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Opinion

How capital markets got here and where they might be going

This month, Euromoney’s 50th anniversary coverage comes to the global capital markets.

Debt and equity capital raising, securities trading and associated derivatives have been at the core of this magazine ever since it was founded in 1969 to report on the new international Eurobond market that was springing up.

The pioneers of that business had approached the broadsheet newspapers of the day and asked if they would print prices of bonds along with those of the equity securities that then filled the financial pages. The established papers couldn’t see the point. The new bond business looked unimportant next to the latest prints from national stock exchanges.

Euromoney had its reason to exist. It would be international, not parochial. And it would not just be a magazine of data; it would be filled with personalities, big ideas, analysis of key trends as the mobilization of international finance transformed the global economy and of dramatic deal narratives.

Padraic Fallon, who embodied Euromoney first as editor of the magazine and then as chief executive of the eponymous business, used to teach young journalists: “People make these decisions, not firms. Get to the people.” We have got to a lot of people for this edition.

Innovation, for years the driving spirit that led practitioners to create new products and then find clever ways to get these to more users, seems to have stalled

There aren’t too many pioneers from 1969 still around, sadly, but we speak to Hans-Joerg Rudloff, one of the founders of that Eurobond market.

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