Competition in clearing and settlement doesn't work. The US shows that only a centralized clearing system can promote vigorous exchange competition.

Rating agency Fitch has released its latest assessment of when the 10 countries that joined the EU in 2004 are likely to join the European exchange rate mechanism (ERM) II and adopt the euro. Its findings are not particularly encouraging.

Chancellor Brown is breaking the rules he set for himself when prudence is ditched for unfettered spending.

The Lebanese government is believed to be considering a $500 million international bond issue to cover debt payments reaching maturity.

Lead manages Guatemalan bank securitization deal.

Monolines hire London ABS bankers

The long arm of the US law has reached the tiny enclave of Macau, the special administrative region of China famous for its casinos and racy nightlife.

Do value-driven debt providers have a role to play in LBO financing? Private-equity borrowers appear increasingly cautious about including hedge funds in leveraged finance syndicates.

Syndicate Asset Management's acquisition of Ashcourt Holdings for £13.1 million ($23.7 million) might signal a new approach in the UK fund management industry, marked by a shift towards the consolidation of small funds.

Hibernia deal suffers hit from Katrina

In recent months several European central banks have started to diversify their portfolios, having traditionally bought only government debt. Leading fund managers are in the frame to manage credit portfolios of central bank reserves.

The Special Administrative Region's regulator has botched its attempt to clean up the thorny issue of pre-deal research.

Ukrainian president Viktor Yushchenko's announcement on September 8 that he had sacked his entire cabinet, including prime minister Yulia Tymoshenko, could hardly have come at a worse time for the investment banks appointed to arrange the sovereign's latest Eurobond issue.

Contrary to popular belief, management meetings might be a complete waste of time for fund managers.

Continued fuel subsidies will make it difficult to cope with rising oil prices.

Wreathed in a thick summer smog, it seems that Kuala Lumpur is not so much what tourist ads call "truly Asia" as "truly hazier". But the decision to publish air pollution data – previously a state secret – is at least a signal that Malaysia's politics are becoming clearer.

Tourism, travel and manufacturing are the targets of investment worth up to HK$15 billion.

Hybrid debt issuance continues to be the main focus for the European corporate bond market.

Companies from emerging markets are on the acquisition trail, and their targets now include firms in North America and Europe. Sudip Roy reports on a trend that could be the biggest driver of global M&A transactions within the next few years.

The 2012 London Olympics are likely to go over budget because of FX risk

Platform's embarrassing slowdowns are specific not systemic, company says.

Distressed companies and their creditors look to advisory boutique to "bring calm to apparent cataclysms".

"One thing we can say definitively is that we do not have a desire to be a bulge-bracket investment bank. Ours is a more measured approach. We will only grow domestically and internationally where our client base and potential client base leads us."

Will European fund managers be exempted from value-added tax on their outsourced management services?

With a growing retail DVD business, MGM needed a revamped cash management system to make the most of the cashflows. In the end the system's highly successful implementation might well have also increased the company's attractiveness as an acquisition target.

Sustained competition, falling margins and regulatory pressures mean that the world of cash management and payments is heading towards an inflection point. The EU's Single Euro Payments Area project is adding yet more fuel to the fire that will force banks to re-evaluate their strategies, writes Peter Koh.

"Listen, I'm one of the biggest risk managers in Europe. I run a credit risk book of over €60 billion. By comparison most funds are little pussies."

After three years of heavy losses, Argentina's banks are once again in the black. The sustainability of their recovery, though, depends on expanded lending to the private sector and greater duration for their liabilities. Sudip Roy reports.

Optimism about Japanese economy and stock market is gaining strength.

A new borrower is using securitization technology to help save lives.