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The Australian Securities Exchange (ASX) has been working to replace its clearing house electronic subregister system, known as CHESS, for the past eight years. The replacement project has faced setbacks and cost the exchange up to $250 million. Currently, investors can choose between using CHESS, where they hold equities in their own name, or the custodial model, where the ownership of an investor's stock is held by their sharebroker. The replacement of the CHESS system will take place in two stages, with changes to the clearing system in the first half of next year. The new system will allow shareholders to see all their shareholdings in one place and will also allow the ASX to move on from the current T+3 settlement model. The ASX is being sued by the Australian Securities and Investments Commission (ASIC) for allegedly making misleading statements about the progress of its project to replace its clearing and settlement system. Despite the setbacks, the ASX believes that the delay will result in a better overall product for investors. [Extracted from the article]

Timer options are financial instruments, first proposed by Société Générale Corporate and Investment Banking in 2007, which allow investors to exercise the options randomly under the level of volatility, unlike a vanilla style option exercised at a fixed maturity date. In this article, we study the problem of valuing the timer path-dependent options where the volatility is governed by a fast-mean reverting process. Specifically, extending and developing the study by Saunders (2010), we derive analytical formulas for path-dependent timer options by using the method of images as shown in Buchen (2001) and the technique of asymptotic expansions as described in Fouque et al. (2011). Moreover, we verify the pricing accuracy of the analytic formulas of path-dependent options by comparing our solutions with the ones from the Monte Carlo simulations. Finally, we experiment with the numerical studies on the timer-path dependent options to demonstrate the pricing sensitivities with respect to the model parameters. [ABSTRACT FROM AUTHOR]

India's IPO market is currently experiencing a surge in activity, making it the center of IPO activity in Asia. The country has seen a rise in fees, increased interest from private equity firms, and a desire from global firms to raise capital onshore. Investment banks are capitalizing on this growth and are optimistic about the future of India's capital markets. The market is expected to continue booming, with numerous firms planning to go public in the next 12 to 18 months. India's capital markets have become more attractive to foreign investors due to efforts to address issues such as inflation, bureaucracy, and infrastructure. Prime Minister Narendra Modi's initiatives to reduce red tape and improve industrial development have also contributed to the positive outlook. Additionally, India has benefited from geopolitical conflicts and China's decline in the eyes of investors. The rise in share prices reflects growing confidence in India's future, with both foreign and domestic investors showing interest. Private equity firms have also increased their presence in India, leading to profitable exits and reinvestments. While fees remain a concern, the overall trend in India's capital markets is positive, with increasing deal sizes and revenues. [Extracted from the article]

Societe Generale's corporate and investment bank is experiencing good momentum despite political and banking troubles in France. The bank's share price has been struggling, but the leaders of the wholesale division maintain that staff morale is strong. The bank is focusing on growth outside of France, particularly in the US, through partnerships with Brookfield Asset Management and Alliance Bernstein. While the bank faces challenges in the French retail banking sector, its corporate and investment banking division is undervalued and has potential for success. [Extracted from the article]

Chinese bubble-tea makers are considering Hong Kong IPOs, with ChaPanda recently debuting as the largest IPO of 2024 so far. However, the market struggled to digest the offering, and the stock price plummeted on the first trading day. The absence of global institutional investors in these deals has changed the IPO process, with issuers turning to their existing networks for funding and investment bankers losing their pivotal role. Despite the challenges, there are signs of positive change, with US dollar institutional investors reevaluating Hong Kong deals and an increase in the number of IPO projects launched. Chinese bubble-tea companies are following ChaPanda's footsteps to Hong Kong listings, emphasizing profitability and franchise-based business models. The article discusses the reasons why profitable companies like ChaPanda are rushing to list in the Hong Kong market. One reason is the pressure from investors, who have the right to resell their shares back to the company if certain milestones, like an IPO, are not met. Another reason is the fierce competition in the franchise model, which forces brands to aggressively vie for partnerships and sacrifice margins for growth. Additionally, companies are looking beyond China and using Hong Kong as a launching pad for branding in other Asian markets. However, Hong Kong faces challenges with liquidity and lengthy filing processes for IPOs. The article also mentions the involvement of multiple regulators and the use of variable interest entity (VIE) structures by Chinese startups. The outcome of ChaPanda's IPO journey could serve as a bar [Extracted from the article]

The article discusses Italian banker Andrea Orcel's transformation of the UniCredit SpA bank into Italy's biggest bank as of 2023. Topics covered include his handing out of at least 6.5 billion euros for 2023 via dividends and share purchases that helped almost triple UniCredit's share price, and his receipt of remuneration approaching 10 million euros a year. Also noted are Orcel's readiness to keep everything in flux until a deal is finalized, and deliberate fostering of uncertainty.

