Month: June 2011

Greece set for final vote on austerity bill

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The Greek government is set to hold a second vote on Thursday on an austerity bill that forms part of the bailout deal with the IMF and ECB. Amid public protests Greece is expected to pass the bill which needs to be implemented to guarantee the next tranche of financial support.


Greece’s Prime Minister George Papandreou on Wednesday won a vote on the outline of the austerity programmes, which includes tax cuts and privations of public assets, by 155 votes to 138.


The measures to be passed through the final bill are said to total €28bn in savings by 2015, which are to help offset Greece’s deficit crisis.

New IMF chief Lagarde calls for Greece unity

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Christine Lagarde, the French finance minister, was late on Tuesday elected as the first woman to head the IMF. Her victory was sealed after a late endorsement from the US which saw her beat Mexican central bank governor Agustin Carstens to the post.

Lagarde, who succeeds Dominique Strauss Kahn following his resignation in May to deal with sexual assault allegations, is said to be facing tough challenges in the wake of the debt crisis surrounding several European nations.

Immediately after her appointment Lagarde urged Greek ministers, who are due to vote on austerity measures worth €28.4bn on Wednesday, to unite so as to avoid default. The austerity package of taxes, spending cuts and sell-offs is critical for Greece to secure international aid from the ECB and IMF.

“If I have one message tonight for Greece, it is to call on the Greek political opposition to support the party in power in a spirit of national unity,” she said.

TomTom shares crash after profit warning

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TomTom, the Dutch navigation system maker, on Tuesday lost an estimated €325.7m in market value as investors responded to the company’s profit warning published on Monday.

The company said in a statement that it expects profits to decrease by almost half in 2011 compared to the year before. The drop was attributed to a decline in personal navigation devices, particularly in the US.

“Consumer electronics markets have been weak over recent weeks and this trend is ongoing. The size of the European PND market is broadly as anticipated and for the year as a whole is expected to decline by around 10 percent. The North American PND market is experiencing a faster rate of decline than earlier in the year and we now expect this market to be down by about 30 percent for the year as a whole,” the company said.

It added: “As a result of these developments we now expect full year revenue of between €1,225m and €1,275m and earnings per share of between €0.25 and €0.30. Revenue for Q2 is expected to be between €300m and €310m.”

2011 Banking Awards, Part II

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Best Banking Group in Argentina
Banco BICE

Best Commercial Bank in Argentina
BBVA Banco Frances

Best Banking Group in Australia
ANZ

Best Investment Bank in Australia
Macquarie Bank

Best Private Bank in Australia
BT Financial Group

Best Banking Group in Austria
Bank Austria – Unicredit

Best Banking Group in Azerbaijan
Eurobank

Best Banking Group in the Bahamas
First Caribbean International Bank

Best Private Bank in the Bahamas
CIBC Trust Company Ltd

Best Banking Group in the Baltics
Rietumu Bank

Best Commercial Bank in the Baltics
Lavijas Krajbanka

Best Investment Bank in the Baltics
LHV Bank

Most Innovative Bank in the Baltics
Baltic International Bank

Best Commercial Bank in Bangladesh
Islami Bank Bangladesh LTD

Best Banking Group in Belarus
Belagropombank

Best Commercial Bank in Belarus
Belarus Bank

Best Banking Group in Bermuda
HSBC Bank Bermuda Ltd

Best Private Bank in Bermuda
Bermuda Commercial Bank

Investment Banker of the Year in Bolivia
Jaime Dunn de Avila at BDP Sociedad de Titularizacion SA

Best Private Bank in Brazil
HSBC

Best SME Bank in Brazil
Banco Industrial do Brasil

Best Banking Group in Brunei
Baiduri Bank

Best Private Bank in Canada
BMO Harris Private Banking

Best Investment Bank in Chile
Celfin Capital

Best Banking Group in China
Bank of China

Best Commercial Bank in China
China Construction Bank

Best Investment Bank in China
China International Capital

Best Private Bank in China
China Merchants Bank

Best Bank in Colombia
Banco de Bogotá

Best Banking Group in the Czech Republic
Cheskoslovenska Obchodni Bank

Best Banking Group in Ecuador
Banco Del Pichincha

Best Banking Group in France
Crédit Mutuel-CIC

Best Banking Group in Germany
Deutsche Bank

Best Banking Group in Greece
Pireaus Bank SA

Best Commercial Bank in Greece
ATE Bank

Best Private Bank in Greece
Eurobank EFG

Best Banking Group in Guatemala
GYT Continental

Best Banking Group in Hong Kong
CITIC Bank International

Best Private Bank in Hong Kong
CITIC Bank International

Best Banking Group in Hungary
OTP Bank

Best Commercial Bank in Hungary
OTP Bank

Most Innovative Bank in Hungary
GRÁNIT Bank Zrt.

