www.breakingviews.com

EU stock exchanges are taking action to stop issuers deserting them because of cost increases caused by the impending Prospectus Directive.

US smaller-cap growth companies lost much of their investment banking support after the tech boom collapsed in 2000. But three firms with a solid research base and San Francisco roots are working hard to fill the gap. Antony Currie reports.

Japan's institutions are increasingly investing in hedge funds. But getting a fund off the ground in Japan is a tough task – institutions prefer large funds, but with few individual Japanese willing to invest it's hard to boost size. Helen Avery reports.

Multi-billion dollar leveraged buyouts are back with a bang, spurred on by low funding costs in the loan market. But with high yield faltering, can private equity firms and their financiers stomach the risks, or could these deals be the distressed loans of tomorrow? Kathryn Tully reports.

The sector is consolidating fast. And while major banks focus on securing a place in the top tier, smaller firms are left to contemplate a choice between white labelling and finding a profitable niche market.

www.breakingviews.com

A flurry of big private-equity bids by hedge funds has sparked a turf war between two of the hottest growth sectors in recent years. Although some private-equity players reckon the threat to their business has been overstated and that hedge funds are ill equipped to handle private-equity deals, others are taking drastic steps to see off the competition. Joanna Hickey reports.