Deutsche says it welcomes any investor who sees potential in the German bank’s share, but holders are growing impatient for delivery.

When it finally came, it took the market – and bankers who had been hoping for the news for many years – by surprise, but China’s decision to allow foreign partners in domestic securities joint ventures to take majority stakes raises as many questions as answers.

Several trends emerge from the year-to-date league tables, and not everyone will like them.

The capital markets highlight of November in Asia was the Hong Kong IPO of Tencent spinoff China Literature, which raised HK$8.3 billion ($1.1 billion), was 600 times oversubscribed and shot up 70% on its first day of trading.

It’s all change in the world’s most powerful central banks: the Federal Reserve has a new chair coming; the Bank of Japan will need a new one from April; and, no less significant, China could announce the next head of the People’s Bank of China (PBoC) any day.

The People’s Bank doesn’t want a crypto-free country – it wants to own the market.

Tearing out the old plumbing of the global payments system and switching to distributed ledger is an enormous and potentially risky transition that could take a decade or more, but there may be an easier way to capture efficiency.