Best Banking Group in India
Bank of Baroda

Best Private Bank in India
ICICI Bank Limited

Most Innovative Bank in India
Punjab National Bank

Best Banking Group in Indonesia
Bank Mandiri

Best Commercial Bank in Indonesia
PT Bank CIMB Niaga

Best Investment Bank in Indonesia
PT Bank CIMB Securities

Best Private Bank in Indonesia
DBS (Bank Indonesia)

Best Banking Group in Israel
Bank Leumi

Best Banking Group in Italy
Unicredit

Best Commercial Bank in Italy
Intesa Sanpaolo

Best Banking Group in Japan
Mizuho Banking Group

Best Investment Bank in Japan
Daiwa Capital Markets Securities Co Ltd

Best Commercial Bank in Jordan
Cairo Amman Bank

Most Innovative Bank in Jordan
Jordan Investment and Financial Bank

Best Banking Group in Korea
Standard Chartered

Best Investment Bank in Korea
Samsung Securities

Best Commercial Bank in Kuwait
Commercial Bank Kuwait

Best Investment Bank in Kuwait
Ahli United Bank

Best Private Bank in Kuwait
Burgan Bank

Most Innovative Bank in Kuwait
Boubyan Bank

Most Sustainable Bank in Lebanon
BankMed

Excellence in Trade Finance in Lebanon
BankMed

Best Private Bank in Luxembourg
KBL European Private Bankers

Best Banking Group in Malaysia
Public Bank Berhad

Best Investment Bank in Malaysia
OSK Investment Bank

Best Private Bank in Malaysia
CIMB (Private Banking)

Best Banking Group in Mauritius
Standard Chartered Bank

Best Private Bank in Mauritius
AfrAsia Bank

Best Banking Group in Mexico
Banco Inbursa – Grupo Financiero Inbursa

Best Investment Bank in Mexico
Banco Interacciones

Best Private Bank in Mexico
Banca Mifel – Grupo Financiero Mifel

Best Banking Group in Mongolia
Khan Bank

Best Commercial Bank in Mozambique
BCI

Best Banking Group in Namibia
FNB

Best Private Bank in the Netherlands
ABN AMRO MeesPierson

Best Banking Group in New Zealand
Kiwi Bank

Best Banking Group in Nicaragua
Banpro – Grupo Promerica

Best Banking Group in Pakistan
Allied Bank Limited

Best Investment Bank in Pakistan
KASB Bank Limited

Best Banking Group in Panama
BLADEX

Best Banking Group in Peru
Banco De Credito

Best Banking Group in the Philippines
Security Bank

Best Commercial Bank in the Philippines
Rizal Commercial Banking Corporation

Best Investment Bank in the Philippines
First Metro Investment Corporation

Best Private Bank in the Philippines
Banco De Oro Private Bank

Best Banking Group in Portugal
Banco Totta Santander

Best Banking Group in Qatar
Qatar National Bank

Best Commercial Bank in Qatar
Doha Bank

Best Banking Group in Russia
Open Joint Stock Company Promsvyazbank

Best Commercial Bank in Russia
Open Joint Stock Company BANK URALSIB

Most Innovative Bank in Russia
Open Bank

Best Commercial Bank in Saudi Arabia
United Saudi Commercial Bank

Best Investment Bank in Saudi Arabia
Al-Rajhi Bank

Most Innovative Bank in Saudi Arabia
Bank Aljazira

Best Banking Group in Singapore
United Overseas Bank

Best Commercial Bank in Singapore
United Overseas Bank

Best Investment Bank in Singapore
DBS VIckers Securities

Best Private Bank in Singapore
United Overseas Bank

Best Banking Group in Spain
Santander

Best Commercial Bank in Spain
BBVA

Most Innovative Bank in Sri Lanka
Nations Trust Bank PLC

Best Banking Group in Taiwan
Fubon Financial

Best Commercial Bank in Taiwan
Bank of Taipei

Best Investment Bank in Taiwan
KGI Securities

Best Private Bank in Taiwan
Fubon Financial

Best Banking Group in Thailand
Krung Thai Bank

Best Commercial Bank in Thailand
Bank of Ayudha

Best Investment Bank in Thailand
Bualuang Securities

Best Banking Group in Turkey
Yapi Kredi

Best Commercial Bank in Turkey
Bank Asya

Best Investment Bank in Turkey
Garanti Securities

Best Commercial Bank in the UAE
Abu Dhabi Commercial Bank

Best Banking Group in the UAE
Emirates NBD

Best Investment Bank in the UAE
Mashreq Bank

Most Innovative Bank in the UAE
Commercial Bank of Dubai

Best Banking Group in Uruguay
Banco Republica Del Uruguay

Best Banking Group in Venezuela
Banco Mercantil Universal

Best Banking Group in Vietnam
Techombank

Best Commercial Bank in Vietnam
Asia Commercial Bank

Best Private Bank in Vietnam
HSBC Bank (Vietnam)

Hedge Funds Awards 2011, Part I

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Best Diversified Fund of Hedge Funds, Europe
GHFS Arbitrage Opportunities Thalìa SA

Best Specialist Fund of Hedge Funds, Europe
Rothschild / Blackpoint Limited

Best In-House Fund of Hedge Funds, Europe
CQS Diversified Fund – SP Alpha

Best institutional fund provider, Europe
Aberdeen Asset Management

Best Private Client Fund Provider, Europe
German Asset Management AG

Best Managed Platform Provider, Europe
Man Group

Most Innovative Fund of Hedge Funds, Europe
Tera Capital Fund

 

 

Best Diversified Fund of Hedge Funds, North America
Meridian Capital Partners

Best Specialist Fund of Hedge Funds, North America
Van Biema Value Partners LLC

Best In-House Fund of Hedge Funds, North America
Structured Portfolio Management LLC

Best Institutional Fund Provider, North America
Bridgewater

Best Managed Platform Provider, North America
AlphaMetrix

Most Innovative Fund of Hedge Funds, North America
Balestra Capital Ltd

 

 

Best Specialist Fund of Hedge Funds, Asia
Rasmal (Global Equity Opportunity Fund)

Best Institutional Fund Provider, Asia
MCP Asset Management

Best Private Client Fund Provider, Asia
Value Partners

 

 

Best Specialist Fund of Hedge Funds, Latin America
Phoenix Distressed Opportunity Fund

Best Institutional Fund Provider, Latin America
Tarpon Investimentos SA

Best Private Client Fund Provider, Latin America
Bresser Asset Management

 

 

Best Diversified Fund of Hedge Funds, Australia / New Zealand
New Zealand Assets Management Global Fund

Best Institutional Fund Provider, Australia / New Zealand
FRM (Australia) PTY Limited

Best Private Client Fund Provider, Australia / New Zealand
Challenger Limited

 

 

Best In-House Fund of Hedge Funds, Africa
SYmmETRY

 

 

Best Diversified Fund of Hedge Funds, Offshore
CVL CROSS GLOBAL FUND

New chief of IMF announcement imminent

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The IMF board’s 24 members are due to make a decision on who will be the next IMF managing director after the two key candidates had an opportunity to present all relevant information concerning their candidacy to the executive board.


