This report summarizes and reflects upon proceedings of the third annual seminar on New Development (NDF) held in Frankfurt in September 1999. It starts by defining the NDF as both a critique of state sponsorship of financial services, and a defence of market-driven financial innovation. It then reviews current issues addressed by the seminar at organizational, client/product and financial system levels. This suggests greater acceptance of a diversity of approaches to promoting financial development, and lower expectations of what microfinance on its own can achieve. The review concludes that it is no longer easy or helpful to distinguish 'new' development finance from the mainstream.