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Likelihood of “ratings shopping” by borrowers/dealers increases.

"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."

There has been no relief from the pressures that last year’s annual cash management poll detected: globalization, declining margins and intensified competition. Smaller banks face a choice between expanding to compete or forming difficult-to-implement partnerships. Some might soon begin to question whether all the effort is worthwhile. Lawrence White reports.

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 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.

FXMarketSpace has made four senior appointments as it gears up for its launch in 2007. Two of the appointments, Jane Forster and Dan Rosenberg, have been lured from rival EBS. Yigal Oren moves over from Reuters, FXMarketSpace’s 50% owner, and Debra Rabichow comes from futures commission merchant Goldenberg, Heymer & Co.

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 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.

“When you talk about leasing, everyone thinks you’re talking about cars. My mother-in-law thinks I sell cars for a living”

Do superheroes need financial advice, and if so, how do you go about giving it?

From a research note entitled The largest OTC exchange