The Markets in Financial Instruments Directive (MiFID), also known as the Investment Services Directive #2, promises true trading transparency but at a cost akin to that of dealing with Y2K problems.

Good corporate governance is an essential part of every board director’s job.Michael Imeson reports from a briefing that focused on the key issues from a banker’s perspective.

One of the world’s largest money transfer networks, Western Union, has launched a bank.Stephen Timewell finds out what the move offers the network in the long term.

Banks stand to lose huge amounts of profit once real-time banking is implemented, but they can soften the blow with global processing, says
John Bertrand.

The Financial Services Action Plan was supposed to lead to the creation of a single European market in financial services by this year. It will not. What went wrong and what is being done about it? 

Vneshtorgbank is using its acquisition of Guta Bank to build up its retail services, planning more branches and aiming for a leading role in the mortgage market. By Brian Caplen.
Russian state-owned Vneshtorgbank is pushing ahead on the retail front, aiming to claim an 8%-10% share of the market by 2010. During that period, total assets are expected to rise from $15bn to $35bn, including a forecast rise in mortgages from $150m to $2bn and in consumer lending from $300m to $3bn.

Through a ruthless public relations campaign, eight dissidents brought about Phil Purcell’s exit from the CEO post at Morgan Stanley. Nick Kochan looks at how and why they did it and asks if this sets a precedent in corporate governance.

Bank Austria Creditanstalt is no longer a competitor but a subsidiary of UniCredit in central and southern Europe.Stephen Timewell considers the Austrian bank’s retail prospects.

Mortgages could be the next big thing in Russia if the retail banks and the Kremlin have their way. 

The UK’s Financial Services Authority has set the template for regulation around the world but it has recently come in for criticism from politicians and market players for overdoing the red tape. How justified are the claims? asks Nick Kochan.