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Asian governments have been fighting a rearguard action to hold down their currencies. They have stopped external surpluses from fuelling domestic inflation. But they are at their limits.

Disclosure rules are forcing issuers to consider listing outside the EU, reports Michael Evans. Switzerland's SWX sees an opportunity to win business from its European rivalsThe Swiss Exchange (SWX) has launched its first offensive in what promises to be a long battle to snatch Eurobond business away from London and Luxembourg. Last month, representatives of the exchange visited capital markets law firms in London in a bid to convince lawyers of the benefits to non-EU issuers of switching to SWX. The SWX sales pitch is based on new rules unveiled on November 15. These make a Swiss listing relatively easy at a time when Europe's transparency and prospectus directives will impose costly reporting requirements on companies listed in the EU.

Investors are now content with the quality of secondary bond markets in Europe. They can transact large sizes on tight bid-offer spreads without moving prices against themselves. But is this just a bull market phenomenon?

Electronic trading

Russia

www.breakingviews.com

Yann Gindre, one of the more colourful Eurobond origination heads in London in the 1990s, is returning to banking.

Foreign exchange

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It's not yet clear exactly how the JPMorgan Casenove joint venture will be branded, but we hear that the two organizations are not planning to adopt an animal to spearhead their cause. They could be making a strategic error. Barclays Capital markets its Barx trading platform with a variety of dog mascots, from terriers to Jack Russells. And it has long been trendy to show that you are hawkish, bullish or bearish with the creature you use to front your operation. After all, Merrill Lynch is famed for its bull, Caja Madrid has its bear and there are scores of organizations from Bank Boston to Baring Asset Management that sport birds of prey in logos.

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