Capital markets©2020 IFLR60Capital markets*Updated* IFLR’s coronavirus resource hubLike most of the world, the IFLR editorial team is now working remotely – bringing you thoughtful and considered analysis of how the ongoing Covid-19 pandemic is affecting markets and businesses, 01 Apr 2020 18:00:00 GMTInside NYSE's response to the Covid-19 crisisIFLR spoke with New York Stock Exchange COO Michael Blaugrund about the unique challenges facing the exchange and the extraordinary steps taken to face it, 01 Apr 2020 17:30:00 GMTPRIMER: Securities Financing Transactions Regulation / SFTRIFLR’s explainer series turns to the EU’s SFTR and how it will change securities lending and repo market practices, 26 Mar 2020 12:00:00 GMTPRIMER: US market circuit breakersIn the midst of the Covid-19 outbreak, we take a look at stock market circuit breakers and how they’re used to alleviate stress, 25 Mar 2020 17:15:00 GMTIFLR Americas awards 2020: shortlist revealedIFLR is delighted to announce the nominated deals, teams, firms and individuals for this year's awards, 24 Mar 2020 12:30:00 GMTLawmaking in Argentina on hold in lieu of debt restructuringAs uncertainty surrounds the country's $69 billion haircut plans, all forms of regulatory or economic progress have firmly stalled, 13 Mar 2020 11:30:00 GMTIncreased private equity interest in performance fees over return levelsThe rise of the secondary market has resulted in increased private equity investor interest, but deal terms have not seen much change, 12 Mar 2020 12:00:00 GMTCoronavirus under the capital markets microscopeBaker McKenzie lawyers from London, New York and Hong Kong SAR consider the impact of Covid-19 on markets and outline the moves companies and exchanges have already made, 09 Mar 2020 14:15:00 GMTCorporates rush to issue coronavirus bondsAsset managers are looking for more clarity on how funds plan to raise COVID-19 related financing, 02 Mar 2020 19:00:00 GMTPRIMER: Emir RefitIFLR examines the latest iteration of the European Market Infrastructure Regulation and how financial institutions are implementing it, 28 Feb 2020 09:45:00 GMTMAR’s inside information rules continue to cause headachesThe EU’s Market Abuse Regulation is continuing to raise issues for listed companies, four years after implementation, 27 Feb 2020 10:00:00 GMTEmerging market bonds struggle with regulatory standardsIndian DCM participants say that as the market grows, more attention must be paid to covenants, transparency and documentation gaps – especially when deals get rushed through, 24 Feb 2020 09:00:00 GMTPRIMER: the JOBS ActIFLR's explainer series looks at the Obama era set of rules and regulations that sought to reinvigorate the US equities markets, 21 Feb 2020 12:30:00 GMTIFLR Europe Awards 2020: shortlist revealedAll the shortlisted deals, teams, firms and individuals can now be revealed for the annual awards, to be held on April 23 in London, 19 Feb 2020 12:15:00 GMTCasper IPO shows WeWork effect on valuationsThe mattress firm's poor listing price shows that the market has taken stock of so-called tech companies to ensure securities are priced appropriately, 13 Feb 2020 08:00:00 GMTIn-house: Chinese bond trustee system must improveFund managers say that trustees are expected to do a lot more than they are paid for. They want to see a better risk mitigation toolbox to help manage defaults, 12 Feb 2020 00:15:00 GMTPRIMER: HKEX’s new ESG disclosure rulesIFLR looks at what listed companies will need to do: plenty of extra reporting and compliance efforts, 07 Feb 2020 01:00:00 GMTIs the US exchange market accepting new entrants?With three more on the way, a total of 16 exchanges could be operating in the US equities sector by the end of this year, 29 Jan 2020 20:00:00 GMTQUICK POLL: Time to retire India's IPO promoter concept?Take our 30-second poll now to have your say on whether the market should look to modernise its approach to ease the burden and encourage listings, 24 Jan 2020 12:00:00 GMTThe battle to attract biotech listings rages onHKEX’s head of markets and in-house biotech sources share insights on listing considerations, choice of venue and where Hong Kong SAR needs to improve, 21 Jan 2020 11:30:00 GMTExisting sanctions mean little change for Iran dealsTough US sanctions already prevented investors from engaging more heavily with the Iranian state long before recent escalations, 14 Jan 2020 17:00:00 GMTSEC rulemaking in 2020: what to expectMayer Brown's Anna Pinedo talks about what's in store at the US Securities and Exchange Commission in the coming 12 months, 14 Jan 2020 15:15:00 GMTESG: the financial costs of climate changeThe financial sector has a huge part to play in the fight against climate change, or it too will face the perilous material risks it poses, 10 Jan 2020 11:00:00 GMTBond covenant trends in 2020: what to expectInvestment risks loom as protections for borrowers continue to weaken. High yield bankers, lawyers and analysts try to predict, 08 Jan 2020 11:30:00 GMTGlobal