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Which institutions have moved up and which ones moved down in the debt and equity league tables?

India is growing strong and has the potential to become one of the world's most vibrant economies. But the country's government faces challenges: rampant poverty and a burgeoning budget deficit. Asiamoney asked three Indian experts — a leading CFO, a fund manager and an investment banker — about the elections, reforms and the future of India and its capital markets.

Sumitomo-Mitsui Bank's attempt to disrupt the merger between Mitsubishi Tokyo Financial Group and UFJ Holdings has forced Japanese M&A into the spotlight. As Richard Morrow reports, with the economy improving companies are coming under pressure to boost shareholder value and profits, and there are still restructuring candidates waiting to be sold off.

It's the 15th year of Asiamoney's Equity Brokers Poll. And it is bigger and better than ever before. With 1,750 investors responding, representing 894 institutions, including 200 hedge funds, it is more than just a snap shot. It represents what the market thinks. Congratulations to CLSA, who after so many years of vying for the top position have finally succeeded in becoming the top broking house in Asia. While UBS may be disappointed that its three-year winning streak has ended, there should be no doubt this bank's equity platform remains a formidable competitor and it will be competing for the top spot again next year. We do of course expect some detractors and comments that the poll is flawed. It will no doubt be pointed out that we failed to tailor it to the exact requirements of certain institutions to allow them to do well. But those that slip down the tables or maintain lowly positions understandably become sour. This group will also spin that they did not do well because Asiamoney failed to listen to clients large enough in size—the clients that only they cover. But before they start pointing fingers and complaining perhaps they should look more closely at the figures. Of the institutions that took part, 177 have assets of more than US$2 billion under management, of which 98 have assets under management in excess of US$4 billion. And all votes were weighted accordingly. Could it be that perhaps the largest regional investors just aren't as impressed as the brokers think they should be? Our list of 10 complaints by hedge funds about brokers' service could help them out.

China's authorities are trying to liberalize the country's capital markets to answer criticisms of corruption and lack of transparency.

Best hedge fund trader, UBS

After enjoying a market rally in 2003 and early 2004, Asian brokers have seen many international investors pull back from the region's small and mid-cap stocks. But brokers remain convinced that despite the recent market sell-off there are still genuine small and mid-cap investment opportunities on offer. Richard Morrow reports.

Several analysts shone in the Brokers Poll. Asiamoney asks them why they think they gained such strong market support.

The Japanese securitization market might have its roots in economic stagnation, but the country's market is beginning to shine now the economy has possibly turned the corner. The ABS market is a natural target for this money, as the deals offer juicy yields when compared to tightly priced JGBs and corporate bonds. Richard Morrow reports.

Best hedge fund salesperson, CLSA

In 11 years at the helm of the Hong Kong Monetary Authority, Joseph Yam has witnessed massive economic transformation in China and the upheaval of the Asian financial crisis. He argues that Hong Kong must be able to conduct high-value transactions in renminbi to preserve its role as a financial centre, and predicts that the region's foreign exchange reserves will be increasingly invested in Asia.

Following the knee jerk reaction that caused India's stock market to tumble after the May election, are investors/you more sanguine about the prospects for Indian stocks and the economy under the new administration?