French finance minister Christine Lagarde remains a clear favourite for the top job as head of the IMF according to a Reuter’s poll despite a last minute endorsement on Friday by Canada and Australia for Mexico’s central bank head Agustin Carstens.


In a published statement, representatives for the two countries, said: “It is important that the new IMF managing director is selected in an open, transparent process with the candidate chosen on the basis of merit and not nationality.”
Japan and the US have yet to publicly support a candidate but are widely expected to back Lagarde in her bid.

At the forefront of professionalism

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The Portuguese group Softlimits, which was established in 2006, decided it was time to change its name to BOND in late March to reflect its growth, accomplishments and progress as a united company. The idea was for BOND to consolidate in 2010 with the acquisition and integration of companies with innovative and fresh skills to add more substance to its client offerings. It was predominantly the entrepreneurial courage, belief and professionalism of the leaders at the helm of Softlimits which led to the capitalisation of openings to acquire various domestic companies in the information technology market. The five acquired companies that embody BOND are: Actis, Agile, Best for Business and Inforflow.

Paulo Ramos, the CEO of BOND, reflects on the company strategy: “After the acquisition of the different companies we decided to rebrand to incorporate all the previous company cultures into a single brand. We are building a new culture network dynamic to help symbolise consistency of cultures with different product offerings. The creation of BOND amalgamates all companies into one and assists them in trying to work together and grow together in what we call solid ties. A united spirit is important to us and defines our new identity.”

The re-brand of the company also marked a new era of growth for the business in its native Portugal and on an international level. The group indicated that the purchases were made also to increase the powers of the company and achieve the objective of upholding a distinguished place in the market because in the IT industry, according to BOND, “innovation and differentiation is everything”.  The push for growth has allowed the group to position itself as an organisation of reference in the development, management and commercialisation of novel technological solutions for both, the public and private sectors. BOND, which is an acronym for Building on Network Dynamics, presented its new identity to the market as part of a rebrand, to help it promote the idea of being a network of sector skills in the market offered through an ecosystem of companies.

Professional attitude
BOND has a wide-reaching and highly experienced team with advanced skills in state of the art technology. With 151 employees now spread across its office locations, which comprise two offices in Portugal’s Lisbon, Luanda in Angola and Maputo, Mozambique, the team is now able to offer solutions and services combined with IT and IS consulting. In addition BOND also has a vast array of technology partners to support the development of its products and solutions globally. Partners include Microsoft, Sas, SPSS, Siebel, Outsystems and MicroStrategy.

The organisation now counts over 500 clients to its roster. It has several high profile names on its private sector client list, but some of the most established ones include Mercedes Benz, Crédito Agrícola, Soares Da Costa, Bacardi Martini, BNA, Banco Espírito Santo, Unilever and Somague. Amongst the public administration arena, clients include amongst others, the Ministry of Foreign Affairs, the Ministry of Defence, the Ministry of Internal Affairs, the Ministry of Health and the Ministry of Culture. Ramos, commenting on BOND’s clientele, says: “Clients of any company are drawn to companies who offer dexterity, reliability and integrity. BOND possesses those qualities and is good at keeping its promises. Over the years the credibility and recognition of our professionalism has grown and clients tend to contract with us because we can deliver.”

Products and services
The company uses various tools to help its clients achieve the results required and has developed its own software to assist. “Solutions that focus in automating and optimising the processes of our clients and simplify dealings with their own clients are a speciality of ours. We go from business issues to technology solutions,” Ramos notes.

BOND’s Matriz software is used to register, classify, manage and provide tens of thousands of works of art from tangible and intangible cultural heritage. An estimated 120 museums countrywide are on our customer list. Ramos notes: “Matriz is a very significant product which aids in the management of all cultural heritage held by foundations and museums.”

Two other software programmes offered are OfficeWorks, which helps to manage millions of documents and processes and leads to a better efficiency and quality in information management, and MSWait which manages support processes and wait queues in hundreds of service counters.

A further tool used by BOND is IntraPub, which offers organisations an autonomous corporate TV channel. This clever resource helps to increase efficiency and impact of the organisation’s communication with customers, and aids in significantly increasing business and quality of service.

SGC – the Consular Management System is a smart software solution and the most profitable business management solution to BOND, as there are many Portuguese living abroad in constant need of consular services. The CMS reduces the distance between citizens’ resident abroad and the central administration of their countries.

The company also develops a Real Time BI that integrates with business intelligence engines in the back-end and offers users up to date information directly on their desktops.

In addition, BOND offers six areas of specialism to its clients:

Customer Process Management
This area provides automation solutions, process optimisation and integration for customer interaction through Bond’s own products.

Business Technology Consulting
This area offers the design of business solutions driven by technology.

Business Intelligence
Here the team uses technology solutions to optimise, extract and report information to assist the decision making processes.

