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RBC Capital Markets announced the completion of two of the first ever rouble-denominated bonds since the rouble became fully convertible.

Proponents of the merger between the New York Stock Exchange and Euronext believe it will enhance Paris’s position as a financial centre as the $14 billion deal promises to maintain independence. One cheerleader has been Daniel Bouton, chairman and CEO of Société Générale. At the Euromoney Paris Forum, held at the close of 2006, he was interviewed by Mark Johnson, Euromoney’s editor of conferences.

Asset managers, pension funds and derivatives specialists across Europe need to be aware of the potential changes in Danish ALM activity. Several Danish pension funds and life insurers have written to the Danish Financial Services Authority suggesting that they be allowed to change their discount curve for liabilities from Danish government bonds. Christine Joseph-Haller looks at the implications for the euro and Danish krone fixed-income markets.

Japan is slow to adopt financial market innovations, and algorithmic trading is no exception.

Debt poll of polls: Customer votes reveal the new big three I Debt poll of polls: Overall I Debt poll of polls: Primary markets I Debt poll of polls: Secondary markets I Debt poll of polls: Investment grade debt house I Debt poll of polls: Advisory services I Debt poll of polls: Methodology

“I guess if Goldman Sachs can’t even read our P/E off a screen then the chances of them being good at the rest of the numbers is pretty low!”

There are sound reasons why volatility has fallen across asset classes. But a safe bet for 2007 is that it will rise again.

“Whereas western European banks are afraid to go to the Balkans because they’re not used to the environment of corruption, black money and illegal activities, we are used to this here in Greece”

Dutch pension funds ABP and PGGM both recently reported their quarterly results. Cover ratios at both are rising nicely but ABP’s new strategic portfolio catches the eye. Mark Ramsden asks if it points to less demand for long-dated bonds and more for inflation-linked assets.

The growing number of investors wanting to short the commercial property market is good news for property derivatives.

A European transaction-cost-analysis survey conducted by business school Edhec and commissioned by HSBC came up with figures in January that show just how unprepared many fund managers are to meet the requirements of the EU’s Markets in Financial Instruments Directive (Mifid) and the best execution requirements of their clients.

Standard & Poor’s has downgraded Ecuador’s long-term foreign currency ratings to CCC from CCC+. S&P also changed the credit rating outlook to stable from positive. The moves follow repeated statements by Ecuador’s president, Rafael Correa, that the government would fail to make an interest payment on its debt due this month. Last month economy minister Ricardo Patino told investors that the government was considering repaying only 40% of its foreign debt. He added that he expected a debt-restructuring plan to emerge soon. Correa’s government, which came into power in January, believes much of Ecuador’s $11 billion-worth of foreign debt is illegitimate because it was borrowed by military dictatorships that ran the country in the past.