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Citing evidence from what he admits is a limited study, TABB Group partner Robert Iati feels that the decision of many of the leading FX banks to invest heavily in their own trading portals has left the multi-bank aggregating platforms looking vulnerable.

Ivan Ritossa, Barclays Capital’s global head of FX, has assumed responsibility for the bank’s rates business in Asia. His new remit includes fixed income, and commodity and equity-linked products, run out of the bank’s Singapore office. A Barclays spokesperson said: "Asia contains the fastest-growing economies in the world. Developing and building our business across this diverse region is fundamental to the global growth plans of the firm. Since joining the firm in 2002, Ivan has transformed the foreign exchange business into a world-class performer."

There are generally clear advance indications of ECB interest rate increases. However, the precise dimensions of change over the longer term are harder to predict, leaving market adjustments trailing.

A smash in the US, but tax advantages are not available for Europe.

According to Clontarf Capital: "The global tide of liquidity shows no sign of abating and this will mean another brutal year for short-sellers. For the past three years only auto-parts suppliers have been sure shorts and we believe that this may be a year to pause with long/short funds - at least new entrants, or those managers with little meaningful experience on the short side. After a few years of quiet launches, it could be that the hedge funds’ sibling long-only products are the ‘idea whose time has come’."

UK retailer Marks & Spencer is to partly plug the £704 million ($1.4 billion) hole in its UK defined benefit pension scheme by redeeming its 2001 Amethyst Finance sale and leaseback CMBS deal. The properties backing the CMBS have a current estimated book value of £550 million. UK supermarket group J Sainsbury exploited the value of its property portfolio in early 2006 by securitizing half of its property portfolio and injecting the proceeds into its pension fund. M&S plans to put its properties into a partnership in which the pension scheme will hold the interest. The cost of unwinding Amethyst and setting up the new partnership will be £30 million to £35 million.

Gulf institutions maintain their dominance of Euromoney’s rankings as growth continues for third successive year. Morris Helal reports.

Pushing beyond the boundaries

Arne Hassel has joined the $10 billion London-based currency and alternatives manager Millennium Global Investments as managing director of the funds of hedge funds business. Hassel was previously CIO of funds of hedge funds at Coronation Fund Managers, before which he was head of hedge fund strategies at GSAM in London.

Summary table of top banks, with quick links to more related content on euromoney.com

Mexican fixed-line operator Maxcom almost defaulted on its debt a few years ago. But in December the company successfully returned to the international capital markets, proving that the appetite for Latin American high-yield credits is as strong as ever. Chloe Hayward speaks to CFO José-Antonio Solbes about the company’s turnaround.

At Euromoney’s Paris Forum held at the end of 2006, the chief executive of BNP Paribas, Baudouin Prot, outlined some of the challenges facing major financial institutions. Principal among these is the growth and globalization of the banking industry. The interview was conducted by Chris Garnett, Euromoney’s director of conferences. Read or listen to it here.