IPO markets in 2020: what to expectPrivate equity and volatility created a harsh environment for equities in 2019. Will 2020 bring improvements? Bankers and lawyers look ahead, 07 Jan 2020 10:00:00 GMTESG investor interest swerves eastDTEK Renewables' green bond issuance is Ukraine’s first. Sources say there will be plenty more to come next year, 19 Dec 2019 17:00:00 GMTEuromoney Legal Media Group Asia Women in Business Law awards 2019: winners announcedAll the outstanding individuals, teams and firms can now be revealed, 18 Dec 2019 00:30:00 GMTPRIMER: Sarbanes-OxleyIFLR's primer series looks at the 2002 Act that was passed to help protect investors from fraudulent financial reporting and its effects on the market, 13 Dec 2019 14:15:00 GMTAlibaba, HKEX & ESG: missed leadership opportunitiesTo meet rising investor expectations, both companies must provide roadmaps to deeper engagement with environmental, social and governance issues, 10 Dec 2019 08:00:00 GMTAustrian market creaks under weight of Mifid II obligationsMarkus Fellner and Johannes Kim of Fellner Wratzfeld & Partners reviews Austria’s implementation of Mifid II and how clients have been responding to the new information demands, 09 Dec 2019 09:00:00 GMTESG survey: Fifty shades of greenEnvironmental, social and governance concerns are no longer an afterthought – but opinions and standards still vary, 06 Dec 2019 13:30:00 GMTQuick poll result: Time for (no) actionNo-action letters have been a hallmark of US financial services regulation for some time now. Would European markets benefit from the same tool?, 05 Dec 2019 13:00:00 GMTSocial bonds grow but remain in shadow of greenPutting the S in ESG: bankers and lawyers opine on the slowly but surely growing market, 05 Dec 2019 12:00:00 GMTESG survey: no need to accept lower returns over long termFund managers rebut the widely accepted notion of the green premium. IFLR's full ESG survey is now live, 04 Dec 2019 00:15:00 GMTCrave for yield widens gap in covenant qualityHigh yield experts from banks, asset managers and ratings companies warn of investment risks as protections weaken for Chinese issuances, 26 Nov 2019 20:30:00 GMTUncertainty continues for EU securitisationThe EU’s framework is nearing its one year anniversary, but sources suggest that problems remain, 19 Nov 2019 12:00:00 GMTBumps in the road: IEX on the recordIEX president Ronan Ryan spoke to IFLR about high frequency trading, exiting the listings business and the issue of market data fees, 18 Nov 2019 16:15:00 GMTSEC: Don't count on CAT delayJust weeks before the massive Consolidated Audit Trail project is due to go into its testing phase, the regulator has warned the market to be ready, 15 Nov 2019 02:45:00 GMTIFLR Asia Capital Markets Forum 2019: key takeawaysRead all the highlights from the November 14 event in Hong Kong SAR, 14 Nov 2019 22:45:00 GMTEnvironmental, social and governance surveyEveryone talks about ESG, but what do they really mean? Take our three-minute survey now, 11 Nov 2019 23:30:00 GMTPRIMER: IBOR fallbacksA closer look at fallback reference rates in standard documentation for Libor contracts following its permanent cessation in 2021, 08 Nov 2019 10:00:00 GMTInaugural Euromoney Legal Media Group Europe Rising Stars Awards: winners announcedIFLR is delighted to announce all the winning in-house and private practice individuals from this month's event, 08 Nov 2019 09:30:00 GMTDEAL: Bank of China issues first ever SOFR-linked bonds in AsiaThe deal, a significant step in the Libor transition, raised questions over the calculation methodology for the secured overnight financing rate, 06 Nov 2019 00:30:00 GMTPOLL: Is it time ESMA issued no-action letters?This month, IFLR is polling the market on whether the European Securities and Markets Authority should be able to issue no-action letters. Have your say now, 04 Nov 2019 17:00:00 GMTLife in the SEC's enforcement divisionAlma Angotti spent more than 10 years at the Securities and Exchange Commission. Here she reveals what regulators are really thinking, 04 Nov 2019 10:30:00 GMTSGX moves to protect minority shareholdersPush for companies to give shareholders a better deal in delistings will make Singapore a more attractive venue for companies, argue investors and academics, 04 Nov 2019 05:00:00 GMTMifid II: what are minor non-monetary benefits?Nearly two years in, senior market participants on both sides are still debating the fundamentals of research unbundling, 01 Nov 2019 09:15:00 GMTIFLR 2020 awards: call for nominationsIFLR is delighted to announce the launch of the research for the 2020 Asia-Pacific, Europe and Americas awards, 29 Oct 2019 12:00:00 GMTQ&A with former Nasdaq CEO Robert GreifeldIFLR's John Crabb speaks to the Virtu Financial chairman about the current state of the US equities market, overseas competition and the rise of direct listings, 24 Oct 2019 05:30:00 GMTIFLR Asia Capital Markets Forum 2019: meet the speakersIn-house lawyers at banks and financials talk