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In Euromoney's annual ranking of non-US fund managers, in cooperation with Intersec Research Corporation, the dominant position of the Japanese and Swiss giants is threatened only by further exchange rate movements, and perhaps AXA of France. The global consolidation continues. By Jim Sirius.

It's been a year of upheaval for banks in emerging markets. Thailand, Korea and Mexico have been particularly badly affected. The biggest losers in our ranking were public-sector banks. By Robin Monro-Davies, managing director of IBCA.

Issuer: City of Stockholm

Emu will accelerate the concentration of the forex market towards a few big banks. But will that harm liquidity? By Guy Whittaker.

The biggest question-mark over the introduction of the euro is how to fix its rate against existing currencies. Paul De Grauwe suggests some solutions.

Asian brokers: The old hands fight back

Whether we like it or not, whether it arrives on time or not at all, the euro is already a factor in financial markets. Laws have been made about it, and adapted to it. Government, companies and banks are spending millions, to be prepared for the Big Bang on January 4 1999. That preparation requires rigorous practicality and fantasy, because none of this has been seen before, let alone road-tested. Euromoney here makes a leap of foresight and fantasy. We asked writers and experts from all areas of the market to explore the issues as they see them - the dangers, the unresolved snags, the legal wrangles and the risks that all institutions are being forced to take. The intention is to offer an unbiased collection of the very latest ideas, remembering that the euro is a moving target.

Intersec 250: Clash of the titans, once again

Banks are so desperate to hire high-calibre staff that in recent rounds of recruiting it was MBA students who were asking the questions before they decided on an employer. But the most fluid job market in more than a decade carries its own pitfalls for graduates - it's easier to land up in the wrong job and the wrong firm. Charles Piggott advises on how to stay on track

French prime minister Lionel Jospin wants to increase government spending. But the Bundesbank won't let France into Emu if its budget deficit rises. Unless one gives way, Emu is off. By David Roche.

The "irrevocably fixed" exchange rates that come into effect in January 1 1999 may not be quite as fixed as Emu proponents claim. Peter Garber explains how the set-up of Target will leave the system open to attack from speculators.

Nick Leeson, the man behind the Barings disaster, is still attracting controversy despite his sojourn at Tanah Merah jail, Singapore. Two rival films on the bank's downfall are set to hit the public some time in 1998, one a BBC drama, the other a feature film based on Leeson's book, Rogue Trader.