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EXCLUSIVE: Volcker on the Volcker Rule

Paul Volcker, former Federal Reserve chairman, spoke exclusively to IFLR about his eponymous rule last month. He said the Volcker Rule, a part of the 2010 Dodd-Frank Act, has carried out his basic intent: banning federally-backed banks from speculative activity. But Volcker believes that more clarity is needed over the regulation.

Edward Price, December 10, 2015

Poor enforcement hampers FIE reform

Counsel in China have revealed a lack of enforcement of the country's amended Company Law by local officials, as the central government seeks to ease restrictions on foreign investment enterprises (FIEs).

December 10, 2015

POLL: fears over US auto securitisation

Regulators are worried that the market is overheating. It’s too soon to tell if their concerns are justified

Edward Price, December 10, 2015

European boards wise up as activism spreads

Something for boards to aspire to European boards are finally prioritising the implementation of defence plans against activist investors as volumes look set to break records.

Tom Young, December 10, 2015

#10 Corporate issuers propel Malaysian sukuk

Already a regional leader in Islamic finance, Malaysia will continue to strengthen the shariah elements of its capital markets, driven by a desire to rival its Middle Eastern counterparts in sukuk trading. It comes amid a stepped-up national drive towards harmonising the practice of Islamic and common law, to remove legal anomalies affecting the shariah-compatibility of its legal system.

December 10, 2015

#16 LatAm at the mercy of currency risk

In 2016, for better or worse, LatAm's equity market activity will largely hinge on the stability of local currencies. And counsel are cautiously optimistic. The region is not known for a robust equity market, but according to Shearman & Sterling partner Antonia Stolper, last year was in a class of its own. "2015 was truly bad," she says. "We had the whole Fibra boom in Mexico in the last two years and other one offs in some other countries. But the pipeline is somewhat weak."

December 10, 2015

#12 Funds will spur capital raising alternatives

Move over exchange-traded funds. The next incarnation of funds-capital markets collaboration will look more like Apax's £585 million ($876 million) vehicle it listed in London last June. Known as Apax Global Alpha, it pools cash on behalf of institutional investors and acquires companies and other operating assets.

December 10, 2015

#7 Incremental opening of China’s onshore market

With the renminbi's (RMB) long-awaited inclusion in the IMF's basket of reserve currencies being announced on November 30, calls for greater clarity over rules governing foreign issuers accessing the onshore market is set to intensify.

December 10, 2015

#4 European high-yield will come of age

Frenetic, argumentative and growing a little too quickly. European high-yield has clearly been experiencing its teenage years. But in 2016 the market will find its feet. In addition to the first wave of restructures – and the valuable lessons that come with it – there will be more constructive dialogue between issuers and investors, and more diversified use of funds.

December 10, 2015

#15 Macro conditions to hamper UAE IPO potential

If markets were to remain stable, 2016 would see a boom in initial public offerings (IPOs) out of the United Arab Emirates (UAE) off the back of its new Commercial Companies Law. This includes various provisions aimed at making it both easier and more attractive for companies to go public on a UAE-based exchange, as policymakers look to prevent local companies from listing abroad.

December 10, 2015

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