Chinese investment banks in Hong Kong are facing challenges due to liquidity issues in the market. However, they are optimistic about China's economic pivot and the rise of the renminbi as a fundraising currency. The Hong Kong IPO market peaked in 2021 but has since declined due to factors such as the tech crackdown and geopolitical tensions. There is potential for a resurgence in the market if startups redirect their listings from Shanghai to Hong Kong. The issue of liquidity remains a concern, but Chinese investors, including government-backed funds, have filled the void left by foreign investment banks. The Hong Kong Stock Exchange is taking steps to enhance its competitiveness, including exploring dual-listings and opening offices in London and New York. Chinese investment banks in Hong Kong, such as Haitong International, Bank of Communications International, and Everbright Holdings, have faced financial losses and need to improve risk management practices. However, there are opportunities in renminbi-denominated bonds and asset and wealth management. Despite the challenges, Hong Kong's financial sector continues to attract capital inflows and remains a significant player in the industry. [Extracted from the article]

The article discusses the concept of "sophisticated investors" in Australia and the implications of being classified as one. Sophisticated investors are exempt from certain financial protections that apply to other investors, as they are deemed financially knowledgeable enough to rely on their own advice. To qualify as a sophisticated investor, one must meet certain criteria such as having a certain level of net assets or income, or investing a minimum amount of $500,000. However, this classification can be problematic as it does not necessarily consider financial sophistication. The article advises readers to be cautious and informed when dealing with brokers and to understand their rights and the implications of being classified as a sophisticated investor. [Extracted from the article]

As part of his exit, the Population Council insisted that the investors Pike had found have the chance to leave, since the Council could no longer guarantee the promises Pike had made to them. That's when Hawkins called Daniel, who recalls Hawkins angrily reiterating that Shiroyama's investor was a priest who required absolute confidentiality. Now that everyone had been made whole, it was time to finally start making a profit, which was great news for both investors and Daniel's private equity fund, now named MedApproach Holdings, which would get somewhere between 10 and 20 percent of profits made by investors, as well as the management fees it had deferred while the project got off the ground. In a second call, Daniel says Hawkins offered to pay him money instead of providing any documentation revealing the identities of the investors he'd brought in. (A source with knowledge of the proceedings says that Hawkins never made this offer.). [Extracted from the article]

Taiwan has increased its GDP growth forecast for 2025, despite potential disruptions from President-elect Donald Trump's trade policies. The economy is expected to expand by 3.29%, up from the previous estimate of 3.26%. Trade tensions between China and the US could impact Taiwan, which relies on both countries as major trade partners. However, Taiwan's strong performance in the tech sector has helped drive economic growth, allowing the central bank to maintain its benchmark interest rate at a 16-year high. [Extracted from the article]

The owners of Apotea AB are planning to raise approximately $149 million through an initial public offering (IPO) of the online pharmacy. The IPO will consist of 28 million shares priced at 58 kronor, valuing the company at around 6 billion kronor. Apotea, founded in 2011, is one of Sweden's largest online pharmacies, offering a range of products and services including prescription drugs and medical advice. The firm is set to debut on Nasdaq Stockholm on Dec. 6, with cornerstone investors already committing to purchase 60% of the offering. [Extracted from the article]

The collapse of Northvolt AB, a Swedish startup in the electric vehicle industry, began when BMW AG canceled a multi-billion-dollar order in June. This cancellation led to a series of events that culminated in Northvolt filing for Chapter 11 bankruptcy less than six months later. The company faced financial struggles, job cuts, and investor losses, highlighting the challenges faced by European industries in competing with Chinese and South Korean rivals. Despite the setback, Northvolt aims to restructure and continue operations, seeking a strategic or financial partner for support. [Extracted from the article]

D.E. Shaw & Co. is looking to sell approximately $400 million worth of assets in Spain, including non-performing loans and real estate, which it has accumulated over the past decade. The US-based hedge fund has enlisted the help of investment bank Alantra Partners SA to find potential buyers for the portfolio. This move follows a trend of alternative investment firms, such as D.E. Shaw, selling off assets acquired from Spanish banks in recent years. [Extracted from the article]

