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Brokerage firm Refco steals the headlines but Samsung faces major fine. South Korean electronics conglomerate Samsung has pleaded guilty to price-fixing in a far-reaching probe by the US Department of Justice and has been handed down the second-largest criminal fine ever

Spot FX prices are so tight that it is almost impossible to make a profit from market making. Some providers are going to struggle to remain profitable, which might not be a bad thing.

In the first of a series of articles, Euromoney examines the status of pension reform in two countries at the extremes of Asia’s pensions revolution, Taiwan and the Philippines. We ask the authorities charged with pension reform in these economies about plans and progress, challenges and expectations.

Germany is the new battleground for French banks, it seems, with BNP Paribas and Société Générale both making hires. BNPP has hired Menko Jaekel from Citigroup’s Frankfurt office for its DCM financial institutions group’s coverage of Austria and Germany. He reports to Razi Amin and Anthony Fane, co-heads of DCM FIG Europe. The move is the latest in a series of appointments that the bank has made in an effort to grow its covered bond business. In structured products and derivatives it appointed Ralph Heinig and Marc Steiner for the same region.

1,900 – estimated number of hedge fund managers that need to register with the SEC by February as part of the US regulator’s new rules for the industry.

The Inter-American Development Bank’s new president, Luis Alberto Moreno, speaks to Sudip Roy about his plans to make the bank’s policies more relevant to the private sector in a region that is attracting growing investment inflows.

The competitive spirit in investment bankers at CSFB and Morgan Stanley is alive and well. But instead of the usual battle to win business from clients or trading head to head, they clashed on a non-financial field.

Lee Dunst explains why companies that cooperate with US government investigations are falling foul of discovery rules.

Sovereign has shown it retains access to the capital markets despite political and economic woes.

This article appears courtesy of Institutional Investor

Denmark’s Saxo Bank has announced that it will open a London office in the “near future”. Lars Seier Christensen, Saxo’s chief executive, says the focus of the new office will initially be purely institutional.

“I have 18 proposals from different banks all offering the same type of deal. When you pile them one on top of the other they stand over a metre high. I am suffering from lead harassment”