In front of a US Senate committee, the agencies are indignant while investors claim they are focusing on the wrong signals.

Tranches on the LCDX index debuted in mid-October, receiving a warm reception despite the cautious atmosphere in both the cash and synthetic leveraged loan markets. Dealers shrugged off comparisons to the doomed tranches on the ABX index (TABX) and are quietly confident that LCDX tranches will prove to have merit. However, given the still-fragile state of the credit markets, they are not expecting the new product to take off overnight.

"They danced with some good-looking girls but they danced with some ugly ones as well"

Deutsche Bank has appointed Marzio Keiling and Mark Graham as co-heads of the European securitized products group (SPG). Keiling and Graham will report jointly to Erik Falk and Frank Byrne, co-heads of global SPG. The two are responsible for the origination and distribution of securitization products and services in Europe. Graham was a senior member of the Morgan Stanley real estate securitization team behind the Eloc programme. At Deutsche, he previously ran the European special situations group within SPG, focusing on illiquid securitized financings and whole-business securitization. Keiling was head of institutional client coverage for Europe. They replace Jeff Stolz, who joined Goldman Sachs in mid-August.

Securitization went from being the success story of the capital market to the root of all its evils in just a couple of weeks this summer. Some of those caught in the storm relate the experience to Louise Bowman, who finds out how long it will take to stop being a dirty word.

France is looking to contest England’s supremacy in the financial world by challenging London’s claim to be Europe’s financial centre.

The Cairo and Alexandria Stock Exchange (Case) has launched a new exchange for small and medium-sized enterprises. Case has established several new trading capabilities in the past two years, such as margin trading, online trading and short-selling. Case also plans to launch a derivatives exchange late next year. "We would like to see our derivatives market competing with other emerging markets," says Maged Shawky Sourial, chairman of Case since 2005.

The credit market seizure vindicated a few brave hedge fund managers who had spotted the sub-prime crash coming, positioned themselves deftly, and made huge returns from it. These managers recount the challenges of deploying funds against the long-only herd, outline expectations for worse market disruptions ahead and analyze the public policy responses that threaten the potential returns of many investors now seeking to profit from distress. Peter Lee reports.

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Leaving to one side the continuing debate about the causes of the credit crunch and how best to cure the dislocation in money markets, the relative inadequacies of European capital markets, especially in fixed income, are undisputed.

In March, Taiwan’s voters will go to the polls, and as ever the issue of cross-strait relations with mainland China will be key. And few groups will have more at stake than Taiwan’s banking sector.

The CEO suites of Wall Street have their first vacancy sign since the world learnt what sub-prime means.

Liquidity facilities have come out of the shadows, and many are surprised by what they really look like.

Interest in emerging market high-yield debt is at an all-time high.

That a third of hedge fund assets are invested in multi-strategy funds has implications for the wider market when funds need to sell off their most liquid assets.

Market participants will live to regret not getting their own houses in order.

Proposed US legislation shows that patience has snapped with the markets.

Scotiabank has long had an interest in Latin America, with assets throughout the Caribbean and Mexico. Recently Canada’s number two bank has stepped up its presence by buying a bank in Chile, expanding in the Caribbean and announcing plans to open 100 branches in Mexico. Along with this push, the CEO announced the appointment of Anatol von Hahn, who will take over as head of Latin America in January. Chloe Hayward talks to Peter Cardinal, the head of Latin America at Scotiabank, about its plans for the future before he bows out.

China’s mergers and acquisitions market is gathering steam after a couple of relatively quiet years. Elliot Wilson reports.

"You’re fired" is the new "You’re free".

Saybrook’s Tax-Exempt Opportunity Funds are making money by investing in distressed and defaulted municipal bonds. CIO Jon Schotz talks to Helen Avery about the growth of opportunities in the sector.

Maha Al Ghunaim’s rarity factor as a female chief executive in Middle Eastern finance makes her a celebrity. Under her leadership, Global Investment House has become one of the region’s largest investment companies. Here she talks to Euromoney about the secrets of her own and her company’s success.

A senior official in the Qatar government has hit back at claims that sovereign wealth funds lack transparency. Finance minister Yousef Hussein Kamal says that his country’s fund, Qatar Investment Authority, is an open, long-term investor, which should be welcomed by other governments.

Many have struggled to beat regular equity market returns, especially after liquidity crisis, says research.

The contrast with US regulation could hardly be more stark, writes Neil Wilson.

How do you price liquidity risk?

MTS will probably unveil the mechanics behind the new trading structure for its European government bond trading platform before the year-end. A brief statement last month put to rest months of speculation on whether the MTS Supervisory Board would allow non-banking participants to trade on the platform, which up to now has been the preserve of primary dealers. The verdict was positive but surprised many as the decision has been mired in controversy for some time since it was first mooted over a year ago. In fact, such was the level of discord among bankers that few believed the platform would be able to approve a radical move and still retain its market position.

Evolvence Capital, a Dubai alternative investment company, is on track to raise $150 million for what it claims is the region’s first hedge fund when it closes to investment next month.

The summer’s financial crisis has helped materialize in the markets a distinction between covered bonds and structured covered bonds that had been a matter of debate for some time. Philip Moore reports.

The collapse of structured finance issuance has significant implications for the financing of assets such as mortgage loans but has also dramatically changed the nature of the traditional investment-grade bond business in America. Alex Chambers reports.