This edition of Now and Z/Yen is being written 6 miles above the Atlantic as a result of our recently won assignment with a group of six banks to compare processing costs for US Equities and Bonds. Jeremy Smith, who is leading the study, is holding a number of workshops with the banks in New York to finalise the study details. Jeremy has worked in New York before and sees this as a great opportunity to revisit some of his former haunts (Jeremy’s Ale house for one) and cronies. Michael also sees this as an opportunity to replenish his preppy wardrobe and has provided Jeremy with a long shopping list for Brooks Brothers. Back at home, Giles Wright is kicking off the 2003 range of European Benchmarking Studies for which 11 clients have already signed up.