IBOR reform, security token regulation and trade wars ahead of the event in November, 23 Oct 2019 11:30:00 GMTIFLR Middle East Awards 2019: winners revealedAllen & Overy took home the most coveted award but there were plenty of other winners throughout the night. IFLR is pleased to reveal 2019’s best deals, teams, firms and individuals in the region, 17 Oct 2019 03:00:00 GMTHigh hopes for EU sustainable finance taxonomyJapanese asset managers speaking at an ICMA event in Tokyo are however sceptical of the rule-based nature of the taxonomy, which is expected to come into force between 2020 and 2022, 10 Oct 2019 11:00:00 GMTClarifications made as SEC extends testing-the-waters provisionThe regulator has finalised changes to rules previously only available to emerging growth companies that extend the benefit to all issuers, 10 Oct 2019 08:00:00 GMTJapan's FSA calls for better transition to “dark green” bond issuancesSpeaking at an ICMA event in Tokyo, the authority's chief sustainable finance officer said that slow growth in the local green bond market is not down to a lack of demand, 09 Oct 2019 16:00:00 GMTRisk of greenwashing stokes interest in sustainability taxonomiesDiffering interpretations of green creates a need for clearer definitions and more transparent reporting, according to speakers at ICMA’s green bond conference in Tokyo, 09 Oct 2019 12:00:00 GMTEuromoney Legal Media Group Asia Women in Business Law Awards 2019: shortlist announcedThe shortlist for the awards has been announced. Reserve your place now, 27 Sep 2019 14:00:00 GMTIFLR EU Prospectus and Primary Market Issuance Conference: key takeawaysIn case you missed it, here are all the highlights from the event last week: prospectus rules, Libor reform, sustainable finance and more, 26 Sep 2019 08:00:00 GMTUS remains the top destination for IPOs despite competitionNew York exchanges remain the most attractive destination for companies looking to list abroad, despite threats from rivals in Hong Kong, Shanghai and elsewhere, 26 Sep 2019 07:15:00 GMTIslamic capital markets: An ever-expanding frontierAl Tamimi’s head of debt capital markets provides a rundown of typical Islamic financial products, from project sukuk to securitisation, 23 Sep 2019 13:30:00 GMTIFLR EU Prospectus and Primary Market Issuance Conference: key takeawaysIn case you missed it, here are all the highlights from the event yesterday: prospectus rules, Libor reform, sustainable finance and more, 19 Sep 2019 11:00:00 GMTEuromoney Legal Media Group Americas Rising Star Awards: 2019 winners announcedAll the winning deals, cases, firms, teams and individuals were announced at the ceremony in New York last night, 13 Sep 2019 10:00:00 GMTHow a Corbyn government could reshape investor affairsWith a penchant for nationalisation and even more financial services regulation, the UK Labour Party’s economic strategies are radical. Would investors stand a chance?, 09 Sep 2019 16:15:00 GMTMeet the IFLR & IFLR1000 teams at IBA SeoulWe'll be at the International Bar Association's annual conference this year. Come and say hello at booths 40-41, 30 Aug 2019 12:00:00 GMTCboe: Current Exposure Method needs workCboe Global Markets' chief policy officer Angelo Evangelou explains how the CEM is driving market concentration in this exclusive op-ed, 30 Aug 2019 07:00:00 GMTPRIMER: ESGEnvironmental, social and governance are the buzzwords of 2019. But what do they actually mean? IFLR explains in the latest instalment of our free-to-read primer series, 29 Aug 2019 11:00:00 GMTRhino bonds: firms collaborate on blended finance solution to conservationThe instrument being developed by banks and charities would only see yields if black rhino populations show an increase over time, 28 Aug 2019 18:00:00 GMTLatest US sanctions on Russia to have little impact on sovereign debt marketsThe latest round of restrictions on US investment into Russian eurobonds will have a limited effect on its government's fundraising efforts due to the pre-existing fears of the US banking system, 22 Aug 2019 15:30:00 GMTIFLR Middle East awards 2019: shortlist announcedCheck out the shortlist for the annual IFLR Middle East Awards at the Burj Al Arab in Dubai on Wednesday October 16. Get in touch now to book your table, 15 Aug 2019 12:00:00 GMTUK lawmakers outline potential new look FCAA new report by the Treasury Select Committee in UK Parliament recommends an expanded regime for the Financial Conduct Authority, 15 Aug 2019 11:45:00 GMTVirgin Galactic SPAC tie-up highlights evolution in equities marketRichard Branson's space exploration company's merger with SPAC Social Capital Hedosophia is further evidence of a market moving away from traditional IPOs, 15 Aug 2019 02:00:00 GMTIndia’s rating systems in urgent need of a faceliftSources suggest that cosmetic ratings that fail to give credible grades to companies will keep investors away and that changes must be made, 14 Aug 2019 01:45:00 GMTLondon likely to be dealt a capital market blowExperts