In another clear signal that it intends to build on its huge FX business, UBS has hired market veteran Dave Tait as its global head of proprietary trading. Tait had a long and successful career on the sell side, including stints at Goldman Sachs and CSFB, before moving into the then fledgling hedge fund industry several years ago. He initially worked at Bluecrest, before joining the ill-fated Peloton Partners. Until he was lured back to the sell side by UBS, he was trading at Citadel.

A way to cope with forward premia risk; Increased reluctance to take on counterparty risk

In the Greek myth, Sisyphus was condemned by the gods forever to push a rock uphill only for it to roll back down. This is a familiar fate for those seduced by the cult of equity investing.

Hong Kong flotation to mark Russian first; Debt restructuring key to planned IPO

Ivanhoe claims GDP could get 30% lift; Deal expected to be worth $4 billion

HNWIs seek safe haven on isthmus; But regulatory pressure is growing

The New York FX Committee will appoint Jeff Feig, global head of G10 FX at Citi, as its chairman when Richie Mahoney steps down in early 2010. Mahoney, head of BoNY Mellon’s global markets and capital markets group, has served on the committee since 1994, so Feig has a lot to live up to.

Talks under way about payment arrears; Agreement with holdouts also under consideration

The financial markets bounce is unsustainable. Demand will fall and corporate costs will rise as artificial stimulus is withdrawn and fiscal retrenchment kicks in. Expect an almighty splat as the markets drop.

Takes lead in increasing interest rates; Australian dollar strengthens

"Life is fragile," Jamie Forese, Citi’s head of markets, mused. We were sitting in his office at Citi’s New York investment banking headquarters. It was the eighth anniversary of the September 11 World Trade Center bombings. I thought of Jamie’s words when the 61-year-old legendary banker Bruce Wasserstein, chairman and chief executive of Lazard Ltd, died unexpectedly in mid-October. Wasserstein, like Larry Fink, the chief executive of BlackRock, was a Credit Suisse First Boston refugee who went on to found his own firm, become a billionaire and leave an indelible mark on the financial firmament.

Big jump in issuance from Abu Dhabi, Qatar; More Islamic and higher-yield issuance to come

Investors show signs of nerves; But perps bond market gets boost

Troika Dialog deal strengthens Standard Bank’s emerging markets presence; Troika Dialog gets better access to Standard’s balance sheet and links to China’s ICBC

The State of California is suing State Street Corporation, alleging that the Boston-based bank overcharged two of its high-profile pension funds on securities-related FX transactions. While some are claiming that the allegations involving pension funds Calpers and Calsters are the biggest story in FX for some time, the really big issue is why it has taken what are supposedly professionally run funds so long – up to eight years, according to CNBC – to realize that they might not have been filled at a realistic FX rate.

Amias Berman kicks off with PE deal; Primus buys into insurance

Bank shares sold off after rights-issue news; Banks need to get good advice on deals

BNP Paribas leads the way on state repayment; Are other banks looking to do too much, too soon?

State-supported banks are being forced to sell; New entrant RHJ International will build on Kleinwort Benson

Trading is bringing in the money for Wall Street, but is it artificial?; Fed might not unwind programmes next year

M&A worse than volumes reveal, fees down; 2010 seen to be better if equity markets stay up

The banking system is still on life support; A new fund might protect against renewed panic

Shift from return-seeking to risk management; But more complex products expected to revive

Banks now busy negotiating debt-for-equity swaps in their distressed investments could actually be making their problems worse.

How much does the Kingdom care about foreign investment?

The European high-yield market may finally have come of age.

Uncertainty is growing over the scope and scale of restructuring plans to be imposed by the EU Competition Commission on European banks that have been kept alive by state aid.

China sceptics think a dangerous asset bubble could be building.

Economic conditions may appear to be easing, but the region’s biggest challenges still lie ahead.

The Swiss bank needs to make a real commitment to the key Latin market, or give up the ghost.