Anyone that hoped the financial crisis would be the catalyst for substantial change to Germany's three-pillar banking system may be disappointed. The rigid structure that divides the German banking sector into privately owned banks, publicly owned banks and co-operatives seems even now resistant to change.
One veteran emerging-market investor is fond of saying that emerging markets are the ones where risk is priced in and developed markets are the ones where risk is overlooked. For many years, he and others like him were lonely voices. But today it seems the whole market agrees, which is a sure sign of trouble brewing.
Emerging again: Ukraine has posted positive financial newsUkraine has made a successful return to the capital markets after raising $2bn. The government issued two separate Eurobond issues, a 10-year $1.5bn placement with a 7.8% coupon, and a five-year $500m one at 6.9%. The move marks a rapid change in fortunes of the country after the government asked the International Monetary Fund (IMF) for funds as recently as August this year.
Moscow is already the financial hub for the former Soviet territories, but formidable legislative and infrastructure hurdles stand in the way of its aspirations to become a global IFC. Now the city and the Russian state are striving very seriously to address these issues, says Yuri Roslyak.