anticipate a loss of influence for the city once the UK leaves the EU. However, it will be a gradual process, 09 Aug 2019 14:15:00 GMTIFLR’s most read stories: July 2019What you need to know from last month: who made the cut in our landmark influencer feature, private equity, sustainable finance, GDPR and much more, 06 Aug 2019 14:00:00 GMTUPCOMING WEBINAR: EU Benchmarks RegulationJoin us, Bank of America Merrill Lynch and Morrison & Foerster to talk financial benchmarks regulation and how to prepare, 05 Aug 2019 16:00:00 GMTEuromoney Legal Media Group Americas Rising Star Awards: shortlist announcedTake a look at the shortlist for the second annual Americas Rising Stars Awards at The Pierre in New York on Thursday, September 12, 05 Aug 2019 11:30:00 GMTKorea derivatives market gets much needed deregulatory boostLiberalising the market is expected to stimulate the dormant sector, but questions remain about the extent to which new products will be encouraged, 31 Jul 2019 01:00:00 GMTAzerbaijan bonds case reinforces Gibbs ruleThe International Bank of Azerbaijan has been left unable to restructure bonds after being refused a right to appeal a High Court decision, 30 Jul 2019 10:15:00 GMTNavigating frontier markets: challenges and rewardsMayer Brown lawyers Jason Elder and Joo Park, who recently advised Mongolian Mortgage Corporation on a debut bond issuance, explain how the deal came together and what advisors need to know, 22 Jul 2019 12:30:00 GMTAsset managers outline their Bond Connect requestsChina must strengthen regulations and close documentation gaps with international standards to attract foreign investors to its bond market, according to local funds and banks, 16 Jul 2019 01:00:00 GMTIFLR’s most read stories: June 2019What your competitors read last month: explainers on the EU BMR and China’s new FDI law, sustainable finance, life after Libor, Saudi Aramco’s bond and much more, 09 Jul 2019 11:00:00 GMTSwitzerland and the EU show Britain what is in storeSwitzerland and the EU’s delisting of one another’s stocks is a worrying precedent for the UK's post-Brexit challenges, 09 Jul 2019 11:00:00 GMTMarket poll: Greening the economyThe environmental, social and governance disconnect stems from the investment community’s tendency towards short-termism, according to IFLR readers, 08 Jul 2019 12:30:00 GMTDEAL: Huatai Securities GDR lists under Shanghai-London Stock Connect schemeLondon-Shanghai Stock Connect creates new investor opportunities between the UK and China, 03 Jul 2019 14:00:00 GMTFirst certified agricultural green bond lays seed for global trendThe issuance from Mexico's development bank is the first green bond to utilise new criteria that certifies greenhouse technology is environmentally positive in some instances. The deal's counsel explain why, 28 Jun 2019 05:00:00 GMTGCC’s first green sukuk signals a changing tideMajid Al Futtaim’s $600 million paper sets the bar for future issuers and capitalises on a global trend towards sustainable investing, 27 Jun 2019 13:30:00 GMTSEC, CFTC, FCA link up shows cross-border harmonisation is critical as everLawmakers including Senator Chris Dodd, Congressman Barney Frank and CFTC chairman Christopher Giancarlo tell IFLR that fragmentation between foreign markets is a thorn in the side of global stability, 25 Jun 2019 16:30:00 GMTWhere have Europe’s IPOs gone?It’s the usual suspects: regulatory reforms and political volatility, 21 Jun 2019 12:00:00 GMTNYSE: Slack direct listing to usher in new era for equitiesThe corporate messaging company's offering today will be the first of many direct listings for the tech industry in the coming years, says the stock exchange, 20 Jun 2019 10:45:00 GMTWomen in Business Law forum 2019: key takeawaysIn case you missed it, here are all the highlights from our annual forum in London earlier this month, 19 Jun 2019 12:15:00 GMTIndian tech companies want dual-class sharesThe lack of a framework for the share structure, popular among US and Hong Kong tech companies, means founders are seeing their ownership diluted, 17 Jun 2019 22:30:00 GMTEuromoney LMG Europe Women in Business Law Awards 2019: winners announcedIFLR is pleased to announce all the winning individuals and firms from this year's ceremony in London, 14 Jun 2019 00:00:00 GMTEXCLUSIVE: Interview with CFTC chairman Christopher GiancarloThe outgoing chairman gives some final thoughts before stepping down on July 15, 13 Jun 2019 23:15:00 GMTTuna bond resolution leaves questions unanswered in MozambiqueWhile the bond restructuring is acceptable to the majority of stakeholders, it is unclear if the country ever needed to honour the debt, 10 Jun 2019 16:00:00 GMTEuromoney LMG Americas Women in Business Law Awards 2019: winners announcedLegal Media Group is pleased to announce all the winning individuals and firms from the ceremony at Essex House in New York last week, 07 Jun 2019 05:00:00 GMTCFTC to vote on three measures from swaps reform whitepaperChairman Giancarlo announced at