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FX Poll 1998: The Results

Euromoney's latest poll of Eurobond and government bond trading comes at a time of change, with the advent of the single European currency set to affect both the size and structure of the market. James Rutter reports. Research by Rebecca Dobson.

No more panic waiting for that dollar payment to come in: the solution is at hand. Within three years the world's leading banks expect to have a mutual bank in place that will accept and digest the bulk of their foreign exchange deals, reducing settlement risk to zero. So where's the catch? By David Shirreff.

Banks are building up their European credit research in the run up to Emu. Teams are being bolstered and specialists hired. But who is getting it right? The first ever poll of European credit research gives investors the chance to decide. SBC Warburg, Merrill Lynch and JP Morgan all did well, writes Brian Caplen. The poll was conducted by Rebecca Dobson.

The Grand Duchy's bankers don't seem too worried, but Luxembourg's point of difference as a financial centre is fast disappearing. James Rutter finds out how its bankers intend to fill their time after the introduction of the euro.

Decision time for Brazil's top bankers

They wear well-cut suits, shun bodyguards and are fluent in the language of the IMF. As Africa regains its capacity for growth, we profile five of the men who are leading the renaissance. Ex-guerrillas or veterans of industry, the reformers share a pragmatism born of a desire to see their countries succeed.

Just how much intense hard work can the market's leading traders pack into one three-day conference? Consider the schedule for the International Securities Market Association (Isma) conference in Prague.

The bad-loan troubles of Japan's banks are no secret. Western vultures have been circling Tokyo for months knowing that at some point the banks would go through their pain threshold. When that happened they would start offloading problem loans at the best prices they could muster. For many Japanese banks that point has been reached and the market in Japanese distressed loans is getting into full swing. US banks especially are expanding distressed trading operations in Tokyo - Morgan Stanley Dean Witter, Goldman Sachs and Merrill Lynch have all recently expanded their operations.

Banks everywhere are muscling in on foreign exchange - just as the costs of building a forex business are rising and spreads are tightening. Europe's commercial banks are trying to replace business lost with the onset of Emu. US investment banks are bolting forex on to their core activities. They can't all be winners. But, as Antony Currie reports, they can make life harder for those already at the top. Euromoney's 20th annual foreign-exchange poll follows. Research by Rebecca Dobson.

Remember when Euromoney was an eight-page pamphlet? Remember what the financial markets looked like at the time? Those interested in the history of the markets will find the answers - along with much else - in the recently published memoirs of Peter Spira, whose successful banking career with SG Warburg, Goldman Sachs and County NatWest between 1957 and 1991 was no doubt spurred on by appearing in those first issues of Euromoney in the late 1960s.

Learning to play around with loans