Federal Reserve Chair Jerome Powell has adopted a cautious approach in waiting to see the policies of the incoming Trump administration before making economic forecasts, a departure from the Fed's response to Trump's win in 2016. Powell's extra caution is notable as Trump's policies are expected to impact inflation and interest rates. The Fed's response to potential fiscal stimulus remains uncertain, with concerns about political risks and the need for a systematic process to handle future policy initiatives from the White House and Congress. [Extracted from the article]

The UK's Financial Conduct Authority has proposed raising the threshold for London-listed firms to produce a prospectus when raising additional funds from 20% to 75% of their share capital. This move aims to attract more listings and curb defections to other exchanges, but has faced mixed reception in the City, with concerns raised by investment banks and financial institutions about potential legal liabilities. The debate also includes considerations about marketing stocks to US investors and the balance between reducing duplication in disclosures and providing investors with necessary information. The FCA is reviewing feedback on the proposals with plans to publish final rules next year, reflecting ongoing discussions on financial regulation and market design. [Extracted from the article]

Investors are optimistic about South Africa's economic outlook following President Cyril Ramaphosa's reform efforts, as evidenced by S&P Global Ratings raising the nation's credit outlook to positive. The move suggests a potential credit grade upgrade and has led to positive returns for investors in South African bonds and currency. Despite recent challenges, such as the loss of investment-grade status in 2020, Ramaphosa's reforms in economic, energy, and governance sectors are seen as positive drivers for South Africa's future. [Extracted from the article]

Elon Musk has escalated his legal feud with Sam Altman, accusing OpenAI of monopolizing generative artificial intelligence and compromising safety in their pursuit of dominance. Musk claims that OpenAI, once a nonprofit, is now transitioning to a for-profit entity with the backing of Microsoft and others, aiming to eliminate competitors like Musk's xAI startup. OpenAI has refuted these allegations, pointing to previous support from Musk for their for-profit structure. The case is ongoing in federal court in Oakland, California, with Musk adding California Attorney General Rob Bonta and Microsoft as defendants. [Extracted from the article]

Italian Finance Minister Giancarlo Giorgetti successfully orchestrated the sale of an initial stake in Banca Monte dei Paschi di Siena SpA to private investors, including Francesco Gaetano Caltagirone and the Del Vecchio family. This move aimed to return the bank to private ownership while keeping it Italian, in line with Premier Giorgia Meloni's commitment to divest stakes in key companies. The sale marked a significant step in Italian capitalism, positioning Banco BPM to become a major shareholder and potentially leading to further consolidation in the banking sector. Italy's efforts to privatize Monte Paschi have faced challenges in the past, including failed attempts under former European Central Bank chief Mario Draghi, but the recent sale signifies progress towards compliance with EU requests for privatization. [Extracted from the article]

Blackstone Inc. and Warburg Pincus are considering selling IntraFi, a fintech company that helps individuals protect their bank deposits. The potential sale could reach $12 billion or more, with interest from financial technology firms and the possibility of an initial public offering. IntraFi, founded in 2002, operates a marketplace used by over 3,000 financial institutions in the US to safeguard deposits up to $250,000. The company's revenue surged in 2023 after the collapse of several regional banks. [Extracted from the article]

Kenya's foreign-exchange reserves have reached a three-year high due to increased capital inflows, helping to stabilize the country's currency amidst global market volatility. The central bank's reserves grew by 8.6% to $9.32 billion, equivalent to 4.8 months of imports, exceeding the minimum target of four months. Factors contributing to this growth include an IMF disbursement, remittance flows, foreign investment in local securities, and rising exports. The Kenyan shilling has remained stable at 129 shillings per dollar, contrasting with the decline in other emerging market currencies following concerns about trade policies under Donald Trump's presidency. [Extracted from the article]

Groupe Dynamite Inc. is set to revitalize Canada's IPO market with a strategic offering that is expected to be the country's largest debut in nearly three years. The women's clothing retailer, majority owned by CEO Andrew Lutfy, aims to raise C$300 million in a deal valuing the company at C$2.3 billion. The timing of the IPO is seen as clever, taking advantage of a lull in the market to attract investor interest. This move is anticipated to pave the way for more IPO activity in Canada, with other companies preparing to follow suit in 2025. [Extracted from the article]

