Section 1 - FTSE

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2 Contents COVER STORY DEPARTMENTS MARKET LEADER IN THE MARKETS COUNTRY REPORT INDEX REVIEW DEBT REPORT TRADING REPORT DATA PAGES COVER STORY: CLEARSTREAM: A GLOBAL VIEWPOINT ....................Page 65 Once upon a time pitted in a soulless debate on the efficacy of a horizontal versus a vertical clearing and settlement model in Europe, Clearstream broke out of its chains and into a new and seemingly limitless global future. Francesca Carnevale explains how Clearstream reinvented both itself and the opportunities provided by globalisation. THE MOVE TOWARDS FIDUCIARY MANAGEMENT ......................Page 6 Why Dutch institutional investors are leading the way in Europe STICKING TO PRINCIPLES? WHAT NOW FOR THE FSA?....................Page 12 Lynn Strongin Dodds assesses the options facing the UK’s financial regulator CORPORATE GOVERNANCE, CVM STYLE ..........................................................Page 18 CVM’s efforts to introduce transparency into the Brazilian capital markets NEW RULES FOR DEPOSITARY RECEIPTS ..................................................Page 24 David Simons on the effects the easing of rules covering DR programmes FRANCE: CREDIT CRISIS SARKOZY STYLE........................................Page 28 The idiosyncrasies of Nicolas Sarkozy’s approach to the banking crisis SAUDI ARABIA: UNLOCKING POTENTIAL..............................................Page 32 Liberalising the Saudi capital and investment markets is now a priority SAUDI ARABIAN BANKS BUCK THE TREND ..............................Page 38 Why the country’s banks look to be relatively inured from the global credit crunch ROCK, SCISSORS, PAPER, STOCK MARKETS ..................................Page 42 Simon Denham, managing director, Capital Spreads on current index trends WILL THE PFANDBRIEF MARKET RECOVER BEFORE TIME? ..Page 43 The beginnings of a new issue pipeline in 2009 CEDULAS RETUNED......................................................................................................Page 46 Spanish covered bonds look ready for a recovery A PILE UP OF SOVEREIGN BONDS..................................................................Page 48 Can the market cope with the explosion of sovereign issuance? Andrew Cavenagh reports. THE ATTRACTION OF DARK POOLS ............................................................Page 81 Ruth Liley reports on the trading strategies employed in centres of non displayed liquidity THE NEED FOR SPEED ................................................................................................Page 84 By Michael Krogmann, executive director, Cash Market Development, Deutsche Börse ETF Data, supplied by Barclays Global Investors ..................................................PAGE 86 Securities Lending Trends by Data Explorer ..........................................................PAGE 89 Fidessa Fragmentation Index ....................................................................................PAGE 90 Market Reports by <strong>FTSE</strong> Research ............................................................................PAGE 92 Index Calendar ............................................................................................................PAGE 96 MARCH/APRIL 2009 • <strong>FTSE</strong> GLOBAL MARKETS
BNP Paribas Securities Services THE CLOSER WE ARE, THE BETTER YOU PERFORM Withour precise understanding of eachmarket’s internal workings, you maximise your market and investment opportunities. At BNP Paribas Securities Services, the closer, the better. securities.bnpparibas.com BNP Paribas Securities Services is incorporated in France with Limited Liability and authorised by the French Regulators (CECEI and AMF). BNP Paribas Trust Corporation UK Limited and Investment Fund Services Limited are authorised and regulated by the Financial Services Authority.BNP Paribas Securities Services London Branch is authorised by the CECEI and supervised by the AMF and subject to limited regulation by the Financial Services Authority. Details on the extent of our regulation by the Financial Services Authority are available from us on request. BNP Paribas Securities Services is also a member of the London Stock Exchange.
Page 1 and 2: BATTLING MARKET FRAGMENTATION: THE
Page 3: EDITORIAL DIRECTOR: Francesca Carne
Page 8 and 9: EUROPEAN PENSIONS: THE APPEALOF FID
Page 11 and 12: Technology echnology is great, gr e
Page 13 and 14: EUROHYPO The leading specialist ban
Page 15 and 16: It’s like GPS for complex global
Page 17 and 18: The world’s leading indexes, all
Page 19 and 20: higher standards regarding liquidit
Page 22 and 23: BRAZIL: CORPORATE GOVERNANCE REFORM
Page 24 and 25: BRAZIL: CORPORATE GOVERNANCE REFORM
Page 26 and 27: TAKING ADVANTAGE OF DEPOSITARY RECE
Page 28 and 29: TAKING ADVANTAGE OF DEPOSITARY RECE
Page 30 and 31: RESPONDING TO THE CREDIT CRISIS SAR
Page 32 and 33: RESPONDING TO THE CREDIT CRISIS SAR
Page 34: SAUDI ARABIA: CONTINUED MARKET LIBE
Page 38 and 39: SAUDI ARABIA: CONTINUED MARKET LIBE
Page 40 and 41: SAUDI ARABIA: FISCAL SURPLUS BUOYS
Page 42 and 43: SAUDI ARABIA: FISCAL SURPLUS BUOYS
Page 44: INDEX REVIEW: THE DARKEST HOUR BEFO

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