Kursverdoppelung bei Actua Corporation (vorm. Internet Capital)

Metastorm and Thomson Financial Announce Partnership to Deliver Complete Solution to the Financial Services Industry

Thomson Financial Adds Metastorm’s BPM Technology to its Solutions Portfolio

COLUMBIA, MD – January 26, 2006 – Metastorm, a leading provider of Business Process Management (BPM) software for modeling, automating, integrating, and improving both human and system-based processes, and Thomson Financial, an operating unit of The Thomson Corporation (NYSE: TOC; TSX: TOC) and leading provider of information and technology solutions to the worldwide financial community today announced a partnership that will deliver a complete end-to-end research platform.

Metastorm BPM™ will be immediately available as a new product integrated into the Thomson One Institutional Research platform, which delivers critical information and analytical tools to help research analysts make informed recommendations and produce effective research reports. As a component of Thomson ONE, Metastorm BPM will provide Thomson Financial’s customers with the tools needed to establish an integration link between the Thomson Workflow Management tool and the First Call “authorless” submission system as well as the Thomson Research Authoring Solution powered by Capco.

The completely integrated solution further advances the ability of Thomson Financial clients to execute a seamless process from financial research creation through distribution. The addition of Metastorm BPM to the offering will enable Thomson Financial clients to quickly realize greater visibility, improved internal communication, faster processing times and reduced costs.

“Partnering with Thomson Financial is a great decision for Metastorm as it provides another way through which we can broaden our reach in the financial services industry,” stated Mike Shaw, vice president of Americas sales for Metastorm. “By integrating Metastorm BPM into its offering, Thomson Financial understands the critical role BPM technology is playing in the market today. This partnership meets our goal of partnering with leading companies to build enterprise BPM solutions that drive significant ROI.”

About Metastorm
As the first breakaway BPM vendor, Metastorm is a leader in business process management (BPM) software and best practice methodologies for modeling, automating, integrating, and improving both human and system-based processes. Metastorm BPM™ is a complete solution for roundtrip process improvement, designed specifically to address complex processes that are unique to organizations. Metastorm’s 1200+ global client base in manufacturing, retail, financial services, business services, healthcare and government are achieving rapid ROI and Enterprise Process Advantage® in customer service, supply chain operations, risk management, and internal operations. For more information visit www.metastorm.com.

Copyright 2006, Metastorm, Inc. All rights reserved. Metastorm BPM and Enterprise Process Advantage are either trademarks or registered trademarks of Metastorm, Inc. Other product, service and company names mentioned herein are for identification purposes only and may be trademarks of their respective owners.


Press Contact Information:
Gina Karr
Metastorm
T: +1 410-290-0101
gkarr@metastorm.com

 

die enorm boomen und wo Internet Capital an einem der wichtigsten Broker und Informationslieferanten, CreditTrade, 30% hält.

Warum deren Volumen jetzt schon über mehrere Jahre jährliche Wachstumsraten von 100% hat und eine Ende dieses Wachstumstempos nicht abzusehen ist, hängt u.a. mit dem zusammen, was HVB-Manager Schröer unlängst in der FAZ so erklärte:

"Früher haben wir einen Kredit vergeben und dann in unsere Bücher genommen. Das hieß "buy an hold", kaufen und halten, erinnert sich Schröer. Die traditionelle Vorgehensweise war jedeoch weder für die Kunden noch für die Bank effizient. Denn es konnte theoretisch vorkommen, dass ein Kunden aus einer bestimmten Branche nur deshalb keinen Kredit bekam, weil die Bank in dieser Branche keine neuen Kreditrisiken mehr eingehen wollte - nicht aber, weil der Kunde selbst bestimmte Kriterien zur Kreditvergabe nicht erfüllt hatte. Die Schwierigkeit war, dass die HVB - wie andere Banken auch - mit den Risiken bereits vergebener Kredite nicht handeln konnte, was nötig gewesen wäre, um mögliche Klumpenrisiken in einer Branche abzubauen, ohne einfach bestimmte Kreditanträge zu verweigern."

Das ist sicher nicht der wichtigste Grund für Kreditderivate, aber ein weiteres Sahnehäubchen, das diesen Markt expolodieren ließ und lässt.  

wo Internet Capital 30% hält:

CreditTrade is a leading broker in the global credit markets, specialising in credit default swaps and secondary loans. We offer first class transactional services and give our clients the ability to execute trades accurately and reliably. Our clients include global wholesale financial institutions.

CreditTrade offers expert and specialist services in a fast growing market. There are a number of reasons behind this such as an increasingly competitive buy-side market place, capital adequacy requirements resulting in greater use of off balance sheet instruments and standardisation of credit derivative documentation.

CreditTrade believes it is both who and what you know that matter. Therefore, we build relationships with leading counterparties in the business ensuring that we are always at the cutting edge. With highly experienced teams and electronic distribution capabilities we have excellent access to liquidity and market information and that means better prices and service for our clients. Leading financial institutions around the world have come to rely on CreditTrade for excellent service.



The service

CreditTrade's transactional services division operates from three locations around the world: London, Singapore and New York giving us global coverage. We cover a wide range of credit products including credit derivatives and secondary loans.

As the market continues to grow our team expands with it. The size and scope of our team allows us to cover all sectors of the market and where appropriate we offer a specialised service such as our Latin American desk in New York. By bringing together our strengths in these related products and markets we are perfectly placed to offer our clients a more intelligent, comprehensive credit transaction service.

Our dedicated Client Relationship Management (CRM) team works closely with our clients and liaises with our broking desks to understand and meet our clients' requirements. Our commitment to customer service helps keeps us focused on customer needs and coupled with our comprehensive market coverage and broking skills rank us as one of leading intermediaries in the market.

Contact Details

Please use the contacts shown below to discuss your requirements.

London: CDS Desk

T: +44 (0)20 7098 1664

London: Correlation Desk

T: +44 (0)20 7098 1651

New York: CDS Desk

T: +1 201 420 3890

New York: Correlation Desk

T: +1 201 420 4211

Singapore: CDS Desk

T: +65 6536 7655

Singapore: Correlation Desk

T: +65 6536 7655

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Von Volker Binding  

In Zeiten niedriger Kapitalmarktzinsen suchen Privatanleger Anlageformen, die einen höheren Ertrag bieten, deren Risikostruktur aber überschaubar bleibt. Bei der Suche stoßen sie auf Begriffe wie Kreditderivat, Credit-Default-Swap oder gar First-to-Default-Basket.  
                    §
Doch was versteckt sich hinter diesen oftmals exotisch klingenden Bezeichnungen, welche Investitionsmöglichkeiten bieten diese Finanzprodukte dem Investor? Und: Warum kann eine derartige Anlageform gerade auch für Privatanleger attraktiv sein? Kreditderivate sind Finanzprodukte, deren Zahlungsströme von der Kreditwürdigkeit von Schuldnern – das können Unternehmen genauso sein wie Länder – abhängen, ohne dass aber direkt in eine Anleihe dieses Schuldners investiert wird.Das am weitesten verbreitete Kreditderivat ist der Credit-Default-Swap (CDS). Dieser ähnelt in seiner Konstruktion sehr stark einem Versicherungsgeschäft: Der Sicherungsnehmer sichert sich gegen ein so genanntes Kreditereignis eines Schuldners ab. Als Kreditereignis wird in den meisten Fällen Insolvenz, Zahlungsunfähigkeit oder die Restrukturierung bestehender Schulden festgelegt. Der Sicherungsnehmer zahlt in regelmäßigen Abständen eine bestimmte Prämie an den Sicherungsgeber. Dieser hat sich dafür verpflichtet, dem Sicherungsnehmer im Falle eines vorher festgelegten Kreditereignisses bei einem spezifizierten Referenzschuldner einen bestimmten Geldbetrag auszuzahlen oder aber entsprechende Anleihen des Referenzschuldners zum Nominalwert abzukaufen.  » Neuer kostenloser Zertifikate-Newsletter - jetzt anmelden Ein First-to-Default-Basket (Basket-CDS) bezieht sich auf mehrere Referenzschuldner gleichzeitig. Das erste Eintreten eines Kreditereignisses bei einem der Referenzschuldner beendet das Geschäft vorzeitig. Der Sicherungsgeber zahlt dann entweder den Differenzbetrag zwischen dem Nominalwert und dem tatsächlichen Marktwert der Anleihen des Schuldners, bei dem ein Kreditereignis vorliegt. Er kann aber auch vom Sicherungsnehmer die entsprechenden Anleihen zum Nominalwert erwerben.Im Markt für Privatanleger werden in der Regel CDS oder Basket-CDS in Zusammenhang mit einer Geldeinlage als Credit-Linked-Notes (CLN) gehandelt. Eine CLN auf einen Einzeltitel, zum Beispiel Daimler-Chrysler, stellt praktisch eine synthetisch erzeugte Unternehmensanleihe dar.Eine CLN, die an einen Basket-CDS gekoppelt ist, kann folgendermaßen ausgestaltet sein: Tritt innerhalb von fünf Jahren kein Kreditereignis etwa bei Daimler-Chrysler, Volkswagen, ThyssenKrupp, Lufthansa oder TUI ein, erhält der Anleger eine jährliche Zinszahlung von beispielsweise 5,5 Prozent. Am Ende der Laufzeit fließt zudem an den Investor dessen ursprünglich eingesetztes Kapital zurück. Tritt allerdings bei einem der Referenzschuldner ein vorher definiertes Kreditereignis ein, so werden die Zinszahlungen eingestellt. In diesem Fall erhält der Anleger an Stelle des Nominalwerts den entsprechenden Wert der Anleihen des Referenzschuldners.Lesen Sie weiter auf Seite 2: Risiken

