ATS operators sunk by Icebergs in Europe turn to America and Asia. ITG, which launched its crossing centre in Canada as recently as the fourth quarter of 2005, has already seen its market share rise to 4.1% of the volume of the dominant Toronto Exchange, TSX.

Big strategic acquisitions might be an exciting diversion for banks’ senior managers. But it is shareholders that pay for them.

Rising intra-regional trade and investment are helping to underpin the economic fortunes of the states that formerly constituted Yugoslavia. Guy Norton takes a look at three examples of a stock exchange, a fund manager and private equity.

Investment bankers in Japan are confident that a hybrid securities market will be established this year, despite fears that the lack of a sizeable standout deal thus far is contributing to investor and issuer caution about the structure. The sector was extremely active in the US as 2006 came to a close, with overwhelming levels of investor demand for deals from Axa and Washington Mutual, and bankers in Japan say that treasurers and CFOs there are looking closely at how their counterparts in the US use the instruments to fund acquisitions and improve capital structure.

The looming pensions crisis means individuals will have to take more responsibility, work longer and begin to save. If the US goes from a nation of spenders to a nation of savers, as it must, what will the impact be for the global economy, asks Gabriel Stein.

China is the world’s largest-ever catch-up economy. It will soon be the world’s largest economy, period. But policymakers in Beijing face some tough choices in the years to come to cope with the strains that industrial revolution brings, writes Diana Choyleva.

Major errors of concept and execution in the Iraq war have weakened the US: a sharp lesson in the limits of what seemed like limitless power. Its allies have been discredited, its enemies strengthened. Its real or wannabe rivals, China and Russia, are new global power centres. Its sway in Latin America and Africa has been compromised. The new Asian regional powers must steer a careful course in a complex world.By Charles Dumas, Diana Choyleva and Gabriel Stein.

After some considerable time in development, Eurex plans to launch the world’s first exchange traded credit derivatives contract on March 27. The contract will be based on the iTraxx Europe five year series and – dependent on market demand and sufficient market maker support – Eurex might also list futures contracts on the HiVol and Crossover indices on the same date. The contracts will be cash settled.

Activity remained high into mid-December after the majors finally broke free of their narrow ranges.

Farouk Ramzan has joined Lloyds TSB as head of debt origination reporting to Mark Grant, head of DCM. Ramzan was a long-standing member of SG’s debt team where he was head of UK corporate DCM.

Hundreds pushed out at Dresdner just ahead of bonus round.

Surprise suggestion to take Stansted out of the regulated asset base.

Moody’s threw a potential spanner in the works of the European hybrid market by announcing a consultation on possibly increasing the notching on securities with non-cumulative deferral features and cumulative deferral with stock settlement. Feedback was due at the end of December.

New FX indices have been separately launched by the International Index Company (IIC), the company behind the successful iBoxx bond and iTraxx credit derivative indices, and JPMorgan.

Five years after the economic crisis, concerns emerge about overheating.

The southeast of the region could be the star performer in 2007.

At the start of December, Ford Motor Co grabbed a liquidity lifeline with its first ever secured loan facility. All manufacturing and auto assets, plus some or all of its subsidiaries, are included. The move structurally subordinates unsecured debt holders, particularly in FMC, prompting one-notch downgrades to triple Caa1 for FMC from Moody’s, and to B from Fitch and a two-notch move from S&P to CCC+. Ford Motor Credit remains in Single B territory.

In its financial stability review in December, the European Central Bank suggested the introduction of an international register containing information on the exposure of firms to highly leveraged institutions, such as hedge funds and prime broker banks. The register would provide prime brokers with frequent and aggregated risk information on the whole portfolio of an individual hedge fund, says the report. However, the report adds, it’s a little bit complicated and might be best left to some of the existing market products that collect reporting and flow information.

Abuse of information prompts worries about integrity in credit markets.

Wealth managers are muscling in on the fund of hedge funds business.

Marina Bay Residences: Singapore’s “first Über Penthouse”

When it comes to hedge fund regulation 2006 is a year to be forgotten. It began with regulation by the SEC, only for it to be withdrawn later after an adverse court ruling. And no country seemed willing or able to decide what to do about international regulation. A pessimist would suggest that things won’t change much in 2007.

Two major state companies will be partly privatized and up to 10 private companies are expected to undertake initial public offerings in Colombia next year.

Vincenzo Pelosi explains why pension funds are catching the swaps bug.

CapitaLand Limited, Singapore’s leading property group and already the sponsor of four Singapore-listed real estate investment trusts, including the recent mainland China Reit, CapitaRetail China Trust, added to its portfolio in December with the IPO of a fifth Reit and its first to be listed abroad.

“I’m afraid he says he is unable to speak with you at the moment.”

Has anyone seen this man?

Another record year for financial institutions suggests no end to the boom in global financial markets. But they may be ignoring underlying economic conditions that threaten global growth and might cause a severe correction in the global capital markets, says Clive Horwood.

Corporates need to recognize that they need to care about their CDS investors and that the old attitude of concentrating on the requirements of bondholders alone will no longer wash.

It is traditional around year-end for awards to be received for deeds performed during the previous 12 months. We hereby announce Euromoney magazine’s inaugural awards for high-quality press relations. We did not ask for submissions as we are constantly bombarded with incidents from which to choose.