Leading asset managers are calling for drastic changes to the way the IMA operates, with some arguing the trade body should no longer be responsible for sector names or definitions.

J.P. Morgan Chase's CIO unit - the arm at the centre of a $2bn trading loss - has more than $100bn invested in asset-backed securities and structured products, according to reports.

The FTSE 100 entered correction territory this morning after falling more than 10% since March.

The FTSE 100 has dropped more than 1% as the Spanish banking crisis intensified, with shares in bailed out Bankia shedding 25% today alone.

Credit Suisse, Julius Baer, and the Royal Bank of Canada are believed to be among bidders for the wealth management arm of the Bank of America, which could fetch $2bn.

Investec Asset Management's Alastair Mundy has revealed buying JJB Sports five years ago was the biggest mistake of his investment career.

Asian markets climbed overnight on indicators the Federal Reserve may initiate further quantitative easing, after initially putting plans on ice.

David Cameron will urge eurozone leaders to "make up or break up" today as he fears the euro unravelling will further dent the British economy.

The global credit market has been turned upside down as sovereigns contaminate the market and governments become "the new hedge funds", according to PIMCO's Luke Spajic.

Edouard Carmignac said his group is firmly in the China soft landing camp, but has hedged large chunks of its €50bn portfolios against short-term risks.