IDX in London on Wednesday that the Commission will vote on proposals addressing overseas clearing and participant registration, 05 Jun 2019 09:15:00 GMTIFLR’s most read stories: May 2019Most popular this month: GDPR and PSD2 a year in, blockchain bond analysed, Uber IPO implications and more, 03 Jun 2019 10:00:00 GMTPRIMER: EU Benchmarks RegulationRegulators’ answer to the Libor-rigging scandal is confusing market participants everywhere. IFLR explains what you need to know in the latest instalment of this free-to-read series, 30 May 2019 17:45:00 GMTArabian Centres heralds new era for Saudi IPOsThose who worked on the deal, which raised $748 million in the international market, say it’s proof the kingdom’s ambitious economic modernisation plan is working, 30 May 2019 17:00:00 GMTROUNDTABLE: What does life after Libor look like?Senior legal, syndicate and treasury directors at the EBRD, ICMA, NatWest and RBC talk frankly on the industry’s transition to risk-free rates, 30 May 2019 13:00:00 GMTUber's botched IPO could prompt unicorns to go public soonerThe lift sharing company may have got off to a relatively poor start to public life, but the desire to list remains hot, 23 May 2019 16:00:00 GMTIFLR Americas awards 2019: winners announcedThe editorial team is delighted to announce all the winning deals, teams, firms and individuals from last week's ceremony in New York, 17 May 2019 06:00:00 GMTSociété Générale blockchain issuance a sign of things to comeThe French bank's issuance on the ethereum ledger is evidence the technology will play an important function in the future of debt capital markets, 16 May 2019 23:00:00 GMTWEBINAR: Transatlantic derivatives & the current state of playListen to a live recording of IFLR's latest webinar, in collaboration with Morrison & Foerster, featuring an overview of Brexit, updates on US regulators and discussions on EMIR and initial margin, 15 May 2019 03:00:00 GMTPRIMER: Shanghai Stock Exchange Technology BoardBoth the impartiality of the supervisory board and potential abuse of voting rights are concerning industry sources. IFLR explains what you need to know. Free to read, 09 May 2019 00:00:00 GMTIFLR’s most-read stories of April 2019Most popular this month: cannabis banking, CAT and Chapter 11 primers, Mifid II in the US and more, 03 May 2019 13:15:00 GMTCFTC’s market manipulation enforcement position under fireAn out-of-court settlement and a district court decision have weakened the Commission’s ability to bring charges against those seen to be manipulating the market, 02 May 2019 14:00:00 GMTWEBINAR: Transatlantic derivatives & the current state of playJoin IFLR and Morrison & Foerster on May 14 to talk Emir, Benchmarks Regulation, initial margin and more, 18 Apr 2019 16:15:00 GMTMifid II's US impact remains uncertainWhile the EU regulation has had a clear and sweeping influence on activity in Europe, the extent to which it has affected the US divides the industry, 18 Apr 2019 15:00:00 GMTReg fragmentation provokes exit from USThe CFTC’s efforts to harmonise rules are appreciated, but in the meantime some investors have retreated from certain markets – including the US – over compliance confusion, 18 Apr 2019 01:00:00 GMTIFLR Americas Awards 2019: shortlist revealedAll the nominated deals, teams, firms and individuals have now been announced. Get in touch to book your table at the May 16 dinner in New York, 17 Apr 2019 09:00:00 GMTInitial margin urgency concerns marketFirms are still uncertain whether they are even caught by the rules and when they need to be ready, according to panelists at Isda’s AGM in Hong Kong, 16 Apr 2019 17:15:00 GMTEuromoney LMG Americas Women in Business Law Awards 2019: shortlist announcedAll the nominated lawyers, teams and firms can now be revealed. Get in touch now to book your table at the June 6 ceremony, 12 Apr 2019 09:00:00 GMTDEAL: Singapore’s first catastrophe bondThe first-of-its-kind deal makes use of a special purpose reinsurance vehicle and an insurance-linked securities grant scheme, 10 Apr 2019 01:00:00 GMTIFLR Europe Awards 2019: winners announcedAll the winning deals, teams, individuals and firms were revealed at IFLR’s ceremony in London on April 4, 05 Apr 2019 08:00:00 GMTPRIMER: The Consolidated Audit TrailThe latest edition of IFLR's free-to-read primer series looks at the SEC's ambitious central data repository and the problems it has faced since inception, 05 Apr 2019 02:15:00 GMTIFLR's most-read stories of March 2019The most popular articles of last month include primers on margin reform and cryptocurrencies, Q&As with leading lawyers and ASEAN's green bond first, 01 Apr 2019 13:30:00 GMTMasala bonds: fad of the past?Offshore currency debt was once one of Indian capital markets’ hottest trends. Bankers and DCM lawyers shed light on why they seem to have lost their appeal, 26 Mar 2019 16:30:00 GMTIFLR European Capital Markets Forum 2019: meet the speakersIn-house bank lawyers and dealmakers talk Brexit, the Securitisation