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Owing to an editing mistake, on page 66 of Euromoney's April edition we said that NIKoil was one of the large Russian companies that western investors had pressed the EBRD not to lend to because of poor corporate governance. We would like to set the record straight. NIKoil is one of the pre-eminent investment banking groups in Russia. As part of its commitment to transparency and disclosure it has adopted international accounting standards and is audited by Andersen.

Aspects of the proposed EC Prospectuses Directive could upset the smooth running of the Eurobond markets.

Is there systemic danger lurking in the financial sector? To any regulator worth his or her salt, the answer to that question must always be yes.

A strange thing happened after the Federal Reserve, the US central bank, announced its sixth rate cut of the year: nothing. Before and after the other five rate cuts this year the stock market reacted with gusto. This time, there was hardly a flicker of recognition.

The world’s best debt house

The world’s best emerging market debt house

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Best bank:

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A growth in bank note forgery is what most worries Spaniards about the introduction of a new currency. The euro could easily become a counterfeiter's dream if Spain's central bank does not take sufficient action to alert businesses and the public. The Bank of Spain (Banco de España) believes it has done so. The problem for the Bank for Spain - and other European central banks - is that to prevent false bills being accepted the public needs to be educated about the euro notes, so that people learn to recognise the new currency and can identify fake notes. On the other hand, to release too much information before the euro is actually in circulation is an invitation to counterfeiters to adjust their printing machines and start producing fake notes well in advance. There is a clear trade-off.