Bei einer Geldanlage in derartige Finanzprodukte geht der Anleger im Wesentlichen drei verschiedene Risiken ein: Erstens besteht ein Kreditrisiko, das heißt, Veränderungen in der Bonität der Referenzschuldner verändern auch den Wert der CLN. Zudem besteht im Falle eines Kreditereignisses, wie bei jeder herkömmlichen Unternehmensanleihe auch, ein nicht unerhebliches Verlustrisiko für den Anleger. Grundsätzlich ist bei der Investition in eine CLN oder in einen Basket-CDS das Verlustrisiko größer, als wenn der Privatanleger nur in eine einzelne Anleihe eines der Referenzschuldner investierten würde. Zweitens besteht für Investoren das Korrelationsrisiko: Der Kurs einer CLN, die an ein Basket-CDS gekoppelt ist, hängt von der Entwicklung der Ausfallkorrelation zwischen den einzelnen Unternehmen ab. Die Ausfallkorrelation ist eine Messgröße dafür, wie stark die Kreditereignisse bei einzelnen Unternehmen miteinander zusammenhängen. Neben den beiden vorgenannten Risiken herrscht für die Geldgeber zudem das Zinsrisiko: Wie bei anderen Anleihen auch, unterliegt der Wert einer CLN den Veränderungen und Schwankungen des Zinsmarktes. Ist der Anleger der Meinung, dass zum Beispiel bei den Referenzschuldnern in den kommenden fünf Jahren kein Kreditereignis zu erwarten ist, sollte er, wenn er in ein Basket-CDS-Produkt investiert, eine deutlich höhere Rendite gegenüber einem direkten Engagement in die entsprechenden Unternehmensanleihen erzielen können. Basket-CDS-Produkte eignen sich darüber hinaus für Privatanleger auch zur Portfolio-Diversifikation und beinhalten im Vergleich zu anderen Wertpapieren kein Aktienkursrisiko.Basket-CDS-Produkte werden inzwischen in ganz unterschiedlichen Ausgestaltungen und mit einer Vielzahl unterschiedlicher Referenzschuldner von Emittenten wie zum Beispiel der DZ Bank mit der so genannten Cobold-Serie oder der HSH Nordbank mit der so genannten Nordic-View-Serie angeboten.

Volker Binding ist Senior Quantitative Analyst bei Capital Markets HSH Nordbank AG

HANDELSBLATT, Mittwoch, 14. Dezember 2005, 06:00 Uhr





 

ist für Internet Capital eine wichtige Personalie. Zwar gehört er dem "Aufsichtsrat" von Internet Capital schon seit Juni 2001 an. Ab September 2004 fungiert er jedoch in zusätzlichen Funktionen erst eigentlich im Unternehmen. Und von da an ging es bei Internet Capital geschäftlich bergauf, auch wenn es sich erst in den Anfängen im Aktienkurs widerspiegelt - aber auch da wollen wir nicht unbescheiden sein, es wird aber meines Erachtens noch viel besser kommen.

Dr Michael D Zisman Director atInternet Capital Group, IncorporatedWayne, Pennsylvania TECHNOLOGY / INTERNET SOFTWARE & SERVICES Director since June 2001
          § Track This Person

56 years old

Michael D. Zisman. Dr. Zisman has served as a director of the Company since June 2001 and has provided consulting services to the Company since September 2004. From January 2003 to July 2004, Dr. Zisman was a Vice President in the Corporate Strategy Group of IBM Corporation. During 2001 and 2002, Dr. Zisman worked in the IBM Storage Systems Group. In 2002, he was General Manager of Storage Software, a new "start-up" within IBM. From 1997 through 2000, he led IBM's entry into the knowledge management market and distributed learning market. In 1995 and 1996, Dr. Zisman was CEO of Lotus Development Corporation. Prior to becoming CEO of Lotus, he was Senior Vice President of the Lotus Communications Products Group. Dr. Zisman has served on the IBM Worldwide Management Council and the IBM Corporate Technology Council. Dr. Zisman joined Lotus in 1994 after the acquisition by Lotus of Soft-Switch, Inc., a software firm that he founded in 1979 and headed until its acquisition by Lotus. Soft-Switch was the leading supplier of software and systems products to interconnect the wide range of electronic mail systems that were popular in the 1980s. Prior to founding Soft-Switch, he was a member of the faculty at the Sloan School of Management at MIT. He serves as a director of 4R Systems, Inc., as well as the following privately held Company partner companies: ICG Commerce Holdings, Inc. and CommerceQuest, Inc. Civically, Dr. Zisman serves as a trustee of the University of Pennsylvania and ......

Hier die Kursentwicklung seit Zismans verstärktem Wirken für Internet Capital. Es geht zwar vorwärts wie bei der berühmten Springerprozession, zwei nach vorn und eins zurück, daher sollte man aber das momentane Luftholen zum Einstieg nutzen.


      Date      Open      High       Low     Close§Avg Vol Adj Close*
    Jan-06      8.25      9.39      7.90      8.90   676,411      8.90          §
    Dec-05      8.33      8.51      7.53      8.22   597,452      8.22          §
    Nov-05      8.50      9.39      8.15      8.30   417,357      8.30          §
    Oct-05      8.79      9.00      8.02      8.54   263,380      8.54          §
    Sep-05      8.06      8.96      7.69      8.81   671,633      8.81          §
    Aug-05      6.83      8.53      6.59      8.06   405,026      8.06          §
    Jul-05      7.28      7.90      6.81      6.83   273,135      6.83          §
    Jun-05      5.75      7.71      5.75      7.33   546,663      7.33          §
    May-05      5.48      6.17      5.42      5.80   251,861      5.80          §
    Apr-05      7.08      7.12      5.34      5.51   390,209      5.51          §
    Mar-05      8.32      8.64      6.85      7.02   315,259      7.02          §
    Feb-05      7.51      8.55      6.96      8.32   677,815      8.32          §
    Jan-05      9.12      9.37      7.43      7.52   811,230      7.52          §
    Dec-04      6.80      9.68      6.809.001,178,645      9.00          §
    Nov-04      6.85      7.15      6.35      6.87   323,152      6.87          §
    Oct-04      6.48      7.18      5.90      6.86   324,119      6.86          §
    Sep-04      5.58      6.49      5.35      6.46   330,433      6.46          §
    Aug-04      5.10      5.75      4.80      5.50   289,559      5.50          §
    Jul-04      7.59      7.85      5.05      5.25   543,323  5.25
§
 

ist für Internet Capital eine wichtige Personalie. Zwar gehört er dem "Aufsichtsrat" von Internet Capital schon seit Juni 2001 an. Ab September 2004 fungiert er jedoch in zusätzlichen Funktionen erst eigentlich im Unternehmen. Und von da an ging es bei Internet Capital geschäftlich bergauf, auch wenn es sich erst in den Anfängen im Aktienkurs widerspiegelt - aber auch da wollen wir nicht unbescheiden sein, es wird aber meines Erachtens noch viel besser kommen.

Dr Michael D Zisman Director atInternet Capital Group, IncorporatedWayne, Pennsylvania TECHNOLOGY / INTERNET SOFTWARE & SERVICES Director since June 2001
          § Track This Person

56 years old

Michael D. Zisman. Dr. Zisman has served as a director of the Company since June 2001 and has provided consulting services to the Company since September 2004. From January 2003 to July 2004, Dr. Zisman was a Vice President in the Corporate Strategy Group of IBM Corporation. During 2001 and 2002, Dr. Zisman worked in the IBM Storage Systems Group. In 2002, he was General Manager of Storage Software, a new "start-up" within IBM. From 1997 through 2000, he led IBM's entry into the knowledge management market and distributed learning market. In 1995 and 1996, Dr. Zisman was CEO of Lotus Development Corporation. Prior to becoming CEO of Lotus, he was Senior Vice President of the Lotus Communications Products Group. Dr. Zisman has served on the IBM Worldwide Management Council and the IBM Corporate Technology Council. Dr. Zisman joined Lotus in 1994 after the acquisition by Lotus of Soft-Switch, Inc., a software firm that he founded in 1979 and headed until its acquisition by Lotus. Soft-Switch was the leading supplier of software and systems products to interconnect the wide range of electronic mail systems that were popular in the 1980s. Prior to founding Soft-Switch, he was a member of the faculty at the Sloan School of Management at MIT. He serves as a director of 4R Systems, Inc., as well as the following privately held Company partner companies: ICG Commerce Holdings, Inc. and CommerceQuest, Inc. Civically, Dr. Zisman serves as a trustee of the University of Pennsylvania and ......