Regulation, and where the opportunities lie despite the uncertainty ahead of the event on April 4. It's not too late to register, 19 Mar 2019 16:00:00 GMTWEBINAR: Libor transition for derivativesListen to a live recording of IFLR's latest webinar, in collaboration with Hogan Lovells, featuring an overview of market consultations and the impact on documentation so far, 19 Mar 2019 07:00:00 GMTPOLL: Are dual-class shares bad for corporate governance?Lyft's upcoming IPO has put the controversial practice favoured by tech companies back in the spotlight. Have your say now, 18 Mar 2019 09:15:00 GMTLawyers speculate over CFTC's move into foreign territoryThe US regulator’s decision to step into the already crowded FCPA space comes as a shock to the industry, as it looks to increase the scope of its enforcement, 15 Mar 2019 10:30:00 GMTDEAL: ASEAN’s debut CBI-certified green bondIt’s the first ever green bond from an issuer in the region that uses the Climate Bonds Initiative framework. Here, issuer AC Energy and its lawyers explain how they did it, 14 Mar 2019 03:15:00 GMTDerivatives consider US, UK and EU equivalence in post-Brexit worldThe CFTC and FCA have taken initial steps to reassure the market on trading and clearing continuity between the UK and US after Brexit, but naturally, questions remain, 11 Mar 2019 23:30:00 GMTInterview: Katherine Tew Darras, Isda general counselTew Darras speaks to the IFLR Women in Business Law group on her work at the International Swaps and Derivatives Association including Brexit, Libor reform, the famous rigging case, and much more, 08 Mar 2019 10:15:00 GMTIFLR Asia-Pacific awards 2019: winners revealedWe are pleased to announce all the winning deals, teams, firms and individuals following the ceremony in Hong Kong on March 6-7, 08 Mar 2019 03:00:00 GMTCome on in, the water’s fine: SEC’s latest proposal widely welcomedThe US regulator's proposal to expand testing the waters to all companies has no obvious downside, according to sources, 05 Mar 2019 16:30:00 GMTIFLR’s most-read stories of February 2019Venezuela’s political crisis, Gibbs rule and Japan’s proposed risk retention rule for securitisation were just some of the highlights of our February coverage, 01 Mar 2019 14:00:00 GMTMarket urges CFTC to be cautious with SEF rule changesIndustry participants at DerivCon suggest that a more targeted approach to the swap execution facility rules would be better than overhauling the entire system, 01 Mar 2019 11:00:00 GMTGreat expectations for HKExThe Hong Kong Stock Exchange had a bumper year in 2018, claiming the much-coveted global top spot - but the ongoing trade war and economic slowdown are obstacles to continued success, 26 Feb 2019 14:00:00 GMTMarket welcomes delay to Benchmarks RegulationLawyers and other industry sources are pleased the European Commission has conceded a two-year delay on the BMR, but say they still need Ester to be published as soon as possible, 26 Feb 2019 12:30:00 GMTIreland’s Ucits changes turn it into fastest-growing fund havenRecent amendments to the filing process have been successful in attracting new Ucits funds, according to asset managers, but challenges remain for issuers, 22 Feb 2019 11:15:00 GMTPRIMER: Japan’s proposed retention rule for securitisationIndustry associations and Japanese banks are lobbying for the bill to go away altogether. IFLR finds out why, 22 Feb 2019 03:45:00 GMTVenezuela crisis weighing heavy on investors’ mindsAs the country’s political chess match reaches its sixth week, emerging market investors tell IFLR they are looking closely at their options in the hopes that sanctions are soon lifted, 15 Feb 2019 10:30:00 GMTSURVEY: Opening up the Chinese financial sectorIFLR wants to hear your views on the challenges and opportunities for foreign financial institutions looking to access China, 11 Feb 2019 07:30:00 GMTIFLR Europe Awards 2019: shortlist revealedThe team is pleased to announce all the nominated deals, teams, firms and individuals. Get in touch now to reserve your place at the ceremony in London in April, 07 Feb 2019 17:15:00 GMT[CLOSED] QUICK POLL: Venezuela's sovereign debtIn this month's quick poll, IFLR is wondering whether creditors should reduce or defer the country's liabilities to aid its economic recovery. Have your say now[CLOSED]-QUICK-POLL-Venezuelas-sovereign-debt.htmlTue, 05 Feb 2019 11:15:00 GMTBanks: Fed balance sheet normalisation is not causing equity runoffA number of bank sources tell IFLR that claims about the Federal Reserve’s balance sheet normalisation programme are just market pressure, 01 Feb 2019 10:30:00 GMTNavigating Indian insolvency for structured productsIssuers and investors have had to develop a range of hybrid instruments that provide desirable returns while also meeting local regulatory requirements, according to ZBA lawyers, 29 Jan 2019 18:45:00 GMTEuropean In-house Counsel Summit: key takeawaysAll the highlights from last week's event, including discussions on debt and equity, M&A, antitrust