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MTS will probably unveil the mechanics behind the new trading structure for its European government bond trading platform before the year-end. A brief statement last month put to rest months of speculation on whether the MTS Supervisory Board would allow non-banking participants to trade on the platform, which up to now has been the preserve of primary dealers. The verdict was positive but surprised many as the decision has been mired in controversy for some time since it was first mooted over a year ago. In fact, such was the level of discord among bankers that few believed the platform would be able to approve a radical move and still retain its market position.

TradeWeb sells minority stake to nine banks, as LiquidityHub gets going.

New-issue activity in the securitization markets of Russia and the CIS has dried up in recent months but VTB Bank Europe is clearly banking on a recovery. The London-based investment banking arm of VTB, Russia’s second-largest bank, has added Eke Neumann as head of retail securitization and Daniel Stadnik as head of commercial securitization. Neumann joins from DZ Bank, and Stadnik was previously at ABN Amro. Both new hires will report to Alex Medlock, head of securitization.

In some parts of Latin America foreign banks continue to head the push for consolidation, but locals are beginning to cross borders. Chloe Hayward reports.

Despite the help of a couple of jumbo multi-billion euro deals by Fortis and UBS, the European convertibles market appears to be shrinking.

The credit crisis has forced US enhanced cash funds, which seek to better money market returns by taking on slightly higher levels of risk than regular money market funds, to fight to secure their reputation.

The news that spot rouble trades have taken place electronically on EBS and LavaFX between Russian and foreign banks has been taken by some observers as proof that the currency has taken a significant step towards full convertibility. However, the deals mask the fact that Russia’s settlement system is still a real impediment to the rouble’s wider acceptance and is harming the government’s hopes that it will one day be accepted as a reserve currency.

Market participants will live to regret not getting their own houses in order.

Quantitative investment strategies are valid, says report.

Leaving to one side the continuing debate about the causes of the credit crunch and how best to cure the dislocation in money markets, the relative inadequacies of European capital markets, especially in fixed income, are undisputed.

We don’t usually like to blow our own trumpet at Euromoney, but our Regional finance and investment conference for south east Europe, now in its seventh year and still going strong, is without doubt one of the landmark shindigs in the region. And not just for the sun-drenched charms of the ridiculously picturesque fishing village of Cavtat in Croatia.

Liquidity facilities have come out of the shadows, and many are surprised by what they really look like.