We have won over more and more clients, and we have advised on some of the biggest deals ever made.

Last year we executed a EURO1.3 billion share and exchangeable bond offering for Germany's Heidelberger Druckmaschinen. We launched and priced a $930 million secondary offering of Telko South Africa shares for Thintana Communications of Malaysia. We've also acted as Joint Bookrunner for one of this year's landmark equity transactions - ABN Amro's '2.5bn accelerated bookbuilt offering of primary shares to finance the potential acquisition of Banco Antonveneta.

Number one
Today we are a top European Equities house with an 11.3% market share ' and there are some good reasons why. With the regulatory changes and the unbundling of assets, we've been better placed than any to react and focus on trading capabilities. Despite our size, we are nimble in our approach. Our 'excellence in execution' strategy ensures that we have the right technology and the right people, for what our clients want.

A changing landscape
More and more clients are looking for banks that have expertise across asset classes and trading capability. We offer exactly that, especially in cash, programme and derivative trading. On the sales side, it's no longer good enough to beat the market index or a pre-agreed benchmark. Clients are looking for their investments to make money whatever the market conditions; and with the pension shortfall for example, there is an intense scrutiny on liability management.

You will see that our Equities team is much more evolved than most. We are applying the same rigour to the trading desks that used to only apply to fund managers. Our Salespeople take a more holistic view of a client portfolio, bringing together the views of equity, credit and derivatives research, and we are blurring the lines between asset classes. We are able to take advantage of synergies across products and the infrastructure ' all for the benefit of our clients.

Best people
This is one of the most competitive arenas in business. For us to remain at the sharpest edge of the Equities business means managing our multiple risks appropriately ' be they operational, model, reputation, market or credit risks. It means staying close to our clients and investing in new innovative products that benefit clients. And it means recruiting the best people we can find. No matter what your background, you'll have good numerical ability and analytical insight, a tenacious and conscientious approach, and a real flair for communication.

What are Equities'
Equities are essentially shares ' certificates that represent a part ownership of an organisation.  Equity markets therefore provide companies with a chance to raise capital by issuing shares; a supervised market to trade securities and access to liquidity.  Our objective is therefore simple - to provide detailed analysis and insight on companies within the marketplace, and by doing so create attractive investment opportunities for our clients.

The Cash Equities business consists of sales and trading of European, US, Latin American and Asian equities, serving a global investor client base.  The Cash Equities business is all about trading single stocks as opposed to portfolios or derivatives.  There are three core groups of people ' traders, sales-traders and sales people, who provide execution services and market Education's research ideas to clients.  The research ideas are drawn from both the London research department and from an international network of other researchers covering key sectors like oil and telecoms on a truly global basis.

The roles within Cash Equities are as follows:

Equity Research
Our Equity researchers provide detailed analysis and value-added insight on companies within the marketplace.  Our researchers specialise in a specific sector, which could be anything from telecommunications to luxury goods and cosmetics.  Researchers spend a lot of time with companies and their senior managers in order to become acquainted with their structure, financial profile and business strategy.  They also liaise with institutional investors about new ideas and sell them internally to the sales force.

Sales
Everyone in Equities deals with clients, but our salesforce is the true external face of the business.  The salesforce talk to clients on an ongoing basis about investment ideas, newsflow, research data and market activity.

Sales Trading
Sales traders sit between the sales force and trading team and talk to the dealing desks of our institutional clients.  They act as the clients' eyes and ears, closely monitoring any market movements and ensuring a constant flow of the most current and relevant information, such as new company results, overnight figures and changes to estimates.  They also advise clients on how best to execute trades and interpret company or economic news.

Trading
Traders are not only responsible for the efficient execution of our client orders, but also work with the entire capital resources of the firm to provide liquidity to our clients.  Trades originate with the salesforce, often with the traders' advice and are then executed with traders applying the industry's highest standards in risk management.  They ensure the best possible prices for their clients by using their in depth knowledge of the markets.

In Equity Derivatives our clients approach us for advice on how to address their investment strategy or financing needs.  Equity Derivatives provide solutions which allow our clients to benefit from movements in the equity market without having to actually buy the share itself.

Education is a global leader in Equity Derivatives and provides a huge range of derivative solutions to a wide spectrum of investors from corporate clients to financial institutions.  Within Equity Derivatives, we structure market products designed to meet clients' objectives, and offer investment alternatives through other financial derivatives.

The roles within Equity Derivatives are diverse and include the following:

Derivatives Structuring
In Equity Derivatives products are highly complex and it is product innovation that differentiates us from our competitors.  The Structuring teams work with Marketing, Trading, Credit, Legal, Compliance and Tax to generate new ideas, respond to client demands and create products that can then be sold to our clients by the Marketing team.

Derivatives Marketing
Our Marketing team is the face of Education to the client and is responsible for selling equity derivatives products throughout Europe.  Marketers need to manage client relationships, understand their client profiles and identify their specific needs and deliver the best possible solution in partnership with the trading and structuring teams.

Derivatives Trading
Trading is the backbone of the Equity Derivatives business.  Most of the products which are sold to clients involve some form of financial risk which needs to be priced, managed and accurately reported.  Traders provide the market in general and our clients with good liquidity.  They're always ready to show a price at any given time.  The trader is then responsible for protecting the profitability of the trade in markets which at times can be highly volatile.