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A lack of comfort with the new product, and muted risk appetite for the asset class, resulted in thin market conditions for the newly launched ABX tranches – called TABX. The thunder of the much-anticipated start to TABX was stolen by the dramatic price falls in the ABX. Although the pace of innovation in the synthetic ABS sector has been nothing short of breathtaking – in a little over a year the market has developed indices, single-name CDS and now tranches – the latest innovation comes at a time when dealers’ view of the technology is far from clear-cut.

Little more than a year ago Commerzbank was the sick man of European finance, seemingly destined to a lonely, perhaps terminal, decline. Now insiders say the surprise acquisition of Eurohypo has given the merged firm, and its investment bank, a new lease of life. Philip Moore reports on the patient’s progress.

May 1 2004 might turn out to have been one of the more decisive recent milestones in the evolution of the German financial services sector. That was the day when board members of Commerzbank and HVB met at a hotel at Frankfurt Airport to discuss their merger plans.

The SEC has launched a probe into allegations that Wall Street firms might be tipping off certain customers, namely hedge funds, before large trades are made by mutual funds, a practice often referred to as "front-running".

Brazil specifically – not Latin America – is one of ABN Amro’s four core markets. And there’s every indication that the Dutch bank intends to keep things that way. Felix Salmon reports

Brazil’s investment banks have always been strong competitors in their home market. Now, as the country’s corporates flex their muscles on the global stage, Lawrence White reports on whether banks such as Itaú and Votorantim see ­themselves as international contenders.

Moody’s announced in February its intention to start publishing pre-sales reports for the faltering US sub-prime RMBS market. These reports will include opinions on the expected cumulative losses and key structural considerations, as well as a transaction’s provisional rating.

The growth in volumes may be higher across the region, but a NYSE listing still has big advantages for the right companies at the right stage of their development. Felix Salmon reports.

Status boosted by the February decisions of EBS to list it on its screens and of Euroclear to accept it as a settlement currency.

Ruling on compensation to pension scheme members for failure or underfunding will have implications for regulation and bond markets across the EU, starting with the UK, writes Roger James.

Central and eastern Europe used to be notorious for pollution-belching power stations and factories but the region could now be a key player in the fight against climate change through the use of renewable energy sources. That’s certainly the hope of Michael White, managing partner of EnerCap Capital Partners, whose EnerCap Power Fund is seeking to raise €100 million to invest in renewable energy projects.

On January 30, the leading names in the Islamic finance industry gathered at the Royal Garden Hotel in London for Euromoney’s fifth annual Islamic Finance Awards dinner.