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Japanese bond issuance sharply increased in the first nine months of this year as borrowers rushed to raise funds before interest rates rose. But the revival might fade next year. Charles Olivier reports from Tokyo on changing attitudes to capital-raising

Government dominance of Israel's capital markets leaves state funding heavily exposed to outflows like the recent mass redemption of savings in provident funds. It has also hampered the development of corporate bonds. Funding locally through the stock exchange is problematic since concentration of ownership has rendered equities illiquid. Charles Piggott reports on proposals to reform the system

A single European currency looks increasingly likely to be instituted on schedule on January 1 1999. With this in mind government bond strategists are trying to predict the likely shape of the euro market. A few patterns, such as the transition towards a credit-driven market, are emerging. But much still hinges on decisions yet to be taken. Philip Eade reports

In the long term there will probably be room in the Danish banking market only for Den Danske Bank and Unibank. But before then they will have to adjust to the EU's single-currency system, which Denmark is unlikely to join at the outset, and to competition from consolidated banks in neighbouring states. Jules Stewart reports on their prospects

Union Bank of Switzerland and Deutsche Bank are focusing on cracking the US market in their plans to become truly global investment banks. With a stable of expensive Wall Street talent on board, their willingness to commit time and money to establishing a US presence is already starting to pay off. Michelle Celarier reports

Olivetti strongman Carlo De Benedetti is clinging to power at the company he has dominated for 17 years. Stripped of all executive titles and controlling only a 15% stake, he remains very much in charge. UK and American fund managers who thought the Italian corporate was a turnround stock with new go-ahead management have been rudely shocked. The share price has halved as bad news has heaped up. They now realize that De Benedetti doesn't care how low the stock goes as long as he wins the fight against them. As they slug it out, foreign investment in Italy suffers. Peter Lee reports

Foreigners love the Turkish stock market because it behaves like none other on earth ­ driven by forces only a few can understand, involving politics, hidden assets and the so-called "chatterers". It's been referred to as one big inside trade. But there are serious attempts to clean it up. And Global Securities, the market leader, is under pressure to change its act. David Shirreff reports

The first interest rate cut in five years has helped to boost the Chinese bond market, which is being reformed and currently enjoying a good run. But there are still problems. The market is relatively new and lacks experienced traders. More worryingly, the government closed down the futures market after Wanguo Securities crashed because of a bad speculation. Although China is keen to have foreign investors in the market, it says this won't happen until the reforms are completed ­ which it estimates will take several years. Sophie Röell reports

Why London will lose

That financial fraudsters will practise to deceive is a big worry as the World Wide Web and other Internet services proliferate. And when electronic cash is commonplace what will become of the traditional monetary system? Michelle Celarier reports on criminal bugs in a promising-looking system and the solutions proposed by regulators and law-enforcers

Emerging market Yankees; overnight swaps; Deutsche's rating tussle; Tobin put to bed. Edited by Peter Lee

Offsite and off the pointJean-Claude Komarovsky attends Black Knight's first offsite, and finds that generating ideas is a tough business