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September is a popular time for international get-togethers. Near the end of the month there was a small one in New York, organized by the Brazilian/American Chamber of Commerce. It took place while the IMF/World Bank meetings were still under way in Dubai, shortly before the opening of the UN General Assembly, and a week after the collapse of the World Trade Organization talks in Cancún.

As the rugby World Cup gears up for its big kick-off, one former star is settling into his new job in the far more aggressive world of inter-dealer brokerage.

Investment banks are turning to new research strategies as they fight to win back investor confidence and wash away the stigma of bias and conflicts of interest that have tarnished sell-side research in recent years. There appears to be a stress on intellectual honesty but can this coexist with turning a profit?

The arrival of a new clearing house in Spain challenges the balance of power in Europe. Can it succeed against competitors such as LCH.Clearnet that are pushing for a horizontal solution?

Issuer: RHG Nord Size: e65 million Arranger: Rabobank International Issue date: September 17 2003

Source: www.breakingviews.com is Europe's leading financial commentary service.

How to pay for research is one of the toughest riddles on Wall Street. The challenge, says Smith Barney's director of global research, Bill Kennedy "on a global scale as well as in the US, is to take the talent we have and find a way to package it that is both investor-friendly and commercial".

At the IMF/World Bank meetings in Dubai last month, Padraic Fallon, chairman of Euromoney Institutional Investor, presented the finance minister of the year award to Ibrahim Abdulaziz Al-Assaf of Saudi Arabia, describing him as a symbol of the new Middle East. Fallon praised the reforms of Crown Prince Abdullah, which have created a liberal foreign investment regime. The minister cautioned that the award "does not mean that we have achieved our ambitions but is a reminder of the need to work diligently to reach our potential".

Last month's G7 finance ministers' meeting in Dubai prompted a sharp fall in the dollar. I reckon this is a turning point in the fortunes of the currency since its peak in February 2002.

Foreign insurers, asset managers and banks are preparing to tap India's retirement savings. On August 23 the Indian government cleared a plan that is a first step towards pension deregulation.

When banks develop fancy new structured products, they usually describe them as value-added, yield-enhancing solutions that do everything a client could possibly want except, perhaps, washing the dishes. No discerning investor or corporate should be without them.