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Note - The true nature of the derivative contract on French debt

Mory Doré — 2012-09-10T07:40:00Z

The multiplication of misinterpretations related to the launch of the derivative contract on French debt leads to an apolitical analysis produced by a market professional to avoid amalgam and populism: This is a simple and useful contract, which was traded in the past in another form...

Opinion - Financial correlations and loss of common sense

Mory Doré , Patrick Jaulent — 2012-05-07T21:39:00Z

Isn't correlation in finance charlatanry? We analyze this question through 4 situations that have been observed on financial markets with final investors, asset managers and proprietary traders.

Note - Financial markets: Local shock but global crisis

Mory Doré — 2012-04-18T21:52:00Z

The history of crises on financial markets and their amplification during the past 15 years cannot be understood at all if we stick to pure fundamentals. It is necessary to integrate the contagion factor among financial assets and forced selling for commercial, prudential, regulatory or accounting reasons.

Opinion - Robots have taken power in finance

Mory Doré , Patrick Jaulent — 2012-03-12T00:08:00Z

Describe the real world with numbers is a trend that seems to be accelerating. Thus, digital technology is associated with financial models to show that we (human) interact with our environment using mathematical models.

Opinion - The Euro will survive, but not the current Euro zone !

Mory Doré — 2012-03-05T15:00:00Z

If the existence of the euro is not challenged, it is the case of the euro zone in its current configuration. In the same way that cohabitation between countries with maintaining parity exchange had become impossible in the EMS, cohabitation has become impossible within EMU

Note - Strategic tasks of central banks: focus on the ECB

Mory Doré — 2012-02-15T02:00:00Z

Beyond the traditional measures and in a context of systemic risk, we wonder about what specifically should be the strategic tasks of a central bank

Note - Usefulness and competence of rating agencies

Mory Doré — 2011-12-29T17:22:00Z

This is not electoral populism to only criticize rating agencies, rather than question their economic utility and try to ask questions about their actual skills, in other words their ability to analyze the creditworthiness of issuers they rate.

Strategy - The Euro's Survival and traditional asset classes prospects for 2012

Mory Doré — 2011-12-29T16:57:00Z

On the basis of the survival «in fine» of the Euro through a constrained and massive indirect monetization from the ECB, what are the expectations for 2012 on foreign exchange, short-term rates, long-term rates and equities?

Opinion - The Euro will survive In fine !

Mory Doré — 2011-12-29T16:46:00Z

We do not believe or at least most of the implosion scenarios of the euro zone regardless of the terms. -Not because we would be trying to find one or several sustainable solutions to the crisis of sovereign debt, but because such a process would cost too much to everybody for different reasons

Note - Financial crisis indicators and safe haven assets

Mory Doré — 2011-11-17T20:52:00Z

How to measure the intensity of the current financial and economic crisis? Regular monitoring of a number of economic and financial indicators helps answering this question and better understanding the materialization of panic behavior and portfolio reallocations in the markets.

Opinion - Central Banks : the global financial system trashcans ?

Mory Doré — 2011-11-15T19:24:00Z

Institutionalized monetization condemns central banks to become the international financial system trashcans and, despite German opposition, it is likely to be the same for the ECB.

Financial crisis - Back on the true origins of the crisis

Mory Doré — 2011-11-15T19:12:00Z

More than 4 years after the official start, now where everyone wonders how we will emerge from this ongoing crisis, let's come back for a moment on the true origins.

Stories - The Greek crisis : the Danaides' barrel ?

Mory Doré — 2011-10-24T22:53:00Z

Back on the Greek saga or the largest bankruptcy in the 21st century without credit event trigger (to date). The succession of bailout plans shows that we do not simply resolve the insolvency of a country by emergency devices

Opinion - Again and again the bank stress tests

Mory Doré — 2011-10-24T22:28:00Z

Certainly it never ceases to write about the bank stress tests since it keeps getting more into banks; if proof were needed of the total lack of credibility of those made up to now

Strategy - Bond market: Investment opportunities on yield curves

Mory Doré — 2011-10-10T20:59:00Z

Anticipations on future monetary policy and risk aversion linked to systemic threats create investment opportunities on the yield curves of US and Euro bonds. However, those opportunities cannot be seized before two fundamental questions have been answered

Strategy - Forex, a value added in an allocation between real and financial assets

Mory Doré — 2011-09-26T22:08:00Z

The foreign exchange market (Forex) is not an extra asset class but all asset classes together in the same market. It can be a real source of diversification and performance subject to a systematic, disciplined and rigorous monitoring.

