Bank trading revenues spiked 77% in the first quarter to a record $3.6 billion, the OCC announced. The surge was attributed in part to customer demand sparked by expected changes in interest rates. Page 2


Expectations of a speedy integration of European banks have cooled because of recent government actions, especially in France. Page 3

Citigroup and Deutsche Bank have helped form a consortium to back a new electronic interdealer broker network in the United States and Europe. Page 4


Countrywide has struck a deal with Fannie Mae that analysts say could fundamentally alter the economics of the mortgage industry. Page 5


A last-minute legislative switch has cost Texas banks their chance to sell insurance from anywhere in the state, and they now must wait two years before trying again. Page 6

The ABA is endorsing nFront as a provider of Internet services for community banks. The Atlanta-based company beat out four rivals for the endorsement. Page 7


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CAPTION As director of the SEC's investment management unit, Paul Roye is responsible for crafting the rules that the mutual fund industry lives by. His agenda has been packed since he returned to the agency where he began his career 20 years ago. Page 11

The Investment Company Institute released 15 recommendations for strengthening the role of independent directors at mutual funds. Page 11


Hot technology topics are anything but hype to banks' wholesale services strategists, judging by comments from a recent conference. Page 12


Equifax Secure has begun delivering digital certificates via the Internet for electronic businesses' Web servers. Page 13


Bank stocks lost ground as investors contined to sell in advance of the Federal Reserve's policy meeting on interest rates next week. Back page

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