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Coming to a screen near you soon, the all-singing, all-dancing dealing room. Gone are the days when dealers shied away from the prying gaze of television cameras.

Business leaders keep a close eye on rivals in Russia. "If your competitor buys a Mercedes, you'll buy a Mercedes," says Yuri Kotler, spokesman for the Federal Commission for the Securities Market. "If he hires a western chief financial officer, so will you. And if he issues a Eurobond..." Since the Russian Federation's debut $1 billion Eurobond last November, many companies have said they'll follow suit. So far none has. The state Eurobond "had the gestation period of an elephant", as one banker put it (it took nearly a year to launch the deal) so there should be little expectation that Russian companies would be right behind it. And the City of Moscow only managed to launch its $500 million debut Eurobond at the end of May. St Petersburg and Nizhny Novgorod are due to come to market by the end of this month.

Can Ujiie clean up Nomura?

Contrary to the pessimists' view, Europe will show economic recovery this year and next. And that will ensure monetary union stays on track for 1999. In core Europe, super-cheap money has been complemented by weak exchange rates. And those easy monetary conditions are likely to win out over Europe's Maastricht fiscal masochism to produce economic recovery.

Thailand in mid-1997 has an economic fight for survival on its hands. Can things get worse? Gill Baker examines the market

A special report prepared by Frankfurter Hypothekenbank Centralboden

A special report prepared by Commerz Financial Products

Issuer: Porsche International Financing plc

Bank atlas 1997: The world's leading banks

The job of borrowers today is to do much more than merely borrow. As well as raising new debt, they must think strategically: taking care of whole portfolios of existing liabilities; managing these liabilities against assets; managing duration and currency gaps between assets and liabilities to beat their benchmarks. Only then can they plan their moves in secondary markets or through new issues. It's a complicated and demanding game.

The use of credit derivatives is set to expand dramatically. Christopher Stoakes explains some of the legal pitfalls.