As cross-border acquisition grows, global banks must establish the right local presence

Big-three providers must face up to new competitors and internalization

John Costas speaks to Euromoney about the achievements of UBS's investment bank during his tenure as chief executive and the legacy he leaves to his successor.

Rank's termination of its ADR programme and a survey on US public company costs highlight impact of legislation

Big stride taken towards gaining investment-grade status

Four hundred of the biggest names in the capital markets gathered at the Natural History Museum in London last month for the annual Euromoney Awards for Excellence dinner. Juan Manuel Cendoya, executive vice-president of Santander, and Lord Burns, chairman of Abbey, came to see Santander take the Best Bank 2005 title. A vocal contingent from Lehman Brothers (Investment Bank of the Year) also made its presence felt.

Lula remains favourite for second term

Threats to the Arroyo regime in the Philippines raise worries about the quality of likely successors.

An end in sight for high-level M&A in Russia's oil and gas sector

Euroclear wants to create a single, low-cost European securities market, but it also wants to expand the role of its bank. That leaves market participants feeling uneasy about where Euroclear fits into the brave new world of clearing and settlement. Some are concerned that time is running out to settle the debate.

In the past few years, GMAC's mortgage-related businesses have become increasingly stymied by the ill-favoured rating environment of their immediate parent and GM. It was time to find a way out.

EU directive misses the mark

BNP Paribas seen as probable buyer

Whatever else might be said of him, Domingo Cavallo is a brave man. Argentina's former economy minister, widely blamed for the country's meltdown following its devaluation and debt default, is planning a return to the limelight. He has decided to run in Argentina's legislative elections due in October. The 59-year-old is campaigning to win a seat as deputy in the lower house of congress in Buenos Aires for the centre-right Action for the Republic Party.

Commerzbank Corporates and Markets is tackling the conundrum of how to finance the Mittelstand by setting up the first Schuldschein securitization programme. Commerzbank will pool the two- to five-year, €500,000 to €5 million funding needs of different small and middle-size German enterprises to create securitizable portfolios. It launched the origination phase on July 8, and expects the first ABS issues next year.

Biggest index reweighting since 2000 has caught some investors off guard

Thierry Sciard is set to bring together the US house's investment management stakes

"I believe it is an obligation, for those of us who have a career, to defend it and serve the country"