Eurex, Europe's largestfuturesexchange, set upshopinChicagothis year, intending to grab American Treasury-bond contracts from the Chicago Board ofTrade. It has made little headway.
Canyon Partners LLC, a money manager founded by bond experts from the former "junk"-bond shop Drexel Burnham Lambert, and CQS, a London hedge-fund firm founded by U.K. millionaire Michael Hintze, recently launched new investment funds to take advantage of bargains in distressed mortgage debt.
But investors aren't being adequately compensated for the risks they are taking, says Martin Fridson, CEO of FridsonVision, a high-yield-bond research shop.
British billionaire Laurence Graff, the man jewelry business insiders call the new Harry Winston, swears this story is true: A woman and her husband walk into Graff's shop on London's swanky New Bond Street and ask to see the stunning diamond-and-ruby necklace in the window.