Westpac leads in Australia. BTM is the biggest and the best in Japan. And Nomura Securities retains its powerful position. Graham Hands, Kathryn Hanes

Many market participants in Asia reckon the region is overbroked. Nomura is more sanguine, continuing apace its recruitment drive. Its latest hiring is veteran research star Bill Overholt to head Asian strategy.

Type of deal: attempted purchase

Less than a year ago a damaging scandal over payments to Japanese gangsters by senior officials at Nomura Securities suddenly propelled a little-known and comparatively young executive, Junichi Ujiie, to the office of president and chief executive. There he took on the task of stamping out corruption and modernizing management at Japan's largest securities firm.

When foreign investment banks made $250 million on an erroneously priced Italian postal bond issue last year, the then chairman of Nomura's London office, Hitoshi Tonomura, was all set to follow CSFB's example and return Nomura's profit - thought to have been around $50 million.

New president Junichi Ujiie says he wants to introduce radical change to clean up and modernize Nomura Securities. If he succeeds, the Japanese house could pick itself up from its recent scandal and bounce back to become a global financial power-house. But first Ujiie must halt the bloody factional infighting that marred the term of his predecessor, Hideo Sakamaki, and wipe out the pernicious influence of two former presidents, the Tabuchis. Garry Evans reports.

Deutsche Morgan Grenfell makes waves in the 1996 poll of polls with a strong performance in underwriting, trading and advisory work. Other names to note for 1997 include the newly formed Chase, the highest climber, as well as ABN Amro and Nomura Securities, all of which move confidently up the ranking. By Rebecca Dobson.

STEVEN IRVINE

Maastrickery, NYSE raps Nomura, Equity placements, EIB's yen handout, Switzerland's test of strength