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Want to know who your boss will be in five years time? These are Euromoney's picks for the top 50 financial leaders aged 40 and under from around the world. They are already in key positions in leading organizations around the world, and their peers and mentors have marked them out for even greater things. Together they represent a broad church - some coming from financial families but proving their own worth, others making their way up from the bottom. We start with our top 10; the rest are split up according to geographical region.

Family businesses often fight shy of the exposure required by a stock exchange listing. Yet if family firms need fresh capital for growth or to meet the competition, a public offering needn't spell the end of family control. James Featherstone looks at the state of European private-company flotation and the investment strategies of 13 family-controlled businesses.

Edited by Peter Lee

The flotation of Deutsche Telekom was fenced by a thicket of regulations and employed more lawyers than syndicate staff. So how did Deutsche Morgan Grenfell get away with breaking so many of its own rules? And did the three global coordinators – DMG, Dresdner Bank and Goldman Sachs – allow themselves to be manipulated by a greedy issuer? None of this bodes well for Telekom 2. Laura Covill reports

When one of Hong Kong's biggest conglomerates and NatWest Markets got together in 1994 they spoke of a partnership for the long haul. But just a year after Wheelock NatWest wrote its first trading ticket the joint venture has been dissolved amid vague excuses of regulatory difficulties. Just another case of NatWest screwing up in Asia? Or was Wheelock NatWest sacrificed as part of a new strategy in London? Steven Irvine reports

Syndicated loans; Australia; Asset-backed Eurobonds; MTNs; Germany

Much has been said about convergence between the insurance and capital markets. But what legal issues are involved? By Christopher Stoakes

Government dominance of Israel's capital markets leaves state funding heavily exposed to outflows like the recent mass redemption of savings in provident funds. It has also hampered the development of corporate bonds. Funding locally through the stock exchange is problematic since concentration of ownership has rendered equities illiquid. Charles Piggott reports on proposals to reform the system

Cover and the capital markets

Big Bang: Ten years on; Turkey: No way to run a market

by David Roche