Regulators are belatedly showing signs that they are thinking about potential market abuses from first principles. The broadening of the Libor investigations into the role played by interdealer brokers, a case against Nymex and two employees for divulging flow information and the pursuit of insider-trading allegations against employees of hedge fund SAC are all examples of regulators tackling potential abuse from the important principle that if it looks like a duck, swims like a duck and quacks like a duck, it may well be a duck.

The currency war that many feared as an inevitable accompaniment to the credit crisis played out as more of a paint-ball contest until the recent sharp slide of the yen. The violence of the yen fall of roughly 20% reawakened fears of a wave of competitive devaluations.

Citi, BAML and JPMorgan might need to issue subordinated debt to meet potential OLA requirements.

Jamie Dimon’s dual role at JPMorgan has lost its sparkle and is past its sell-by date.

The balance-sheet re-leveraging involved in big M&A deals threatens companies’ credit standings and thus their bondholders’ paper.

HSBC’s withdrawal from some Latin American markets looks ill-advised in view of growth and regional integration prospects.

When Barclays announced its fourth-quarter and full-year 2012 results last month these were entirely overshadowed by the strategy review from new chief executive Antony Jenkins. In the aftermath, analysts and investors bemoaned or applauded, depending on their biases, the decision to retain the investment bank largely unscathed and re-emphasize its importance and particularly that of the FICC division to the group.

Investors are probably being too bullish about the size and buying power of Africa’s middle class.

Changes to the way banks run their rates desks will make it much harder for their clients – and the banks themselves – to manage through a turn in the interest rate cycle. How can investors protect themselves against a looming treasury sell-off?

Biggest post-crisis Middle East IPO; doubles ISX market cap

By accusing Standard & Poor’s of civil fraud the US Department of Justice has removed the rating agency’s First Amendment protection.

Currency war has been dominating the headlines, but there is little reason to suppose that EM policymakers are set to join the fray.

Revenue and cost targets do not convince analysts, but regulators appear to bless capital planning.

Much has been made of the recent outbreak of currency war rhetoric, but analysis suggests global exchange rates are not misaligned by historical standards.

RBS’s investment banking head John Hourican is the fall-guy for the bank’s Libor-rigging fine, but he should be lauded for the job he has done in the most difficult circumstances.

$75 billion of assets trapped in disrupted funds; New capital needed to invigorate investments

Second restructuring in six months for Seat Pagine Gialle; Subordinated bondholders wreak their revenge

The much-vaunted institutionalization of the project finance debt market is now under way as asset managers, pension funds and insurance companies pile into infrastructure lending. However, the risks and rewards they find there might take some getting used to.