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JPMorgan has confirmed that it has hired Max Leffen, ending his 19-year stint at Bank of America, where he was a managing director in FX sales.

Bond yields moving towards higher levels spells out a new environment in which good returns from bonds and shares will be hard to come by. Watch for further USD vulnerability.

“It’s like hearing that a distant maiden aunt has died and left you nothing in her will,” a source said acerbically. Source was referring to the departure last week of Danny Palmer, former global head of capital markets at HSBC.

Imminent competition between execution ventures is likely to mean more trading and therefore more money for everyone.

In the second part of our debate on FX, we examine the buy side as it develops its interest in new instruments such as exotic options, and examine key areas of innovation such as prime brokerage and e-commerce.

Brazil’s market-leading ethanol producer, Cosan, recently made a U-turn on strategy that says a lot about the overheated market for the chemical. The firm rushed out announcements that it would shift from an acquisitive strategy to one that emphasized organic growth, including upgrades of existing facilities and mechanization of the sugar harvest, as well as expansion in less-competitive geographical areas. It blamed prices that it said were "in the clouds" for the rethink. At a hastily convened press conference, managers said that the price of acquisitions in the sector had risen by 147% between April 2005 and January to April of this year, according to the firm’s own calculations.

Challenges of running prop and client money prove too much for Dillon Read Capital Management.

Retailer offers useful consumer sector diversification away from Chinese real estate names.

The Colombian government’s decision to impose further capital controls in order to hinder the peso’s rapid appreciation amounts to "bad policy-making", according to Walter Molano of BCP Securities. In a research note on May 25 Molano said: "Colombia is one of the few emerging market countries that is not taking advantage of the commodity boom. Instead of focusing on its vast natural resource base, Colombia is exploiting the special relationship it enjoys with the US to secure quotas and preferential tariffs for light manufacturers – particularly textiles and clothing." The new regulations extend yet further the compulsory deposit requirements for investors.

Lehman Brothers has made Roger Nagioff global head of fixed income. He replaces Michael Gelbank, who has left the firm. The move came as a surprise not just because Nagioff has an equities background but also because the role will be based in London.

Interest-rate-related MTN supply has fallen.

LCDX success gives the green light for the growth of loan derivative products.