Enterprise Management Systems Outsourcing
Solutions offered in this area allow for data, business processes and operations of any given organisation to be automated and integrated into a single system.

Outsourcing
This specialism focuses on the selection, employment, placing and support of resources and specialised ITS processes.

Education
Through this service the company provides training solutions for its clients in the following areas: Document Management and Workflow, Project Management, Business Intelligence, Performance Management, CRM Analytics and custom training solutions.

The company has several methods in place to ensure that customer satisfaction is consistently met. “An online customer survey is set up to daily check through a set of questions to assess how happy people are with the services they have received. We take this process seriously because people evaluate on a daily basis what we can do to improve client service,” BOND’s CEO says.

Ambitions
The company’s ambitions go far beyond the borders of its own country now as they start exploring opportunities in Congo, Kenya, and some countries in the Middle East. Latin America’s geography also poses an interest to BOND as there are many opportunities.

According to Ramos the company plans up to two more acquisitions for 2011. “Our approach is to take a closer look at the markets in Brazil, Peru, Mexico and Argentina because in those countries if we want to grow faster we will do this through an acquisition, joint venture or by buying a stake in a company. In Africa this will have to be through organic growth as we can grow with other international entities but will not buy any local entity.”
BOND has so far shown a rapid and sustainable growth with a €2m turnover in 2006, €5m in 2009 and €10m in 2010. Ramos notes: “If we grow organically we are looking at a turnover of €12m for 2011 and €15m for 2012. However, if we make acquisitions, 2011 could return between €12m-€17m while 2012 could bring in a turnover of €20m-€22m.”

Market recognition
With the status of Microsoft Gold Certified Partner, Gold Partner Oracle and SMES Excel and Innovate, BOND stands out for its products, solutions and highly accredited services.

BOND was recently recognised with an award from World Finance as the best “Business Intelligence Software provider 2011.”

“Market acknowledgement is important and highly rewarding. Not only is it is good for the ego of professionals, it is also significant because it certifies that the market recognises that we are providing something other companies cannot. The world will see this as a stamp of recognition. We are grateful to our clients for putting their trust in us,” Ramos said.

He added: “Things are moving and changing very quickly however and we take nothing for granted because the market is tough and quick and although we are resilient, flexible and adaptable we will continue to work hard.”

Investment Management Awards 2011

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Best Investment Management Company, Austria
Hypo Landesbank Vorarlberg

Best Investment Management Company, Baltic
Trigon Capital

Best Investment Management Company, Belgium
Dexia Asset Management

Best Investment Management Company, Canada
Phillips Hager & North Investors Management

Best Investment Management Company, Caribbean
JMMB

Best Investment Management Company, Cyprus
CISCO

Best Investment Management Company, Denmark
Nordea Investment Management

Best Investment Management Company, France
CCR

Best Investment Management Company, Finland
Sampo Pankki

Best Investment Management Company, Germany
DB Advisors

Best Investment Management Company, Greece
EDEKT – OTE

Best Investment Management Company, Hong Kong
RCM Asia Pacific

Best Investment Management Company, Italy
ARCA

Best Investment Management Company, Ireland
Irish Life Investment Management

Best Investment Management Company, Latin America
Mirae Asset Global Investimentos

Best Investment Management Company, Luxembourg
Dexia Asset Management

Best Investment Management Company, Middle East
Qatar National Bank

Best Investment Management Company, Netherlands
ING Investment Management Europe

Best Investment Management Company, Norway
Nordea Investment Management

Best Investment Management Company, Russia
Troika Dialog Asset Management

Best Investment Management Company, Serbia
Citadel Asset Management

Best Investment Management Company, Singapore
Nomura Asset management

Best Investment Management Company, South Africa
Coronation Asset Management

Best Investment Management Company, Korea
Mirae Asset Global Investors

Best Investment Management Company, Spain
Amundi Iberia Asset Management

Best Investment Management Company, Sweden
Carlson Investment Management

Best Investment Management Company, Switzerland
Zurcher Kantonalbank

Best Investment Management Company, Taiwan
Allianz Global Investorsestors Taiwan

Best Investment Management Company, Turkey
AK Asset Management

Best Investment Management Company, UK
Aberdeen Asset Management PLC

Technology Awards 2011

Posted on by Ashton Wenborn

Best Accounting Technology, Western Europe
Sage

Best Accounting Technology, Eastern Europe
Kashflow

Best Accounting Technology, Asia
Intuit Quickbooks

Best Accounting Technology, Middle East
Unit4

Best Accounting Technology, Africa
Dynacom

Best Accounting Technology, North America
Sage

Best Accounting Technology, Latin America
Epicor

 

 

Best Agriculture Technology Company, Western Europe
Syngenta

Best Agriculture Technology Company, Eastern Europe
Caterpillar Inc

Best Agriculture Technology Company, Asia
Komatsu

Best Agriculture Technology Company, Middle East
Evogene

Best Agriculture Technology Company, Africa
Hyflux

Best Agriculture Technology Company, North America
Caterpillar Inc

Best Agriculture Technology Company, Latin America
Monsanto

 

 

Best Asset Management Software Provider, Western Europe
Numara

Best Asset Management Software Provider, Eastern Europe
Sage

Best Asset Management Software Provider, Asia
Temenos

Best Asset Management Software Provider, Middle East
Agile Financial Technologies

Best Asset Management Software Provider, Africa
Religare Technologies

Best Asset Management Software Provider, North America
Sungard

Best Asset Management Software Provider, Latin America
Cynel International

 

 

Best Automated Banking Branch Technology, Western Europe
Wincor Nixdorf

Best Automated Banking Branch Technology, Eastern Europe
Sanchez Computer Associates

Best Automated Banking Branch Technology, Asia
Fujitsu Limited

Best Automated Banking Branch Technology, Middle East
ERI

Best Automated Banking Branch Technology, Africa
SAS

Best Automated Banking Branch Technology, North America
IBM

Best Automated Banking Branch Technology, Latin America
Itautec S.A.