and data protection, 28 Jan 2019 09:00:00 GMTHong Kong’s biotech listings initiative struggles to take offRegulators are keen to attract new companies, but investor protection measures must be improved, according to HK-based fund managers and regulators, 24 Jan 2019 03:45:00 GMTIFLR Asia-Pacific Awards 2019: shortlist revealedAll the deals, teams, individuals and firms can now be revealed. Bookings now open for the ceremony in Hong Kong on March 7, 17 Jan 2019 12:15:00 GMTIndia Capital Markets Forum: key takeawaysAll the highlights in case you missed the event in Mumbai yesterday. Open access available for a limited time only, 17 Jan 2019 12:00:00 GMTDamage of US shutdown on IPO market will extend into 2019Corporates ready to press the button are bracing for a difficult year, even long after the government stalemate is over, 17 Jan 2019 11:00:00 GMTPerpetual bonds raise tax, balance sheet issues for Chinese banksAuthorities are encouraging domestic banks to embrace the instrument, which is inexpensive to issue and popular among shareholders, 16 Jan 2019 07:45:00 GMTIn the news this weekUS government shutdown chaos, Chinese local debt issuances and Italian banking woes, 11 Jan 2019 10:45:00 GMTSFTR: market still needs critical dataWith only a year to go, the European repo market is facing its biggest ever regulatory shake-up. Firms are almost certainly destined to suffer, 11 Jan 2019 10:15:00 GMTIn the news this weekNew Year, new resolutions across global financial markets: Denmark cracks down on regulatory capture, the US battles its ongoing government shutdown and China tries to learn from its mistakes, 04 Jan 2019 09:45:00 GMTInside China: trade, tariffs and tensionsThe ongoing commercial disruption between the PRC and the US is having a global effect, 19 Dec 2018 12:00:00 GMTPRIMER: US and EU sanctions against RussiaThe two powers are diverging on their approaches to Russia for the first time, 17 Dec 2018 16:30:00 GMTTrading venues not convinced by Brexit equivalenceThey are also stepping up plans to establish multilateral trading facilities back into the EU, 17 Dec 2018 16:00:00 GMTEurex: heightened requirements for systemic CCPs make senseThe head of the EU clearing house argues the next step is a dialogue amongst regulators on the best definition of systemic importance, 11 Dec 2018 15:15:00 GMTBehind the deal: first co-issuance of notes by Peruvian issuersGarrigues partner Oscar Arrús and Diego Harman speak with IFLR 1000 Latin America editor Rani Mehta about a $250 million bond issue to finance two Peruvian wind farms, 11 Dec 2018 10:15:00 GMTPRIMER: Sonia – what next? (part 2)The second part of IFLR's Sonia primer looks at how a new forward-looking rate could work, 07 Dec 2018 14:00:00 GMTIn the news this weekThe US-China trade war calms down temporarily, but the Fed lists tariffs as a key component of its beige book. In the EU, efforts are underway to turn the euro into a global reserve currency, 07 Dec 2018 09:15:00 GMTChina needs legal certainty for securitisation to growThe launch of the Bond Connect has helped, but further regulatory progress is also needed, 06 Dec 2018 11:30:00 GMTPRIMER: STS securitisationsWith seven months to go, STS transactions are anything but simple, transparent and standardised, 03 Dec 2018 09:15:00 GMTOut of the bag: understanding the tools of CATRegulators and other market participants gave their views on how best to prepare for the consolidated audit trail at Sifma’s equity market structure event, 30 Nov 2018 20:30:00 GMTFailure of SEC tick size pilot points to regulator weaknessThe agency is shelving the system, amid wider criticism that it hasn't improved trading for small cap companies, 30 Nov 2018 09:45:00 GMTIn the news this weekWill US President Trump's finreg rollback materialise before January? How will the EU's move to tighten scrutiny of Chinese investments affect the PRC? And finally, is sector-specific regulation the answer for the EU cryptocurrency sector?, 30 Nov 2018 09:00:00 GMTPRIMER: how Asia is preparing for the end of LiborAsia Pacific markets are also getting ready for the end of the 30-year old rate [OPEN ACCESS], 29 Nov 2018 11:30:00 GMTKEY TAKEAWAYS: IFLR Asia Capital Markets Forum 2018All the highlights from IFLR's November 28 event in Hong Kong, which featured a keynote from the HKEx's head of listing, David Graham [OPEN ACCESS], 28 Nov 2018 11:45:00 GMTUS equities industry no closer to market data solutionTwo days of heated debate at the SEC’s market data roundtable have failed to yield a consensus, with market participants still at loggerheads about how to charge for equity data, 28 Nov 2018 10:30:00 GMTIn the news this weekQuarles suggests easing margin standards, Shenzhen and Shanghai stock exchanges new listing rules and Gibraltar becomes new obstacle to Brexit deal, 23 Nov 2018 09:15:00 GMTIn the news this weekApple's stock price takes a hit, China slowdown nearing, and Brexit chaos shows no sign of stopping, 16 Nov 2018 10:00:00 GMTIn the news