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Deals of the Year

Not all the central bank governors in Hong Kong this September for the IMF/World Bank annual meetings are staid middle-aged men in suits.

It's been the year of the emerging markets with many of Euromoney's 50 best deals of the year coming from key countries such as China, Russia, Brazil and Argentina. Our selection focuses on the important, interesting and innovative transactions from January to August. We have selected five for special mention and also highlighted some deals that were, frankly, dogs. By Robert Minto.

Waiting for banks to bite the bullet

His combative approach - along with $70 billion reserves - has seen off all the currency speculators so far. But does Joseph Yam sleep easy at night?

With a rare combination of rising oil prices, bumper harvests and policy reforms lifting the economic fortunes of the Middle East, its banks enjoyed a good year in 1996. Tony Wynne and Anthony Christofides take a look at the top 100 Arab banks and assess their prospects for 1997.

Global Financing Guide: Pleasing the crowd

Wang Qishan is president of People's Construction Bank of China and chairman of cicc, its investment-banking joint venture with Morgan Stanley. His banking group is the third biggest in China by assets and employs half a million people. He was formerly a deputy governor of the People's Bank of China and is very highly regarded by China's economic chief, deputy premier Zhu Rongji - so much so that he's shortlisted to be the next central bank governor. He spoke frankly to Steven Irvine about Morgan Stanley, the joint venture and investment banking.

Next month marks the biggest change to London's stock market since Big Bang of 1986. On October 20 the London Stock Exchange (LSE) will replace its current quote-driven system of market-makers with an electronic order book - initially for the market's top 100 shares and later, perhaps, for the whole market. This innovation, accompanied by a number of other changes to trading practices and regulations, will have a major impact on both the liquidity and transparency of the stock market, But it may, inadvertently, erode the LSE's virtual monopoly on securities trading in the UK.

A special report prepared by the Budapest Stock Exchange.

Did Bankers Trust buy Alex Brown to make itself more attractive to a potential buyer? And should NationsBank buy First Chicago to give it more bargaining power in any future merger talks, possibly with BankAmerica? As America awaits its biggest-ever banking mergers, such are the advanced strategies under discussion. All will become clear after the final round of mega-mergers, reports Peter Lee.