The bonus caps are being introduced as part of EU legislation to ensure banks carry adequate capital cushions in line with the so-called Basel accords agreed in the Swiss city by international banking supervisors.

WSJ: EU Reaches Deal to Curb Bank Bonuses

The annual carnival of art and money that is Art Basel Miami Beach (playing out across the city Dec. 2-5) is just the high point of a cultural scene that's remaking the peninsula yet again.

WSJ: An Insider's Guide to Miami