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European financial institutions could be missing out by shying away from M&A activity in the US. The strength of the euro against the dollar favours the acquisition of US businesses by European financial institutions. However, according to M&A advisers Berkshire Capital Securities, European institutions continue to look primarily to domestic markets for investment management transaction opportunities. Last year there were just 12 deals involving European buyers into the US, and interest has not increased so far this year.

What with a power struggle for control being waged in the public eye and a raft of senior departures, Morgan Stanley's workforce is having a particularly stressful time. So you can't blame them for wanting to take time out from it all. On one of the first warm, sunny spring days in New York, employees were observed on a roof terrace at 1585 Broadway during their lunch hour doing serious stretching exercises that looked like some sort of pilates or yoga class.

The papal funeral prompted yet more heightened security on Wall Street, amid fears that the congregation of world leaders in Rome could prompt a further terrorist attack. There were even more armed police than usual outside NYSE, which has been cordoned off since 9/11. However, at 60 Wall Street, Deutsche Bank's building, the security checks these days are even more rigorous. Not only is it necessary to offer photo ID to get access; now visitors are asked to show a debit or credit card as well.

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

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