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French chemicals company Rhodia has announced several initiatives that will help Rhodia Energy Services optimize the value of its carbon emissions receipts, which have been generated from projects to reduce emissions at Rhodia’s plants in South Korea and Brazil. In its first hedge using carbon emission receipts, it has sold 8 million tonnes of CERs, of which 6.5 million will be sold at €15 a tonne, to be spread over 2007 and 2008.

Domestic criticisms of Deutsche Bank’s international focus have not passed it by, prompting plans to develop its business at home. But as Jürgen Fitschen, who leads the initiative, tells Philip Moore, his bank does not intend to imitate rivals’ indiscriminate wooing of medium-size companies.

Connecticut-based currency manager Tradex Capital Markets has been awarded the management of UBS’s external allocation programme for FX-only investments. Tradex will assume responsibility for portfolio construction, maintenance and manager negotiations on behalf of UBS. Steve Jury, chief investment officer at Tradex, says: “In addition to the continued growth of our conservative, low-volatility fund, Tradex aims to move aggressively into the business of building customized multi-adviser platforms for asset managers, pension funds and government institutions. The unique funding possibilities in FX allow for the creation of portable alpha strategies that can be created with very low cash requirements. The firm is researching new ideas including notes, swaps and index development that we will likely market jointly with large financial institutions. Our wealth of FX market experience allows us to assess and quantify currency managers. This edge will enable us to help investors build return and avoid the pitfalls in a difficult and developing asset class.”

Online trading platform MarketAxess plans to launch a client to multi-dealer emerging markets CDS index trading system in the second quarter. The system will be the first of its kind and Latin America-related business is likely to be prominent.

Investors were asked to rate named analysts and teams for the categories indicated. The credit research houses themselves nominated teams. Scores were given in the ratio 5:4:3:2:1 for first, second, third, fourth and fifth place nominations respectively, then summed and divided by the total score in each category to produce a percentage. See full Credit research poll methodology

The low-key business of advancing tiny loans to the poor in developing countries is not the most obvious starting point for a new asset class on Wall Street. Microfinance has always struggled to develop because of a lack of access to financial markets. But the consistent profitability of microcredit companies is turning heads, according to Acción International, a non-profit organization that promotes small lending programmes worldwide. Its affiliates extended loans of almost $2 billion last year. “Microfinance as an industry is becoming a separate asset class for Wall Street,” says Acción International’s president, Maria Otero.

Vietnam’s stock market is roaring as speculative money chases the few listed stocks. Reform is on the way and the potential for growth is clear. Meanwhile, the market remains over-hyped, poorly regulated and lethal for the uninitiated. Chris Leahy reports.