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Here's some bad news for those people who don't find STP boring: other people do.

With ideas about how to perfect covered bond laws and structures ricocheting around Europe, the EU is taking an interest. "Given the EU's desire to harmonize everything, this is an obvious area where it can practise its hobby," is one credit analyst's deadpan observation. European intervention could, though, clear up doubts about which bonds qualify for 10% risk weighting - a particular concern for banks given the impending implementation of the Basle II capital adequacy rules.

Since the dot com bust banks have been forced to come down to earth in their electronic offerings. They are focusing on super-fast pricing engines, error-free post-trade functions and good internal risk management rather than on fancy websites. Euromoney’s fourth annual awards highlight those that have done this best. Katie Astbury, Mark Brown, Julie Dalla-Costa, Julian Evans and Peter Koh.

Issuer: Fifa

The launch of an innovative new service for brokers to communicate indications of interest (IOIs) and trade advertisements to dealers at buy-side firms brings new competition that may benefit investors searching for liquidity in the securities markets.

Chinese whispers seem to be distorting the office gossip at Deutsche Bank.

Hedge fund Aquila Capital Partners' founder Neal Berger makes no bones about his obligation to be quick-witted in exploiting new market inefficiencies as soon as they arise. If this means holding on only to employees that are equally adaptable, that's all part of his own survivor's mentality.