Investment banking, like so many sectors in China, seems to be going the way of the local players. There shouldn't be too much hand-wringing over this back in New York and London.

Investment bank revenues reached $3.5bn over the first nine months of the year, making China comfortably Asia's most lucrative market, according to Dealogic's latest league tables. The lion's share of this has gone to domestic firms, with seven of the top 10 fee-earners being Chinese names.