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The emergence of investable hedge fund indices has provoked a great deal of debate in the hedge fund industry, with extravagant claims being made by both proponents and detractors.

API stands for application programming interface. Sadly for linguistic purists it has become a geekspeak verb; so banks can "API into another bank" or, as one user puts it: "We just API what we need." But API matters. Crudely put, it is a method of allowing programmers to develop additional functionality to boost the capabilities of a given piece of software. It is a way for banks to retain proprietary control over off-the-shelf products, and can mean that a lesser product can rival a more expensive one after the in-house programmers have got their hands on it. Any product worth its salt in the financial technology world (and far beyond - Google, for example, offers API tools) will give its users the opportunity to build on top, thereby combining the best of both buy and build worlds.

The respondent: The survey was sent to software companies' clients as well as to 300 heads of technology at banks worldwide. Each respondent was able to rate up to three software products, including those from other vendors, in every applicable functional category (six categories, and a total of 22 sub-categories therein). Euromoney received 130 verified unique client respondents, generating 437 different ratings.

The US Federal Reserve?s upward interest rate move at the end of June came as no great surprise on Wall Street. It might well have been noteworthy for being the first rise in four years but noises about inflationary concerns and US economic growth had already made a 1.25% rate a dead cert. ?The 25 basis points increase had been priced in a month before,? says one Wall Street trader.

This ranking of emerging market banks was compiled by Moody's Investors Service from commercial banks' annual reports and financial statements. Where possible, figures are in consolidated form. Banks owned by other financial institutions are not listed separately. Subsidiaries and branches are not shown either.

Ask most Hong Kong bankers frequenting the bars of Lan Kwai Fong about their last brush with anything Czech and most would point to sleepless nights watching the Republic?s flirtation with football greatness at the recent Euro 2004 championships. If local hedge fund manager Richard Johnson has his way, though, that is about to change.

By Camilla Palladino

The growing problem of pension fund shortfalls and government attempts to cope with them are prompting a cautious approach from private-equity investors, with the UK particularly badly affected.

www.breakingviews.com

Despite Baillie Gifford?s lack of corporate activity, the firm has set up several joint ventures. Amin Rajan, CEO at research firm Create, says: "JVs fit well with the structure and it?s a sign of growing confidence."

Merrill's asset management business, MLIM, is getting back to its retail roots. Originally established in the US to serve the private-client business, MLIM grew, in part by the acquisition of mercury Asset Management in the UK, to become an institutional asset manager. Now, says Bob McCann, vice-chairman of the wealth management group that comprises GPC and MLIM: "We have developed a third-party retail business that is profitable and growing fast."

Rapid growth in the asset-backed commercial paper market has stretched liquidity lines. Sponsors have therefore begun to develop innovative new structures to cope with the problem