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Having so long been the whipping-boy of its big cousin in London, the German futures exchange (Deutsche Terminbörse - DTB) can be forgiven for taking a full-page advertisement in the Financial Times in March to trumpet its victory.

Does Stephen O'Sullivan know something we don't? The former head of research at MC Securities in London has decided to move to Moscow to join the more discreet United Financial Group (UFG), a majority Russian-owned investment bank. The leading oil and gas analyst in the Russian market admits that the sale of MC Securities' Russian business (United City Bank) to Flemings has triggered his decision.

After decades of steady growth for six big banks, the Canadian banking sector is fast consolidating. The old certainties have been undermined by the announcements of mergers between Royal Bank of Canada and Bank of Montreal in January and Canadian Imperial Bank of Commerce and Toronto Dominion Bank in April. The rush to merge follows a global trend fuelled by the need to cope with increased competition, and was stimulated by the BankAmerica/NationsBank merger in the US. But unlike their US counterparts, RBC/BMO and CIBC/TD have to run the gauntlet of rigorous banking regulation, entrenched political conventions and hostile popular opinion.

Some of the numbers related to the banking sector are truly worrying. Outstanding loans as a proportion of GDP stood at 152% in December. With Bank Negara projecting 2% to 3% GDP growth in 1998 and 15% credit growth, the ratio will rise to 165% by December 1998.

SS Euro - sinking the unsinkable

Our annual survey of business travel provides the answers you need before you fly. Which are the world's favourite hotels? Which are the best and worst airlines? And which airport has the best cold-meat selection? Research and report by Susan McCormack.

The lemming effect whereby all emerging markets are sold off because of bad news in a few may be slowly breaking down. While Latin America has experienced fallout from the Asian crisis, a survey of US portfolio investors shows their stance towards it quickly recovering to a more positive one. This is largely because of the region's strong fundamentals and adept handling of volatitilty.

Short-term foreign debt is a killer for emerging markets as recent events have shown. Incredibly, few analysts bother to measure it accurately. Often they only consider medium- and long-term debt figures to make predictions about economic health. Small wonder so many of those forecasts prove incorrect.

Sir,

Could this be Deutsche Bank's Michael Dobson trying to convince his fellow Vorstand members of his commitment to all things German?

With consolidation on their minds, ambitious investment banks are picking their partners. No-one expects SBC-UBS to be the last big merger. Now Euromoney gives you the opportunity to pick your own dream team of banks which are hot in the merger stakes. Rules of the first ever fantasy bank M&A competition are as follows:

Was your bonus smaller than expected this year? Feeling unappreciated at work? Do you think you can write an insightful essay on the world of international finance? Not only will you be honouring the esteemed Jacques de Larosière, but the top prize is $10,000.