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"It is a completely wrong assumption and arguments that the three year time frame given is too short a time frame" – U K Sinha.

It seems a fact of corporate life that broad-based international regulations will draw substantial criticism. But the US Commodity Futures Trading Commission's (CFTC) proposed cross-border rules under Title VII of Dodd-Frank are of particular concern.

Investigations into nine of the 10 brokerages submitting three-month rates for South Korea's certificate of deposit rates (CD rates) prompted the country's Financial Services Commission (FSC) to introduce the benchmark Cost of Funds Index (Cofix) for short-term lending rates. But there are issues with Cofix setting, too.

US authorities acted quickly to regulate the financial sector after the subprime crisis sent the global economy into a tailspin, and the country is less vulnerable to financial collapse as a result. This head start on regulation will likely cause some money to travel to foreign jurisdictions, but investors would be wise to observe the benefits of regulatory certainty.

Be it London, Hong Kong or New York that emerges as the financial hub of the future, it should closely watch the rise of these second-tier money centres

BBVA Continental's direct offering last month of $500 billion senior unsecured eurobonds signals a new trend in Peruvian bond issuances.

Ann Richardson Knox, Mayer Brown While the US lateral hire market remained relatively busy in August, movement within the financial and corporate areas was low. The same can be said of New York, usually the main driver of activity. This month only a couple of moves caught the imagination. One was Taurie Zeitzer's switch to KIRKLAND & ELLIS. The private equity partner moves from Latham where she acted for the likes of Apollo Global Management. Elsewhere, banking partner Ann Richardson departed Haynes and Boone to join the New York finance team at MAYER BROWN. Late in the month the city saw a notable Latin American-focussed move in MILBANK TWEED HADLEY & MCCLOY'S hiring of Carlos Albarracín from Chadbourne & Parke. The securities partner will devote particular attention to Milbank's Mexico practice.

Alexander McMyn, Hogan Lovells In Asia, Singapore was the centre of activity last month. Arguably the biggest hire was that of Alexander McMyn who left Linklaters to join HOGAN LOVELLS' finance team. McMyn focuses on banking, structured finance and asset finance. Before moving to Singapore he had worked in Linklaters' London office. He recently advised on the financing of Vedanta Resources' $9 billion acquisition of Cairn India. Elsewhere, LATHAM was looking to shore-up its Singapore offering with the transfer of partners Rod Brown and Luke Grubb from its London office. The corporate pair will add greater depth to the US firm's offering in the city, which now has 11 partners and 36 lawyers in total.

The deal could be the first sign of recovery for Vietnam’s struggling banking sector

London, New York and Hong Kong might be the money centres of today, but they each face a precarious future. With the global economic hierarchy under threat, which city will prevail?