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Even the bugs in derivatives software can make you money if they're in a rival's system and you indulge in "version arbitrage". It's a small instance of the importance of having as large a range of models as possible in the program you use and knowing what others are using. James Essinger reports on what is involved in choosing software vendors and how their products can be used to make money and hedge against risk.

With interest rates so low and optimism for emerging markets so strong, investors are willing to take greater risks to achieve higher yields. So theoretically it's a good time for Côte d'Ivoire to unveil a plan to reschedule its debt via a Brady plan, only the second in Africa after Nigeria's. However, bullishness about emerging markets could be an obstacle to the Ivorian Brady plan, which is due to be implemented by the second quarter of 1997.

Exotics enter the mainstream

Bonds are developing to suit the most sophisticated global investor. Sovereign debt issuance is increasing in emerging markets, European bond markets are diverging with the approach of monetary union, and the EIB's new further-issue clause could give debt-trading in euros huge liquidity. James Featherstone reports, starting with emerging markets

Is it accurate to refer to Simon Robertson as former executive chairman of DKB? Some newspapers did. However Robertson's resignation at the end of February is not the part which is inaccurate.

The world's biggest privatization programme is being lined up in Brazil. Individual states and municipalities are joining the federal government in a sell-off jamboree. Proceeds could top $13 billion during the coming 12 months alone. Besides the money, the sales will bring in new management to help awaken the fabled sleeping giant, as Michael Marray reports

Country Risk: Switzerland takes a tumble

DLJ is far from anyone's idea of a global investment banking powerhouse. But in important markets, such as high-yield debt or US equity underwriting, it has suddenly become a top player. Now the "the little firm that became big", as DLJers like to describe their bank, is moving overseas. Peter Lee reports.

Istanbul Stock Exchange (ISE) has opened its offshore International Market with the launch of trading in Turkish Eurobonds.

Competition drove white-shoe Morgan Stanley and blue-collar Dean Witter into a merger. Could other improbable matches be on the cards? Michelle Celarier assesses the implications of the union that took everyone by surprise.

When Austria's coalition partners horse-traded the sale of Creditanstalt in January, it spelled the end of a venerable bank. But Gerhard Randa, chairman of predator Bank Austria, sees its absorption as a chance to put an Austrian bank into the big league. Not everyone agrees. And they don't like the way Austria's politicians stitched up a deal that had nothing to do with market forces and everything to do with Viennese power games. David Shirreff reports on a very Austrian privatization. Additional reporting by John McGrath.

"Much may be made of a Scotchman if he be caught young." So Dr Johnson had it. In the case of the Hongkong and Shanghai Banking Corporation, an institution founded by Scots and still governed by one, it has grown to be the world's most profitable financial group. The unique international officer culture that has driven it – young men caught young, trained up, messed together, posted, reposted, in the bank for life and rarely back in the UK – will have to change, but it's bending and adapting rather than breaking. Steven Irvine reports on its fitness for the 21st century.