 

 

Best Banking Technology Company, North America
Sungard

Best Banking Technology Company, Western Europe
ObjectWay SpA

Best Banking Technology Company, Eastern Europe
Luxoft

Best Banking Technology Company, Middle East
Ashazi Services Co.W.L.L

Best Banking Technology Company, Asia
Polaris Software Lab Ltd.

Best Banking Technology Company, Africa
Fintech Kenya

 

 

Best Biotechnology Company, Western Europe
Farsight Bioscience Limited

Best Biotechnology Company, Eastern Europe
A&A Biotechnology

Best Biotechnology Company, Asia
Biocon

Best Biotechnology Company, Middle East
Viacentra

Best Biotechnology Company, Africa
Arvir Technologies

Best Biotechnology Company, North America
Amgen

Best Biotechnology Company, Latin America
Biogen Idec

 

 

Best Business Intelligence Software Provider, Western Europe
BOND, SA

Best Business Intelligence Software Provider, Eastern Europe
QAD

Best Business Intelligence Software Provider, Asia
CDC Software

Best Business Intelligence Software Provider, Middle East
Rocket Software

Best Business Intelligence Software Provider, Africa
Integral Fusion

Best Business Intelligence Software Provider, North America
IBM

Best Business Intelligence Software Provider, Latin America
Vink OS

 

 

Best Cloud Computing Technology Company, Western Europe
NetSuite

Best Cloud Computing Technology Company, Eastern Europe
Siemens

Best Cloud Computing Technology Company, Asia
Memset

Best Cloud Computing Technology Company, Middle East
Dell

Best Cloud Computing Technology Company, Africa
Memset

Best Cloud Computing Technology Company, North America
IBM

Best Cloud Computing Technology Company, Latin America
VMWare

 

 

Best CRM Technology, Western Europe
SAP

Best CRM Technology, Asia
Eloqua

Best CRM Technology, Middle East
Zoho

Best CRM Technology, Africa
Infor

Best CRM Technology, North America
Amdocs

Best CRM Technology, Latin America
Consona

 

 

Best Environmental Services Technology Company, Western Europe
Siemens Energy

Best Environmental Services Technology Company, Eastern Europe
Eko-Project

Best Environmental Services Technology Company, Asia
Puncak Niaga Holdings Bhd

Best Environmental Services Technology Company, Middle East
Masdar

Best Environmental Services Technology Company, Africa
Veolia

Best Environmental Services Technology Company, North America
ABB

Best Environmental Services Technology Company, Latin America
Dow Chemical Company

 

 

Best Financial Technology Consultants, North America
Bearing Point

Best Financial Technology Consultants, Latin America
Bluepoint Technologies

Best Financial Technology Consultants, Western Europe
ObjectWay SpA

Best Financial Technology Consultants, Eastern Europe
Augeo Ventures

Best Financial Technology Consultants, Middle East
Mubasher

Best Financial Technology Consultants, Asia
KapronaAsia

Best Financial Technology Consultants, Africa
Seven Seas Technologies

Best Financial Technology Consultants, North America
Convergys

 

 

Best IT Outsourcing Company, North America
Wipro

Best IT Outsourcing Company, Latin America
Paradigma

Best IT Outsourcing Company, Western Europe
Wavex

Best IT Outsourcing Company, Eastern Europe
Softserve

Best IT Outsourcing Company, Middle East
Itar Qatar

Best IT Outsourcing Company, Asia
NCC Data

Best IT Outsourcing Company, Africa
Compu-Clearing Outsourcing

 

 

Best Medical Technology Company, Western Europe
Gambro AB

Best Medical Technology Company, Eastern Europe
BMT Medical Technology

Best Medical Technology Company, Asia
Johnson & Johnson Medical Asia Pacific

Best Medical Technology Company, Middle East
Sectra

Best Medical Technology Company, Africa
Inqaba Biotech

Best Medical Technology Company, North America
SCHOTT

Best Medical Technology Company, Latin America
Ache SA

 

 

Best Middle & Back Office Solutions Provider, Latin America
Contax

Best Middle & Back Office Solutions Provider, Western Europe
DST Global Solutions

Best Middle & Back Office Solutions Provider, Eastern Europe
Infosys

Best Middle & Back Office Solutions Provider, Middle East
Oracle Middle East

Best Middle & Back Office Solutions Provider, Asia
SmartStream Technologies

Best Middle & Back Office Solutions Provider, Africa
Calypso Technology

 

 

Best Mobile Banking Technology, North America
Pyxis Mobile

Best Mobile Banking Technology, Latin America
Technisys

Best Mobile Banking Technology, Western Europe
ClairMail

Best Mobile Banking Technology, Eastern Europe
Raiffeisen Bank Polska SA

Best Mobile Banking Technology, Middle East
Acette Technologies

Best Mobile Banking Technology, Asia
Audech

Best Mobile Banking Technology, Africa
Zain

 

 

Best Network Infrastructure Provider, Western Europe
Deutsche Telekom

Best Network Infrastructure Provider, Eastern Europe
networkers.pl

Best Network Infrastructure Provider, Asia
Zenith Infotech

Best Network Infrastructure Provider, Middle East
Siemens

Best Network Infrastructure Provider, Africa
Neotel

Best Network Infrastructure Provider, North America
Comscope

Best Network Infrastructure Provider, Latin America
HCL Technologies

 

 

Best Private Banking Technology Company, North America
Fiserv

Best Private Banking Technology Company, Latin America
Temenos Group AG

Best Private Banking Technology Company, Eastern Europe
Arbes Technologies, S.R.O.