Opinion - Perspective and real solvency of banks

Mory Doré — 2011-08-31T22:31:00Z

Can a universal bank go bankrupt ? An objective, rigorous and professional answer is built in three stages: credibility of the banks performed stress tests - assessment of prudential regulation to come - understanding the evolution of the banking business model

Mory Doré's column - Politics and financial markets: misunderstandings that are not new

Mory Doré — 2011-08-24T17:19:00Z

Small point into the complex and tumultuous relations, misunderstood, between financial markets and politics. In these troubled times where the markets are supposedly expecting clear answers from politics and where at the same time, the same markets are accused of destabilizing economic policies, Mory Doré intends to put some order in these proceedings

Opinion - Equity markets: two mistakes to avoid.

Mory Doré — 2011-08-24T10:54:00Z

The negative news flow coming from financial markets does not mean we should give up. This article provides two small pieces of advice or rather two mistakes that must be avoided or that must never be repeated.

Strategy - Investing during market turmoil

Mory Doré — 2011-08-11T11:46:00Z

The idea that considers equity investing as long term has simply become absurd nowadays and has been so during the last 10 years. Let us be reassured. Opportunities will still be around. The only real question nowadays is how to allocate between real assets and financial assets

Who's who - Sébastien Denry

2016-11-17T00:40:58Z

Sebastien Denry, Investment specialist Quant Equity, THEAM Sébastien Denry is an Investment Specialist at THEAM, the partner of BNP Paribas Investment Partners specialized in Protected, Indexed and Model-Driven management. Sebastien is in charge of the development of the Quantitative Equity (...)

News - Euronext in exclusive talks to acquire 20% of EuroCCP and to offer user choice clearing model for equity markets

2016-05-12T15:57:16Z

• MOU signed to finalise the acquisition of a 20% stake in EuroCCP for €14M (including contribution to regulatory capital) subject to closing adjustments • Euronext to create user choice for clearing of Euronext equity markets, through a preferred CCP model followed by interoperability • This (...)

News - ING completes sale of Taiwanese asset management business

2014-04-18T07:12:33Z

ING has completed the sale of ING Investment Management Taiwan, its Taiwanese asset management business, to Japan-based Nomura Asset Management in partnership with a group of investors. The transaction, which was announced on 10 January 2014, is in line with ING's earlier announced strategy to (...)

News - Swiss Re denies being in discussions with the Agnelli family or any of its investment vehicles

2014-03-12T23:21:45Z

Contrary to market speculation, Swiss Re is not in discussion with the Agnelli family or any of its investment vehicles regarding the possible acquisition of a stake in Swiss Re.

News - ING finalises agreement to make Dutch Defined Benefits Pension Fund financially independent

2014-02-28T09:34:38Z

ING announced today that it has finalised the previously announced agreement in principle to make ING's closed Defined Benefits (DB) Pension Plan in the Netherlands financially independent. The finalisation of the agreement releases ING from all future financial obligations arising out of this (...)

News - ING posts 2013 underlying net profit of EUR 3,255 million

2014-02-12T20:29:19Z

ING Group full-year 2013 underlying net profit of EUR 3,255 million, up 22.2% from full-year 2012 2013 net result EUR 3,232 million, or EUR 0.85 per share, including divestments, special items and discontinued operations 4Q13 net result of EUR 539 million, or EUR 0.14 per share, vs. EUR 0.39 (...)

News - Fitch Publishes Tikehau Credit Plus 'Strong' Fund Quality Rating

2014-02-02T19:23:52Z

Fitch Ratings has published Tikehau Credit Plus ‘Strong' Fund Quality Rating. The fund is France-domiciled and managed by Tikehau Investment Management (Tikehau IM).

News - Fitch Affirms CPR Croissance Reactive 'Strong' Fund Quality Rating

2014-02-02T19:22:30Z

Fitch Ratings has affirmed CPR Croissance Reactive's ‘Strong' Fund Quality Rating. The fund is a flexible multi-asset global fund, managed by CPR Asset Management (CPR AM), a wholly owned subsidiary of Amundi Asset Management.