Hier die Kursentwicklung seit Zismans verstärktem Wirken für Internet Capital. Es geht zwar vorwärts wie bei der berühmten Springerprozession, zwei nach vorn und eins zurück, daher sollte man aber das momentane Luftholen zum Einstieg nutzen.


      Date      Open      High       Low     Close§Avg Vol Adj Close*
    Jan-06      8.25      9.39      7.90      8.90   676,411      8.90          §
    Dec-05      8.33      8.51      7.53      8.22   597,452      8.22          §
    Nov-05      8.50      9.39      8.15      8.30   417,357      8.30          §
    Oct-05      8.79      9.00      8.02      8.54   263,380      8.54          §
    Sep-05      8.06      8.96      7.69      8.81   671,633      8.81          §
    Aug-05      6.83      8.53      6.59      8.06   405,026      8.06          §
    Jul-05      7.28      7.90      6.81      6.83   273,135      6.83          §
    Jun-05      5.75      7.71      5.75      7.33   546,663      7.33          §
    May-05      5.48      6.17      5.42      5.80   251,861      5.80          §
    Apr-05      7.08      7.12      5.34      5.51   390,209      5.51          §
    Mar-05      8.32      8.64      6.85      7.02   315,259      7.02          §
    Feb-05      7.51      8.55      6.96      8.32   677,815      8.32          §
    Jan-05      9.12      9.37      7.43      7.52   811,230      7.52          §
    Dec-04      6.80      9.68      6.809.001,178,645      9.00          §
    Nov-04      6.85      7.15      6.35      6.87   323,152      6.87          §
    Oct-04      6.48      7.18      5.90      6.86   324,119      6.86          §
    Sep-04      5.58      6.49      5.35      6.46   330,433      6.46          §
    Aug-04      5.10      5.75      4.80      5.50   289,5595.50

§
 

zeigt sein Auftreten auf der nachstehend angeführten Konferenz zu dem folgenden Thema:

11:15 AM  Joint Industry Viewpoint-Technology

The showdown between intelligent and dumb networks will accelerate in coming years, as more sophisticated, power-efficient mobile devices allow information sharing at the edges of broadband networks even as service providers vie to offer more and more sophisticated voice and video services in the core of their networks. These developments at the edge and in the core of the network will drive innovations in smart materials, such as fuel cells, and networking hardware and software to manage ever more complicated Internet Protocol services. In this session, a technology futurist talks about where network intelligence will reside and what disruptions it may prompt in the IT landscape in 2006.
Speakers:
Michael Zisman, Managing Director, Internet Capital Group
Interviews by:
Tiernan Ray, Staff Writer-Technology, Barron’s Online  


Und hier die komplette Veranstaltung, aus der das obige stammt:

Agenda                  Day 1 | Day 2


Tuesday, January 24, 2006

 
7:00 AM  Registration & Continental Breakfast
8:00 AM  Welcome & Introduction
John R. LeClaire, Partner, Goodwin Procter LLP
David Barry, Managing Editor, Private Equity Analyst
8:20 AM  Panel Discussion
Where is Private Equity Headed in 2006?
Will it be another record-breaking fundraising year or will limited partners say enough is enough? Will buyout firms continue their shopping sprees or will the debt markets bring things to a halt? Will the venture industry remain heated, especially in the consumer-related area, or will the lack of exits bring things to a halt? In this always-popular session hear from some of the most thoughtful members of the private equity community about these topics and others…
Panelists:
Perry Golkin, Member, Kohlberg Kravis Roberts & Co.

Brent R. Nicklas, Managing Partner, Lexington Partners

Sheryl Schwartz, Managing Director, TIAA-CREF

Jeffrey Walker, Managing Partner, JPMorgan Partners
Alan E. Salzman, Managing Director, VantagePoint Venture Partners
Moderator:
David Barry, Managing Editor, Private Equity Analyst
9:25 AM  Working Roundtable Discussion
You’ve heard what our panelists had to say about 2006. Now discuss their thoughts as well as your own with fellow conference attendees. At the end, we’ll gather up the musings and see how they compare with our panelists.
9:50 AM  Summary Discussion & Wrap Up
10:20 AM  Keynote Interview
Economic Outlook
Whether you’re running for president, running a business or investing in private equity, the economy’s twists and turns are going to have an impact on your ability to successfully carry out your plans. In this session, hear from a leading economist as they tell you what to look for in 2006.
Keynote Speaker:
Mickey Levy, Chief Economist, Bank of America
Interviewed by:
David Wessel, Deputy Bureau Chief, The Wall Street Journal
10:50 AM  Networking Break
11:20 AM  Industry Viewpoint—Energy
With energy costs continuing to rise, private equity investors have been on the prowl for companies either supplying power or providing cheaper, more efficient measures for keeping homes and buildings lit. In this session, hear from a leading energy analyst as they talk to Andrew Dowell about what to watch for in 2006.
Speaker:
Tim Evans, Senior Energy Analyst, IFR Markets, Thomson Financial Company
Interviewed by:
Andrew Dowell, Deputy Managing Editor, North American Equities, Dow Jones Newswires  
11:50 AM  Panel Discussion
Around the World in 40 Minutes
It’s a given that private equity has gone global. Firms—both venture capital and buyouts that have long since expanded into Europe, China and India are next on the list, and Russia, Brazil and other emerging markets may not be too far behind. But this global exposure carries with it a host of new considerations in evaluating risk versus reward. Global politics, regional economics and national security issues, to name a few, can quickly turn a new investment sour. This panel will review the most promising new areas for global private equity investment, debating where the best environment is likely to be found and which regions could see trouble ahead.
Panelists:
J. Carter Beese, Jr., Senior Advisor and Chairman, International Financial Markets Project, Center for Strategic and International Studies
Padma Desai, Gladys and Roland Harriman Professor, Comparative Economic Systems, Columbia University
Richard H. Frank, Chief Executive Officer, Darby Overseas Investments
Bernard Yeung, Abraham Krasnoff Professor, Global Business, New York University
Moderator:
Gabriella Stern, Senior Editor, Dow Jones Newswires  
12:35 PM  Lunch & Keynote
The View from Washington
Former Wall Street Journal Washington Bureau Chief looks ahead to how politics and business will mix in 2006. The next Supreme Court opening? Revisiting Sarbanes-Oxley? The next round of global trade talks? What political tipping points are likely to have the greatest impact on business and the environment for private equity investing?
Keynote Speaker:
Alan Murray, Assistant Managing Editor, The Wall Street Journal  
2:10 PM  Industry Viewpoint—Media
Consumer media habits are changing rapidly, thanks to the rise of the Internet and mobile devices. What big shifts are in store for investors as media and entertainment conglomerates move to target consumers who are moving away from mass media and toward more individual interactions with news, information and entertainment? In this session, Brian Steinberg talks to Jeffrey Stevenson of Veronis Suhler Stevenson about what these changes will mean for a variety of traditional media platforms and the companies that own them.
Speaker:
Jeffrey T. Stevenson, Managing Partner & Co-Chief Executive, Veronis Suhler Stevenson
Interviewed by:
Brian Steinberg, Advertising Columnist, The Wall Street Journal
2:40 PM  Panel Discussion
Where Does Private Equity Fit?
That’s the question that Chief Investment Officers wrestle with constantly. In a broad portfolio, how is private equity stacking up against hedge funds, real estate, equities and other investment options? Is it the right time to boost a PE allocation or should LPs be looking for new opportunities? This panel of leading CIOs provides some insight as they set their investment strategies for 2006 and beyond.
Panelists:
Deborah E. Gallegos , Chief Investment Officer, New York City Office of the Comptroller
Charles Valdes, Chairman, Investment Committee, CalPERS
Moderator:
Laura Kreutzer, Reporter, Private Equity Analyst  
3:20 PM  Networking Break
3:50 PM  Industry Viewpoint—Health Care
As public investors shun biotechnology companies with no proven products, private equity investors think those forsaken companies may generate some of their best opportunities for returns. At the same time, private investors are anxious to get their own companies onto those same public markets through any means possible. In this session, industry leader Stelios Papadopoulos of SG Cowen gives his take on the increasingly crucial public biotechnology markets in 2006.
Speaker:
Stelios Papadopoulos, Vice Chairman, SG Cowen & Co.
Interviewed by:
Tom Salemi, Senior Editor, Venture Capital Analyst: Health Care  
4:20 PM  Great Debate
The Issues Facing Private Equity in 2006
Hedge Funds: Friend or foe? LPs should be committing more to private equity? The buyout industry is headed for a crash? In this session, hear as three opinionated private equity professionals debate the topics facing the private equity industry and vie for your support. Who makes the best points? You decide: Our LP, our Buyout Professional or our VC?
Panelists:
Michael Flaherman, Managing Director, New Mountain Capital
Thaddeus I. Gray, Managing Director, Abbott Capital

Chip Hazard, General Partner, IDG Ventures
Moderator:
Laura Hodges Taylor, Partner, Goodwin Procter LLP
5:00 PM  Cocktail Reception with remarks from James Taranto, Editor, OpinionJournal.com and author, “Presidential Leadership: Rating the Best and the Worst in the White House.”

