A tale of two worlds: China's markets

China's domestic stock markets are a mess, riddled with inefficient companies, gerrymandered by a meddling government and hamstrung by a vast share overhang.

Making sense of evolution

The New York Stock Exchange's historic deal with electronic rival Archipelago and Nasdaq's acquisition of rival I-Net dramatically reshape US cash equities trading.

Conduits lead to new era in European CMBS

With banks more cautious about straight lending and bond spreads tight, real estate securitization through commercial mortgage backed securities is becoming increasingly popular, with conduit issuance taking a growing share of the market.