Best Private Banking Technology Company, Western Europe
Temenos Group AG

Best Private Banking Technology Company, Middle East
Fidessa

Best Private Banking Technology Company, Asia
Tata Consultancy Services Limited

Best Private Banking Technology Company, Africa
Wipro

 

 

Best Retail Banking Systems Provider, North America
Fiserv

Best Retail Banking Systems Provider, Latin America
Itautec S.A.

Best Retail Banking Systems Provider, Western Europe
ObjectWay SpA

Best Retail Banking Systems Provider, Eastern Europe
CSoft

Best Retail Banking Systems Provider, Middle East
Sigma Core

Best Retail Banking Systems Provider, Asia
Yucheng Technologies

Best Retail Banking Systems Provider, Africa
Capital Banking Solutions

 

 

Best Security Technology Provider, Western Europe
McAfee

Best Security Technology Provider, Eastern Europe
Kaspersky

Best Security Technology Provider, Asia
Lumension

Best Security Technology Provider, Middle East
Symantec

Best Security Technology Provider, Africa
Avira

Best Security Technology Provider, North America
McAfee

Best Security Technology Provider, Latin America
Itautec S.A.

 

 

Best Wireless Technology Provider, Western Europe
NXP Semiconductors N.V.

Best Wireless Technology Provider, Eastern Europe
Metallic Security

Best Wireless Technology Provider, Asia
Ceyon Technology

Best Wireless Technology Provider, Middle East
Telecom Du

Best Wireless Technology Provider, Africa
3M South Africa

Best Wireless Technology Provider, North America
Sybase

Best Wireless Technology Provider, Latin America
Spring Wireless (Brasil) Ltda

 

 

Technology CEO of the year
Tan Sri Rozali Ismail – Puncak Niaga Holdings Bhd

Technology CFO of the year
Jeffrey Child, Amerigroup Corporation

Technology CTO of the year
Ronald Louks, HTC

Business Tablet of the year
Research In Motion

Business Laptop of the year
Dell

Foreign Exchange Awards 2011

Posted on by Ashton Wenborn

Best Forex Broker USA
Gain Capital

Best Forex Broker Latin America
InovaTrade

Best Forex Broker Canada
BMO

Best Forex Broker Asia
Instaforex

Best Forex Broker South East Asia
Hantec Markets

Best Forex Broker Australasia
FXOpen

Best Forex Broker Africa
Liteforex

Best Forex Broker Middle East
Royal Forex Trading S.A.L

Best Forex Broker Western Europe
Hantec Markets

Best Forex Broker Northern Europe
Saxo Bank

Best Forex Broker Southern Europe
Fx Pro

Best Forex Broker Central Europe
TMS Brokers S.A.

Best Forex Broker Eastern Europe
XTB

Best Global Binary Options Trading Provider
Nadex

Best Payments Systems
Markets.com

Best Vendor For Signals
esignal

Best Software Plug-ins
MetaStock

Best Active Trading Tools
Superderivatives

Best Chinese Language Brokers
Azurite

Best Post Trade Services
Deal Hub

Best Data Networking and Infrastructure Provider
BT Global Financial Services

Best Social Trading Network
eToro

Best Mobile Trading Platform
eToro

Best Trading Software Provider
eToro

Best Global Professional Trading Platform
Squared Financial Services Ltd

Best FX Order Management
Squared Financial Services Ltd

Best FX Global Execution Provider
Squared Financial Services Ltd

Best Algorithmic Providers
Flextrade

Best Technical Analysis Website
Ninja Trader

Best Portfolio Management
Beiley Software

Best Automated Trading Platform
FXCM

Best Dealing Room
GFTUK

Best Rebate Provider
TradersChoiceFX

Best Institutional FX Provider
QuantumFX

Fastest Growing FX Provider
Alpari (UK)

Best Islamic Forex Provider
TADAWUL FX Ltd

Most Transparent Forex Provider
MIG Bank

Best Affiliate Programme
Liteforex

Best Global Liquidity Provider
Commerzbank – Corporates & Markets

Best White Label Solution Provider
Saxo Bank

Best Trading Platform – Global
AVA FX

Best Trade Executions – Global
AVA FX

Best FX Newcomer
IronFX

Best Mini Forex Broker
FBS

Best Global FX Education Provider
LTG Goldrock

Best Dealing Room
Royal Forex Trading S.A.L

GCC Awards 2011

Posted on by Ashton Wenborn

Best GCC Inward Investment Agency
Bahrain Economic Development Board (EDB)

Best GCC Outward Investment Company
Aabar Investments

Best GCC Private Equity Firm
Noor Financial Investment Company

Best GCC Asset Management Company
Jadwa Investment

Best GCC Shariah-compliant Investment Advisory Company
Muthanna Investment Company

Best GCC Conventional Investment Advisory
Bayan Investment

Best GCC Bond Issuer
International Petroleum Investment Company

Best GCC Fund Management Company
Kuwait Investment Company

Best GCC Securities Dealing Services
Taib Securities

Best GCC Development Fund
Saudi Fund for Development

Best GCC Real Estate Development Project
Baniyas Investment & Development

Best GCC Sport & Entertainment Project
Qatar World Cup 2022 Bid

Urban Planning Excellence Award
Abu Dhabi Urban Planning Council

Best GCC Tourism Development Agency
Dubai Tourism and
Commerce Marketing

Best GCC Industrial Development Company
Al-Tuwairqi Holding Company

Best GCC Hotel & Leisure Development
Action Hotels

Best GCC Free Trade Zone
RAK Free Trade Zone

Best GCC Infrastructure Development Project
Al Madina AZarqa (Blue City, Oman)