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Day 1 | Day 2                                                                            Top of Page


Wednesday, January 25, 2006

 
8:00 AM  Registration & Continental Breakfast
8:40 AM  Opening Remarks
David Barry, Managing Editor, Private Equity Analyst
8:50 AM  Joint Keynote Interview
Polaris Venture Partners and Thomas H. Lee Partners long have been forces in the venture capital and buyout industries. In this special session, Alan Spoon, Managing General Partner of Polaris Venture Partners and Thomas H. Lee, Founder of Thomas H. Lee Partners sit down to discuss their industries. What seems to be working, what worries them, how they view hedge funds and what to make of the growing convergence within the private equity industry?
Keynote Speakers:
Thomas H. Lee, Chairman & CEO, Thomas H. Lee Partners

Alan G. Spoon, Managing General Partner, Polaris Venture Partners

Interviewed by:
Henny Sender, Senior Special Writer, The Wall Street Journal
9:40 AM  Industry Viewpoint—Retail & Consumer Products
The consumer products sector is increasingly dominated by big players doing big deals. But bigger isn't always better, as some major consumer players learned in the merger boom of the late 1990's. By focusing on a narrow space and dominating it, smaller firms can carve out a powerful space on crowded store shelves and leverage their relative position against the giants. Moreover, as big players continue to consolidate, they are divesting smaller non-core brands that could be a bargain for private equity firms. In this session, Ken Harris, managing director and founder of Cannondale Associates, discusses how to succeed and navigate this increasingly crowded marketplace.
Speaker:
Kenneth A. Harris, Jr., Managing Director, Cannondale Associates
Interviewed by:
Sarah Ellison, Staff Reporter, The Wall Street Journal, Dow Jones & Co.
10:10 AM  Panel Discussion
LPs Speak Out: Where We’re Putting our Private Equity Dollars in 2006
Emerging early-stage investors? International mid-market managers? Venture capital buyout hybrids? Where are institutional investors looking to deploy their private equity dollars in 2006? This panel of leading LPs discusses where they will be placing their bets, what type of funds they crave, and how active they plan to be in the next 12 months.
Panelists:
Thomas A. Bradley, Partner, Pomona Capital
Frederick Maynard, Managing Director, HarbourVest Partners
Henry G. Robin, Partner, AlpInvest Partners
Marc de Saint Phalle, Managing Director & Director, Private Equity, Bessemer Trust Company
Moderator:
Laura Kreutzer, Reporter, Private Equity Analyst
10:50 AM  Networking Break  
11:15 AM  Joint Industry Viewpoint-Technology
The showdown between intelligent and dumb networks will accelerate in coming years, as more sophisticated, power-efficient mobile devices allow information sharing at the edges of broadband networks even as service providers vie to offer more and more sophisticated voice and video services in the core of their networks. These developments at the edge and in the core of the network will drive innovations in smart materials, such as fuel cells, and networking hardware and software to manage ever more complicated Internet Protocol services. In this session, a technology futurist talks about where network intelligence will reside and what disruptions it may prompt in the IT landscape in 2006.
Speakers:
Michael Zisman, Managing Director, Internet Capital Group
Interviews by:
Tiernan Ray, Staff Writer-Technology, Barron’s Online  
11:50 AM  Panel Discussion
Protecting Your Firm in 2006
Private equity firms find themselves under increasing attack, whether it be from upset entrepreneurs, public shareholders, regulatory agencies or perhaps fellow private equity firms or hedge funds trying to poach team members. In this panel, hear from people who keep an eye on the legal, regulatory, accounting and recruiting issues that are so important to keep private equity firms looking for investments rather than for the courtroom or replacement partners.
Panelists:
Lee Hanson, Managing Partner, Heidrick & Struggles
Mark Jensen, National Director, Venture Capital Services, Deloitte & Touche
Carl Metzger, Partner, Goodwin Procter LLP
Bruce Adams, General Counsel, In-Q-Tel
Moderator:
David Barry, Managing Editor, Private Equity Analyst  
12:35 PM  Lunch & Keynote Interview
Dan Quayle, Chairman, Cerberus Global Investments
Interviewed by:
Henny Sender, Senior Special Writer, The Wall Street Journal  
2:10 PM  Panel Discussion
Outlook for Exits
Is the IPO market poised for a rebound in 2006? Which sectors are likely to find investor demand? Will strategic buyers dominate the M&A market or will they stay on the sidelines? In this panel, hear from leading investment bankers as they discuss the outlook for the IPO and M&A markets as a whole and within key sectors as well.
Panelists:
George Davitt, Partner, Goodwin Procter LLP
Andy Fisher, Managing Director & Head, Technology Equity Capital Markets, Goldman Sachs
Christopher T. Pasko, Managing Director & Head, East Coast Technology Group, Morgan Stanley
Michael A.R. Wilson, Managing Director, TA Associates
Moderator:
David Faber, Anchor, Squawk Box, CNBC  
3:00 PM  Conference Concludes


 

wo ich daraufhin angesprochen wurde, dass die von Internet Capital kaum erwähnt werde und man sie auf den US-Boards überhaupt nicht kenne.

Zum ersten Punkt habe ich ja schon öfter gepostet, dass das Management Credittrade ob seiner guten Ergebnisse und seines enormen Potenzials am liebsten verstecken möchte. Einmal im Quartal sind sie aber gezwungen einen Satz zu sagen, da sie sonst eine Falschaussage machen würden. Da die Entwicklung der Umsätze der Kernbeteiligungen erheblich von der allerdings im Aufwärtstrend schwankenden Entwicklung von Credittrade abhängt, müssen sie schon auf die Entwicklung bei Credittrade andeutungsweise hinweisen.

So sind halt unsere häufig ahnungslosen Amis. Auch bei Linkshare haben sie erst im letzten halben Jahr gemerkt, dass das fast ein Halb-Milliarden-Wert war.

Dass bei Credittrade mehr das Glück im Spiel war als Recherche, kann durchaus sein - aber das ist egal: Man ist nun einmal mit 30% an einem der bedeutendsten Teilnehmer eines Boommarktes beteiligt - bumm und aus.

Warum ein Boommarkt? Versucht es einmal mit der folgenden Lektüre aus dem Bundebankbericht vom Dezember 2004. Das ist meines Erachtens ein neutrales Papier und nicht von Libuda herbeimanipuliert wie in solchen Situationen manche behaupten:

http://www.stendal.hs-magdeburg.de/project/...sbank/200412mba_cds.pdf  

ICGCommerce, wo Internet Capital 75% hält, ist eine wichtige Kernbeteiligung. Wenn in der Vergangenheit derart positive Meldungen zu Internet Capital kamen, hat am Tag der Meldung der Shortseller immer massiv verkauft, um den Einfluss der positiven Meldung zu neutralisieren - dass der Kurs von 3,40 Dollar auf 9 Dollar trotzdem gestiegen ist, wissen wir auch. Es gilt also im Montag in Frankfurt wenn möglich vor dem Beginn von Island in den USA einzusteigen oder gleich am Anfang in den USA, denn da wird der bis zu den Ohren in der Scheiße sitzende Shortseller noch etwas unternehmen - und da sollte man schon dabei sein, wenn es die Aktie vielleicht günstig gibt.

Goodyear Partners with ICG Commerce on Procurement Initiative


World’s Largest Tire Company Engages Procurement Services Provider To Drive Additional Cost Reductions In Support Of Commitment To Maintain Profitable Growth


PHILADELPHIA - Monday, January 30, 2006 - ICG Commerce, a leading procurement services
provider, today announced that it has been engaged by The Goodyear Tire & Rubber Company to
lead a strategic procurement initiative in North America, launched to support the company's
commitment to achieving cost reduction goals. As part of the engagement, ICG Commerce is
partnering with the company's internal procurement organization to drive cost reductions that are
expected to have a multi-million dollar impact on the company's bottom line.

Goodyear is focused on building momentum and maintaining profitable growth by driving
improvements and efficiencies in key operational areas. The world's leading tire manufacturer
identified indirect procurement as a major element of the company's current cost reduction effort.
Following a highly competitive evaluation process, Goodyear selected ICG Commerce as the
specialist to support this effort in North America based upon the procurement services provider's
operational approach, customized and flexible solutions, as well as its deep expertise.

