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Start-up tech companies face unique challenges in scaling up and financing their rapid growth. With many traditional lenders still reluctant to step into the space, some challenger banks are taking this opportunity to tap this lucrative client base.

Chastened by the 2012 volatility, Reserve Bank of India officials strike a cautious note about the virtues of rupee internationalization, as efforts to launch several offshore rupee bond issues gather pace. Market participants warn that liquidity and exchange-rate risk looms large on attempts to push greater usage of the currency abroad.

It won’t have escaped your notice but there are further regulatory changes coming down the track. Hard on the heels of European Market Infrastructure Regulation (EMIR), the second iteration of Europe’s Market in Financial Instruments Directive (MiFID II) and the Markets in Financial Instruments Regulation are under way.

Investor access, for the first time, to a basket of Indian public-sector bonds through an ETF listed in London has elicited sceptical groans, not because it poses liquidity risks or that corporate governance and transparency of the underlying securities barely conform to international best practice.

Sandy Frucher, Nasdaq

Three days before Facebook’s market debut in May 2012, underwriting banks increased the IPO price range from between $28 and $35 to between $35 and $38 and the deal was priced at $38.

A year ago, we at Euromoney marvelled at the near perennial progression of personages passing through the portals of Bucharest’s finance ministry in the 25 years since Romania’s tyrannical Nicolae Ceaucescu was toppled: 21 finance ministers since 1989.

“Fitch could decide to do this but if they did we would simply ignore it”

“Fixed income is the area in the firing line because it used to make so much of the money but now accounts for so much of the leverage”

Banking supervisors and other regulators are determined to bring so-called shadow banking within their purview.

New specialist liquidity providers are nibbling away at the share of the big universal banks in more and more parts of the FICC markets. In swaps, government bonds, foreign exchange, credit, and in securities financing and repo, new entrants are on the march, stepping up to fill the gaps left by the retreating banks. Tech savvy, led by quants and data engineers rather than the expensive traders sitting on the scrap heap of most banks’ inferior tech, the new entrants now just need people with the skills to win over large numbers of customers.

Britain’s renegotiation of its relationship with the EU could be a good thing for Europe too.