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Over the last three years, Euro-equities have moved from being an obscure part of the Euromarkets to being one of its most dynamic sectors. The value and volume of Euro-equity issues is doubling every year and, for the first time, American investment banks are making serious inroads into the traditional European domination of the market.

It is a paradox of our times that, as global financial markets become more integrated and singular in character, their financial futures and options counterparts continue to fragment. So, too, do the number and geographical dispersal of the exchanges trading these increasingly popular instruments. While regulatory constraints and investor conservatism still impede progress in some quarters, the liquidity of the more successful markets reveals a growing acceptance of the risk-transfer virtues of futures and options by money managers, corporate treasurers and central bankers alike.

The bound folders lie side-by-side on a shelf in the research department of the Chicago Board of Trade. In the binders are proposed futures contracts. Bland reading, often quasi-legal boilerplate. But buried in the economic justifications, contract specifications and other mundane chapters, there may be the gleam of a nugget to dazzle and delight the world's financial community.

DON'T BANK ON THE GOOD FORTUNE OF BRAZIL

The best deals of the last twelve months are a diverse bunch. They include Euroequities, property-linked securities, convertible bonds and even good old-fashioned syndicated loans. None is particularly flashy or innovative but they share certain features which guarantee success: all hit an unexplored niche in the market, all pleased both borrower and investors, and all earned substantial profits and prestige for their creators.

MEXICO'S CAPITAL IDEA

The automation technology, introduced to cut costs, has made banking more capital-intensive than ever.

The best financial club in the world is breaking up. The 35 dealers in US Government securities are bracing themselves against a jostling rush of new, often foreign, members into their market. Election to the club is practically a formality even though several of the club's senior members-- Goldman Sachs, First Boston, Donaldson, Lufkin and Jenrette, Salomon Brothers and Citicorp--have already been upset by the exuberance of the Japanese applicants queuing at the door of the New York Fed.

FIRST AMONG THE WORST

VENEZUELA DRIVES BANKERS CRAZY

ALARUMS AND EXCURSIONS IN ARGENTINA

PARIAH PERU REFUSES TO WORRY