head of corporate equity derivatives.
“We expanded our business significantly over the past three years,” said Palmer. “Our team is now almost complete, but we might add one or two heads later in the year.”
Nomura Holdings Inc., which took over Lehman Brothers Holdings Inc.’s European business in 2008, may add one senior banker to its 12-person team in London, said Kenneth Brown, global head of equity capital markets. Lenders are “beefing up their European teams” of corporate equity derivatives because Europe is a now a bigger market than the U.S., he said.
It’s also a more resilient market, and the teams, which typically employ about a dozen people, are small compared with those that manage IPOs, said Christopher Wheeler, a banking analyst at Mediobanca SpA in London.
“It’s a business driven by the sweat of the brow,” Wheeler said.
Margin Loans
While banks can earn more arranging tailor-made equity derivatives than underwriting stock sales, increasing competition has driven down fees for financing some deals, including margin loans, or loans from securities firms backed by clients’ equity holdings used as collateral, the bankers said.
Margin loans are a way for investors who have limited access to bank funding or capital markets to raise money. At least 10 firms competed to win a margin loan from an Italian client this year, compared with three or four that would have bid for the business a couple of years ago, said one banker, who declined to be identified citing client confidentiality.
Monte dei Paschi
Fondazione Monte dei Paschi, the biggest investor in Banca Monte dei Paschi di Siena SpA, last year raised about 600 million euros through loans backed by collateral on its stake in the lender.
Eleven banks participated in the deal, which helped raise funds to pay for shares sold by the bank in June, said Gianni Tiberi, a spokesman for the foundation. The firms, which included Credit Suisse and JPMorgan Chase & Co., participated equally, Tiberi said, declining to elaborate. The loan was reduced to about 525 million euros as Monte dei Paschi shares fell, he said.
In one type of equity derivative, known as an equity swap, one party agrees to receive gains in a stock or basket of stocks and in return makes interest payments to the other party on the value of the securities it bet on. Investment banks typically act as intermediaries between the two parties in the swap.
Under the so-called Basel III rules, approved by the Basel Committee on Banking Supervision and scheduled to be phased in through 2019, banks will face a capital charge for potential mark-to-market losses on over-the-counter derivatives.
Data Gaps
“Because credit markets tend to be less liquid and transparent than equities, banks often need proxies to measure the counterparty risk in credit derivatives, creating data gaps and higher capital charges,” said Anastasios Zavitsanakis, a financial-risk consultant at PricewaterhouseCoopers LLP in London. “The actual exposure in equities is more measurable in the short term, and there might be more collateral, reducing further the capital charges.”
Still, banks’ waning risk appetite is spreading the business around more evenly, said Citigroup’s Lord.
“In the past 10 years, two to three banks would typically lead the industry, while over the last year it has been much more broad-based,” Lord said. “Before 2008, banks would have been happy to be sole books on very large deals. It’s not feasible to do that now, so there’s a lot more deal-sharing.”
Morgan Stanley has expanded its business by building up a book of margin loans, said Palmer.
“Some competitors are looking to sell their loans,” he said. “As banks de-lever, we’ve come across clients coming to us seeking to raise money on a shareholding, for example.”
‘Bespoke Solutions’
Even with the increased competition, Deutsche Bank sees demand from clients “as high as ever,” said Ian Holt, the bank’s London-based global head of equity structuring.
“It’s a good business because you are providing bespoke solutions and providing clients with what they need in and around complex situations, which makes higher margins naturally achievable,” said Holt.
Success for most firms this year depends on whether there’s a pick-up in mergers, bankers said. When companies combine, a seller left with a minority stake may seek to raise funds against the holding by buying put options on the shares and using the options to raise cash. Banks can also use derivatives to help investors who receive stock protect the value of their holdings.
“In M&A, you’re the exclusive adviser, and that’s where you can have prime access to interesting situations before they become public knowledge,” said Bank of America’s Losada. “That’s where the real alpha is.”
–With assistance from Ben Moshinsky in Brussels. Editors: Robert Friedman, Edward Evans
To contact the reporters on this story: Elisa Martinuzzi in Milan at emartinuzzi@bloomberg.net; Zijing Wu in London at zwu17@bloomberg.net
To contact the editors responsible for this story: Edward Evans at eevans3@bloomberg.net; Jacqueline Simmons at jackiem@bloomberg.net
http://tourism9.com/ http://vkins.com/
CVC Capital Buys Ahlsell For EUR1.8 Billion From Cinven, Goldman Sachs
LONDON -(Dow Jones)- Funds advised by Private equity and investment advisory firm CVC Capital Partners Wednesday announce the EUR1.8 billion acquisition of Ahlsell, a Nordic technical products wholesaler from Cinven and Goldman Sachs Capital Partners.
