www射-国产免费一级-欧美福利-亚洲成人福利-成人一区在线观看-亚州成人

Biz
UK to investigate rights offerings
2010-Jun-11 07:47:35

LONDON - Britain's antitrust regulator is planning to investigate equity underwriting in the investment banking industry to determine its effects on competition.

The probe, which will start later this year, will include fees, rights issues and other types of equity-raising following complaints of "dissatisfaction" from corporations, the UK Office of Fair Trading said on Thursday in a statement.

"Economic growth and productivity rely on companies being able to raise capital efficiently for investment," Clive Maxwell, an OFT director, said in the statement. "We plan to study the efficiency of the equity underwriting market and identify any areas for improvement.

Companies in 2009 raised about 70 billion pounds ($102 billion) of equity capital in the UK and paid about 2 billion pounds in fees for underwriting and related services, the OFT said. JPMorgan Chase & Co, Morgan Stanley and Royal Bank of Scotland Group Plc have been the top three banks for equity underwriting in the UK this year, according to data compiled by Bloomberg.

The regulator is seeking input from banks, the government and large corporations on the proposed scope of the study, according to the statement. It involves equity-raising by the largest 350 companies in the UK, it said.

Record share sales by companies including HSBC Holdings Plc and Prudential Plc, which this month abandoned a $21 billion rights offer, have raised concern among companies that the fees banks charge for arranging the sales are too high for the risks they take on. Goldman Sachs Group Inc, JPMorgan and other banks that arranged HSBC's stock sale last year earned about $500 million on the $18.3 billion offering.

Calls to RBS, JPMorgan and Morgan Stanley weren't immediately returned.

OFT Chairman Philip Collins said in March that the regulator may look at the fees charged by investment banks, the Financial Times reported at the time.

This is the second OFT probe of the banking industry started in less than a month. On May 26, the regulator said it is studying whether there are barriers preventing new or small retail banks from entering the market or expanding. The UK Takeover Panel is also considering changing rules on shareholder votes, fees and disclosures following political criticism over Kraft Foods Inc's takeover of Cadbury Plc.

That study followed "substantial" changes to the industry after the global financial crisis led to bank bailouts and mergers that sidestepped competition rules, the OFT said at the time.

Prime Minister David Cameron's Conservative party has called for smaller banks following the previous government's 2008 bailouts of Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc, which were deemed too big to fail.

In March, the OFT reached an agreement with HSBC Holdings Plc, RBS and six other banks on changes to overdraft fees, while earlier this month another UK watchdog said it would limit how banks sell some forms of payment insurance.

The agency is seeking to restore its reputation following the collapse in May of a criminal price-fixing case against four current and former British Airways Plc executives. The OFT was forced to drop its first criminal antitrust prosecution after new evidence emerged at trial.

Bloomberg News

(China Daily 06/11/2010 page14)

[Jump to ]
Nation | Biz | Comment | World | Celebrity | Odds | Sports | Travel | Health
ChinaDaily Mobile News
m.chinadaily.com.cn
To subscribe to China Daily, call 010-64918763 or email to circu@chinadaily.com.cn
主站蜘蛛池模板: 国产精品福利午夜一级毛片 | 日本高清专区一区二无线 | 一本大道香蕉大vr在线吗视频 | 成人做爰全视频 | 国产福利不卡一区二区三区 | 中文字幕精品一区二区三区视频 | 精品国产免费一区二区三区五区 | 国产精品黄在线观看免费 | 亚洲男人天堂手机版 | 欧美人在线一区二区三区 | 午夜看片网站 | 国产cao| 欧美一区二区三区男人的天堂 | 国产精品免费一区二区三区 | 亚洲性生活视频 | 免费精品久久久久久中文字幕 | a一级| 免费一级欧美性大片 | 欧美亚洲国产成人精品 | 亚洲最大网址 | 在线成人国产 | 不卡无毒免费毛片视频观看 | 色综合天天综合网看在线影院 | 香港a毛片免费全部播放 | 亚洲乱码一区二区三区国产精品 | 91精品国产综合久久欧美 | 国产九九免费视频网站 | 欧美亚洲免费 | 成人精品一区二区不卡视频 | 亚洲国产欧美日韩 | 国产精品亚洲综合天堂夜夜 | 欧美成人毛片在线视频 | www.av在线 | 性欧美videos 精品 | 欧美一区二区在线观看视频 | 中国一级特黄剌激爽毛片 | 99精品视频在线播放2 | 一级做a爱片特黄在线观看 一级做a爱片特黄在线观看免费看 | www中文字幕在线观看 | 日本一区二区三区在线 视频观看免费 | 国产高清美女一级a毛片久久w |