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Four tobacco companies have agreed to pay a proportion of their revenues to 46 US states and territories as compensation for the costs of treating tobacco-related conditions. This amounts to $206 billion over the next 25 years. The master settlement agreement is the largest civil settlement in US history. It has created a massive opportunity for the securitization market, as recipients become keen to turn these future flows into cash now. Even the lawyers want their future fee receivables securitized. Recipients are worried lest any future settlements or event risk bankrupt tobacco companies before they make over these windfall payments. They want bond holders to take that risk. Kay Binnie reports

Head of institutional coverage for German-speaking clients, Société Générale

The outcome of OM Gruppen's bid to take over the London Stock Exchange remained uncertain as Euromoney went to press, but OM's dynamic founder and chairman, Olof Stenhammar, remained characteristically resolute. "We will go on until the last day [the 60-day bid timetable ends on November 10]," he reported from his car phone between meetings. "We think we have a good case and we will continue to preach its virtues."

Best site for loans – primary market

OM Gruppen’s takeover bid for the London Stock Exchange is a symbol of Scandinavia’s technological edge in financial services. Nigel Dudley reports

Investors responding to Global Investors’ poll voted the following brokers as the best in Europe. By Ben Wright

When the euro was first launched in January 1999, the consensus was that a strong central bank, a huge trade surplus and low inflation would drive the new currency upwards from its opening level of $1.17. I had little confidence in that view.

Not only western governments are worried by the oil price. Oil wealth has left Arabian Gulf countries ill-equipped to develop dynamic economies that can cope with the needs of growing populations. Abu Dhabi is aware of the dangers of this inertia but Saudi Arabia’s Crown Prince Abdullah is the man doing most to change attitudes and structures. Michael Field reports

With foreign exchange platforms popping up all over the internet, competition and consolidation are sure to separate the winners from the losers. But will the web’s power to disintermediate ever allow corporate users of forex services to trade currencies directly with each other? Rick Butler reports

The EBRD is coming under a barrage of fire for its lending policy in Russia. Over the last nine months the pace of lending has been picking up momentum. But the bank is catching flak for three big deals.

An ever-increasing blizzard of broker research is making it difficult for equity analysts to deliver visionary advice. By altering their coverage, delivery mediums and client relationships, research departments at sell-side houses in Europe are working hard to stand out from the crowd. By Rick Butler

Guy Hands made his name at Nomura International buying pubs. However it was his move for the Millennium Dome, followed by his decision to drop the bid, that brought him into the public consciousness in the UK. With the Dome already fading into the distance, Hands’ Principal Finance Group is dusting itself off and looking for other business ventures to invest in. He tells Julian Marshall why his great white hope turned into a white elephant and what his plans are now