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Argentine officials are hopeful that a new currency swap deal with China will increase confidence in the peso and give the monetary authority greater power to defend the currency. On March 30 the two nations finalized a three-year currency swap worth $10 billion in order to facilitate mutual trade. So far China has limited these agreements to other Asian countries and this is the first such contract with any Latin currency. China contributes only 12% of Argentina’s total trade and so the real impact on the peso is likely to be small. However, this deal is an important political tool for the Argentinians. As elections loom, this move to maintain a stable currency is being well received.

Xetra International Market, Deutsche Börse’s new pan-European foray, will launch in the fourth quarter of this year. Xetra will enable trading participants in 19 European countries to deal in European blue-chip corporates while settling domestically.

With the international debt market still inaccessible for most Colombian corporates, the local market provides a ray of hope.

Dierk Reuter has quit his job as global head of FX algorithmic trading at Deutsche Bank, which he joined in November 2007 from Goldman Sachs. Sources say Reuter is poised to set up a niche boutique and that he will be joined in his new venture by Matt Wilhelm from Goldman Sachs and at least two algo experts from RBS.

Do CDS spreads for Brazil and Mexico adequately reflect their relative economic health?

Trade body representations at the G20 Summit helped reduce the pressure for heavy-handed regulation of hedge funds. Neil Wilson reports.

When it was known as the Honda Racing F1 Team, it couldn’t even win a raffle. However, now that it has been relaunched as Brawn GP – with the same drivers, same backroom staff and management – the team is setting the pace in Formula 1. Inevitably, this initial success has attracted a crowd of media-hungry players and reports have suggested that a high-profile company was going to step in as the team’s main sponsor.

The imposition of a more stringent global regulatory regime for all financial markets is the talk of the town at the moment. So it is somewhat surprising to discover that the implementation of the Markets in Financial Instruments Directive (Mifid) in the EU in November 2007 resulted in a huge decrease in the number of FX brokers registered with the FSA.

Government interference in Brazil’s loan markets could lead to a new credit bubble, analysts warn. They fear cheap lending through state-owned Banco do Brasil could trigger the country’s own sub-prime crisis as other banks are forced to follow suit in order to remain competitive.

Pakistan’s president, Asif Ali Zardari, strayed off-message to startling effect during the opening session of the Boao forum for Asia, a conference that aims to be a kind of Davos of the east. After Chinese premier Wen Jiabao opened with a measured discourse on the theme of strength and confidence, essentially reiterating his country’s policies of fiscal stimulus and infrastructure spending, Kazakh president Nursultan Nazarbayev continued the optimistic mood with his views on the plausibility and desirability of a single Asian currency. Then it was Zardari’s turn. "I had another speech prepared," he began, "but listening to Premier Jiabao speaking about hope... I just felt I would not being doing my duty if I did not bring up the issue of terrorism. Excuse me if I spoil your thought processes today..." Zardari’s brief but passionate speech focused solely on that issue, reminding audience members that he had set up a new forum – with China’s participation – on a recent trip to Japan, and urging them to join the fight. Vietnam’s prime minister, Nguyen Tan Dung, showed solidarity with his Chinese hosts by returning to a procession of platitudes and statistics on FDI and GDP, but Zardari’s plea had at least got the audience talking.

Rating agency treatment of distressed buybacks will make it even harder to salvage value in the battered loan market.

Banking: BBVA remains bullish on regional prospects