MAIN FACTS:
-Transaction marks the successful completion of exclusive talks between these parties.
-Ahlsell has over 220 outlets in Sweden, Norway, Finland, Denmark, Estonia and Russia.
-Company specializes in providing professional users with a wide range of goods and peripheral services within the heating & plumbing, electrical, tools & machinery, refrigeration and DIY product space.
-In 2011, Ahlsell reported revenues of EUR2.3 billion
-Completion of the transaction is subject to customary competition clearances.
-CVC was advised by Deutsche Bank, Roschier, Freshfields, KPMG and BCG.
-Financing was led by Nordea, Deutsche Bank, Goldman Sachs, Barclays Capital, DNB Nor and Danske Bank.
-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com
http://tourism9.com/ http://vkins.com/
MAIN FACTS:
-Transaction marks the successful completion of exclusive talks between these parties.
-Ahlsell has over 220 outlets in Sweden, Norway, Finland, Denmark, Estonia and Russia.
-Company specializes in providing professional users with a wide range of goods and peripheral services within the heating & plumbing, electrical, tools & machinery, refrigeration and DIY product space.
-In 2011, Ahlsell reported revenues of EUR2.3 billion
-Completion of the transaction is subject to customary competition clearances.
-CVC was advised by Deutsche Bank, Roschier, Freshfields, KPMG and BCG.
-Financing was led by Nordea, Deutsche Bank, Goldman Sachs, Barclays Capital, DNB Nor and Danske Bank.
-By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; ian.walker@dowjones.com
http://tourism9.com/ http://vkins.com/
2012年2月28日星期二
Saxo Bank Scoops 4 Awards at the Social Forex Awards 2011
SINGAPORE–(Marketwire -02/27/12)- Saxo Bank, the online trading and investment specialist, has won no less than four Awards at the inaugural Social Forex Awards 2011.
Saxo Bank ranked number one in the following categories:
The awards recognise the outstanding players in the industry and were presented by LetstalkFX and Social-Markets.net, in conjunction with e-Forex magazine and were sponsored by The Chicago Mercantile Exchange. The votes were cast by members of the letstalkFX.com community and marketing was undertaken by the Bank using LinkedIn and Facebook.
Disclaimer:Saxo Capital Markets Pte. Ltd. (“Saxo Capital Markets”) is licensed as a Capital Market Services provider and an Exempt Financial Advisor, and is supervised by the Monetary Authority of Singapore.
You should carefully consider whether trading in leveraged products is appropriate for you in the light of your financial circumstances. You should be aware that dealing in products that are highly leveraged carry significantly greater risk than non-geared investments such as share trading. As such, you could both gain and lose large amounts of money. You may sustain losses in excess of the moneys you initially deposit and also in excess of the margin required to establish and maintain any positions in leveraged products.
For further information, please see:
http://sg.saxomarkets.com/about-us/general-disclaimer
About Saxo Capital Markets
Saxo Capital Markets Pte Ltd is a wholly-owned subsidiary of Saxo Bank A/S, the Copenhagen-headquartered online trading and investment specialist. It serves as the Asia Pacific headquarters and holds a Capital Markets Services license from the Monetary Authority of Singapore. Saxo Capital Markets also holds a Commodity Broker licence from The International Enterprise Singapore.
Clients can trade Forex, CFDs, Stocks, Futures, Options and other derivatives via SaxoWebTrader and SaxoTrader, its leading multi-asset online trading platforms.
SaxoTrader is available directly through Saxo Capital Markets or through one of its institutional clients. White labelling is a significant business area for Saxo Capital Markets, and involves customising and branding of its online trading platform for other financial institutions and brokers.
