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How can Russia's small and underfunded equity brokers break into the more lucrative areas of investment banking? By joining forces with foreign institutions, according to the conventional wisdom. But one local broker may have found a different way to turn itself into a major player. In mid-August, details emerged of a deal that brings together Russia's largest securities broker, Troika-Dialog, and the city of Moscow, likely to be one of the country's major sources of financing business over the next few years. The Bank of Moscow, in which the city of Moscow holds a majority stake, will form a strategic alliance with Troika-Dialog. After completion of a share purchase for an undisclosed sum, Bank of Moscow will own 20% of Troika and Andrei Borodine, the Bank of Moscow president, will have a seat on its board of directors.

Even pension funds are showing an adventurous streak and investing in Russian equity. A tremendous inflow of foreign capital and an increasing foreign ADR market has made Russia the world's best performer so far this year and left some fund-managers waiting for a correction.

The African Development Bank (ADB) gets full marks for its efforts to reform and modernize its operations in what is arguably one of the world's toughest banking environments.

In the old days, regulators set the rules and bankers followed them. Now, the Group of Thirty wants to create voluntary standards for global risk management. Some people applaud this experiment. But bankers who Oppose it have been biting their tongues. James Smalhout reports.

Winning the China game

During his more than three years at the helm of the Bank of Portugal, 42-year-old Antonio de Sousa has successfully managed a delicate balancing act, avoiding the disputes over monetary policy that had often flared between the central bank and the treasury.

Issuer: Republic of Ukraine

When Armstrong World Industries, a $2 billion US company, announced in early June that it was launching a $354 million hostile takeover of Domco, a Canadian floor-products maker controlled by Sommer Allibert of Paris, investment bankers were surprised to learn that the company's long-time investment banker, Goldman Sachs, was not advising Armstrong.

Finance Minister and Central Banker of the Year: The regional winners

Hostile bids and privatization have loosened bank/company relations and let in the foreign investment banks. There's no looking back. By Laura Covill.

Australia's financial markets have hit the headlines this year. While Australian dollar-denominated Eurobonds have been in vogue with European investors, privatization and a changing mortgage market have spurred a wave of issuance by Australian companies. Albert Smith looks at some of the landmark deals.

Finance Minister and Central Banker of the Year: The regional winners