Best GCC Shopping Malls Development
The Dubai Mall

Best GCC Passenger Transport Development Project
Dubai Metro

Best GCC Air Cargo Company
Qatar Airways Cargo

Best GCC Airport Facility
Dubai International Airport

Best GCC Industrial Hub
ZonesCorp

Best GCC Holding Company
Kingdom Holding

The GCC Environmental Concern Award
Salalah Port

Major GCC Regional Philanthropist
Emirates Foundation

2011 Banking Awards, Part I

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Best Banking Group in Andorra
Banc Internacional d’Andorra – Banca Mora (BIBM)

Best Banking Group in Angola
Banco Millennium Angola, S.A.

Best Commercial Bank in Angola
Banco Espirito Santo Angola

Most Innovative Bank in Azerbaijan
International Bank of Azerbaijan

Best Banking Group in Belarus
Belagroprombank

Best Bank in Bolivia
BancoSol S.A.

Best Commercial Bank in Bolivia
Banco Mercantil Santa Cruz

Best Commercial Bank in Brazil
Banco Pine S.A.

Best Banking Group in Brazil
Banco Bradesco

Best CEO Banker in Brazil
Ricardo Guimaraes at Banco BMG

Best Private Bank in Canada
BMO Harris Private Banking

Best Banking Group in Cape Verde
Banco Interatlântico

Best Banking Group in Chile
Corp Banca

Best Commercial Bank in Colombia
BANCO POPULAR

Best Banking Group in Cyprus
Bank of Cyprus

Best Banking Group in Denmark
Nordea Bank

Best Investment Bank in France
BNP Paribas

Best Private Bank in Germany
Berenberg Bank

Most Innovative Bank in Greece
Black Sea Trade and Development Bank

Best Banking Group in Iceland
Arion Bank

Most Innovative Bank in Indonesia
Bank BRI

Best Banking Group in Iran
Bank Pasargad

Best Banking Group in Jamaica
National Commercial Bank Jamaica Limited

Best Banking Group in Jordan
Jordan Islamic Bank

Most Innovative Bank in Korea
Daegu Bank

Best Banking Group in Laos
ANZ Laos

Best Banking Group in Lebanon
BLOM BANK S.A.L

Best Banking Group in Liechtenstein
LGT Group

Best Banking Group in Luxembourg
EFG Group

Best Banking Group in Macau
ICBC Macau

Best Banking Group in Macedonia
Komercijalna Banka AD Skopje

Best Banking Group in Malta
Banif Bank (Malta) Plc

Best Commercial Bank in Mexico
Grupo Financiero Banorte

Best Banking Group in Morocco
Attijariwafabank

Best Banking Group in Mozambique
Banco Millennium Mozambique

Best Banking Group in the Netherlands
ING Bank

Best Banking Group in Nigeria
First Bank of Nigeria

Best Banking Group in Norway
Nordea Bank

Best Banking Group in Oman
Oman Arab Bank SAOC

Best Investment Bank in Oman
Oman Arab Bank SAOC

Best Banking Group in Paraguay
Sudameris Bank

Best Investment Bank in Portugal
Espirito Santo Investment Bank

Most Innovative Bank in Portugal
Banco ActivoBank SA

Best Investment Management Firm in Portugal
Banif Investment Bank

Best Investment Bank in Russia
VTB Capital

Best Banking Group in Slovakia
Slovenska Sporitelina

Best Private Bank in Spain
BANCA MARCH

Best Banking Group in Sweden
Nordea Bank

Best Private Bank in Switzerland
Credit Suisse Group

Best Investment Bank in Switzerland
UBS

Best Banking Group in Syria
Syria Gulf Bank

Best Banking Group in Tunisia
Banque Internationale Arabe de Tunisie

Best Banking Group in the UK
Santander Bank

Best Investment Bank in the UK
Barclays Capital

Best Banking Group in the Ukraine
Privatbank

Best Banking Group in the USA
PNC Bank

Best Investment Bank in Vietnam
Viet Dragon Securities

Does Dodd Frank meet the test of our times?

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With financial reform legislation barely a year old, Republican policymakers, urged on by Wall Street’s influential figureheads, have been vehemently spinning the yarn of the Dodd Frank Wall Street Reform and Consumer Protection Act (DFA) into new regulatory fabric, trying to ignore the distraction of initiatives to tear up certain aspects of the existing law. They condemn DFA because a vast amount of the rules that put it into effect are yet to be written. Simultaneously they are trying to restrain the control, influence and power of the new Consumer Financial Protection Bureau so as to diminish DFA’s authorities by restraining funding and consequently ascertaining less rigorous rules on derivatives trading.

When President Obama signed the DFA into law on July 21 2010, the event was proclaimed as the most comprehensive makeover of financial regulations since the Great Depression of the 1930s. Its 2,315 pages – 10 times longer than Glass Steagall – took around 18 months to produce and have attracted stern criticism from the start. The rules within the DFA call for more stringent liquidity and capital standards, quicker oversight, limitations on certain investments and greater accountability by rating agencies.

