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FX Poll: Life after execution

The big thrust of privatization in Spain is almost over and domestic and foreign investment banks must trim their strategies to cope. Most are confident that private and family-owned businesses seeking listings will provide lucrative business but competition will be fierce. Jules Stewart reports.

Macquarie Bank is a rare type of investment bank. It has made returns on equity of over 20% for 10 years by constantly moving into new business areas such as property securitization. Steven Irvine meets its managing director Allen Moss - a man who eschews ostentation and wears pens in his pocket - and head of infrastructure and asset group Nicholas Moore.

The consolidation process that has been reshaping the Italian banking system for the last three years reached a climax on March 21, when four of the five top banks in the country announced their intentions to merge following hectic negotiations.

So, the succession at Chase is decided. Bill Harrison will inherit a bank riding high in the league tables, doing deals in the darkest days of the crisis and basking in the respect of its peers. How did Tom Labrecque and Walter Shipley do it? By rethinking the bank's whole approach to risk management and being able to say no to marriage proposals. But if it is to continue on this roll and become a true one-stop shop, Chase needs to do a deal sooner or later. Michelle Celarier reports.

Adventurous investment banks are starting to look beyond central Europe's emerged "golden triangle" - Poland, Czech Republic and Hungary - to opportunities in such countries as Bulgaria and the Slovak Republic. By Alex Mathias

Bond Trading Poll: Emu shuffles the rankings

The fall of German finance minister Oskar Lafontaine is bullish for German financial assets, but only in the short term. Euroland remains a slow-growth region. So, after a brief rally, I reckon the euro is set to weaken again against the US dollar, moving towards parity. The European Central Bank will now be much less reluctant to cut interest rates in order to fend off EU recession. There's no justification for maintaining real rates of 2% to 2.5% when real GDP growth in the euro zone is sub-par and slowing and inflation below 1% and falling. Short rates could go 50 to 75 basis points lower by the year-end. That will help German Bunds and equities, which have underperformed the EU average by over 10% so far this year. That performance gap will narrow quite quickly.

Big country, small - but beautifully formed - financial market. Why is Kazakhstan so different from its neighbours. David Shirreff The meek shall inherit the earth - or at least what's left of the Russian financial sector. Smaller banks with little exposure to government debt are flourishing. Ben Aris Private pension contributions are becoming mandatory in Poland. This should boost capital markets. But by how much? Peter Bennet Foreign players are fighting over the rich pickings on offer in Poland, the Czech Republic and Hungary. Beyond this golden triangle there are many gems to be found for the most adventurous investment banks. Alex Mathias Bank privatization alone will not save Romania's economy. What else will it take to stabilize it? And is the government up to the task?

Privatization and a new chairman of the stock exchange are spearheading the growth of the Egypt's capital markets. Rebecca Bream reports

Bond Trading Poll: Emu shuffles the rankings

Poland is about to force large numbers of its citizens to make private pension contributions. That should boost its capital markets. Peter Bennet reports