"Partnering with ICG Commerce on our indirect procurement exemplifies our focus on driving a
low cost structure, one of the seven key drivers contributing to our improved company
performance," said Jonathan Rich, president of Goodyear's North American Tire business unit.

Goodyear's corporate sourcing team has already established significant savings opportunities
through their ongoing strategic sourcing efforts. ICG Commerce's role is to ensure that the
savings opportunities borne from these efforts are fully realized, to identify and implement
additional savings opportunities in indirect buying categories, and to drive year-over-year cost
improvements.

To achieve that objective, Goodyear will leverage ICG Commerce's comprehensive procurement
infrastructure consisting of category experts and process specialists, a best practice based Buying
Center, and flexible tools and information to manage a broad spectrum of procurement processes
including strategic sourcing, savings implementation, transaction processing, and ongoing
category management. ICG Commerce will provide a comprehensive suite of services to not only
help drive aggressive cost reductions in North America but also support and accelerate the
utilization of the company's ARIBA e-procurement system.

"The combined efforts of our two teams of professionals will bring our procurement capabilities
to a new level of performance," said Gary Miller, Goodyear vice president and chief procurement
officer. "Our company has made good strides in identifying opportunities for savings and putting
a platform in place to enable improved focus and line-of-sight alignment as well as to drive
compliance through effective purchasing. ICG Commerce provides the in-depth category, process
and operational expertise we need to make sure the savings are realized and continuously
improved upon and the platform is fully utilized."

The ICG Commerce team will work as an integrated element of the existing indirect procurement
organization, serving all of Goodyear's North American Tire and Engineered Products plant
facilities at more than 40 locations. The program will focus on buying categories that fall into
groupings such as transportation and distribution, packaging, energy, MRO supplies, marketing
products and services, and professional services.

"Goodyear understands that procurement is a high-impact initiative that can significantly enhance
company performance as well as its bottom line," said Edward H. West, chairman and CEO of
ICG Commerce. "Our agreement is testament to the commitment Goodyear has made to truly
maximize the value of procurement to reap savings opportunities. ICG Commerce looks forward
to partnering with Goodyear to achieve its objectives."

# # #

About Goodyear
Goodyear is the world's largest tire company. The company manufactures tires, engineered
rubber products and chemicals in more than 90 facilities in 28 countries. It has marketing
operations in almost every country around the world. Goodyear employs more than 80,000 people
worldwide.

About ICG Commerce, Inc.
ICG Commerce (www.icgcommerce.com) is a leading Procurement Services Provider
exclusively focused on helping companies buy more effectively and efficiently in order to reduce
costs significantly and continuously. The company offers an unmatched combination of process
and category expertise, market insights and benchmarks and a world-class operational Buying
Center to deliver Sourcing and Procurement Outsourcing Services. ICG Commerce Inc., a
privately held company founded in 1992, is a member of Internet Capital Group's (Nasdaq:
ICGE) network of partner companies. For four consecutive years, ICG Commerce has been as a
Forbes Best of the Web: B2B honoree, and the company also has had multiple executives
recognized in Supply & Demand Chain Executive magazine's annual "Pros to Know" listing
 

Weitere Information sind sicher noch zu dem nachstehende Vorgang erforderlich:

http://www.hpigmbh.com

Hier wird der Verkauf der Deutschland-Niederlassung an einen anderen Dienstleister bekanntgegeben - und der Käufer gibt wiederum an mit ICGCommerce kooperieren zu wollen. Hinter der hpi verbirgt sich nichts anderes als der frühere Zentraleinkauf des ehemaligen Hoechst-Konzerns, der früher in Deutschland in Sachen elektronischer Einkauf führend war. Bei der Zerschlagung des Hoechst-Konzerns wurde er ausgelagert und ein selbständiges Unternehmen und später von icgcommerce übernommen.

Fakt war, dass icgcommerce in den USA wuchs und in Europa stagnierte, sodass man sich vermutlich, um kritische Masse zu gewinnen und Kosten zu sparen, für diese Lösung entschieden hat. Für eine Bewertung der ganzen Angelegenheit müsste man auch die Details der zukünftigen Zusammenarbeit von hpi mit icgcommerce und den erzielten Verkaufserlös kennen.  

Das klingt vom Vize sehr optimistisch:

http://www.icgcommerce.com/corporate/doc/html/...rce_JOC_01_09_06.pdf  

denn di rücken jetzt auf ihrer neu gestalteten Internetseite mit Information heraus, die sie uns bisher immer verschwiegen haben, Diese überaus interessanten Details sind:

1. Sie besorgen zur Zeit für über 80 Firmen, die sicher nicht alle das Format des letzten Neukunden Goodyear haben, den Einkauf indirekter Güter. Vermutlich nicht immer aller, aber Teil und Kategorien reichen auch. Das gibt interessante Möglichkeiten des Poolings. Daraus resultiert der etwas in Verruf geratene Netzeffekt, der aber trotzdem gilt: Mit jedem neu gewonnenen Kunden steigt die Attraktivität und es kommen neue Anbieter dazu. Das scheint, siehe den Gewinn von Goodyear in diesem Jahr in den USA der Fall zu sein. In Europa bzw. Deutschland tut man sich da vermutlich schwerer, die kritische Masse zu erreichen, trotz Kunden wie RWE oder T-Mobile - daher anscheinend auch der Verkauf von HPI und die anschließende Vereinbarung einer Zusammenarbeit. Soweit ich mich erinnere kann auf diesem Sektor von der Zahl der Kunden nicht einmal Ariba mithalten.

2. Das abgewickelte Einkaufsvoumen liegt bei 5 Milliarden - hört sich imposant an, aber die Margen sind eben auch sehr klein, aber 5 Milliarden sind schon eine Zahl.


ICG Commerce at a Glance
Founded in 1992 as Purchasing Group Inc.; renamed as ICG Commerce in November 1999
Privately held company, headquartered minutes from Philadelphia, PA
Offices in the U.S., U.K., and Germany
Over 80 active customers
125 sourcing & category experts worldwide
Sourcing expertise in more than 300 categories
Actively managing over $5B in spend across a wide range of categories
Most experienced procurement outsourcing provider, with dozens of long-term outsourcing customers
Company profile:
ICG Commerce (www.icgcommerce.com) is a leading Procurement Services Provider exclusively focused on helping companies buy more effectively and efficiently in order to reduce costs significantly and continuously. The company offers an unmatched combination of process and category expertise, market insights and benchmarks and a world-class operational Buying Center to deliver Sourcing and Procurement Outsourcing Services. ICG Commerce Inc., a privately held company founded in 1992, is a member of Internet Capital Group's (Nasdaq: ICGE) network of partner companies and has been honored as a Forbes Best of the Web: B2B and Outsourcing, UPSIDE Magazine Hot 100 and iSource 100 company as well as had several executives recognized among the iSource "Pros to Know".

Recent Awards:
2004, 2005 Outsourcing Excellence Finalist, Outsourcing Journal
2003, 2004, 2005 Pros to Know, Supply & Demand Chain Executive Magazine
2000 2002, 2003, 2004, 2005 Forbes Magazine's "Best of the Web: B2B and Outsourcing"
 

ICGCommerce neu geordnet wird, das US-Geschäft boomt:

View: Brief | Detailed  

Date Job Title Location


Jan 26 Transportation and Logistics Associate
US-OH-Akron

Jan 25 Customer Service Specialist
US-PA-King of Prussia

Jan 25 Procurement Analyst
US-OH-Akron

Jan 24 Tranportation and Logistics Team Lead
US-PA-King of Prussia

Jan 24 Category Management Associate – Retail Store Supplies & Services -- Automotive
US-OH-Akron

Jan 18 Desktop Support Analyst
US-PA-Philadelphia

Jan 10 Professional Services Sourcing Manager
US-PA-King of Prussia

Jan 10 IT Telecom Category Manager
US-PA-King of Prussia

Jan 10 Strategic Sourcing Consulting Associate
US-GA-Atlanta

Jan 10 Purchasing Manager
US-PA-Gulph Mills

Jan 9 Buyer
US-PA-King of Prussia

Jan 6 Supply chain Analyst/Associate
US-PA-King of Prussia

Jan 4 Consulting Analyst/Associate
US-WA-Redmond

Dec 9 HR Generalist
US-PA-Philadelphia


Jobs 1 to 14 of 14
 Page: [1]  



 

nicht outgesourct wird - und das ist nachwievor der weitaus größte Anteil der Beschaffung - dominiert ein Softwareanbieter, nämlich Emptoris. Was Ariba und vor allem Commerce One dort einmal werden wollten, ist Emptoris geworden. Das wurde in der neuesten Untersuchung von Forrester noch einmal eindeutig bestätigt.

