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BondWeek has now been bringing you the inside skinny on the machinations of the fixed income market for 20 years. Checkout the highlights from our first issue.

Bridge Information Systems' bank debt traded up to 35 last week in a $10 million swap. Dealers say levels bottomed out at 13 before hitting 20 more recently and then spiking to the current level. Reuters' proposed buyout is said to be propping up levels, according to traders. "It could work out to be a home run," a dealer said of the merger. The company, based in New York City, provides real-time stock information out of the World Financial Center. It also owns a full-services brokerage firm and provides Internet services to the financial community. A dealer who's active in the name says distressed vultures are snapping up the paper.

The Federal Reserve on May 2 proposed the creation of a new Regulation W encompassing all restrictions on bank dealings with affiliates, and in the process proposing to curtail or change ways of business banks have been using for half a century. For some, the most critical part of the Fed's broad package was the proposal to take comments on making banks' derivative dealings with affiliates "covered transactions" under Section 23A of the Federal Reserve Act subject to its collateral and size limits.

A $10 million piece of Exodus Communications' bank debt traded in the 95 range, dropping from over 100. Dealers attribute the slide to the departure of the company's cfo late Tuesday. There were reported trades in the 95-96 range that totaled $10 million. VoiceStream Wireless' bank debt traded at 99 1/2. Nextel Communications' bank debt is said to be inching back up on positive numbers, with dealers citing multiple small trades of the bank debt in the 95 1/2 range.

Ripples of change are being felt throughout the Indian banking sector as the country's banks begin the difficult process of shedding excess staff and the government, at last, prepares to launch a clutch of measures for the recovery of sticky loans. Saibal Dasgupta reports.

It wasn't easy to decide on our finance minister, central banker and restructuring agency of the year – and not because of an abundance of riches to choose from. Many economists declined to applaud anyone at all, and we have decided nobody merited the restructuring agency award this year. But there are positive stories – Hong Kong and Singapore enjoyed a year of prudent if unexceptional financial management, and China showed signs of real reform. In the end, China takes the plaudits. By Chris Wright.

After the euphoria of Estrada's removal, the Arroyo leadership and forthcoming elections in the Philippines are being viewed with comparative calm. New appointments, particularly of secretary of finance Alberto Romulo seem solid, but after past disappointments it will take time for confidence to return. By Matthew Montagu-Pollock.

Daniel Tsai, vice president of the Fubon Group, is committed to overturning Taiwan's conventional style of conducting business – even if it means rejecting the means by which he secured his own appointment. By Dominic Jones.

How can the Philippines' financial system move forward, now that the political crisis has been resolved? Asiamoney talks to the governor of the Bangko Sentral ng Pilipinas, Rafael Buenaventura, ex-head of the Bankers' Association of the Philippines, former head of PCI Bank, and the country's most senior ex-Citibanker, who has come out of the Philippines' political crisis with job and reputation intact.

How can the Philippines' financial system move forward, now that the political crisis has been resolved? Asiamoney talks to the governor of the Bangko Sentral ng Pilipinas, Rafael Buenaventura, ex-head of the Bankers' Association of the Philippines, former head of PCI Bank, and the country's most senior ex-Citibanker, who has come out of the Philippines' political crisis with job and reputation intact.

India's market regulator, the Securities and Exchange Board of India (Sebi), has debarred 10 broking houses, including one run by Credit Suisse First Boston (CSFB), from carrying out broking business until further notice. The ban comes in the wake of a market manipulation scandal and involves brokers that have been linked to investment firms owned by Ketan Parekh, the Mumbai broker in judicial custody for his alleged role in the Rs1.37 billion (US$29.3 million) bank pay order scandal. The move follows a series of market crashes that have destroyed the feel-good factor generated by the 2001-02 budget. The Bombay Stock Exchange's 30-stock sensitive index (sensex) tumbled 1,000 points from 4,247 points after the budget was presented in parliament on February 28 to 3,247 on April 13 (though in the trading week of April 16-20 the market did recover some 400 points). This fall came despite the fact that the budget was widely viewed by international investors as being a positive step.

Few were surprised by the collapse of the Australian Derivative Exchange (ADX) after just three months of operation: least of all former chief executive of the Sydney Futures Exchange and chief executive of AXISS Australia, Les Hosking. "It's quite rare for any marketplace in the world to sustain two contracts that are very similar," says Hosking. "It's always been the case that the marketplace chooses one contract over another." With trading volumes of about 120 contracts a day covering its three product offerings – a 90-day bill contract, a five-year bond contract and a share price index future based on the Morgan Stanley Capital International Index – the ADX fell short of the 40,000 trades a day it needed to break even. By comparison, the Sydney Futures Exchange (SFE) had been reaching record volumes over the same period, averaging about 125,000 contracts a day.