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  • Securities lending
  • Collective action clauses have been inserted into bond documentation for nearly as long as bonds have existed. They're still completely standard in bonds issued under London law, and have never been an issue when those bonds come to be priced.
  • Managing director and global head of fixed income e-commerce, Lehman Bros
  • Argentina
  • In the unseemly and increasingly desperate scramble by the leaders of Wall Street firms to do a deal with the SEC, Eliot Spitzer and the whole posse of state prosecutors pursuing them over bent research and IPO spinning, common sense was ditched long ago.
  • Head of global markets, Bank of America
  • Dozens of former bankers are on trial in Turkey for allegedly stealing $17 billion from the 20 banks that have been seized by the government since the end of the 1990s. None of the trials has ended, while some of the cases have entered their third year. If Murat Demirel's case is typical, it seems they might go on for ever.
  • The Irish covered bond, endlessly promised and hyped for the past couple of years, is set to emerge in the new year. Some features that were unique attractions when the legal framework was first proposed in early 2000 have been nullified by other markets' progress in the meantime - the amended German mortgage banking act, for example, allows the inclusion of assets from a wider range of countries in Pfandbrief covered pools.
  • "You should always buy a company that any fool can run, because one day, one will." These were the words of one of the world's most successful investment managers, Peter Lynch, speaking at an awards lunch in London.
  • Russia's nascent corporate bond market has been stunted by illiquidity, high yields, short maturities, punitive taxation, early put options and the lack of a properly functioning banking sector. And it is about to face its greatest test.
  • US business and politics
  • Last month I argued that the summer rally in US equities would not last. The S&P index hit its year low on July 23 at 797. It rallied to 972 on August 27. Now it's back below 900. In August, investors had turned bullish on hopes of interest rate cuts. And they were encouraged about corporate governance: CEOs signed off accounts with few nasty surprises.