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The European Commission has delivered its proposal for an EU recovery fund. It may not be full debt mutualisation nor a solution to low European growth, but it is a huge step forward.

Private sector involvement in suspending debt servicing for the world's poorest countries to alleviate the impact of the coronavirus pandemic progressed this week, with the Institute of International Finance (IIF) publishing guidelines for such an initiative. But countries face a long and tortuous path to reach tangible relief, write Ross Lancaster and Oliver West.

The European Commission delivered its proposal for Next Generation EU on Wednesday, marking a sea change in the bloc’s relationship with the capital markets as it proposes truly shared borrowing to finance expenditure for the first time. The move could make the Commission the biggest supranational and agency borrower by some distance, Lewis McLellan reports.

The UK’s Financial Conduct Authority has reminded issuers and bankers of rules related to inside information and wall-crossings, as it seeks to make sure standards are upheld in busy markets when participants are working from home.

Marshall Bailey will be the next chair of the board of MUFG’s securities arm for Europe, the Middle East and Africa.

Payments start-up RTGS.global has hired Jim Cowles, former chief executive of Europe, the Middle East and Africa at Citi, to be an executive director of the board.

Hong Kong’s capital markets were left roiling this week as investors tried to grasp the significance of a new national security law. Some fund managers are jumping on opportunities amid the ensuing confusion, but other market watchers see the city losing its financial edge. Jonathan Breen reports.

Nomura is eyeing acquisitions and a change in chief executive promises a reboot of its investment banking ambitions, writes David Rothnie.

Citigroup’s new architecture to make its banking, capital markets and advisory (BCMA) group a fitter competitor in sustainability and ESG issues emphasises two channels of communication, according to Manuel Falcó, co-head of BCMA, through the most senior rainmakers and a cadre of younger enthusiasts.

Some of the largest investment banks made 12% less revenue from lending in the first quarter, despite balance sheet expansion as they supported companies, according to research from analytics firm CRISIL Coalition.

The European Commission has published its proposal for an EU recovery fund. Next Generation EU, as it has been dubbed, has impressed onlookers with promises of €500bn of grants and a further €250bn of loans for countries affected by the coronavirus pandemic.

Cboe Global Markets will reopen its open-outcry options trading floor at the beginning of June, after more than two months in which the world’s major derivatives exchanges have operated exclusively electronically.