Alliance Bank’s steering committee agrees to terms of restructuring; Government to avoid assuming all liabilities

In another clear signal that it intends to build on its huge FX business, UBS has hired market veteran Dave Tait as its global head of proprietary trading. Tait had a long and successful career on the sell side, including stints at Goldman Sachs and CSFB, before moving into the then fledgling hedge fund industry several years ago. He initially worked at Bluecrest, before joining the ill-fated Peloton Partners. Until he was lured back to the sell side by UBS, he was trading at Citadel.

A way to cope with forward premia risk; Increased reluctance to take on counterparty risk

Amias Berman kicks off with PE deal; Primus buys into insurance

In the Greek myth, Sisyphus was condemned by the gods forever to push a rock uphill only for it to roll back down. This is a familiar fate for those seduced by the cult of equity investing.

Troika Dialog deal strengthens Standard Bank’s emerging markets presence; Troika Dialog gets better access to Standard’s balance sheet and links to China’s ICBC

Hong Kong flotation to mark Russian first; Debt restructuring key to planned IPO

Ivanhoe claims GDP could get 30% lift; Deal expected to be worth $4 billion

Big jump in issuance from Abu Dhabi, Qatar; More Islamic and higher-yield issuance to come

The financial markets bounce is unsustainable. Demand will fall and corporate costs will rise as artificial stimulus is withdrawn and fiscal retrenchment kicks in. Expect an almighty splat as the markets drop.

"Life is fragile," Jamie Forese, Citi’s head of markets, mused. We were sitting in his office at Citi’s New York investment banking headquarters. It was the eighth anniversary of the September 11 World Trade Center bombings. I thought of Jamie’s words when the 61-year-old legendary banker Bruce Wasserstein, chairman and chief executive of Lazard Ltd, died unexpectedly in mid-October. Wasserstein, like Larry Fink, the chief executive of BlackRock, was a Credit Suisse First Boston refugee who went on to found his own firm, become a billionaire and leave an indelible mark on the financial firmament.

Takes lead in increasing interest rates; Australian dollar strengthens

Investors show signs of nerves; But perps bond market gets boost

Bank shares sold off after rights-issue news; Banks need to get good advice on deals

The New York FX Committee will appoint Jeff Feig, global head of G10 FX at Citi, as its chairman when Richie Mahoney steps down in early 2010. Mahoney, head of BoNY Mellon’s global markets and capital markets group, has served on the committee since 1994, so Feig has a lot to live up to.

HNWIs seek safe haven on isthmus; But regulatory pressure is growing

Talks under way about payment arrears; Agreement with holdouts also under consideration

BNP Paribas leads the way on state repayment; Are other banks looking to do too much, too soon?

Economic conditions may appear to be easing, but the region’s biggest challenges still lie ahead.

Wall Street bankers think the capital market boom is the new normal. We’re not so sure.

How much does the Kingdom care about foreign investment?

Uncertainty is growing over the scope and scale of restructuring plans to be imposed by the EU Competition Commission on European banks that have been kept alive by state aid.

Banks now busy negotiating debt-for-equity swaps in their distressed investments could actually be making their problems worse.

State-supported banks are being forced to sell; New entrant RHJ International will build on Kleinwort Benson

Trading is bringing in the money for Wall Street, but is it artificial?; Fed might not unwind programmes next year

M&A worse than volumes reveal, fees down; 2010 seen to be better if equity markets stay up

Shift from return-seeking to risk management; But more complex products expected to revive

The Swiss bank needs to make a real commitment to the key Latin market, or give up the ghost.

China sceptics think a dangerous asset bubble could be building.

The European high-yield market may finally have come of age.