The tightening of a window of merger opportunity -- between expected enactment of financial reform and a proposed change to accounting rules in 2001 -- could cause a possibly reckless flurry of mergers, analysts say.

Conventional wisdom holds that the repeal of Glass-Steagall firewalls would unleash a torrent of cross-industry mergers. Combinations would become cheaper and less restricted by revenue caps on bank securities operations.

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