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Since Russia and LTCM, risk managers have been searching for a better way to value financial firms and the risks they run. Amazingly, they and their regulators temporarily lost sight of an important relationship - between financial assets and the way they are funded. David Shirreff reports on a meeting at the sharp end of firm-wide risk management

When Wim Duisenberg announced a 50 basis point cut in the European Central Bank refinancing rate from 3% to 2.5% on April 8, he made every effort to pre-empt speculation about more such cuts for the foreseeable future. Throughout its first three months of operation, the ECB has had to endure endless pressure from European politicians and private-sector economists to cut interest rates. Having frustrated this critical audience by keeping rates stable in the face of sharply declining business confidence in the three largest economies in euroland Germany, Italy and France Duisenberg now surprised the markets with one swift, deep cut. And his message was: "This is it." Don't expect any more cuts in the near to medium term.

FX Poll: Life after execution

FX Poll: Life after execution

Could El Salvador, a country of 6 million people, be about to steal a march on its larger Latin American neighbours?

David Bowie's done it, European soccer clubs have done it, even British pubs and motorway service stations have done it. Now it's the turn of waxwork models.

Money from pension funds is fuelling a boom in corporate bond issuance. But long-dated bonds and equities are lagging. Hans van Leeuwen reports

The prospect of sovereign bond defaults in emerging markets has focused attention on the legal documentation. Christopher Stoakes explains why.

Custody: Custody is dead, long live custody

Information technology is the catch phrase of the moment. The issues surrounding Y2K, the introduction of the euro and spread of the internet are the bread and butter of an ever-expanding industry. They are also the daily bread of the key figures we invited to participate in our roundtable. What are the new challenges they face and how did they solve the old?

FX Poll: Life after execution

Why did Morgan Stanley Dean Witter decide in January to move the irrepressible Riccardo Pavoncelli from head of European debt capital markets to head its European media industry group.