Deutsche Bank's Chief Financial Officer, James von Moltke, expressed optimism about the bank's performance in the fourth quarter, particularly in the investment bank sector. The bank aims to increase revenue by €2 billion to €32 billion next year, with a focus on advisory services and lending income. Deutsche Bank also anticipates growth in fixed income trading and wealth management, especially in Asia. In the third quarter, the bank outperformed its Wall Street peers in trading bonds and currencies. [Extracted from the article]

Currency analysts are revising their forecasts for the euro following the US election, with many now predicting a slide towards parity with the dollar. Several major banks, including Barclays and Deutsche Bank, have lowered their outlook for the euro due to concerns about potential global trade restrictions under a Trump presidency. While some experts foresee the euro dropping to $1.01 or even lower, others believe that the market may already be heavily positioned for a weaker euro, suggesting that parity may not be reached. Overall, analysts now predict a median of $1.08 for the euro next year, down from $1.13 before the election. [Extracted from the article]

Currency analysts are revising their forecasts for the euro, predicting a slide towards parity with the dollar following the US election. Several major banks have lowered their outlook for the euro, citing concerns about potential global trade restrictions under a Trump presidency. While some experts anticipate the euro falling to parity, others believe the market is already heavily positioned for a weaker euro and may not drop as far. The changing landscape in the currency market reflects uncertainty surrounding Trump's economic policies and Europe's political and economic challenges. [Extracted from the article]

Brazil's central bank has issued a warning about the potential for a prolonged tightening cycle if inflation expectations worsen. Policymakers recently raised the benchmark interest rate to 11.25% in response to rising consumer price forecasts above the 3% target. The bank is focused on reanchoring expectations and ensuring credibility in monetary policy decisions. President Lula's administration is considering spending cuts to address concerns about fiscal policy and regain investor confidence. Inflation is on the rise, with annual inflation reaching 4.76% in October, and policymakers are anticipating further increases in consumer prices. [Extracted from the article]

Brazil's biggest lenders are gaining investment-banking market share from US competitors due to a surge in private-credit funds and record local bond sales. Local banks benefit from strong relationships with retail clients, who are attracted to Brazilian bonds for their higher interest rates and tax-exempt status. Despite a 6.1% decrease in the investment-banking fee pool, local banks like Itau and BTG are seeing significant revenue growth, driven by increased demand for private credit and corporate bond issuance. The Brazilian market is maturing, attracting new competitors while generating opportunities for M&A transactions and revenue growth in the coming years. [Extracted from the article]

Vista Equity Partners's head of investor development and fundraising, Greg Myers, has left the firm in a strategic decision to bring leadership closer to its investor base. Cheryl Leahy and Stephen Seelbach are now global co-heads of fundraising, while Viet Nguyen is the global head of strategic partnerships. Vista aims to deepen partnerships and accelerate investor engagement with its new leadership team. Dan Parant was also hired to lead the private wealth solutions business as Vista expands its private technology investments. [Extracted from the article]

Zetwerk Pvt Ltd., an Indian supply chain startup, is exploring fundraising options, including a potential initial public offering (IPO) in Mumbai, to raise up to $1 billion. The Bangalore-based company, supported by investors like Peak XV Partners and Lightspeed India Partners, is in talks with investment banks for the IPO, which could value the firm at several billion dollars. While details are subject to change, Zetwerk's technology platform facilitates connections between suppliers and customers in various industries. [Extracted from the article]

Bankers in Asia are optimistic about a recovery in initial public offerings, with an increase in Chinese firms considering public flotations in Hong Kong. India has seen a record year in funds raised from share sales, while Tokyo's stock market has seen blockbuster deals. Despite challenges, such as increased volatility in Hong Kong's stock market and potential regulatory hurdles in China, there is a positive outlook for IPOs in the region. [Extracted from the article]

The article discusses the impact of a farm credit slump on retail investors in Brazil, who were lured by promises of high returns in the agribusiness sector. The boom in agriculture led to the creation of investment funds backed by agricultural receivables, attracting investors from all backgrounds. However, with plummeting crop prices and increasing bankruptcy filings among Brazilian farmers, concerns have arisen about the sustainability of these investments. Authorities are now faced with the challenge of maintaining credit accessibility for farmers while safeguarding investments. [Extracted from the article]

