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Chairman elect, Hawkpoint

The markets’ goal of next-day settlement of equities and bonds will only be achieved if there’s full implementation of straight-through processing. The more volumes continue to increase, the more urgent this becomes. Yet two rival systems have not agreed on common standards and sceptics fear that implementing full STP and T+1 settlement will be a decade-long project for cross-border trading.

Euromoney polled investors at 3,000 investing institutions in 31 countries, asking them to rank the individuals and teams whose credit research they rate most highly. The response was four times that of last year, with nearly 340 firms replying to our questionnaire. The winners were two bulge-bracket US firms and two of the largest European banks.

Carol Galley, London's most famous fund manager, is leaving her job at Merrill Lynch Investment Managers after more than 30 years in the business.

The marble floors are still in place at the EBRD’s office on London’s Bishopsgate, the grand pillars and glass still deck the waiting area and the presidential suite remains with its grand vistas. But little else at the EBRD remains of the Jacques Attali era. Since he launched the bank with such a grandiose vision 10 years ago, it has fallen on leaner times. The grand claims to transform entire economies have been replaced by the limited promises to clean up management practices in its designated area of interest in eastern and central Europe. The men now running the show are no longer Europe’s heavy hitters but technocrats bent as much on curbing internal costs as doing imaginative deals.

The Sparkassen and Landesbanken voice their objections in the Koch-Weser group that is developing a German government proposal to the EC. But analysts would be surprised if the group produced an acceptable solution for the EC straight away.

Brazil’s economy is growing fast, government spending is under control and foreign direct investment is flooding in. Despite all this, crucial structural problems persist. Capital markets are weak and underdeveloped, with an insignificant amount of corporate bond issuance and a semi-dormant stock exchange. In the wider economy, vestiges of policies of import substitution and economic isolationism hamper export growth.

Participants in Chunghwa Telecom's on-off American depositary receipt (ADR) issue are playing a game of bluff and double bluff as they amass support for a dignified climbdown on the deal's pricing stalemate.

The message is clear - China rules, OK?

In the internet bond trading arena the present number of competing platforms is unsustainable. The consolidation process started last month with the coming together of Market Axess and Trading Edge.

David Clementi, deputy governor at the Bank of England, says the use of credit derivatives in securitization poses a threat to capital market stability.

Morgan Stanley is making its latest attempt to woo UK institutions with the launch of its new multi-asset-class product.