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Who is going to end up in control of Russia's leading industrial companies when the period of restructuring that has followed privatization finally draws to a close? More evidence emerged in December that it's likely to be the 46 financial-industrial groups (Figs) that have sprung up over the past three years. Last month two of them, Most Bank and Alfa Bank, came forward as the leading contenders for a large stake in a new holding company that will control the telephone sector. The Figs already link together over 60 banks and 20 other major financial institutions as well as 650 industrial giants including Norilsk Nickel, the world's largest nickel producer, and oil company Yukos.

Sir Evelyn de Rothschild and Baron David de Rothschild spoke to Brian Caplen about the style of the Rothschild businesses and the firm's restructuring plans.

Why is it that some banks have such incredibly irritating music, the sort that gives you that brain-damaged feeling, while other banks and financial institutions have music that is much better. BT Business Systems, a subsidiary of British Telecom, must have had the same thing in mind when it conducted a recent survey of "music-on-hold".

Deutsche Morgan Grenfell makes waves in the 1996 poll of polls with a strong performance in underwriting, trading and advisory work. Other names to note for 1997 include the newly formed Chase, the highest climber, as well as ABN Amro and Nomura Securities, all of which move confidently up the ranking. By Rebecca Dobson.

A Hong Kong for eastern Europe?

The Russian equity market came of age in 1996. Prices doubled and the range of investors broadened to include some of the world's largest institutional investors. Will the boom continue in 1997? Peter Lee reports.

Gimmick, party trick or great leap forward in the international capital markets? The Euro-Asian bond has no shortage of detractors. Those who have promoted its benefits usually those who have lead managed the deals maintain it has the best features of the Dragon bond, which was the first attempt to create a bond specifically for Asian investors.

Late last year the fledging market for syndicated loans to Russian banks witnessed its most ambitious and successful deal to date. Tokobank, in its first syndication, raised $85 million at a spread of 4H% over Libor. This was the first loan for a Russian bank at a spread below 5% and more than twice the size of any other such deal.

Poll of Polls: The rise of DMG

It's 2003 and European monetary union (Emu) has gone badly wrong.

In their desire to get a head start over each other in India, Wall Street investment banks have forged joint ventures with local partners. Three US banks JP Morgan, Merrill Lynch and Goldman Sachs have adopted this strategy. Surprisingly, all three have agreed to remain minority shareholders in the ventures even though the law permits them a majority holding. Pressures may be building, though, for the US banks to buy out their local partners.

Boca Juniors, Argentina's most famous football club, is to break with its working-class traditions by becoming the first team to list on the local stock market. The club, supported by an estimated half of Argentina's fanatical football fans, last month won authorization from the Buenos Aires stock exchange to launch the Boca Juniors Closed Common Fund, with the aim of raising $20 million to buy a much-needed batch of new players.