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The gap between the top two and their closest rivals continues to increase, according to results from our recent survey on international cash management.

"The bosses of Europe’s big three stock exchanges, the LSE, Deutsche Börse and Euronext, deserve to have their heads knocked together. They appear to have let their egos get in the way of getting together and forming a genuine European powerhouse."

Leading US private equity firm Darby Overseas Investments is poised to begin pre-marketing on a global emerging markets fund that will have a heavy focus on Asian investments.

The postponement because of rain of the annual charity hedge fund polo tournament in Darien, Connecticut, meant a few key players were unable to make it, but it didn’t stop play altogether.

The public sector is waking up to the advantages of leasing as budget-constrained public bodies from Sweden to Hungary and from town councils to hospitals seek out ways to take advantage of off-balance-sheet funding techniques.

Leasing is one of the hidden jewels of European banking. Its use by balance-sheet-constrained large private companies, credit-constrained small and medium-size enterprises and indebted public sector entities, including municipalities and local authorities, is growing rapidly. Europe is fast surpassing the US as the largest market for leases as more and more borrowers see the advantages compared with traditional loans. Peter Koh finds that banks are delighted and selling the product busily through their branch networks.

Although benchmarking has a part to play in some areas, there is no single approach to best execution that suits all markets.

Zar Amrolia has been appointed global head of foreign exchange at Deutsche Bank. His promotion is one of a number of senior-level changes at the bank. Amrolia replaces Jim Turley, who had the wider role of head of global currencies and commodities. In turn, Turley has moved to become global head of the institutional client group, replacing Brian Reid, who is taking a sabbatical after 21 years in the industry. Sources say that Reid intends to return to Deutsche in 2007. Someone familiar with Deutsche’s structure described Turley’s new role as “huge”. He will have global responsibility for the bank’s institutional investors and hedge funds.

Further regulation on delivery needed, says consultant.

The possibility that the long end of the US yield curve might continue to invert has supported long-end issuance from international sovereign and supranational issuers.

While the current stage in the leverage cycle benefits corporate borrowers, concern has been raised about the protection that bondholders receive against declining ratings and event risk. Does good corporate governance have anything to offer this set of stakeholders, and should it have? Florian Neuhof reports.

IMF: Singapore welcomes the right sort of people