In this issue

Five years after the collapse of Lehman Brothers, this special report looks at how markets are adjusting to the waves of reform that have followed the financial crisis

Markets tally cost of safer global trading

After ‘seismic’ regulatory change, the markets are grappling with ways to reduce risk while turning a profit

Winds of change blow through Chicago

New rules on over-the-counter derivatives create opportunities

Brazil exchanges are a tough nut to crack

Outside rivals have failed to break in - but is change coming?

Energy traders look to futures markets

Concern about reforms fuels move to pre-empt reforms

Europe: Thwarted merger raises question of transatlantic power balance

Will a combination of new derivatives rules and EU competition policy usher in a US takeover of European market infrastructure?

High-frequency trading: Business gets tough for Wall Street gunslingers

Rivalry among downturn survivors takes its toll

US: Rivals vie for custom in changing world of swaps

Reforms open up an industry dominated by big banks

Collateral management: Shift to central clearing creates opportunities

Sourcing billions of dollars of high-quality assets needed to back transactions has become big business

Clearing houses: The new heart of a safer system

Fine-tuning builds confidence in new process

Bill Herder

Bill Herder: Chicago ‘pit man’ surveys the Asian horizon

The Futures Industry Association’s man in Asia talks about its regional role and cultural differences