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The magic circle firm was named international firm of the year at last week's ceremony at The Savoy in London. Congratulations to all the teams and dealmakers recognised for their work over 2015

In case you missed it, all the highlights from yesterday's event at The Grange Tower Bridge Hotel in London

The agreement is to be welcomed, but it remains to be seen how margin requirements for uncleared swaps will impact the market

So much talk from the top today is about regulatory convergence. Since long before the crisis, far-reaching, global rules have been set with the idea of bringing markets closer together. There's a school of thought that fully supports having the same rules set by the same rulemakers, from Ottawa to Auckland.

Any economy, over time and taken as a whole, looks great. That's the unassailable assertion of capitalism. Yes developed economies, and the world economy, are still prone to worrying imbalances. But didn't we all once live in wattle and daub hovels, surrounded by our precious chickens (for barter) and our even more precious broad swords (for self-defence)? As a result, it's understandable that those raised on modern growth theory – that demand is endless and things will get better over time – are fond of an aggregate approach. That is, by the way, pretty much everyone.

China has unleashed an onslaught against its billions of non-performing loans (NPL), which have permeated much of its banking system. With major state-owned banks saddled with piles of distressed debt, Beijing has pulled out all the stops to extinguish the circulation of soured loans within the national financial system.

Is the Fed’s approach to capital inspired by the tailoring trade? The Federal Reserve is upgrading its 2016 stress test for large financial institutions to include the Basel Committee's principles on risk-data aggregation and reporting.

The move by China's central bank to allow direct RMB-US dollar conversion in three free trade zones (FTZs) is widely seen as a step forward, but quota limits and unclear rules have drawn criticism.

Liz Soutter Mark O’Neill Peter Wand In Paris the biggest news was ORRICK HERRINGTON & SUTCLIFFE swooping for a team from Freshfields. Patrick Tardivy, a corporate specialist, along with finance partners Herve Touraine and Emmanuel Ringeval all join the US firm.

Which revenues should trigger an antitrust filing? Talk of a new European Commission (EC) filing threshold based on transaction value has faced early pushback from industry and lawyers, warning it would muddy bright-line tests and add to today's web of merger approval processes.