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  • Europe faces fundamental change. This survey looks at some of the uncertainties. Will the single currency collapse? How will Europe's central bank work? And can bureaucrats bridge the gap between rich and poor countries? Introduction by Nigel Dudley
  • Although the law on what a lead manager can and cannot say about the success of a bond issue is reasonably settled, it still causes banks and, in particular, their compliance officers, difficulties in practice. By Christopher Stoakes
  • ...when it's perfectly transparent, but not very liquid. The rise of electronic trading systems in the forex market has had some unexpected consequences.
  • Edited by Peter Lee
  • Edited by Steven Irvine
  • The Bankers' Club, 7 Lothbury, London EC2
  • Every time a scandal hits the international financial markets, politicians and the press scream for tighter regulation.
  • When in Rome, don't count your chickens Komarovsky and Ingersoll go surfing and rediscover the lost art of global whingeing JJ Ingersoll, our head of global focus, is talking incessantly about technology because he says "that's where the kids are at". I don't look convinced, so he double-clicks on his mouse, and tells me to watch this. A whole series of windows peel like bananas before my eyes.
  • The London Metal Exchange, the world's top copper exchange, rode out the drama of Yasuo Hamanaka and Sumitomo's losses. But is it crying out for reform, and is it an efficient means of price discovery? Christopher Spink reports
  • The Italian market is springing to life. Recent successful high-profile issues and a well-managed privatization programme have whetted investors' appetites. Small and medium-sized companies which have gone to the market have seen spectacular gains. But while Italy's stock market is ready to boom, problems remain with Italy's banking structure and corporate governance. Peter Lee reports