“I think we needed examples of bad governance to force people to change”

CBOT, which bars futures block trading, remains its strongest opponent – most recently complaining about a rival’s reporting-time rules. Is this an objection to deals that make the market less transparent or a backstop defence of CBOT’s pit traders? And can it hold out against a strategy widely regarded as vital to modern markets?

Philippines

Demand for prime brokers has never been so high, thanks to the proliferation of new hedge funds. Spurred on by this, State Street is the first custodian bank to offer prime brokerage. Will it succeed?

In the face of the most volatile markets in many people’s working lives, investors in the west are looking for safe havens away from New York and London. Is Asia the answer? Some market players think so. “There is something very special about Asia,” says one. Others label the region a perennial basket case. Who’s right?

Issuer: Bank Markazi Iran (central bank)Amount: e500 millionLaunched: July 10 2002Bookrunner: BNP Paribas, Commerzbank

Energy derivatives