About Saxo Bank
Saxo Bank is a leading online trading and investment specialist. A fully licensed and regulated European bank, Saxo Bank enables private investors and institutional clients to trade FX, CFDs, ETFs, Stocks, Futures, Options and other derivatives via three specialised and fully integrated trading platforms: the browser-based SaxoWebTrader, the downloadable SaxoTrader and the SaxoMobileTrader application available in over 20 languages. Saxo Bank also offers professional portfolio and fund management through Saxo Asset Management who accommodates high-net-worth private clients and institutional investors and provides banking services and advice to retail clients through Saxo Privatbank. The Saxo Bank Group is headquartered in Copenhagen with offices throughout Europe, Asia, Middle East, Latin America and Australia.
http://tourism9.com/ http://vkins.com/
Saxo Bank ranked number one in the following categories:
- Most Social Bank (through the use of Social Media tools such as LinkedIn, Facebook and Twitter
- Best Social Campaign
- Best Social Initiative/Innovation
- Best Social Research
The awards recognise the outstanding players in the industry and were presented by LetstalkFX and Social-Markets.net, in conjunction with e-Forex magazine and were sponsored by The Chicago Mercantile Exchange. The votes were cast by members of the letstalkFX.com community and marketing was undertaken by the Bank using LinkedIn and Facebook.
Disclaimer:Saxo Capital Markets Pte. Ltd. (“Saxo Capital Markets”) is licensed as a Capital Market Services provider and an Exempt Financial Advisor, and is supervised by the Monetary Authority of Singapore.
You should carefully consider whether trading in leveraged products is appropriate for you in the light of your financial circumstances. You should be aware that dealing in products that are highly leveraged carry significantly greater risk than non-geared investments such as share trading. As such, you could both gain and lose large amounts of money. You may sustain losses in excess of the moneys you initially deposit and also in excess of the margin required to establish and maintain any positions in leveraged products.
For further information, please see:
http://sg.saxomarkets.com/about-us/general-disclaimer
About Saxo Capital Markets
Saxo Capital Markets Pte Ltd is a wholly-owned subsidiary of Saxo Bank A/S, the Copenhagen-headquartered online trading and investment specialist. It serves as the Asia Pacific headquarters and holds a Capital Markets Services license from the Monetary Authority of Singapore. Saxo Capital Markets also holds a Commodity Broker licence from The International Enterprise Singapore.
Clients can trade Forex, CFDs, Stocks, Futures, Options and other derivatives via SaxoWebTrader and SaxoTrader, its leading multi-asset online trading platforms.
SaxoTrader is available directly through Saxo Capital Markets or through one of its institutional clients. White labelling is a significant business area for Saxo Capital Markets, and involves customising and branding of its online trading platform for other financial institutions and brokers.
About Saxo Bank
Saxo Bank is a leading online trading and investment specialist. A fully licensed and regulated European bank, Saxo Bank enables private investors and institutional clients to trade FX, CFDs, ETFs, Stocks, Futures, Options and other derivatives via three specialised and fully integrated trading platforms: the browser-based SaxoWebTrader, the downloadable SaxoTrader and the SaxoMobileTrader application available in over 20 languages. Saxo Bank also offers professional portfolio and fund management through Saxo Asset Management who accommodates high-net-worth private clients and institutional investors and provides banking services and advice to retail clients through Saxo Privatbank. The Saxo Bank Group is headquartered in Copenhagen with offices throughout Europe, Asia, Middle East, Latin America and Australia.
http://tourism9.com/ http://vkins.com/
Bad Credit Loans for Emergency Pet Vet Bills and Medical Expenses
Sacramento, CA (PRWEB) February 28, 2012
In the current economic downturn, consumers know they can turn to trusted ReallyBadCreditOffers.com for bad credit loans and no hassle financial help, but now the beloved family pet has a financial ally as well. The site has announced a new suite of installment loan offers for pet owners in need of money for emergency vet bills to ensure the family pet receives the medical attention it needs.
According to the U.S. Bureau of Labor Statistics, 77% of veterinarians in private practice service the medical needs of pet owners, predominantly dogs and cats. Medical expenses for treating pets have been rising and families face the tough decisions if they do not have the money required to meet the costs of care for their beloved animals.
People with bad credit ratings facing financial hardship in these tough times do not have access to the traditional resources good credit scores make available. The new personal loans being offered allow families access to money with a 60 second application process and no credit check required. In so doing the site hopes to lend a helping hand in an area traditional lenders do not consider an emergency.
“I own a cat and a dog, they are valued members of my family, and have helped me through some very tough times, we just would like to acknowledge how important our pets are to us in challenging times and ensure no family pet is denied the care they deserve because of money trouble,” said Ariel Pryor, founder.
The popular consumer site offers a variety of resources to help families improve their personal finances, eliminate debt and fix and reenter the financial system after bankruptcy, foreclosure and bad credit. Visitors to the site can see a variety of bad credit loans with no hidden fees to compare the offers and choose the best of the recommended services.
