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Edited by Steven Irvine

Want to know who your boss will be in five years time? These are Euromoney's picks for the top 50 financial leaders aged 40 and under from around the world. They are already in key positions in leading organizations around the world, and their peers and mentors have marked them out for even greater things. Together they represent a broad church - some coming from financial families but proving their own worth, others making their way up from the bottom. We start with our top 10; the rest are split up according to geographical region.

Chairman, Salomon Brothers International

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

Cover and the capital markets

Much has been said about convergence between the insurance and capital markets. But what legal issues are involved? By Christopher Stoakes

Big Bang: Ten years on; Turkey: No way to run a market

by David Roche

Throughout Asia, borrowers are exploring new ways of financing the region's huge infrastructure needs. But fierce competition is keeping margins down for the banks on the bandwagon. Norman Peagam reports

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

Latin America; Cuba; Kazakhstan; Asia