There is a lot going on in the swaps industry right now.

Michael Reich, a Harvard MBA student, has come up with a way of tapping into investment talent to run a fund. Reich has set up a website, www.theupdown.com, where keen investors, either students or professionals, can run virtual portfolios, and submit investment research in a competitive environment.

283,200,000,000 the volume of share buyback programmes globally so far this year. Share buybacks are up 19% compared with 2006 year-to-date and are at their highest on record, according to Dealogic. Retail has been the most active sector, with $56.7 billion via 14 deals, up from $3.4 billion via 12 deals in 2006 year-to-date. Finance follows with a volume of $45.9 billion via 27 deals and insurance with $25.9 billion via 16 deals.

This month’s plans for a Latin American regional bank hit the rocks as Brazil raised objections to president Hugo Chávez’s plans for the bank.

Bank of America has carried out a "functional alignment" of its FX business to drive what it says is greater collaboration across its global rates, currencies and commodities businesses. These are managed overall by Richie Prager. As part of the alignment, Gerhard Seebacher has been named head of trading for all GRCC products. Chris Mandell continues as head of currencies and local markets and has also been named head of sales for GRCC, a newly created position.

In July, Credit Suisse announced that it had finally been allowed back into investment banking in India by local regulator Securities and Exchange Board of India. The new merchant banking licence permits Credit Suisse to undertake securities underwriting and corporate finance in what has been one of Asia’s most active markets in the past two years.

Only four years ago, the kind of research familiar to more developed capital markets was almost unknown in the Middle East. However, the quality of information available to investors is improving rapidly as global banks establish footholds. But Saudi Arabia, the region’s biggest market, has been left behind. Dominic O’Neill reports.

Emerging market debt has held up well in the face of a nascent credit crunch in developed markets.

What exactly is causing weakness in the credit markets? The obvious answer is contagion from the sub-prime crisis – the fear is that there will be massive losses from the original securitizations of these poor-quality loans and the CDOs backed by these securitizations.

Independence day for Walsh: The WeeklyFiX

Investment house issuance on private electronic markets relieves them of regulatory burdens and speeds up funding. But poor liquidity remains a problem.

Peru priced a NS4.75 billion ($1.5 billion) 30-year local currency benchmark bond on July 20, as it raised funds to repay Paris Club debt ahead of schedule. Peru sold the sol-denominated bonds, due in 2037, to yield 6.9% in an offer led by Citi. The Peruvian government has approved a sale of up to $2.58 billion-worth of bonds for Paris Club debt, indicating the possibility of further issuance.

Environmental, social and governance issues are increasingly prominent with regard to investment management in emerging markets. However, does taking a principled approach to portfolio construction offer the opportunity for greater returns, or leave investors with one hand tied behind their backs?

Private equity and hybrids are main planks of growth strategy aimed at taking merged company to third place.

But there are signs that the supply of suitable targets is contracting.

The investor revolt in the leveraged loan market during June and July was long overdue and much needed. But have the excesses of the past few years left the LBO market teetering on the precipice of a far more serious credit squeeze? Louise Bowman reports.

Argentina appointed Miguel Peirano as its new economic minister after Felisa Miceli resigned on July 16

Nick Evans, editor of EuroHedge, applauds the creation of a hedge fund manager working group.

Structured product providers were last month encouraged to conduct "know your distributor" approval processes in order to ensure that only appropriate distributors be allowed to pass on complex derivatives-based investment products to the retail and high-net-worth markets.

Demand for commodities and improving political and fiscal climates lead rapid growth across sub-Sahara region.

The UK Treasury has presented its proposals for a covered bonds legislative framework. The UK’s unregulated, structured covered bond market is the largest in the world of its type but suffers alongside regulated markets such as those in Spain and France through not being compliant with the Ucits directive. The new proposals, when implemented, will do away with this disparity, halving the risk weighting of UK covered bonds to 5%.

Row over charges for trades routed through execution system.

"Having been a customer of your bank for more than 10 years, I find it difficult to describe any of you services as excellent. Another good example of SBM’s excellence in customer care I believe is the underground parking at your Vacoas branch. The parking used to be available for customers. However since a few months back customers no longer have access to it, as it seems that it is reserved for the exclusive use of the branch employees!! So much for customer sovereignty"

Latin American mutual funds are the best performers in the world year-to-date according to fund tracker Morningstar,which reports rises of 32.26% for the first half of 2007.

Negotiators in the planned merger of National Bank of Dubai and Emirates Bank International came to an agreement last month. The $11.3 billion deal between the banks will pave the way for the creation of the biggest bank by assets in the Gulf, and, it was speculated, result in a boom in M&A activity among UAE banks. With the Dubai government holding a 14% stake in NBD and 77% of EMI, the involvement in the deal of Dubai’s ruler Sheikh Mohammed bin Rashid Al-Maktoum was said to be a key element of the negotiations. The new bank, to be named Emirates NBD, will employ as chairman Ahmed Al-Tayer, formerly chairman of EMI, and Abdullah Saleh, formerly of NBD, as vice-chairman.

Investment-grade issuers balk at increased costs.

Asset manager New Star has seen significant growth in its alternatives business. In the second half of 2006, the firm raised more than $550 million for two hedge funds. In May this year, it launched a European opportunities hedge fund, which has now about $100 million in assets under management. In the last quarter of this year, New Star will be launching a property hedge fund. Robin White, of Rock Capital, is joining to head the fund.

John Cummings is the new treasurer of Royal Bank of Scotland. He replaces Brian Crowe, who moved into a senior management role in the corporate bank several years ago. Ron Huggett, a well-known figure in UK bank financing circles, continues as capital-raising director. Continuing with the Scottish financial theme, Andy Townsend has replaced Cummings as treasurer at Standard Life.

UBS has merged its Scandinavian and UK debt capital market coverage teams for the corporate and public sector. The team is headed jointly by Allegra Berman and Mahnaz Safa. Cecilia Hulten, who previously looked after Scandinavian coverage, is leaving the firm to pursue other interests after five years. The integration does not include FIG, which was already run on a pan-European basis.