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The structure of Spanish legislation is comparable to that of leading worldwide economies. This is partly due to the demands of the European Union of which Spain is a member, but also due to the desire of the Spanish government to internationalize its financial markets. Liberalization in Spain in the last 10 years has been widespread and rapid.

The beacon of European integration can never be turned off by a nation with Germany's history, as Herr Kohl has made clear in recent comments. But there is a dimmer switch - delaying the start of European economic and monetary union (Emu).

Nordic bonds led the world in performance last year, as investors applauded economic recovery and fiscal restraint. Although the upside now appears limited, they still provide a yield pick-up over German bonds. Norman Peagam reports.

A special report prepared by Chemical Bank and The Chase Manhattan Bank NA.

The abolition of exchange controls and the start of privatization should do wonders for the illiquid Johannesburg Stock Exchange, but fuller representation of black businesses on the equity market is a vital change that's not so easily accomplished. Mark Ashurst reports from Johannesburg.

At a parliamentary inquiry on February 28, Michael Lawrence, former chief executive of the London Stock Exchange, told how the board fired him eight weeks earlier "without warning". Was he so terrible to deal with, or did some board members see him as a threat to their continued enjoyment of privileged advantage? Stephanie Cooke reports.

The Euro-MTN market has just passed $500 billion in outstandings. But, despite its obvious importance, few capital markets executives understand fully how the market works - or can see where it is going. With the help of a new Euromoney database, Kieran Clifton explains how EMTNs are poised to take over the international debt market.

A special report prepared by Bank J.Vontobel & Co. Ltd.

A new system for holding and transferring collateral for derivatives overcomes the potential risk of third-party claimants. By Christopher Stoakes.

A special report prepared by BBV.

There's a good chance the next UK government will be left-of-centre Labour, whose previous terms of office have usually ended in inflation and currency crisis. Soft-spoken Labour politicians can't allay fears - among foreign investors and City practitioners - that a change of government will trigger a market correction and more controls on the financial sector. The reason for the fears: new-look Labour's overtures to private capital are vague and non-committal. Even Labour supporters are saying it's time to put flesh on the bones. By David Shirreff

A special report prepared by Chemical Bank and The Chase Manhattan Bank NA Background.