Wenn man Nachstehendes liest, könnte man sich allerdings überwiegend permanent in den Hintern beißen. Denn ursprünglich kommt Emptoris aus dem "Internet Capital-Stall" - sie hielten dort anfgang über 60%. Vor drei Jahren, als die enorme Expansion von Emptoris begann und im Rahmen von mehreren Finanzierungsrunden erhebliche Mittel aufgebracht werden mussten, machte Internet Capital nicht mit, weil es damals damit beschäftigt war sein Fremdkapital fast völlig durch Eigenkapital zu ersetzen. Dass ich dieser Maßnahme von extremen Sicherheitsfanatikern im Management nie zugestimmt habe, wissen alle, die meine Postings schon länger gelesen haben. Dadurch sanken die Anteile von Beteiliungen ab, die heute Furore machen. So z.B. von Emptoris von 62 auf 7% und bei Traffic.com von 25 auf 3%. Bei verkörpern heute Werte, die mit dreistelligen Millionenzahlen gemessen werden. Aber selbst diese mickrigen Beteiligungsquoten sind bei geringen Marktkapitalisierung von Internet Capital bei ca. 350 Millionen jedenfalls etwas besser als nichts.

In "eSourcing Suites Scorecard Summary: Emptoris Key Findings From The Forrester Wave™: eSourcing Suites, Q4 2005," (Forrester Research, Inc., November 2005), Forrester stated:

"Measured purely on strength of functions, Emptoris is the top eSourcing suite vendor."

"Overall, the product has the most sophisticated spend analysis, supplier assessment, and sophisticated bid optimization functions, as well as strong supplier discovery, RFx/reverse auctions,and sourcing activity management functions. Its globalization features are also strong."

"Emptoris was one of the first vendors to recognize the value of providing a broad sourcing suite that includes spend analysis, supplier discovery and assessment, and contract management, along with the standard eSourcing tools of RFx and reverse auction support. Through internal development and acquisition of specialist vendors like Zeborg and Intigma in spend analysis, and Valuedge in supplier assessment, it has created the strongest eSourcing suite in terms of functions."

The independent research firm further concluded, "Emptoris is best for Global 2000 firms that are world-class sourcers."

To obtain a copy of "The Forrester Wave™: eSourcing Suites, Q4 2005," please visit
www.forrester.com/Research/Document/Excerpt/0,7211,37940,00.html.


Emptoris brings innovation to supply management, empowering enterprises to realize the best value from their supply base and accelerate profitable growth. Emptoris’ enterprise supply management solution delivers the industry's most comprehensive suite of web-based applications that integrates spend analysis, supplier negotiation, optimization-based bid analysis, contract compliance and supplier performance management capabilities. With its solutions, Emptoris customers have analyzed collectively over $3 trillion in spend and sourced over $107 billion in more than 50 different countries.

 

ist, dass einerseits z.B. der Managing Director als anerkannter Fachmann folgendes von sich gibt, aber andererseits z.B. zwischen 150 und 200 Millionen Cash gehalten werden, obwohl 15 bis 20 Millionen locker reichen würden.

11:15 AM  Joint Industry Viewpoint-Technology

The showdown between intelligent and dumb networks will accelerate in coming years, as more sophisticated, power-efficient mobile devices allow information sharing at the edges of broadband networks even as service providers vie to offer more and more sophisticated voice and video services in the core of their networks. These developments at the edge and in the core of the network will drive innovations in smart materials, such as fuel cells, and networking hardware and software to manage ever more complicated Internet Protocol services. In this session, a technology futurist talks about where network intelligence will reside and what disruptions it may prompt in the IT landscape in 2006.
Speakers:
Michael Zisman, Managing Director, Internet Capital Group
Interviews by:
Tiernan Ray, Staff Writer-Technology, Barron’s Online  

Meines Erachtens sollte man den Anteil z.B. an Freeborders, der von 48% auf 33% gefallen ist, weil man wohl aus strategischen Gründen den Wagnisfinanzierer FTVentures hineinnehmen musste (ein von den größten Banken der Wert finanzierter Wagnisfinanzierer, der wiederum in Unternehmen investiert, die IT für den Finanzbereich fabrizieren), um im Finanzbereich besser Fuß fassen zu können, wieder hochfahren. Und man sollte das Risiko erhöhen: Reifere Unternehmen sollten verkauft werden und es sollte dabei keinen Heiligen Kühe geben. Meines Erachtens ließe sich sogar ICGCommerce als der weltweit größte Pure Play im Outsourcing von Beschaffung ganz gut verkaufen, mit deren Tochtergesellschaft HPI hat man immerhin einen Anfang gemacht - das ist inzwischen reifes Geschäft, das man zu Cash machen sollte, um in Unternehmen in früheren Stadien zu investieren. Es gibt auch keinen Grund an einem Unternehmen wie Computerjobs weiter beteiligt zu sein, die arbeiten vermutlich rentabel in einer Nische, aber ein hohes Wachstum haben die sicher nicht mehr.

Fazit: Man sollte das übertriebene Sicherheitsdenken aufgeben, denn Internet Capital ist schließlich keine Bank, die nebenher auch noch in Beteiligungen investiert. Aber selbst beim Beibehalten der bisherigen Strategie sind Kurse unter 15 Dollar eine Unterbewertung, aber um mein langfristiges Kursziel von 30 Dollar wieder ins Visier zu bekommen, muss das Risiko wieder erhöht werden - das geht nicht mit 4% auf Festgeldanlagen.  

einer der bedeutendsten Broker und Informationslieferanten auf dem Gebiet der Kreditderivate, speziell bei Credit Default Swaps.

Bedeutende Aussage Nr. 1: "In recent years, the market has taken off, expanding 128 percent in the year to last June to top an estimated $12 trillion in notional outstanding trades." 128% Wachstum vom ersten Halbjahr 2005 zum ersten Halbjahr 2004. Selbst wenn sich das im zweiten Halbjahr etwas abgeschwächt haben sollte, sind das Bombenzahlen.

Bedeutende Aussage Nr. 2: "Observers say that strong growth is continuing." Das Wachstumstempo lässt nicht nach.






Despite Record Growth, Credit Derivatives Still Have Unresolved Issues for 2006
RiskCenter.com (January 9, 2006)

Location: New York
Author: Ellen J. Silverman
Date: Monday, January 9, 2006
--------------------------------------------------

The fast-growing credit derivatives market saw its share of trials in 2005 and traders and investors have emerged older and wiser. At the same time, there are plenty of unresolved problems and fresh opportunities in store for 2006 and beyond.

Credit default swaps and related instruments allow investors to buy and sell a form of insurance against corporate default. In recent years, the market has taken off, expanding 128 percent in the year to last June to top an estimated $12 trillion in notional outstanding trades. Observers say that strong growth is continuing.

However, continuing pressure from regulators remains. Regulators, including the Federal Reserve Bank of New York, last year homed in on inadequate market practices and infrastructure, which have impeded the growth in credit derivative trading. They appear to be keeping up their scrutiny. Initial pledges from 14 leading dealers to cut trade backlogs look likely to be met before they next meet the New York Fed in mid-February. Meanwhile, more and more trades are being matched electronically but many are still processed manually - meaning errors could still be creeping into new trades as the market continues growing.

Most analysts say default rates are rising from recent historical lows. An orderly upward trend might even boost the use of credit derivatives but a sharper-than-expected increase could send ripples through the credit markets, perhaps denting enthusiasm for riskier derivative instruments. One huge bankruptcy might have an even bigger impact.

Corporate defaults trigger settlement of credit derivative contracts, which usually requires the delivery of cash bonds. However, the volume of credit derivatives outstanding can far exceed that of available bonds. To minimize bond shortages, the industry has developed a cash-only settlement mechanism, refined with each of last year's succession of corporate bankruptcies. Cash settlement has worked reasonably well for CDS index contracts and the industry is hoping to standardize it for index trades by the end of March.

Synthetic collateralized debt obligations have proved a hit with investors, despite some rating downgrades following last year's batch of corporate defaults. "The positive tone continues as we enter 2006," say Ashish Shah of Lehman Brothers. Strong CDO issuance would boost credit derivative activity overall, with new contracts needed both to create the instruments and for hedging purposes. However, a significant turn in the credit cycle would put a greater strain on CDO's due to their frequent reliance on higher yielding debts to boost returns.

Credit derivatives are most widely used in the corporate realm, and on a smaller scale in emerging markets. But the products can also be adapted for other segments of the capital markets. For example, the market in CDS instruments based on asset-backed securities took off after the International Swaps and Derivatives Association published standard documentation last June. A related index product, known as ABX, is set for launch this month. Credit derivatives based on corporate loans (as opposed to bonds) and on preferred stock are also in development and the first exchange traded CDS index futures contracts could be launched in Europe some time this year.

Credit market participants are increasingly using prime brokers such as Goldman Sachs and Bear Stearns to help consolidate trading and back office functions. If the brokers shoulder more of the administrative burden, hedge funds and others could trade more. "Prime brokerage could contribute to a larger [market] growth rate in 2006 than 2005," says Mark Beeston, president of T Zero, an electronic CDS processing platform. In a young and fast-growing market, however, predicting the future is difficult. Mr. Beeston says: "A year is a lifetime in this business."

