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Banc of America Securities has reorganized its primary dealer operations. Kurt Harrison is now head of the global government and agency sales effort, as well as being co-head of the primary dealer with Brian Edmonds who is handling the U.S. Treasury trading effort. Previously, Harrison, who was recruited from Lehman Brothers to run trading, had run all of government/agency trading and sales. He says the move was made because the time involved in building the primary dealer's sales effort required him to be off the trading desk too often to effectively monitor firm positions and daily client contacts. Frank Keane runs U.S. agency trading. Harrison says he will seek to hire an additional five or six Treasury and agency sales specialists over the coming year to augment the eight that already report to him.

China's domestic institutions have five years to prepare for the opening of the country's financial markets to foreign competition. It's a daunting task, and a large part of it will be shouldered by Wu Xiaoling – the assistant governor at China's central bank and a leading advocate of financial reform. She spoke to Asiamoney's Pauline Loong.

HSBC

For the first time since 1998, no US house appears in the top three in Asiamoney's annual brokers poll. CLSA climbs the rankings thanks to its perceived independence, but it is last year's winner, UBS Warburg, that makes the greatest gains in our most comprehensive ever poll. By Olivia Chow and Robert Law.

Few may regard the hulking, fusty Nomura as a vehicle for change in Japan. But Richard Gitlin, chairman and CEO of Gitlin & Company, thinks just that. What's more, he's good at convincing others of the same. A sure sign of a lawyer. Nomura Group employed Richard Gitlin in October as senior strategic advisor, to assist the securities firm in implementing restructuring strategies for its clients. According to Gitlin, Nomura is the natural financial institution to play a significant role in Japan's turnaround – in its capacity as advisor and investor.

At the end of September, Sitthiporn Ratanopas, one of Thailand's most respected energy technocrats, was appointed governor of the Electricity Generating Authority of Thailand (Egat). But he faces a formidable array of challenges ranging from privatization of the huge state utility to liberalization of the power sector. Has he got what it takes to transform Egat into a freewheeling private enterprise? In his first press interview following his appointment, he spoke to Ben Davies.

StanChart fails to attract public support

Battered by the continuing deterioration in the business environment and spooked anew by the Bali terrorist attacks, corporate treasurers and CFOs in the region are becoming more conscious of risk. Hutchison Whampoa is among the companies looking to mitigate it. Pauline Loong reports.

At the end of September, Sitthiporn Ratanopas, one of Thailand's most respected energy technocrats, was appointed governor of the Electricity Generating Authority of Thailand (Egat). But he faces a formidable array of challenges ranging from privatization of the huge state utility to liberalization of the power sector. Has he got what it takes to transform Egat into a freewheeling private enterprise? In his first press interview following his appointment, he spoke to Ben Davies.

A dearth of deals is pitting the region's lawyers against one another – especially in Korea and China, where the bulk of new deals are arising. In the tug-of-war for business are standards slipping? Fiona Haddock reports.

Merrill Lynch put its balance sheet on the line for 15 hours to execute a gutsy block trade of TCNZ shares for Verizon. The result? Australasia's largest ever secondary placement. By Mark B Johnson.

The brokerage industry is under seige. Its ethics and independence are being scrutinized, the revenues that support it are plummeting and analysts face pressure from companies to be positive. Where is this leading? Not necessarily to a structure that would benefit anybody, writes Ben Davies.