Chinese and Southeast Asian investment banks are fighting especially hard for market share, while some French banks are switching their focus to Asian bond markets, away from Europe where activity is slow.

WSJ: MoneyBeat: Lots of Banks Share in Asian Bond Sales

For example, American mutual-fund investors are switching from international equities into domestic bond funds.

ECONOMIST: Profits, for a change

' This might involving switching between both interest rates and currencies, trading a 10 year German bond for a 5 year Japanese one at a different interest rate, for example.

BBC: Hedging - a rough guide