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Market participants reveal their key concerns with European policymakers’ latest attempt to harmonise and regulate cross-border trading

The European Commission's (EC's) proposal to reform regional banks' trading activities is the latest in a line of misguided attempts to prevent a repeat of the 2007 – 2008 global financial crisis. Previously, the UK had favoured a structural split that would force banks to detach their risky trading activities from their retail operations. In the US, the Volcker rule imposes a ban on proprietary trading in the banking group. Europe's recent offering includes both structural separation provisions and a Volcker equivalent that would ban proprietary trading.

US ABS is hoping for something more exciting The asset-backed securities (ABS) market appears to be in full recovery mode. The figures for 2013 were close to their 2000 levels, with increases in auto loans and esoterics helping to pick up the slack created by the dark cloud still hanging over the mortgage industry. The real sign of the market's return however, is its creativity. Though a large amount of vanilla deals are often the hallmark of a market returned to full health, ABS has always thrived on innovation. The trick will be balancing that innovation with appropriate risk management techniques. While there will always be downturns, the latter will help manage those dips in a way that leaves confidence intact, thereby allowing innovation to rebuild the market.

The further erosion of investor protections is set to define this year's high-yield market. Here are the covenants giving issuers even greater flexibility

RBI faces a difficult decision in how to deal with the United Bank of India State-owned United Bank of India (UBI) might hold the dubious distinction of being Asia's first bank to see its capital ratios fall below Basel III requirements. But while regulators elsewhere have committed to allowing weak banks to fail in an orderly fashion, the Indian government might bail out the bank rather than bailing in bondholders. The move could, however, cause the international community to question the regulator's commitment to Basel III.

The Banten power plant is Indonesia's first power project not to require government support for the obligations of state utility PLN under the power purchase agreement (PPA).

What comes first – more deals or harmonised takeover rules?

All the nominees for this year's IFLR European awards

China’s government might not allow its banks to default until it finalises its bankruptcy regulations for financial institutions

A lack of prime RMBS issuance last year created a window for non-conforming and more bespoke trades. Here’s what to expect from 2014