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  • Two bulls in two pens
  • On February 28 NatWest Markets announced that it was suspending a trader after a £50 million loss on interest rate options. Two weeks later the bank suspended four more people, including two risk managers, and the hole had grown to £85 million. What went wrong? And what are the lessons for risk managers everywhere? By David Shirreff.
  • When Alan Smith returned to work he took no chances. The former head of Jardine Fleming finished his six months of gardening leave on April 1. Not wanting to look a fool he started a week later.
  • Are banks facing a rough ride on the information superhighway?
  • News of a planned merger between Bankers Trust and broker Alex Brown came in a rush. In fact, though, the firms had long recognized their complementarities and had first started talking about a link-up in 1993. Peter Lee reports.
  • Searching for the missing link
  • "10,000 by 2000!" That's the latest prediction for the millennium opening on the Dow Jones Industrial Average from Ed Yardeni, chief economist at Deutsche Morgan Grenfell (DMG). Yardeni who might be described as the most optimistic man in the world will surely see his prediction tested now that US interest rates have started to rise. If he is proved right, investors worldwide will rejoice except perhaps those in the UK.
  • International demand for Russian equity has grown steadily over the past year. But the supply has not kept up pace as companies struggle to cope with confusing laws and accounting muddles. Sophie Roëll reports
  • Domestic Russian government bills, GKOs, are already popular with investors. Now it looks as though Russian companies will coat-tail their government and issue in the local market. By Sophie Roëll
  • Western banks and money managers are battling for a share of the emerging markets as a provider of investment funds. One of the fiercest fights is for the short-term cash deposits of Muslim investors, whose volume worldwide is estimated at $50 billion. Despite setbacks and strict rules against investment in interest-bearing securities, Islamic funds are all the rage.
  • The Ospel interview
  • The Ospel interview