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incorporated in England and Wales (company number 15236213),

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April 2005

Main

Cover story

Naked shorting: The curious incident of the shares that didn't exist

SEC seeks to curb naked ambition

Toxic funding

Naked shorting: Stung by the German connection

Glossary for Naked shorting: The curious incident of the shares that didn't exist

Strategic failures

Foreign Exchange

EBS primed for change in online FX

Credit research poll

Credit research poll 2005: Banks consider new order for analysts

Debt markets

Constructive conservatism

Asia Pacific

Awake Australia fair

Medco shows the way ahead for Indonesia

Private banking

Nordic banks aim for cross-border growth

Western Europe

Spain's companies face accounting test

Emerging Europe

Ukraine: promise and possibility

The bankers' dilemma

Neither one thing nor the other

Foreign banks target Serbia

Muddling through deficit troubles

Mol moves upstream in quest for supply

Romania looks to EU membership

Romania's banks fight for the middle ground

Kazakh banks hit the capital buffers

CEE rankings 2005: Banks fly high in emerging Europe

An escape route for Turkey's Yapi Kredi

Middle East

Egypt hopes reform will boost investment

Saudis buy into an equity culture

Editorial

The world according to Wolfowitz

Streetwise

Streetwise: Bubble Anniversary – End the Revisionism!

Front End

Chelsea adopt a Diamond formation

Positive verdict on Wolfensohn

Credit poll's low-grade financials

English lesson at Clifford Chance

Pigeons could cost New Yorkers dear

Paul O'Neill, visionary?

Breakingviews

The private equity paradox

The sums behind the smoke screen

French fall a little more in love with private equity

La gloire des jeux

Market Monitor

Electronic trading proves irresistible

Who's overpaid and underskilled?

Calls for 30-year bond

Time to get hostile

Emerging markets

A copper-bottomed recovery

How to make it big

Prudent policies risk popular backlash

Derivatives market comes home

Deal Insider

Premiere's must-see IPO

Rooftop's slimline documents help debut securitization

People

David Gershon, CEO, SuperDerivatives

Against the tide

The dollar's all at sea on a wave of change

Flipside

Religion and the rites of capitalism