--------------------------------------------------
Article Printed From RiskCenter.com


 



   
 

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wo die Internet Capital-Beteiligung CreditTrade ein maßgeblicher Akteur ist. Lest doch selber nach. CreditTrade haben die Amis noch gar nicht auf dem Radarschirm, obwohl sie die Kernbeteiligung mit den höchsten Umsätzen sein dürfte. Beim Lesen dürfte auch klar werden, dass der Shortseller, der momentan mit 10.000er Päckchen um sich werfen muss, um den Kurs im Zaum zu halten keine Chance hat. Ihr solltet sein Päckchenwerfen zu Käufen ausnutzen und mutig zugreifen, so wie einst Euer Opa bei den Care-Paketen.


The Refco Wake-Up Call

21.10.2005

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What are derivatives?

They are financial instruments that allow investors to speculate on, or hedge against, future prices or events. Their core purpose is to control risk. For example, by agreeing a set future price for a commodity, a farmer can help guard against dramatic fluctuations in income from, say, an unexpected oversupply. Derivatives can be used to hedge against adverse movement in practically anything, from commodities to exchange rates. But derivatives are complex, and the market in them is far from transparent.
 
And credit derivatives?

Credit derivatives are contracts that allow institutions to manage their credit risk. So if a bank or insurer is worried that one of its customers, which could be a firm or even a country, won’t be able to pay back a debt, it can protect itself against loss by transferring the credit risk to someone else, such as a hedge fund (when one institution is trying to offload credit risk, at the right price there will always be a counterparty looking to take it on for speculative or hedging purposes). The institution that holds the derivative pays out when a defined ‘credit event’, such as bankruptcy or debt restructuring, occurs.  

Is it a big market?

Huge, and growing as e-trading platforms make it easier to access. According to the International Swaps and Derivatives Association, the total value of the market in credit derivatives grew by almost 48% in the first six months of the year to $12.43trn from $8.42trn. This compares to the total market cap of all companies on the New York
Stock Exchange – anywhere from $10trn to $15trn
 

das Umsatzwachstum der Kernbeteiligungen von Internet Capital treibt, könnt Ihr nachstehend lesen. Kaum ein anderer Markt, auf dem eine Internet Capital-Beteiligung tätig ist, wächst so schnell wie der der Kreditderivate.


Financial Times: 2006 Credit Derivatives Outlook

Submitted by Lars Toomre on Thu, 01/05/2006 - 5:52pm.

The Financial Times of London has published an outlook for the 2006 credit derivative market in a January 5th article entitled Plot twists ahead for credit derivatives. The article states “The fast-growing credit derivatives market saw its share of trials in 2005. Traders and investors have emerged older and wiser, like the subject of every Hollywood coming-of-age story. At the same time, there are plenty of unresolved problems and fresh opportunities left over for action-packed sequels in 2006 and beyond.”

“Credit default swaps and related instruments allow investors to buy and sell a form of insurance against corporate default. In recent years, the market has taken off, expanding 128 per cent in the year to last June to top an estimated $12,000bn in notional outstanding trades. Observers say that strong growth is continuing. Coming developments include both potential brakes on the expansion of the industry and new sources of growth.”

This article expands on the following key themes in its sub-sections:

Continuing pressure from regulators

Rising corporate defaults

Ongoing settlement challenges

Strong structured finance demand

New tradeable credit derivative markets

Growing use of prime brokerage


Toomre Capital Markets LLC suggests that readers interested in the active management of credit risk review this Financial Times article. Comments are welcome including themes about what was missing from the article such as liquidity risks and the May 2005 trading environment.

 

C O R R E C T I O N -- ICG Commerce/



In the news release, Goodyear Retains ICG Commerce on Procurement Initiative, issued earlier today by ICG Commerce over PR Newswire, we are advised by a representative of the company that the previously issued press release has been revised. Updated release follows:

          Goodyear Retains ICG Commerce on Procurement Initiative
World's Largest Tire Company Engages Procurement Services Provider to Drive

Additional Cost Reductions in Support of Commitment to Maintain Profitable

                                   Growth
PHILADELPHIA, Jan. 30 /PRNewswire/ -- ICG Commerce, a leading procurement services provider, today announced that it has been engaged by The Goodyear Tire & Rubber Company to lead a strategic procurement initiative in North America, launched to support the company's commitment to achieving cost reduction goals. As part of the engagement, ICG Commerce is partnering with the company's internal procurement organization to drive cost reductions that are expected to have a multi-million dollar impact on the company's bottom line.

Goodyear is focused on building momentum and maintaining profitable growth by driving improvements and efficiencies in key operational areas. The world's leading tire manufacturer identified indirect procurement as a major element of the company's current cost reduction effort. Following a highly competitive evaluation process, Goodyear selected ICG Commerce as the specialist to support this effort in North America based upon the procurement services provider's operational approach, customized and flexible solutions, and its expertise.

"The retention of ICG Commerce on our indirect procurement exemplifies our focus on driving a low cost structure, one of the seven key drivers contributing to our improved company performance," said Jonathan Rich, president of Goodyear's North American Tire business unit.

Goodyear's corporate sourcing team has already established significant savings opportunities through their ongoing strategic sourcing efforts. ICG Commerce's role is to ensure that the savings opportunities borne from these efforts are fully realized, to identify and implement additional savings opportunities in indirect buying categories, and to drive year-over-year cost improvements.

To achieve that objective, Goodyear will leverage ICG Commerce's procurement infrastructure consisting of category experts and process specialists, a best practice based Buying Center, and flexible tools and information to manage a broad spectrum of procurement processes including strategic sourcing, savings implementation, transaction processing, and ongoing category management. ICG Commerce will provide a suite of services to not only help drive aggressive cost reductions in North America but also support and accelerate the utilization of an established e-procurement system.

"The combined efforts of our two teams of professionals will bring our procurement capabilities to a new level of performance," said Gary Miller, Goodyear vice president and chief procurement officer. "Our company has made good strides in identifying opportunities for savings and putting a platform in place to enable improved focus and line-of-sight alignment as well as to drive compliance through effective purchasing. ICG Commerce provides the category, process and operational expertise we need to make sure the savings are realized and continuously improved upon and the platform is fully utilized."

The ICG Commerce team will work as an integrated element of the existing indirect procurement organization, serving all of Goodyear's North American Tire and Engineered Products plant facilities. The program will focus on buying categories that fall into groupings such as transportation and distribution, packaging, energy, MRO supplies, and marketing products and services.

"Goodyear understands that procurement is a high-impact initiative that can significantly enhance company performance as well as its bottom line," said Edward H. West, chairman and CEO of ICG Commerce. "Our agreement is testament to the commitment Goodyear has made to truly maximize the value of procurement to reap savings opportunities. ICG Commerce looks forward to partnering with Goodyear to achieve its objectives."

 

bis auf einen Wermutstropfen.

Zunächst einmal ist der Gewinn von GoodYear für ICGCommerce ein tolles Ding. ICGCommerce ist ein nämlich ein typisches Netzunternehmen, für das der Gewinn von neuen Kunden besonders wichtig ist. Nicht nur dass man die Umsätze dieses neuen Kunden hat, sondern hier wirkt der berühmte Netzeffakte, den wir schon von Ebay oder Microsoft her kennen: Mit jedem zusätzlichen User wird das bereitgestellte Netz für andere User attraktiver und man gewinnt weitere Kunden. ICGCommerce hat inzwischen wieder über 80 große Unternehmen, für die man zur Zeit den ganz oder teilweise den Einkauf überwiegend indirekter Güter und neuersdings sehr verstärkt Dienstleitungen (hier vor allem Logistik) organisiert. Indirekte Güter gehen nicht in die Produkte ein. Ein große Zahl von Unternehmen ist deshalb wichtig, weil das ein besseres Pooling (Zusammenfassung von Einkaufsmengen) erlaubt, wodurch man bessere Preise erreicht und somit neue Kunden anzieht. ICGCommerce hat sich somit fast vollständig von dem Rückschlag vor ca. zwei Jahren erholt. Bis dahin wickelte auch Accenture für seine betreuten Firmen seinen gesamten Einkauf indirekter Güter über ICGCommerce ab. Da ICGCommerce das aber immer stärker auch in eigener Regie für große Firmen anbot, war die Konkurrenzsituation so stark, dass man sich trennte.

Und jetzt zum Wermutstropfen: Während in den USA die Geschäfte hervorragend florieren, scheint das Geschäft in Europa doch sehr fragmentiert. Daher hat man die deutsche Niederlassung hpi gerade an einen deutschen Anbieter verkauft und mit ihm eine Vereinbarung über Zusammenarbeit geschlossen. Das läuft vermutlich darauf hinaus, dass hpi die Kunden vor betreut und die Einkaufskataloge von ICGCommerce nutzt.

