Swiss banking news
10.10.2007 On October 8, 2007, Credit Suisse announce the launch of its latest index in the HOLTSelectTM series - global HS Market Neutral Index. HS Market Neutral Index offers provides investors with the opportunity to invest neutral strategy with low correlation to other asset classes in a rules-based market. Also, it reduces market risk as it ensures sector and region neutrality. To identify key investment opportunities, the index uses Credit Suisse's HOLT framework and provides gives access to HOLT's database of over 18 000 stocks from more than 55 countries. To construct the index, an initial universe of the top 275 North American, 300 European and 175 Japanese stocks is applied by market cap. Then, the universe is divided into 10 sectors that include financials, energy, information technology, telecoms, health care, materials, consumer discretionary, industrials, consumer staples and utilities. The top ranking 10% of each sector are taken. Then, the universe is divided into 50 sector and region categories, using 5 currency regions and the 10 above-mentioned sectors. The resulting index has an equal number of long and short stocks. It also ensures that there is no sector, regional or currency bias. Calculated by Standard & Poor's and rebalanced on a quarterly basis, the HS Market Neutral Index has a compounded annual return of 11.6% since January 1996. The index has delivered positive excess returns in 81% of quarters.
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Offshore news
11.10.2007 The City of London's second Global Financial Centres Index (GFCI 2) has recognised the Isle of Man as "the leading offshore centre". The GFCI report published top 50 financial centres. According to the report, the Isle of Man ranks 21st, preceding such offshore competitors as Cayman Islands, Channel Islands and Bermuda. Also, the GFCI report indicated 7 "new" financial centres that appeared in the top for the first time, and the Isle of Man is the highest "new" financial centre. It is also 3rd in the British Isles after London and Dublin. The GFCI research is carried out by the Z/Yen Group Limited for the City of London Corporation, using additional data from PricewaterhouseCoopers. Ranking financial centres in the GFCI 2 report for September 2007 is based on current views of competitiveness and external benchmarking data. Competitiveness in 5 key areas - people, the business environment; market access; infrastructure and general competitiveness - is taken into account.
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