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China's economy is humming along in top gear but its domestic securities markets remain stuck in neutral. As the central government continues to struggle with financial reform, losses mount and systemic risk increases.

Macquarie Securities' Baywatch-themed relaunch party at London's exclusive rooftop bar, Coq d'Argent, received a cool reception from some guests and not just because of the un-Baywatch like winter weather. The hosts, who were more modestly dressed than most of Baywatch's former cast members such as Pamela Anderson and David Hasselhoff, had told guests to expect Australian pop diva Kylie Minogue to make an appearance later in the evening.

Leading equity derivatives players are pitching higher yields and name diversification to CDO investors. But deals need to be conservatively modelled and attractively priced.

Corporate bonds

India Citigroup and General Electric pioneered the use of India's potential for providing cheap services to their global operations years before outsourcing became popular. But if their recent moves are any indication they have divergent views on the way they want to manage their businesses in the future.

European mezzanine finance is growing fast in absolute terms and as a proportion of the financing of individual deals. With hedge funds and CDO structurers eager for the paper there's a fear among some traditional mezzanine investors that pricing is not taking proper account of risk and that innovative structures are an unhealthy development for the market.

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The word once again in New York is that leading investment banks will have to subsume themselves in larger, commercial banking organizations or face loss of business. It's an old argument. And it's as wrong as it ever was.

Equities

Larger Asian companies have seen the benefits from improving their governance in investment and foreign expansion. Now smaller companies are also recognizing the advantages of compliance with international standards and starting to shine in our annual best Asian companies poll.

Many US corporates will be breathing a sigh of relief after the announcement by the US Securities and Exchange Commission (SEC) that it will grant certain companies an extra 45 days to submit reports on their internal controls. At present companies are obliged to submit annual reports to the SEC within 75 days after the end of the fiscal year. Section 404 of Sarbanes-Oxley requires that these annual reports include a management assessment on internal controls over financial reporting, as well as the related auditor's report on the management's assessment.