Two central counterparties are currently being built to clear foreign exchange options. There is a great deal of preparation to be done.

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.

A wave of regulations to force creditors to share the pain when 'too big to fail' banks run into trouble will panic investors, say the bankers. But some investors argue the proposals need to go even further.

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.

The European market for commercial mortgage-backed securities seems to be struggling to reinvent itself in time to handle a looming wall of maturities

Qatar's decision to ban conventional banks from operating sharia-based finance units within its financial jurisdiction has left observers concerned the central bank has set the wrong kind of precedent, one that is likely to create uncertainty in banking throughout the Middle East.

Barclays Capital is most of the way through its audacious bid to transform its fixed-income prowess into an integrated investment banking offering. There are signs that the investment and effort are beginning to pay off in the equities business.

Appetite for algorithmic and high-frequency trading strategies is rocketing, and many exchanges are gearing up to attract this flow. But significant regional disparities and regulatory barriers may hinder development.