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Hope, fear and wonder as a new market opens

European Stock Exchanges: New markets for old

Don't fall prey to confusing a successful currency with a strong one, says Avinash Persaud. The euro fits the description of a credible currency. The euro corporate bond market is thriving and the euro is quickly gaining a vehicle currency and international role. Non-government markets are being revitalized, let's not underestimate the power of change.

Hope, fear and wonder as a new market opens

In the first of a series of articles examining the businesses of foreign banks in the US, Antony Currie looks at UK bank NatWest's investment banking and treasury operations. He starts with a day trip to Greenwich Capital, the fixed-income boutique bought in 1996 that has survived NatWest's investment-banking retrenchment and is now leading from the top. He then returns to New York, to a stellar performance from the treasury group, Global Financial Markets.

Leading supervisors on the Basel Committee on Banking Supervision are giving their 1988 rules a much-needed overhaul, trying to bring capital charges closer to the banks' own view of risk and return. But who's to say the banks are right? These proposals will be fought over tooth and nail by the lowly rated, the cautious, those suspicious of too much, too hasty sophistication, and those who mistrust rating agencies. Meanwhile, turf battles continue over lax banking structures in the US and protectionist banking structures in Germany. David Shirreff reports.

With more banks keen to explore internet banking, the legal and regulatory problems remain immense. But there are ways to minimize their impact. By Christopher Stoakes

Another one bites the dust

Few other areas of international finance have been as disaster-strewn in recent years as equity derivatives. A succession of investment banks, including UBS, NatWest, and Bankers Trust, have been spectacularly blown up. And last year there were widespread losses after a European retail boom in guaranteed products left dealers short of volatility. But still newcomers are queuing to join the market. Marcus Walker asks the elite players how they adapt and survive.

Ruggero Magnoni, Vice-chairman, Lehman Brothers (Europe)

Deutsche Telekom's €11 billion share issue in late June was like the company itself: too big to ignore and surrounded by controversy. Retail investors in Germany, Italy and even Japan rushed to buy the deal. But institutional investors took a dimmer view. Alex Mathias reports.

Alex Seippel, Founder, the Roundstone Group