From electronic trading platforms to credit event fixings, inter-dealer broker Creditex regularly sets the pace in the electronic credit derivatives trading. But the market didn't know quite how to take spin-off of its post-trade processing platform T-Zero.

Two landmark bank loans will reinforce the dominance in Russia's oil and gas sector of two of the largest state-controlled companies – fuelling rivalry between them.

Wells Fargo leaves US equities stategy business

The growth of Iceland's banks – now centred on three main groups, profiled on the following pages – is one of the success stories of the past decade. The pace of development has led to concerns that such growth might be problematic and unsustainable. But the banks themselves are confident they are well placed for the future.

"I'm not interested in being prime minister. That'd be a demotion. I'm Tony Blair and the Queen in one!"

Recent Real estate industry award results

Riad Salameh has been governor of Lebanon's central bank, Banque du Liban, since 1993. He talks to Kate Luxford about bank consolidation and the need for capital market growth

News of an election is already perking up the Germany economy. If a centre-right coalition wins, as seems likely, expect yet more improvement

Iraq's Paris Club deal was exceptional on many levels – not least that it was mainly worked out in capitals far away from Paris. The deal arrived in November 2004 – more than a month ahead of schedule – thanks to some fortuitous timing. Iraq's Paris Club meeting happened to coincide with both a G20 meeting in Berlin and an Asia-Pacific Economic Cooperation (Apec) meeting in Santiago, which gave the mid-level finance ministry functionaries in Paris the ability to easily escalate negotiations to the finance-minister or even head-of-state level.

Dragos Neacsu, a former civil engineer and latterly investment banker, has taken on the challenge of overcoming the many shortcomings of Romania's debt strategy from the foundations up.

Grigorii Marchenko, chief executive of Halyk Bank and former governor of Kazakhstan's central bank, talks to Euromoney about bank capitalization, the development of consumer banking products, Kazakhstan's economic policy and the country's regional role.

Eastern European equity had a summer of love, as stockmarkets from Budapest to Istanbul hit all-time highs. Russia, last year's chronic underachiever, has been the best performer of all.

Despite previously criticizing ABS, the new regime can't ignore benefits

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In your latest quarterly inflation report you suggested that you'd overshoot the target. Is that correct?

Ukraine's president Viktor Yushchenko has had a roller-coaster 12 months. He was poisoned, faced rigged election results and was then swept to power on the back of a peaceful revolution that split Ukrainian opinion in two. Now the time has come to show whether he can deliver on his pledges. Euromoney quizzed Yushchenko on how he intends to do this

The ability to lend is closely tied to capital markets business, writes Laurence Neville

As real estate establishes itself as an asset class of choice for investors large and small, advisers are reaping the benefits. The next product in the production line could be property derivatives.

Malaysia's local electricity supplier is just one of the government-linked companies on Khazanah's books. And, like most of them, it has plenty of problems to deal with.

Exactly four years on from the September 11 attacks, there's been little construction activity to encourage banks to move back into Lower Manhattan. Goldman Sachs's decision to build a new headquarters on the site might be crucial

You did your first dollar bond since the default in July. What was the strategy behind that?

Venezuela's president, Hugo Chávez, wants to build his influence in Latin America through the creation of a regional debt market. But emerging-market analysts are unimpressed.

Argentina has rebounded impressively from the 2002 crisis, but it still faces enormous risks and challenges. Sudip Roy spoke to Argentina's top economic policy-makers, including the economy minister, finance secretary and central bank president, about how they plan to take their country forward.

Argentina has rebounded strongly from the 2002 crisis, but some analysts are getting worried about inflation and the low level of investment. How would you reassure the international financial community?

Several leading private Saudi companies are preparing to go public by launching IPOs following the successful flotation of dairy company Al Marai in July.

The Qatar Financial Centre opened for business on May 1 2005, and is now accepting licence applications from institutions. Its first resident – private bank Ansbacher – is set to open in early September 2005. Stuart Pearce, QFC's chief executive, says that an asset-management company and two banks are in the final stages of applying for licences. Dismissing concerns that the creation of yet another regional financial hub might be seen as overkill, the QFC says it is not seeking to compete directly with Bahrain and Dubai. "There is no reason why all three centres can't operate together," says Pearce. "They are different, complementary markets." The QFC has its sights set on banks involved in project financing and private banking, as well as commercial banking, private equity and investment banking, IPOs, and structured finance. "The feeling is that more wealth is staying in the Middle East, and that wealth needs a home, so there are all kinds of opportunities for regional and international banks to participate in the development of that wealth," says Pearce.

As restructuring rather than default becomes the norm for credit events in the emerging markets, it is time for those involved in the market to reappraise the effects of distressed situations on credit default swap prices, argue Manmohan Singh and Jochen Andritzky

International markets reacted to the death of Saudi Arabia's monarch King Fahd by raising oil prices sharply to more than $61 a barrel.

Companies from Egypt to India and from Turkey to South Africa are hoping that the opening of the Dubai International Financial Exchange, set for the end of September, will open the doors to a vast well of unemployed petrodollars.

Country risk index: Most countries have better access to capital than ever before and sovereign credit ratings have been on the rise for the past three years. But an increasingly tense geopolitical environment has led to marked decline in this year's country risk ratings. Research and analysis by Paul Pedzinski.