Ich schließe allerdings auch nicht völlig aus, dass man ICGCommerce für einen Verkauf gestylt hat. ICGCommerce ist der mit Abstand größte Pure Play und heiß begehrt von Konkurrenten aus vielen Ecken: IBM, Hewlett Packard, Cap Gemini, Accenture und ähnliche Berater bis hin zu Spezialisten wie Ariba, die aber für einen Kauf vermutlich nicht genug Kohle haben. Denn eigentlich haben wir hier eine ähnliche Situation wie bei Linksahre. Mit etwa 50 Millionen Jahresumsatz hat das Geschäft eine anständige Großenordnung, etabliert ist man auch - und damit kann ein Wagnisfinanzierer sein Baby von der Leine lassen. Obwohl es hier aus Gründen der personellen Verflechtungen etwas langsamer gehen dürfte. Meines Erachtens spricht nichts gegen einen Verkauf, von dem Erlöse in der Größenordung von Linkshare, also 150 Millionen erwarte. Zwar ist der Umsatz in etwa gleich dem von Linkshare beim Verkauf und die Quote ist mit 75% fast doppelt so hoch, aber dafür sind die Umsätze nicht ganz so werthaltig wie die von Linkshare, da die ein noch weniger angreifbarere Marktstellung hatten.
 

für die IT-Branche", so der Chef von Autonomy. Dies bestätigt sich auch sehr eindrucksvoll bi der 42%-Beteiligung von Internet Capital, Metastorm. So wie ICGCommerce der weltweit größte Pure Play im Bereich der outgesoúrcten Beschaffung indirkter Güter ist, so ist Metastorm der weltweit grö0te Pure Play im Bereich Software für Business Process Management, einem der am schnellsten wachsenden Segmente im Bereich der betriebswirtschaftlichen Software.

Press Release Source: Metastorm, Inc.


Metastorm Reports Breakaway Growth in 2005
Tuesday January 31, 8:00 am ET  
Record Sales Revenues and Acquisition Growth Propel BPM Leader up Market Share Charts


COLUMBIA, Md., Jan. 31 /PRNewswire/ -- Metastorm, a leading provider of Business Process Management (BPM) software for modeling, automating, integrating, and improving both human and system-based processes, today announced financial results for its year ended December 31, 2005. The privately held company posted record total revenues with 61% growth in the fourth quarter over the same quarter last year and 34% total year-over-year growth in 2005. The Q4 2005 results include the effect of the [October 2005] acquisition of CommerceQuest. The company also experienced a significant increase in the number of enterprise-level BPM software license sales and a continued rise in investment from its existing customers, who contributed 40 percent of the company's revenue during the year as they continued to expand their use of the company's BPM software across the enterprise -- a strong indicator of the value that Metastorm's software is delivering to organizations worldwide.
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Metastorm's growth was driven by sales to both new and existing customers with 110 new customers added to the company's portfolio for the year. New customers added to the company's global listing in 2005 included Ernst & Young (U.S.), Homebuy (U.K), KPMG (U.S.), Patni (India), Saudi Ministry of Foreign Affairs (Saudi Arabia), and Telenor (Norway). Existing customers expanding their use of Metastorm's BPM software this year included AmerisourceBergen (U.S), Chubb Insurance (U.S. & Asia), CIT Group (U.S.), London Underground Limited (UK), Thomson Elite (U.S.), UK Home Office (UK), and the Washington Wizards NBA Team (U.S.). Metastorm's growth enabled the company to surpass 1200 customers further strengthening the company's position as a BPM market leader.

Metastorm established itself as the breakaway BPM vendor in Q4 of 2005 when it acquired fellow BPM vendor CommerceQuest. The combination of the two companies enabled Metastorm to become the largest pure-play BPM vendor and to be the only BPM vendor able to address the complex interactions of both people and system-based process activities with a single solution.

"Metastorm maintained its focus throughout 2005 on delivering robust BPM solutions and helping organizations deliver efficiency, control and agility across the enterprise. At the same time, we took the strategic steps necessary to break away from the pack in an increasingly competitive market," stated Robert Farrell, president and CEO of Metastorm. "We executed the CommerceQuest transaction in order to extend the breadth of our BPM Suite and to add the scale in revenue and resources necessary to remain a leader in 2006. Our continued profitability from quarter to quarter is a reflection of our commitment to performance and the focused execution of our strategy. With the steadily increasing demand for our BPM technology and a solid vision in place, we believe we are well positioned to extend our leadership position even further in 2006 and beyond."

Metastorm's achievements in 2005 included being recognized by IDC as one of the Top 10 BPM worldwide business process automation deployment software vendors in 2004 market share(1), as measured purely by BPM software license revenues, and making the Deloitte & Touche Fast 50 list of the fastest growing software vendors for the third consecutive year. Metastorm continued to lead the market in product innovation, establishing the definition of "roundtrip BPM" and subsequently releasing a complete BPM Suite to address the entire roundtrip process lifecycle -- including design, integration, automation, monitoring, analysis, simulation and improvement -- on a near real-time basis. Key to completing its BPM Suite were the release of Metastorm Envision -- for complex process modeling, simulation, and cost analysis -- and the rapid post- merger integration of its human-centric BPM products with the robust integration and system-to-system process management capabilities it gained from CommerceQuest.

Metastorm also expanded its OEM channel partnerships -- extending its agreement with Thomson Elite for the Legal vertical and establishing a new agreement with Thomson Financial for the Financial Services industry. The company continued to realize the benefit of a strong global partner network with over 100 channel partners selling Metastorm-based solutions and services in North America, Europe, the Middle East, Africa, and Asia-Pacific. Metastorm finished 2005 with a significant worldwide presence that includes customers in over 41 countries.

(1) IDC's measurement of 2005 market share will be released in March 2006, after the completion of the 2005 data collection process.

About Metastorm, Inc.

As the first breakaway BPM vendor, Metastorm is a leader in business process management (BPM) software and best practice methodologies for modeling, automating, integrating, and improving both human and system-based processes. Metastorm BPM(TM) is a complete solution for roundtrip process improvement, designed specifically to address complex processes that are unique to organizations. Metastorm's 1200+ global client base in manufacturing, retail, financial services, business services, healthcare and government are achieving rapid ROI and Enterprise Process Advantage® in customer service, supply chain operations, risk management, and internal operations.
 

Metastorm Reports Breakaway Growth 2
by: myfriendlyadvice
Long-Term Sentiment: Strong Buy  01/31/06 06:54 pm
Msg: 239362 of 239368

Should be an interesting Q4 report for ICGE considering how Metastorm performed.

Was worried whether they were profitable or not, since no numbers are listed.

But this sentence kind of took care of that worry.....

"Our continued profitability from quarter to quarter is a reflection of our commitment to performance and the focused execution of our strategy."

ICGE will break to a new 52 week high soon enough, but where it goes from there will part be determined by the profitablility of it's core companies.

Überwiegend Zustimmung. Aussagen zum Gewinn wird eine nicht börsennotierte Beteiligung kaum machen, da das aufgrund unterschiedlicher Gewinndefinitionen nicht ganz unproblemtatisch ist. In einem entscheidenen Punkt sehe ich die Lage etwas anders, und zwar wann ein Fair Value erreicht ist und wenn dann nur die Entwicklung der Kernbeteiligungen entscheidend für die Kursbeteiligung ist. Davon sind wir meines Erachtens noch weit entfernt. In 2006 werden die anteiligen Umsätze der Internet Capital-Beteiligungen bei ca. 150 Millionen liegen. Wenn man bedenkt, dass z.B. eine Popelfirma wie Abacho mit gerade einmal 3 Millionen Umsatz in 2004 und Umsätzen von sehr viel schlechterer Qualität wie die Umsätze der Internet Capital-Beteiligungen in der Spitze mit über 50 Millionen bewertet wurde und jetzt noch mit fast 40 Millionen, was auf Kurs-Umsatz-Verhältnisse von 13 bis 18 hinausläuft, ist ein Ansatz von vier für die 150 Millionen von Internet Capital sehr konserativ. Damit wären wir bei 600 Millionen, plus 170 Millionen Nettocash/Wertpapiere macht 770 Millionen - da liefe in etwa auf einen Kurs von 19 Dollar hinaus.

Ist dieses Niveau erreicht, da hat dann der Ami recht, geht es aufwärts nur noch in dem Maß, wie sich die wichtigsten Beteiligungen entwickeln. Bis dahin haben wir aber noch viel Luft.


 

http://www.marketwatch.com/tools/quotes/...EE%2DAE3BDEE711C2%7D&symb=  

Re: Any specific reason why this run up
by: estie_n  02/01/06 02:15 pm
Msg: 239381 of 239388

It's a good company!

Ihr hattet gegen den Amis den Vorzug, dass Ihr das alles sehr genau begründet schon seit Monaten hier auf diesem Thread lesen könnt. Ob es viele genutzt haben - da bin ich nicht so sehr davon überzeugt. Zumindest auf einem anderen Board, scheint man statt gekauft, verkauft zu haben.

 

Eine Order von Island über 192000$!


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