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Deutsche Morgan Grenfell makes waves in the 1996 poll of polls with a strong performance in underwriting, trading and advisory work. Other names to note for 1997 include the newly formed Chase, the highest climber, as well as ABN Amro and Nomura Securities, all of which move confidently up the ranking. By Rebecca Dobson.

Diethart Breipohl is a modest man. But as finance director of the Allianz insurance group he presides over Dm320 billion of investments, probably the biggest portfolio in Europe. That includes significant stakes in Germany's blue-chip firms, suggesting to some that Allianz is "the spider in the web" of corporate Germany.

The IFC's Minati Misra is not prone to giving the dealers on her MTN programme an easy time. With a reputation as one of the market's most sophisticated borrowers, she is far from passive. Steven Irvine spent two days by her desk in Washington listening as she charmed and cajoled her intermediaries.

The House of Rothschild doesn't look as solid as it used to. In a world of supermarket banks, the days of the corner shop may be numbered ­ even if it has the best name in the business. But Rothschild is fighting the trends with a major reorganization. Brian Caplen analyzes the plan and looks at the vexed issue of succession

Poll of Polls: The rise of DMG

Why did Daiwa's European fixed-income new-issue wheel fall off in 1996? In a record year for new-issue volumes and secondary bond trading, Daiwa Europe has plummeted like a stone in the league tables finishing 19th, compared with seventh position in 1995. Had it not been for a World Bank issue late in the year targeted into Japan, Daiwa might even have finished behind Nikko Europe which would have been seen as a disaster at Daiwa's HQ. "There would have been bodies floating all over Tokyo Bay," comments a former Daiwa trader in London.

So it's goodbye to the name of Strauss Turnbull. The call to the knacker's yard from the uncompromising French bosses at Société Générale surprised no-one. Relationships between the two house had long been fraught. SocGen probably thought that Strauss Turnbull was a better firm than it proved to be. When the French found out that it had been sold a pup it was only a matter of time before the tumbrels were rolled out.

What will be the effect of European economic and monetary union (Emu) on the rest of the world? Will the euro be strong or weak? How will Emu affect world trade and global currency coordination? There are plenty of wild guesses. David Shirreff consults a handful of experts

What sovereigns do, corporates will try to do better. Many have taken advantage of good conditions to stretch maturities and smooth out repayments. Some Mexican issuers have even managed to price tighter than their government, reports David Pilling

A special report prepared by WoodCommerz

A special report prepared by the Capital Markets Centre of Bank Handlowy w Warszawie SA