The magnetic, magnetoelastic, and structural properties of the Fe 62 . 5 Co 6 Ni 7 . 5 Zr 6 Cu 1 Nb 2 B 15 (at.-%) alloy, recently produced by rapid quenching from the melt, have been observed and explained with regards to the proper choice of components and their percentages. In particular, it was shown that a giant magnetoelastic wave amplitude, obtained with a very low magnetising field, is a consequence of simultaneous very high values of permeability, magnetomechanical coupling factor, and Young's modulus. The importance of the new amorphous alloy, both for applications and basic research, is founded on its structural development by means of isothermal heat treatments. In particular, the tendency to maintain structural disorder at temperatures above where the first crystallisation occurrs is fundamental. X-ray analysis demonstrates that this property determines the presence of nanocrystalline phases after heating at a temperature well above that of the first crystallisation.MST/4911