FEATURES

Cover Story
Exchanges lock horns in bid for supremacy
The arrival in Europe of Nasdaq, the world’s largest stock market, is set to intensify the fight for dominance in European equity trading. The national exchanges are stalling over plans for a shared trading platform. Meanwhile, banks are backing Tradepoint, a UK-based trading system, and Deutsche Börse has announced plans for its own ECN

Bond markets:
Pfandbriefe by any other name
The launch in Spain and France of bonds modelled on Germany’s Pfandbriefe looks set to create a new pan-European asset class

Deals of the year:
Telecoms and internet deals dominate Euro’s awards for the most impressive or innovative transactions of 1999 - available online, please click here

Convergence:
Go forth, converge and multiply
Several countries in central Europe are in the process of applying for EU and Emu membership. Will the convergence process produce equity market booms comparable to those seen in southern Europe when Greece, Portugal and Spain prepared to join the euro?

Round table:
High-yield 2000: set for dramatic growth
Euro’s panel of experts is optimistic that 2000 will see bigger, more diverse high-yield bond issues

Euro 100:
Investment managers embrace new indices
The fund managers interviewed for Euro’s quarterly survey are using an ever more diverse range of indices, but they are united in their appreciation of French equities. - available online, please click here

Interview: David Mulford
Scourge of the bureaucrats
CSFB International chairman David Mulford foresees continuing rapid development for Europe’s capital markets, so long as the bureaucrats can be kept at bay

REGULARS

Euro markets

• Giant UPC bond shows limitations of euro high-yield
• ABN Amro revamps internet strategy n Major banks launch bond-trading website
• Exchange rules stymie soaring IPOs
• Morgan Stanley Dean Witter returns to ‘low fee’ ECP market
• European weather derivatives get their own website

• Merrill Lynch hires 80 in European debt push
• Salomon Smith Barney targets Germany n Deutsche Bank centralises risk management
• HypoVereinsbank moves loan syndication to London
• Bank of Ireland chooses new governor