However, anti-regulatory Republicans on the House Financial Services Committee are attempting to hinder implementation of several DFA rules which they maintain will hurt the US financial sector. Among those, the Volcker rule, which they believe eradicates proprietary trading by banks for their own accounts and restricts bank investments in hedge funds. The committee states that the law includes “a hastily rewritten derivatives provision that has the potential to do more lasting harm to the US economy than perhaps anything else in this 2,315-page legislation.” The committee’s position on the Volcker rule was as gloomy, saying: “Because no other major European or Asian country has adopted similar restrictions, imposition of these rules on US firms amounts to unilateral disarmament in a highly competitive global marketplace.”

Critical volley
Jamie Dimon, JPMorgan Chase CEO, told the US Chamber of Commerce recently that increased capital requirements intended to protect banks from collapse would “greatly diminish growth” and threaten to “put the nail in the coffin for big American banks.” George Soros, who made billions in international finance and is now considered the 35th wealthiest man in the world, criticised the Dodd-Frank bill, saying: “I can see its failure to address the issues as it was lobbied into incomprehension and inconsistency by special interests of various kinds.” Even former Federal Reserve Chairman Alan Greenspan took a swipe in a recently published FT article, stating that Wall Street under the DFA “may create the largest regulatory-induced market distortion since America’s ill-fated imposition of wage and price controls in 1971.”

However, in what seemed the harshest response to critics of financial reforms thus far, Deputy Treasury Secretary Neal S. Wolin said of the Dodd Frank Act: “We will continue to oppose efforts to slow down, weaken or repeal these essential reforms.” Mr Wolin, at an event organised by the Pew Charitable Trusts, hit back at bankers, lawmakers and lobbyists whose aim according to him has been to weaken or delay Dodd Frank’s rulemaking.

Targeting the law’s critics he questioned whether they had forgotten the damage caused by the financial crisis and the regulatory gaps that facilitated in causing it. “Our response to them remains the same. Regulators have been and are moving quickly but carefully to implement this legislation,” Mr Wolin said.

On the defensive
One by one, Mr Wolin attempted to break down the unrelenting critique he had encountered over the past few months and addressed each in turn.  Among others, he commented on the “pace of reform,” pointing out that some of the critics who demanded quick clarity on Dodd-Frank after the law was passed are now saying that Treasury and regulatory agencies are moving too fast on implementation and are coming out with too much information too swiftly.

He also addressed the critique that “there is a lack of coordination by the regulators,” saying: “Our financial regulatory system is built on the independence of regulators and independent regulators will have different views on complicated issues.” He added: “Dodd-Frank forces regulators to work together to close gaps in regulation and to prevent breakdowns in coordination. We have already worked through the Financial Stability Oversight Council (FSOC) to develop an integrated roadmap for implementation, to coordinate an unprecedented six-agency proposal on risk retention, and to develop unanimous support for recommendations on implementing the Volcker Rule.”

Commenting on increased transparency in the derivatives markets, he said the act will tighten spreads, reduce costs and increase understanding of risks for market participants.

“The critics argue that requiring standardised contracts to be traded on open, transparent markets will harm liquidity. This position ignores the history and the basic structure of our financial system.  The equities market, where stocks are traded publicly and price information is readily available, is one of the most liquid markets in the world, because of, not in spite of, transparency.”

However, despite Wolins’ persistence, the act continues to pose numerous issues that are troubling Wall Street. According to leading US lawyers however, there are four key DFA regulatory issues which require close attention:

The Volcker Rule
The Volcker Rule continues to be the focus of much scrutiny and debate. A few financial holding corporations have already taken measures to separate themselves from proprietary trading activity in its purest form. The existing and proposed relationships between banking entities, hedge funds and private equity funds will remain particularly complicated until regulations are in place to implement the substantive provisions of the Volcker Rule. In spite of the ambiguity that remains about the scope of potential exceptions, some organisations have concluded that private equity investment is decidedly non-core to their business and have made plans to spin them off.  

SIFIs
Under section 113 of the act, a non-bank financial company may be elected by the FSOC as a systemically important financial institution (SIFI) and become subject to the act’s regulation by the Federal Reserve Board (FRB). This includes heightened prudential standards and limitations if the FSOC determines that material financial distress, or the nature, extent, size, concentration, inter-relatedness, or mix of the corporations’ conduct could create a threat to the financial stability of the US.  Close attention should be paid by asset managers, insurers, specialty lenders and brokers or dealers to an ongoing proposal by the FRB. It is looking at companies which are “predominately engaged in financial activities,” and has established $50bn or above in total consolidated assets as an asset threshold for non-bank financial companies.

Compensation issues
As part of DFA’s compensation-linked reforms, the SEC released for comment proposals to implement section 952, which are terms concerning compensation committees and compensation consultants. The new rule imposes numerous significant executive compensation and corporate governance requirements on public companies. These include shareholder advisory votes on executive compensation and ‘golden parachutes,’ heightened independence rules for compensation committee members, mandatory claw-back policies and enhanced executive compensation disclosures.

Derivatives
Participants in the derivatives market and bankers should be watching developments at CFTC, SEC, the FDIC and other banking regulators. The CFTC let loose a flood of proposals designed to regulate – in a thorough manner – the over-the-counter swaps market, while the SEC is trying hard to keep up with its proposals to regulate the security-based swaps market. The Treasury Department, to the delight of many, announced plans to exempt FX derivatives from the new Dodd Frank rules.  However, it is essential that board members keep informed of the probable impact of all of DFA’s regulatory developments. The act’s derivatives reform is said to bring about an elevated degree of transparency, liability and risk management into the derivatives markets with a greater availability of data.  Questionable however is who will be able to take advantage of it, and how the cost of compliance will impact the effectiveness of the new market dynamic.