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Infrastructure equity has been big in Australia and Canada for a while, admired for its low risk, long-duration appeal. However, the sector's early success has led to a flood of new entrants, who are already driving down returns – and more are on the way. Is the market over-sold before it has properly begun? Claire Milhench reports.

At the start of 2000, many banks trumpeted their ability to distribute new bond issues online, fearful of being left behind by eager issuers. At the same time their trading sides announced, often with great fanfare, their own new internet-based trading sites and new multi-dealer platforms put together among consortia of banks. Since then, banks have struggled to deliver on these systems and to integrate them properly. Some now think the internet will merely make the existing market model more efficient, not overthrow it. But a few still hanker for revolutionary change in the bond market. Peter Lee reports

In July’s awards for excellence the text on Bahrain was omitted and we failed to include Qatar National Bank as joint winner of the award for best domestic bank in Qatar. We run these sections below.

Last year it was equities. Last winter it was bonds. Now this summer foreign exchange, by far the largest market, finally embraces e-commerce. Single-dealer platforms will still be needed, but might only account for 25% of the volume. The seven-bank consortium behind FXall.com has grabbed all the headlines this month, but it is already a year or more behind two independent ventures, and years behind State Street's FX Connect, which since April has allowed other dealers on to the system. Why has it taken so long for forex bankers to accept the multi-bank approach, and what are the consequences of leaving it this late? Antony Currie investigates

Online offerings present new challenges to financial lawyers, not least issues of security, jurisdiction and accuracy. By Nigel Page

High interest rates, volatile equity markets and investors' growing fear of event risk are making life harder for European corporate bond issuers. Analysts now question the market's growth potential. But the long-term shift from bank to bond financing in Europe seems unstoppable. By Michael Peterson