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Credit derivatives will transform the way banks manage their balance sheets. Once banks adopt a true portfolio approach, they will create a fully liquid secondary market in credit risk. Before then, demand for loans, asset swaps and credit derivatives will surge as proprietary traders and hedge funds cut up the credit curve. Mark Parsley reports.

There's going to be ferocious competition in the European bond markets post-Emu. Domestic players still have a stranglehold but global houses are making inroads. The best opportunities will be in countries where capital-market deregulation has been slowest, as Gavin Gray reports.

Michael von Clemm, former chairman of CSFB and Merrill Lynch Capital Markets, died on November 6 at the age of 62.

It's a simple idea. You own most of a company so you control its fate. But this notion of shareholder value has been slow to reach continental Europe where governments often allow small groups of long-term shareholders to control public companies. Things are starting to change. Cross-border mergers - even hostile foreign bids - are becoming more common, debt-financed deals are supplanting stock swaps and companies are making big acquisitions using hybrid tradable loans. Michelle Celarier reports on the Americanization of European M&A.

Financing China's mega-dam

Dawn raiders turn into gentlemen

Pulling away from the pack

What do Dresdner Bank and the Republic of Romania have in common? Both are trying to enhance their public image, battered by recent reports of high-level infighting and financial impropriety by senior officials.

Two years ago, sitting in the traffic jams with their bmws and mobile phones, Bangkok's brokers knew which side their bread was buttered on. Now things are looking pretty grim for erstwhile brokers in the Land of Smiles, with sandwich-making and taxi-driving among the new-found occupations for former employees of the finance and securities companies, 58 of which have had their operations suspended by the Bank of Thailand.

It is always with a dubious sense of national pride that you announce your capital city has the most expensive rents in the world. According to a recent survey by international estate agents Knight Frank & Rutley, Seoul now holds the honour.

Last National Bank of Boot Hill

Blue chips are ripe for conversion