Contact:
Ariel Pryor, Credit Expert http://www.reallybadcreditoffers.com
In the current economic downturn, consumers know they can turn to trusted ReallyBadCreditOffers.com for bad credit loans and no hassle financial help, but now the beloved family pet has a financial ally as well. The site has announced a new suite of installment loan offers for pet owners in need of money for emergency vet bills to ensure the family pet receives the medical attention it needs.
According to the U.S. Bureau of Labor Statistics, 77% of veterinarians in private practice service the medical needs of pet owners, predominantly dogs and cats. Medical expenses for treating pets have been rising and families face the tough decisions if they do not have the money required to meet the costs of care for their beloved animals.
People with bad credit ratings facing financial hardship in these tough times do not have access to the traditional resources good credit scores make available. The new personal loans being offered allow families access to money with a 60 second application process and no credit check required. In so doing the site hopes to lend a helping hand in an area traditional lenders do not consider an emergency.
“I own a cat and a dog, they are valued members of my family, and have helped me through some very tough times, we just would like to acknowledge how important our pets are to us in challenging times and ensure no family pet is denied the care they deserve because of money trouble,” said Ariel Pryor, founder.
The popular consumer site offers a variety of resources to help families improve their personal finances, eliminate debt and fix and reenter the financial system after bankruptcy, foreclosure and bad credit. Visitors to the site can see a variety of bad credit loans with no hidden fees to compare the offers and choose the best of the recommended services.
Contact:
Ariel Pryor, Credit Expert http://www.reallybadcreditoffers.com
SBA Loan Firm Now Offers Fixed Rates on SBA 504 and SBA 7a Loans
Chicago, IL (PRWEB) February 28, 2012
Clopton Capital, a provider of business loans, working capital and SBA loans is announcing the arrival fixed rates on both SBA 504 and SBA 7a loans. These small business loans are believed by the firm to be more advantageous and less risky for the borrower since it will be easier to predict the total cost of borrowing business capital or working capital on a fixed SBA loan. They believe this will help drive more business to their firm that they had previously been unable to acquire. This announcement is being made via their SBA loan website, SBABusinessLoanSource.com, CloptonCapital.com and this press release. They believe that it is necessary to establish themselves as soon as possible as a source for fixed interest rate working capital business loans since they believe many of their competitors are soon to do the same. “Being able to provide fixed interest rate SBA loans is definitely a breakthrough for us. I can safely say that this change will benefit us and even more so our clients”, said Jake Clopton, the founder of Clopton Capital.
Clopton Capital states that these fixed interest rate SBA loans have been made available roughly one week before the publishing of this release and that they are fully capable of accepting new SBA loan requests immediately. “This is really exciting to be able to offer these SBA loans as there have been few times in history when they were needed more. I imagine there will be a significant spike in business immediately following our current prospects and clients learning of this”, said Matt Reed, an associate of Clopton Capital.
For more information about Clopton Capital’s business loan services visit their website dedicated to them at CloptonCapital.com. To join their financial link exchange visit CloptonCapital.com/link.
http://tourism9.com/ http://vkins.com/
Clopton Capital, a provider of business loans, working capital and SBA loans is announcing the arrival fixed rates on both SBA 504 and SBA 7a loans. These small business loans are believed by the firm to be more advantageous and less risky for the borrower since it will be easier to predict the total cost of borrowing business capital or working capital on a fixed SBA loan. They believe this will help drive more business to their firm that they had previously been unable to acquire. This announcement is being made via their SBA loan website, SBABusinessLoanSource.com, CloptonCapital.com and this press release. They believe that it is necessary to establish themselves as soon as possible as a source for fixed interest rate working capital business loans since they believe many of their competitors are soon to do the same. “Being able to provide fixed interest rate SBA loans is definitely a breakthrough for us. I can safely say that this change will benefit us and even more so our clients”, said Jake Clopton, the founder of Clopton Capital.
Clopton Capital states that these fixed interest rate SBA loans have been made available roughly one week before the publishing of this release and that they are fully capable of accepting new SBA loan requests immediately. “This is really exciting to be able to offer these SBA loans as there have been few times in history when they were needed more. I imagine there will be a significant spike in business immediately following our current prospects and clients learning of this”, said Matt Reed, an associate of Clopton Capital.
For more information about Clopton Capital’s business loan services visit their website dedicated to them at CloptonCapital.com. To join their financial link exchange visit CloptonCapital.com/link.
http://tourism9.com/ http://vkins.com/
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