Only two fifths of last year’s FN100 ranking of the most influential people in the European capital markets have kept their places on this, the sixth annual list. But, given that the 2009 list contained a mere 25 returning entrants, the lower turnover represents a measure of stabilisation and normality.

In other words, the FN100 list has again provided an accurate snapshot of the industry: things are better, but still not great.