A government committed to reforming Portugal’s public sector has also shown that it cares about capital markets. A recent 30-year bond issue signalled a new focus on developing the yield curve and a new covered bond law promises benefits for both issuers and investors.

The advent of whole-business securitization and the creation of a liquid market in project-related debt has opened investors’ eyes to the rewards available in infrastructure. Governments’ desire for off-balance-sheet funding has also boosted the supply of suitable investments. But what makes infrastructure different? How do you buy it, sell it and manage it?

It´s the new Big Bang in equity trading. As research and execution are unbundled, and as clients increasingly access markets directly, brokers need to find new ways to keep their institutional clients. Algorithmic trading is one way. It cuts execution costs, adds alpha and gives the creative brokers – those able to design flexible, customized algorithms – a new way to keep in the execution business, for now.

Hybrid structured products – cross-asset-class investments – are finally starting to make a significant impact with investors. Banks report increasing demand from those looking to trade several market views via a single instrument to instantly reap the benefits of portfolio diversification. But with increasing sales come new challenges, such as the pricing of correlation. How are hybrid structured product makers faring?

A mixture of accounting issues, demographics, trends in the equity market and a sharp fall in bond yields has revealed the chasm between the assets and liabilities of pension funds in the UK, Europe and the US. Many will be unable to pay their pension promises in full. Most will be pushed into liability-driven investment strategies. But are they a real solution or an expensive act of desperation?

Everyone seems to be making the decision to seek alpha in foreign exchange, but what does that entail? Leading figures in the FX market debate how to combine systematic and discretionary risk allocation, the importance of choosing the right managers, understanding volatility and whether or not the sell side has helped the transition to alpha.

Europe may have one currency, but it still has many payment systems. What will be the impact of SEPA on banks and their clients? What opportunities exist in emerging Europe? Leading cash management professionals debate the confusion over standardization and the pros and cons of payment factories.

Funding real estate development and portfolios is changing. For some the bank market still makes sense; for others the unsecured bond markets. But the burgeoning CMBS market is becoming the vehicle of choice for many. Here's why.

As nominal returns have fallen, investing in hedge funds has become more difficult. Recent high-profile failures in the UK and Asia illustrate that more than ever, it's important to pick the right strategy and the right manager

Despite a more uncertain rate and credit environment, new issuers and investors continue to enter the covered bond market. As the boundaries between traditional and structured products blur, Asia and the US are the targets.

The market for CDOs continues to boom. But which of these products suit which types of investor? And which developments are genuine innovations?

Users of the foreign exchange markets have never had such access to the markets. Single-and multi-bank portals as well as the banks' own offerings have made trading FX easier and cheaper. But where should you go to deal and why?

Participants Katie Martin, Dow Jones Let me start by setting the scene a bit. The most recent study from the Bank for International Settlements found a one-third rise in daily trading volumes to $1.9 trillion a day. Financial accounts and hedge funds formed a big part of that boom, with their share of the volume rising to about a third. That segment is understated too as prime brokerage relationships allow clients to execute under their banks' name. So it appears that the battle to convince investors that currencies do provide a meaningful source of returns has been won. Monica, why has this asset class sprung to life as it has?