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This survey has been designed to provide a qualitative and quantitative review of the best services in private banking, organized by region and areas of service. It also aims to be an informative guide for high net-worth individuals on the range of service providers that are available.

In an open letter to market participants, the New York-based Foreign Exchange Committee has warned about some of the dangers posed by the advent of retail FX products. The committee says technology often separates “the wholesale foreign exchange dealer from the end user, perhaps by multiple intermediaries”. This makes it difficult for banks to “know their customer”, and possibly hampers such compliance measures as anti-money-laundering and counter-terrorism obligations.

A recent report by BreakingViews has revived the familiar story that EBS is up for sale, claiming that the company was hawking itself around via its adviser, Citigroup. The £1 billion ($1.8 billion) valuation that BreakingViews has put on EBS looks a little toppy and might well scare potential suitors away. Back-of-the-fag-packet calculations suggest that EBS captures about 20% of the total spot market. As FX volumes are still expected to grow, and EBS could quite conceivably increase its market share, someone with deep pockets might well decide it is worth a punt, even at £1 billion. However, whether its multiple owners will ever agree on the attractions of a suitor remains to be seen.

The security for the sixth ministerial conference was intense but Korean protesters were still able to set off a police fishing operation and the director-general did not escape a barracking, while residents wonder what it’s all for.

Europe is in better shape than a cursory examination of its politicians might suggest.

Like bespoke tailors, private bankers have to offer clients just that little bit extra.

Funds are still unsure what use they can make of derivatives.

Speculation continues about the value of funds of hedge funds. A recent survey of 146 European institutional investors by research firm Investor Source and law firm Clifford Chance revealed a significant drop in interest in funds of hedge funds. Only 50% were investing or considering investing in such vehicles in the third-quarter of 2005, down from 65% at the beginning. And of those investing in both funds of hedge funds and single hedge funds, 18% have switched to invest in just the latter.

JPMorgan found itself in a sticky hole last month when its private equity arm, JPMorgan Partners, was part of a consortium bidding for US doughnut company Dunkin’ Brands, which was being sold by French drinks company Pernod Ricard.

Concerned about growing inflationary pressures, Russia’s government plans to limit the amount state companies can borrow in international bond markets. Julian Evans reports on likely effects on the rouble capital market.

Russia has an undeveloped equity market culture, so it is no surprise that there are few retail investors. But this is changing as confidence and understanding of the market grows and disposable incomes increase. Kathryn Wells reports from Moscow.

Complaints about the prices of bank privatizations do nothing to further the cause of China’s continued integration into the global economy.