The industry collectively did not cover itself in glory during the August/September correction. But there is now a rich environment for a wide range of strategies, says Nick Evans, editor of EuroHedge.

Authoritative Triennial Central Bank Survey confirms FX volumes have grown at an astonishing rate.

The first European bank to be cleared to use one of the new Basle Accord’s advanced approaches – and reap the rewards – is not headquartered in London, Paris, or Frankfurt. It doesn’t inhabit a gleaming tower in Milan or a grand old office block in Madrid. Strictly speaking, it’s not even a bank. Duncan Wood reports.

Rumours that RBC Capital Markets had let go up to 40 sales and trading officials in the US were firmly denied by officials at the Canadian bank, who refused to comment on possible redundancies.

As the loan market revives, both buyers and sellers are struggling to establish the upper hand.

Bank to expand retail business.

UBS has continued the revamping of its European debt capital markets business instigated by Roberto Isolani – who became head of fixed-income capital markets, for EMEA and APAC, at the start of this year.

The developments will heat up the battle between Qatar and Dubai to become the Middle East’s financial centre.

Corporate market emerges from intensive care.

Goldman Sachs knows how to spot an opportunity.

Buried deep in the announcement of Morgan Stanley’s third-quarter earnings results was a substantial hit from the bank’s newly built hedge funds business.

Lebanon’s economy is crumbling. Its public debt is breaking new world records. It has been teetering on the brink of civil war for the past 10 months. But none of this has stopped Dubai-based Shuaa Capital, one of the Middle East’s leading investment banks, opening a branch this September in Beirut. Why?

Absolute Capital Management is restructuring five of its equity hedge funds following the departure of co-chief executive officer Florian Homm, which prompted in excess of $100 million of redemption requests for funds with up to $530 million invested in illiquid US stocks quoted on over-the-counter bulletin boards. Chief executive Jonathan Treacher calls the affair "a significant distraction".

In the light of the troubled times the covered bond market has found itself in, the European Covered Bond Council has proposed to establish an emergency committee.

Credit Suisse has appointed Michael Fouad Chahine as global head of Islamic banking distribution. The bank is expanding its platform to distribute Shariah-compliant products. Chahine, who will be based in Dubai, will coordinate the existing Islamic banking businesses across Credit Suisse’s investment banking, private banking and asset management divisions to build a distribution centre in Dubai. Chahine has been with Credit Suisse since 2000. Most recently he was head of strategic initiatives in Dubai.

Intervention did the trick, to an extent.

Flotation gives big boost to Zagreb market.

Growth highest in Russia and the CIS.

After the crash, here comes CASH

The International Swaps and Derivatives Association, the trade group for the over-the-counter derivatives market, has launched an all-encompassing equity derivatives protocol, called the Isda Equity MCA Protocol, that the organization says constitutes a "significant step in a program to enhance operational efficiency in the equity derivatives markets internationally".

Negative headlines continue but innovation is reviving CPDOs.

The recent rise of shareholder activism, particularly from the hedge fund sector, has not been universally welcome. But should politicians and regulators step in, or should the market police itself?

The world’s stock and futures exchanges have benefited handsomely from equity market uncertainty.

The only UK stock that tried to keep pace with the plummeting Northern Rock in September was Absolute Capital Management. This serves as a warning to all hedge fund investors of the importance of proper due diligence.

Dresdner Kleinwort has hired Vasily Kirpichev as managing director and head of client coverage for Russia and the Commonwealth of Independent States (CIS). Formerly head of investment banking at Vneshtorgbank, Kirpichev will be responsible for origination across M&A, equity, debt and other areas. Based in Moscow he will report to both Berent Wallendahl, global head of client coverage in London and Igor Lojevsky, chairman of global banking and capital markets, Russia and CIS in Moscow.

The summer volatility in financial markets has caused numerous corporates to delay debt and equity capital raising.

As volatility spreads across the debt markets, the CMBS market is taking stock. Property derivatives are likely to increase volatility in the market and contribute to spread widening just as refinancing activity – a significant driver of CMBS volumes – slows. But as competition between commercial lenders and conduit lenders expands across Europe, the market is looking to new jurisdictions to maintain growth.

Write-downs in the leveraged loan market can raise more questions than they answer.

Goldman Sachs shows that marking to market goes hand in hand with good risk management and smart position taking.

Nothing signals the end of easy money better than the troubles that have afflicted Northern Rock. The City’s former poster child is about to be taken over, either by a rival or for dismemberment by hedge funds, its reputation in tatters.