Bloomberg reports that investment banks including Deutsche Bank AG and Morgan Stanley are vying for as much as $2 billion in annual fees in Europe arranging customized equity derivatives -- a secretive market that has defied the downturn.
The business, about as large as underwriting initial public offerings before the 2008 financial crisis, is now three times bigger and held steady last year, according to estimates from six bankers who asked not to be identified because the information is private. The contracts accounted for almost 10 percent of total investment-banking fees last year in Europe, the Middle East and Africa as revenue from dealmaking and trading sank…
Read all about it at http://news.businessweek.com/article.asp?documentKey=1376-LZQU1L0D9L3401-4MAD2RDD9R7OTGDVBUJHUA9VLI
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