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BEST RETAIL BANK

Leading M&A advisers are having to make room for clients' relationship banks

BEST BANK

It took regulators one long year to work out what exactly Citigroup did wrong in August 2004 on the EuroMTS trading platform. In the interim, Citi has apologized repeatedly for its actions, perhaps because the firm itself has been the biggest victim. Having lost a fair chunk of fees underwriting business – apart from when the Greek debt office broke step in March on its €5billion 32-year deal – the firm has been notably absent in benchmark euro sovereign new issues since the misguided trade. Although some rival bankers suspect Citigroup has still been involved indirectly in the primary European government bond marks by carrying out swaps for new issues, its last euro trade of note for the Republic of Italy – the sovereign said to have taken particular issue with the rogue trade – came way back in February 2004. While Citi continues to enjoy success in other sectors of the international bond markets, the firm must be hoping that it will return to favour soon.

BEST BANK

People moves:

A new book explores how the Florentine dynasty lent money and still went to heaven. Mark Johnson looks at the ways in which Italy's fifteenth-century bankers circumnavigated religious prohibitions to make their margins

BEST BANK

Awards for Excellence 2005

Awards for Excellence 2005

As nominal returns have fallen, investing in hedge funds has become more difficult. Recent high-profile failures in the UK and Asia illustrate that more than ever, it's important to pick the right strategy and the right manager

ECNs have sold themselves by claiming to offer fast, competitive, electronic execution. But research suggests only the electronic claim is true.