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The proposed Basel capital adequacy accord will likely close a loophole that allows structurers and investors to arbitrage rating agencies in order to get a desired rating for collateralized debt obligations. Rating agencies assign different ratings for the same obligations because their methodologies and projected default curves are different. Investors and structurers are aware of this and frequently ask Moody's Investors Service to rate the lower tranches of a deal and Standard & Poor's or Fitch Ratings to rate the higher tranches.

The Bank of New York will launch general syndication of a $165 million credit facility for Patriot Media and Communications on Thursday. The credit backs the $245 million acquisition of RCN's New Jersey cable systems business by Steve Simmons and Spectrum Equity Investors. General Electric Capital Corp., National City Bank and SG Bank have already committed $40 million as agents, according to a banker. A couple of investors said the deal could present a challenge. "A leveraged cable buyout is tough. There are other cable names trading at a significant discount in the secondary market," said one buysider.

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.