Treasuries are on track for their best week since early September following a volatile period of trading influenced by Donald Trump's presidential election victory. Long-dated yields have decreased from post-election highs, with short-dated tenors rebounding as Wall Street banks predict fewer Federal Reserve interest-rate cuts next year. The uncertainty surrounding Trump's policies has led to fluctuations in the market, but US debt auctions have been successful, and the Fed's decision to lower interest rates has bolstered investor confidence in Treasuries. [Extracted from the article]

Following Donald Trump's victory, Wall Street CEOs are poised to receive lucrative bonuses due to the potential benefits of his regulatory and tax agenda. Stocks at firms like Goldman Sachs, Carlyle Group, and JPMorgan Chase have surged, triggering significant payouts for CEOs like David Solomon and Jamie Dimon. The market's reaction to Trump's win has helped executives meet targets set by special long-term incentives, with financial firms anticipating gains from reduced government resistance to corporate takeovers and tax cuts. The structure of these awards typically ties them to shareholder returns and performance against industry peers, with CEOs needing to remain at their companies for multiple years to receive their awards. [Extracted from the article]

Following Donald Trump's election win, CEOs at financial firms like Goldman Sachs and Carlyle Group are poised to receive substantial bonuses due to the anticipated benefits of Trump's regulatory and tax policies. The stock prices of these firms surged after Trump's victory, with executives like David Solomon and Harvey Schwartz potentially earning $50 million bonuses each. The market's reaction to Trump's win is helping executives meet their targets as their incentive programs approach key dates, with the expectation of reduced government resistance to corporate takeovers and lighter banking regulations benefiting the industry. [Extracted from the article]

Atlas SP Partners, a structured credit business of Apollo Global Management Inc., has established a subsidiary called Atlas Warehouse Lending Company, which has received blue-chip credit ratings from three major bond graders. The unit provides temporary financing for loans that will be bundled into bonds, with plans to grow its loan portfolio to $30 billion over two years. Apollo acquired Atlas SP from Credit Suisse Group AG, and has been raising capital and expanding the business, securing financing from institutions like BNP Paribas and Massachusetts Mutual Life Insurance Co. The unit is expected to become Atlas' primary funding vehicle for its assets, supporting Apollo CEO Marc Rowan's goal of building a credit machine to rival Wall Street banks. [Extracted from the article]

Investors are optimistic about Argentine President Javier Milei's efforts to combat inflation, with predictions that the annual rate will drop to 25% next year, the lowest in seven years. While some economists forecast a 35% rate, traders are more bullish, expecting a significant decrease. However, concerns linger about potential currency devaluation and past financial crises, prompting some traders to adjust their investment strategies cautiously. [Extracted from the article]

Shares of major US banks, including Citigroup, JPMorgan Chase, and Goldman Sachs, surged as investors anticipated Donald Trump's deregulation promises. Trump's plans to lower taxes and reduce regulations attracted investors, leading to significant stock gains for banks. Trump's victory also had implications for European banks, with some stocks rising and others falling based on market priorities and potential geopolitical outcomes. Overall, Trump's policies were seen as favorable for the US financial sector, potentially leading to increased dealmaking and investment-banking revenue. [Extracted from the article]

Shares of US banks, such as Citigroup, JPMorgan Chase, and Goldman Sachs, surged in premarket trading as investors anticipated Donald Trump's promises to lower taxes and reduce regulations for the industry. Trump's proposed corporate tax rate cut and regulatory changes were seen as more favorable for banks compared to his rival Kamala Harris. European banks experienced mixed reactions to Trump's victory, with some stocks rising and others falling based on various factors like geopolitical tensions and market priorities. Overall, the election outcome was viewed as supporting US equities, particularly financials and cash-rich companies. [Extracted from the article]

Following Donald Trump's victory, US bank stocks, including Citigroup, JPMorgan Chase, and Goldman Sachs, surged in premarket trading as investors anticipated lower taxes and reduced regulations. Trump's promises to cut corporate taxes and overhaul regulatory bodies were seen as favorable for the banking industry. European banks experienced mixed reactions, with Barclays rising and Banco Bilbao Vizcaya Argentaria falling. Analysts noted a nuanced outcome for European banks and predicted a positive impact on US equities, particularly financials and cash-rich companies. [Extracted from the article]