Any football supporter will tell you that the team is usually only as good as the person who runs it. The same applies to investment banking. The CEO sets the agenda for the entire firm. It is a highly pressurized role that will culminate in their removal if the team they manage fails to perform. And the performance that ultimately matters for bank CEOs is to deliver returns to shareholders.

Summary table of top banks, with quick links to more related content on euromoney.com

Summary table of top banks, with quick links to more related content on euromoney.com

Summary table of top banks, with quick links to more related content on euromoney.com

Summary table of top banks, with quick links to more related content on euromoney.com

Summary table of top banks, with quick links to more related content on euromoney.com

Summary table of top banks, with quick links to more related content on euromoney.com

Summary table of top banks, with quick links to more related content on euromoney.com

Summary table of top banks, with quick links to more related content on euromoney.com

Summary table of top banks, with quick links to more related content on euromoney.com

Summary table of top banks, with quick links to more related content on euromoney.com

Summary table of top banks, with quick links to more related content on euromoney.com

RBC Capital Markets announced the completion of two of the first ever rouble-denominated bonds since the rouble became fully convertible.

Demand for Islamic finance products is high. At last supply is starting to meet investors’ needs. The challenge for the industry is to ensure that the market’s infrastructure develops sufficiently quickly so that more companies and entities continue to embrace Shariah-compliant techniques. And on the following pages Euromoney profiles the winners of the latest ­Islamic finance awards.

Gulf institutions maintain their dominance of Euromoney’s rankings as growth continues for third successive year. Morris Helal reports.

Islamic finance is a natural home for structural innovation. Even the most basic Shariah-compliant products necessarily involve some degree of structuring: finding methods to mimic the economic benefits of conventional financial products while maintaining a religiously acceptable asset base. Now, though, banks are taking this structuring a step further. Chris Wright reports.

“I guess if Goldman Sachs can’t even read our P/E off a screen then the chances of them being good at the rest of the numbers is pretty low!”

“Whereas western European banks are afraid to go to the Balkans because they’re not used to the environment of corruption, black money and illegal activities, we are used to this here in Greece”

Proponents of the merger between the New York Stock Exchange and Euronext believe it will enhance Paris’s position as a financial centre as the $14 billion deal promises to maintain independence. One cheerleader has been Daniel Bouton, chairman and CEO of Société Générale. At the Euromoney Paris Forum, held at the close of 2006, he was interviewed by Mark Johnson, Euromoney’s editor of conferences.

At Euromoney’s Paris Forum held at the end of 2006, the chief executive of BNP Paribas, Baudouin Prot, outlined some of the challenges facing major financial institutions. Principal among these is the growth and globalization of the banking industry. The interview was conducted by Chris Garnett, Euromoney’s director of conferences. Read or listen to it here.

A European transaction-cost-analysis survey conducted by business school Edhec and commissioned by HSBC came up with figures in January that show just how unprepared many fund managers are to meet the requirements of the EU’s Markets in Financial Instruments Directive (Mifid) and the best execution requirements of their clients.

The battle to persuade clients that active currency management is a key tool has been so convincingly won that overlay is now being transformed by leverage and the search for alpha. But what are the risks?

UBS has made its global head of debt capital markets, Suneel Kamlani, chief of staff of the investment bank.

Which are the financings that defined the capital markets in 2006? This year, Euromoney recognizes half a dozen deals that will for ever be associated with the previous 12 months.

US firms maintain their dominance of the global investment banking industry, according to a new table put together by Euromoney. But which CEOs have provided the best value to shareholders? Clive Horwood, Alex Chambers and Jethro Wookey report.

The unbundling of research is gathering pace again, this time driven by ­customer demand. Clients with more discerning appetites would prefer to order individual bits and pieces from a menu where the prices are clearly ­written. However, both investment banks and smaller clients are addicted to the buffet approach. Peter Koh reports.

Mergers and acquisitions are the hot topic in Tokyo as corporate Japan shifts into investment mode. And although Japan’s M&A market is flawed, structural changes are slowly under way and global bulge-bracket firms will be the ­ultimate winners. Chris Leahy reports.

There are sound reasons why volatility has fallen across asset classes. But a safe bet for 2007 is that it will rise again.

Leading Russian investment bank Renaissance Capital has added yet another banker to its already impressive staff, which has extensive investment banking experience in emerging European capital markets.

There are generally clear advance indications of ECB interest rate increases. However, the precise dimensions of change over the longer term are harder to predict, leaving market adjustments trailing.