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Rima Moawad, Loeb & Loeb Roberta Bassegio, PaulHastings As 2015 draws to a close, many firms are adding bench strength. In one of the highest-profile lateral hires in New York, GREENBERG TRAURIG gained Iskender 'Alex' Catto, who became the new head of the firm's power industry projects and restructuring teams.

This year’s crash has forced the government to address the cracks in its financial regulatory system. These legal and policy considerations will shape a new regime

Regulators are worried that the market is overheating. It’s too soon to tell if their concerns are justified

GDP-linked warrants issued as part of Ukraine's $18 billion debt exchange contain unprecedented creditor protections, making them the closest thing possible to having equity in a country.

So, which is it to be? Liquid bond markets or highly capitalised banks?

China's long battle to get the renminbi (RMB) included in the IMF's reserve currency basket has been well documented, right up to the point it achieved that goal on November 30. There is little doubt that the move will help pave the way for wider use of RMB globally.

Your average private bank? Underwriters in Asia are fed up with inflated orders. The practice itself – which sees investors request more securities than they actually want, knowing the bookrunner won't fill their entire order – is not isolated to Asia's primary markets. But with a relatively large proportion of the region's wealth controlled by high-net-worth individuals, the private banks that steer these empires are emerging as the prime culprits.

Here's a cheery Christmas quandary: would you rather be fined or publicly shamed? Back in November, the UK Takeover Panel publicly censured Credit Suisse, Freshfields Bruckhaus Deringer and Holman Fenwick Willan over the way they handled the 2010 creation of Bumi, a London-listed miner of Indonesian coal.

If there's one thing to take from Europe's various capital market initiatives over 2015 – most notably, the Capital Markets Union – it's that the continent's financial infrastructure needs work. Europe's new single securities settlement platform, Target2-Securities (T2S), has been hailed as one of many solutions to that problem. A €1 billion ($1.5 billion) project run by the European Central Bank, T2S provides the post-trade IT system that underpins Europe's single capital market. And while its potential to boost efficiency and reduce costs shouldn't be underestimated, the project's first few months have been marred by technical issues and severe delays. "There's definitely questions over the complexity of the system," says Godfried de Vidts, chairman of the European Repo Council. "The amount of delays and teething problems so far is not surprising, and I think we can expect a lot more of that in the future."

An unlikely source of issuance in Europe's growing contingent convertible (CoCo) market in 2015 was Greece. And the next 12 months could lay the foundations for more.