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A pendulum

23 June 2004 Angelo Coppola

Remarkably, global financial markets have experienced a swing of the pendulum.

Martin Jankelowitz, head of market and economic research at Investment Solutions, reports that after a sharp reversal in the so-called "reflation trade", investors appear to be comfortable re-implementing their positions.

The emerging-market bond index spread over US treasuries reached a record 3.84% low in January, then jumped sharply to 5.69% in May before strengthening to the current 4.79%.

Emerging-market equities ($) declined by 20% between mid-April and mid-May, but have since appreciated by 6%.

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Is the commission procurement rule introduced via clause 5.14 of the Amended Financial Services Sector Code (AFSSC) an important piece of the transformation puzzle?

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The clause’s implementation coincides with an increase in the minimum spend targets, which further complicates matters
Many FSPs still view the AFSSC as a matter of choice and consequence rather than compliance
Transformation represents a great opportunity for growth and penetration by brokers
Brokers are unlikely to find their commission business yanked away from them by insurers looking to influence procurement scorecards
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