News - ING completes sale of stake in China Merchants Fund

2013-12-04T01:06:17Z

ING announced today that it has completed the sale of its 33.3% stake in China Merchants Fund, an investment management joint venture, to its joint venture partners China Merchants Bank Co., Ltd., and China Merchants Securities Co., Ltd. The transaction, which was previously announced on 8 (...)

News - ING completes sale of investment management business in South Korea to Macquarie

2013-12-02T18:04:31Z

ING announced today that it has completed the sale of its investment management business in South Korea to Macquarie Group, an Australia-based, global provider of financial services. As previously announced on 10 July 2013, the transaction does not have a material impact on ING Group (...)

News - ING prices offering of ING U.S. shares at USD 29.50 per share

2013-10-23T22:49:23Z

ING announced today the pricing of 33 million shares of common stock of ING U.S., Inc., its U.S.-based retirement, investment and insurance subsidiary. Based on the final price of USD 29.50 per share, the offering size is approximately USD 974 million (approximately EUR 706 million at current (...)

News - Fitch Affirms Austria at 'AAA'; Outlook Stable

2013-09-29T18:32:25Z

Fitch Ratings has affirmed Austria's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'AAA' with Stable Outlook. The agency has also affirmed the Short-term foreign currency IDR at 'F1+' and the Country Ceiling at (...)

News - Fitch Affirms European Stability Mechanism at 'AAA'; Outlook Stable

2013-09-10T19:06:15Z

Fitch Ratings has affirmed the European Stability Mechanism's (ESM) Long-term Issuer Default Rating (IDR) at 'AAA' with a Stable Outlook and Short-term IDR at 'F1+'.

News - Fitch Affirms Denmark at 'AAA'; Outlook Stable

2013-09-05T06:07:31Z

Fitch Ratings has affirmed Denmark's Long-term foreign and local currency Issuer Default Ratings (IDR) at 'AAA' with a Stable Outlook. Fitch has simultaneously affirmed the Short-term foreign currency IDR at 'F1+' and the Country Ceiling for Denmark at (...)

News - Fitch Affirms Sweden at 'AAA'; Outlook Stable

2013-07-17T21:37:42Z

Fitch Ratings has affirmed Sweden's Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'AAA'. The Outlook on both ratings is Stable. Fitch has also affirmed Sweden's Short-term rating at 'F1+' and Country Ceiling at (...)

News - Fitch Downgrades Major French Banks

2013-07-17T21:35:01Z

Fitch Ratings has downgraded the Long-term Issuer Default Ratings (IDRs) of Credit Agricole (CA), Societe Generale (SG), Groupe BPCE (GBPCE), Dexia and Dexia Credit Local (DCL) to 'A' from 'A+' and Short-term IDRs to 'F1' from 'F1+'. Fitch has also downgraded BNP Paribas' (BNPP) and CM11-CIC's (...)

News - Fitch Downgrades European Financial Stability Facility to 'AA+'

2013-07-16T06:07:31Z

Fitch Ratings has downgraded the European Financial Stability Facility's (EFSF) guaranteed and long-term debt Long-term rating to 'AA+' from 'AAA'. The EFSF's short-term (less than 12 months contractual maturity) guaranteed debt instruments' Short-term rating has been affirmed at (...)

News - Fitch Downgrades France to 'AA+'; Outlook Stable

2013-07-12T17:50:31Z

Fitch Ratings has downgraded France's Long-term foreign and local currency Issuer Default Ratings (IDR) to 'AA+' from 'AAA'. The Outlook is Stable. At the same time, the agency has affirmed France's Short-term foreign currency IDR at 'F1+' and the Country Ceiling at (...)

News - ING to sell Investment Management business in South Korea to Macquarie

2013-07-10T20:56:23Z

ING announced today that it has reached an agreement to sell its investment management business in South Korea to Macquarie Group, an Australia-based, global provider of financial services. The transaction is not expected to have a material impact on ING Group results. Subject to regulatory (...)

News - Fitch Affirms Japan at 'A+'; Negative Outlook

2013-05-16T20:15:08Z

Fitch Ratings has affirmed Japan's Long-term foreign and local currency Issuer Default Ratings (IDRs) at 'A+' with a Negative Outlook. The Short-term IDR has been affirmed at 'F1+'. The Country Ceiling has been affirmed at 'AA+'. The affirmation of Japan's sovereign ratings in part reflects the (...)