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Anyone who thinks that a merger between LSE and Deutsche Börse is odds-on now they have shareholder approval should hold that thought — there is still a very long way to go, with many twists and turns ahead.

Turkish banks have long enjoyed cheap one year loans from international banks but it is now more obvious than ever that the sector should have made hay while the sun shone.

The International Swaps and Derivatives Association’s EMEA Determinations Committee has agreed to rule on whether Grupo Isolux Corsán Finance has triggered a bankruptcy credit event, after the Spanish engineering company suspended payments on bonds and sought creditor protection in the US.

GlobalCapital is pleased to announce the preliminary shortlist of nominees for its Global Derivatives Awards 2016. Nominations are based upon market feedback and research conducted in recent months. Winners will be unveiled at a gala dinner in London in September.

Sunshine 100 China Holdings printed a $200m convertible bond last week that drew flak for the inherent weaknesses in its structure. But although it defied what many consider to be “proper” CB execution, look past the criticism and it’s clear that the equity-linked market is open for business — even when the trade is off-kilter.

After what feels like forever, investment banks are starting to report numbers that look a little less dreadful. Except Deutsche Bank, obviously.

The Ranger is threatening to oust an unidentified banker unless he buys champagne. Meanwhile, most of the rest of the market is on holiday.

Jean-Pierre Mustier’s had a busy first month at UniCredit. Already, the new CEO has launched a strategic review, sold 10% each of FinecoBank and Bank Pekao, made a host of senior appointments and scrapped two-year-old talks with Santander about combining their asset management businesses.

Did Juncker just shut the Barnier door?

Back in July 2010, not long after the first Greek bailout, results of stress tests conducted by the Committee of European Banking Supervisors (the predecessor of the EBA) were released on the EU’s banks. They didn’t make for happy reading.

The market has been preoccupied with the European Banking Authority’s 2016 stress tests results, but really there has been little to look forward to. The tests don’t go far enough to say anything meaningful about the state of European banking.

Call me old-fashioned, or just plain old, but I have a hard time understanding the modern obsession with phones. And I cannot help but feel sorry for those who just can’t free themselves from the shackles of technology — even when they want to.