EDITORIAL: New face of asian finance

In terms of financial markets, Asia has been a pretty stable location for international banks. Examine any Asia ex-Japan league table of the past five years, and the same names tend to dominate. Goldman Sachs, Morgan Stanley and UBS are in the top five of equity capital markets and mergers and acquisitions (M&A), while Citi and HSBC have similar levels of strength in lending and debt capital markets (DCM). It seemed that only a seismic shift could shift them.