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August 1997

August 1997

Life under the euro

Euromoney August 1997

Whether we like it or not, whether it arrives on time or not at all, the euro is already a factor in financial markets. Laws have been made about it, and adapted to it. Government, companies and banks are spending millions, to be prepared for the Big Bang on January 4 1999. That preparation requires rigorous practicality and fantasy, because none of this has been seen before, let alone road-tested. Euromoney here makes a leap of foresight and fantasy. We asked writers and experts from all areas of the market to explore the issues as they see them - the dangers, the unresolved snags, the legal wrangles and the risks that all institutions are being forced to take. The intention is to offer an unbiased collection of the very latest ideas, remembering that the euro is a moving target.

Features

Shop 'till they drop

Euromoney August 1997

It's tempting for investment banks to promote themselves as "one-stop shops", offering every kind of financial expertise, including lending. It may be good for their client relationships, but it probably doesn't earn them any money. By Laura Covill.

Bundesbank: Not quite dead

Euromoney August 1997

When the European Central Bank takes control of monetary policy, what's left for the mighty Bundesbank? And how mighty is it? Its scrap with Bonn over the revaluation of its assets suggests that the central bank tends to back down under pressure. Laura Covill reports.

Asian Brokers: The old hands fight back

Euromoney August 1997

The competition in Asia from US investment banks has led to new approaches and ideas in equity research. But the old problems remain. Corporate sensitivity makes most analysts reluctant to stick their necks out. And the increased competition has led to star analysts moving to whichever firm will pay them most. Robert Minto reports.

Graduate recruitment: We ask the questions here

Euromoney August 1997

Banks are so desperate to hire high-calibre staff that in recent rounds of recruiting it was MBA students who were asking the questions before they decided on an employer. But the most fluid job market in more than a decade carries its own pitfalls for graduates - it's easier to land up in the wrong job and the wrong firm. Charles Piggott advises on how to stay on track

Intersec 250: Clash of the titans, once again

Euromoney August 1997

In Euromoney's annual ranking of non-US fund managers, in cooperation with Intersec Research Corporation, the dominant position of the Japanese and Swiss giants is threatened only by further exchange rate movements, and perhaps AXA of France. The global consolidation continues. By Jim Sirius.

Emerging market banks: Turbulent times

Euromoney August 1997

It's been a year of upheaval for banks in emerging markets. Thailand, Korea and Mexico have been particularly badly affected. The biggest losers in our ranking were public-sector banks. By Robin Monro-Davies, managing director of IBCA.

Pfandbriefe leave their Mark

Euromoney August 1997

In their quest for a broader investor base, Pfandbrief issuers are venturing out of the Deutschmark. Some deals did well, some not so well. And the cost is high. But diversification is the key in the run-up to the euro. By Antony Currie.

Emerging markets derivatives: The central European option

Euromoney August 1997

Austria's futures and options exchange has stolen a march on its larger international competitors with a booming trade in eastern European equity derivatives. Hopes are high for the latest offering, a Polish index product. By TJ Kim.

Editorial

More mergers in the US...

Euromoney August 1997

...and in Germany

Euromoney August 1997

Front End

Red cards in Hong Kong

Euromoney August 1997

Rogue without a cause

Euromoney August 1997

Wanted: apocalypse now

Euromoney August 1997

Where cashmeets trash

Euromoney August 1997

Do companies give an Ofex?

Euromoney August 1997

Back to a Golden Age?

Euromoney August 1997

Jumbo crisis

Euromoney August 1997

Market monitor

Deal insider

New Jersey uses bond to shave pension costs

Euromoney August 1997

A troika of Russian banks

Euromoney August 1997

Swedes open up the cities

Euromoney August 1997

Emerging markets

People

Financial lawyer

When even judges don't understand the law

Euromoney August 1997

Next time your lawyer puts the deal on hold, refrain from calling him uncommercial. By Christopher Stoakes.

The Moorgate Saga

Herbie and the group of 31

Euromoney August 1997