As JPMorgan's losses in credit derivatives are revealed, Euromoney columnist Jon Macaskill reveals just how the CIO division worked and the positions it took - and warns that other houses on Wall Street could try to make their rivals' losses worse.

Rich Ricci, the co-head of Barclays’ banking and markets division (until recently known as Barclays Capital), made history in April. No, not for the size of his bonus – but for the success of the racehorses that he owns.

Saudi Arabia’s new economy minister, the former central bank governor Mohammed Al Jasser, says rapid change is under way in his country. But is the reformist energy sparked by the Arab Spring already flagging?

"If you call yourself a relative return fund, you need to actually sell things to make that return. Lots of asset managers seem to have forgotten that"

"The entire lending industry was so inefficient, and the way to make it efficient was to cut out the bank"

With primary Asian equity markets quiescent so far this year, ECM bankers are hopeful that the well-supported IPO expected from Haitong Securities will spark off an issuance revival.

The UK tax authorities are continuing their clampdown on tax avoidance, and once again the name of Barclays surfaces at the centre of investigations into a highly complex scheme.

Russia’s state-owned bank is forging ahead with market-share gains in Kazakhstan as local competitors fail to make a comeback from the financial crisis. And Sberbank’s success seems to presage a broader Russian resurgence that might counter Chinese influence.

There was a surprise in Shanghai last month and it had nothing to do with the terrible 1986 film starring Madonna and thuggish social activist Sean Penn. All eyes were on Hong Kong, which staged its first large IPO in what seemed like ages – we think the last one was when the aforementioned material girl was an actual girl and not like your grandmother in a leotard. But the Hong Kong debut flopped, whereas in Shanghai the surprise in question was the stock market launch of the People’s Daily website, which soared 78% on its first day. The website belongs to the official newspaper of China’s ruling Communist Party.

Every investment bank has spent huge investment dollars on FX since 2008. Now a shake out seems to be occurring. Banks with scale and budget are winning more share, but there are decent returns to be had for institutions of all sizes if they are focused.

The top five FX banks have increased their share of total market volume to 55%, and the top 10 banks now account for 78.5%. Citi has made the biggest strides in the top five, rising two places to second and closing in on Deutsche Bank’s long-established top spot.

Citi remains the FX bank with the most wind in its sails and is now breathing down the neck of top-placed Deutsche Bank.

With lending booming again, Russia’s banks need recapitalizing. Ironically, partial privatization of state-owned financial institutions may be crowding out much-needed stock offerings by private-sector lenders and smaller banks.

According to one foreign survey, Bulgaria has the most business-friendly environment on the continent. However, it is burdened by stagnant capital markets and a reliance on the debilitated economies of western Europe.

The firm has moved up Euromoney’s FX rankings as it broadens its client base.

Five years ago, corporates began to expand, setting up manufacturing facilities and offices at home and around the world. As those companies buy fixed assets and trading companies across multiple markets, they need a way of linking that local entity to their group head offices back home in each of these territories.

The investment case for Africa has never been more compelling. But while global investment banks are keen to invest, the opportunities for them to put boots on the ground are limited.

Euromoney never stops working. So even when one of our correspondents was on holiday in Spain during April, he was deeply disturbed by direct evidence of the property crisis engulfing the country.

CEO claims “no pressure” to sell assets; Dubai Group next in line

China leads the pack; Apac firms seek expertise, R&D

Last month, I had lunch with a former City trader who is a trustee of a big investment bank’s pension fund. Trader was gloomy. "Returns are abysmal," he wailed. "Pension funds can’t function when the risk-free rate on 10-year UK gilts is 2.2%, equity markets have gone nowhere for a decade and inflation is running at 3.5%." Trader confessed that in his bleakest moments he could see a situation where funds were not able to honour their obligations to those who enjoy favourable defined-benefit schemes."And governments will have to find billions in the next decades to make good the holes in the western civil service pension schemes," he said glumly as he speared a lettuce leaf.

Kuwaiti lender pays $355 million for Eurobank Tekfen; Greek seller bolsters capital levels

A return to risk-off investment in mid-April ended inflows to high-yield and emerging market funds. However, bankers and investors report that strong underlying fundamentals will continue to drive offshore issuance from high-yield Latin American credits.

The end of QE support means that markets must face up to a repricing of assets on the basis of economic reality.

Offshore renminbi now $2.7 billion-a-day market; One hub for each time zone likely

Ian Hannam is someone whose personal brand has benefited, not suffered, from his recent actions. Until recently chairman of global capital markets at JPMorgan Cazenove, he resigned in April after the UK Financial Services’ Authority published its decision that he had been guilty of market abuse.

Research rules resurrect conflicts of interest; Cost savings ‘compromise safety’

Upgrade will have limited impact; Argentine YPF coup is troubling move