Last year, customer volumes overtook interbank volumes in the foreign exchange market for the first time. Electronic and high-frequency trading help to account for the change, as does the rise of retail participants – but regulatory change is also helping to cement this trend.
The battle over the valuation of the Chinese renminbi has often been characterised by vitriolic debate and has seen a titanic clash between Washington and Beijing about the right level for the currency and the speed of appreciation. But efforts to internationalise the renminbi are already taking effect.
Saudi Arabia stuttered during the global financial crisis, but never plumbed the depths of the world's more developed economies. Now, the country's leaders are eyeing a more prosperous future, with a key focus being on educating and employing its youth and women.
The boom in high-yield markets has continued into 2011 and money continues to flow into emerging market debt - leading some to talk about bubbles and a return to bad habits. Elsewhere in the debt markets, the financial crisis and its aftermath are still being felt.
Despite a sovereign default and the impact of rolling popular uprisings across north Africa, many are increasingly hopeful about the prospects for Africa's debt markets, as improving economic conditions and growing international appetite look set to underpin further new issuance.
China is using the Hong Kong-based 'dim sum' market to develop its offshore renminbi bond sector and push the local currency onto the international stage. There is a huge pool of liquidity keen to invest and although it must face the typical hurdles of any nascent market, the signs are good
Asia's bond markets are the largest outside the US and Europe. National markets vary enormously but most are growing rapidly, driven by huge pools of onshore liquidity and by the desire of Asian companies to plan and fund long-term. And local banks are taking an ever bigger slice of the business.
The CoCo is a new financial instrument enabling banks to raise capital – and convert it into equity during future crises. Joanne Hart finds out its potential to be one of the most significant financial products, however, relies upon the right support and investor appetite.
Last year was unpredictable for the IPO markets. While some deals performed badly, a lot of IPOs did well and most investors made money. Risks will remain in 2011, particularly in Europe, but emerging markets are seeing a growing share of volumes and prospects are good.
The statistics are clear: commodity demand is moving east, and fast. For the moment, the bulk of trading and price-setting is done out of New York and London, but will banks, exchanges and physical trading houses move east as well? Joanne Hart reports