this weekUS midterm elections are a go, China trials a programme on a registration-based IPO system for tech companies, and the UK contemplates the consequences of a no deal Brexit, 09 Nov 2018 09:30:00 GMTEuromoney Asia Women in Business Law Awards 2018: winners announcedAll the winning lawyers and teams at Euromoney's eighth Women in Business Law Awards, 08 Nov 2018 15:00:00 GMTDEAL: Seychelles’ sovereign blue bondIt’s hoped that other countries will also use this type of debt instrument, which is modelled on a green bond, 02 Nov 2018 15:00:00 GMTIn the news this weekThe US-EU clearing controversy rolls on; China, HK and Japan turn their attention to crypto, and; the Seychelles raises the world's first blue bond, 02 Nov 2018 10:00:00 GMTPRIMER: China’s new Panda bond rulesThe PRC is focusing on internationalising the use of the renminbi, 02 Nov 2018 08:00:00 GMTDerivatives sector setting pace in contract Ibor fallback language raceAs the date of Libor’s expiration nears, the necessity to provide adequate fallbacks for legacy contracts amplifies, 31 Oct 2018 15:30:00 GMTPRIMER: Sonia (the Sterling overnight index average) – part 1The first part of this primer takes a look at the benchmark that is being touted as the one the market will use post-Libor in the UK, 29 Oct 2018 12:30:00 GMTMarket data debate rages on at the SECThe roundtable saw some fiery contestations between the SEC, US exchanges, broker-dealers and banks over a number of issues, 26 Oct 2018 21:00:00 GMTInsolvency case risks ‘fundamentally changing’ English legal landscapeThe potential repeal of Gibbs rule could result in more expensive financing and a shift to New York law, 26 Oct 2018 17:30:00 GMTIn the news this weekInstability reigns across global markets this week, as the Italian budget situation reaches worrying levels, US exchanges hit back at the SEC, and growth in China slows down, 26 Oct 2018 10:00:00 GMTPRIMER: covered bondsIFLR looks at covered bonds, regulations affecting them in the EU and why they haven't been widely adopted in the US, 25 Oct 2018 19:30:00 GMTIn the news this weekBoth China and the US get to work on Sifis while the EU works to apply stress testing to funds, 19 Oct 2018 07:45:00 GMTDEAL: Sumitomo Mitsui Bank's covered bondsThe deal relied on a contractual trust-based structure rather than a traditional legal framework, 18 Oct 2018 12:30:00 GMTRatings scandal prompts action from Chinese regulatorThe Dagong incident and a desire to internationalise Chinese capital markets have forced a number of government agencies to step in, 18 Oct 2018 10:00:00 GMTIFLR Middle East Awards 2018: winners revealedAll the winning teams, deals and individuals from the October 17 awards, which took place at the Burj Al Arab in Dubai, 18 Oct 2018 09:45:00 GMTIn the news this weekThe CVS/Aetna deal gets the green light in the US, the UK and HK agree to mutual recognition of funds, and the Brexit financial sector saga drags on, 12 Oct 2018 08:15:00 GMTSEC: dual-class shares should not last foreverCommissioner Robert Jackson said while these may have value, they should not be passed on to a company owner's heirs, 09 Oct 2018 12:30:00 GMTIn the news this weekIn the Americas, Nafta and swaps regulation get a makeover, India consults on market abuse prevention, and the EU focuses on banks' data quality and balance sheets., 05 Oct 2018 10:00:00 GMTEU Prospectus and Primary Markets Issuance Conference 2018: key takeawaysAll the highlights from IFLR's ninth prospectus forum, 04 Oct 2018 12:30:00 GMTCFTC: limit application of US rules for cross-border swapsA new paper makes a number of proposals designed to address the extraterritorial effect of the US framework in the swaps industry, 04 Oct 2018 10:00:00 GMTPublication: Structuring Liability Management TransactionsIn this publication, Mayer Brown lawyers outline some key legal and regulatory considerations for issuers looking to carry out debt management exercises in the US as well as considerations for financial intermediaries active in such transactions, 04 Oct 2018 09:45:00 GMT‘Tricky’ IPO market impacted by price volatilityGeopolitical upheaval is having an impact, but price volatility remains number one concern, 03 Oct 2018 13:15:00 GMTNew York clearing could be major Brexit winnerUnprepared regulators and infrastructure could send clearing houses further afield once the UK leaves the EU, 03 Oct 2018 10:15:00 GMTIFC: Asian green finance market needs to move beyond bondsPanellists at a Euromoney Conferences forum believe a stronger push from investors and asset managers are key, 02 Oct 2018 17:15:00 GMTIn the news this weekIn the US, Comcast will finally buy the UK's Sky, while in India, three public sector banks will merge to create the country's third largest lender. In Europe,the ongoing trade war with the US is making investors more selective, 28 Sep 2018 10:15:00 GMTEuromoney Legal Media Group Americas Rising Star Awards: winners announcedAll the winning individuals and firms of Euromoney's first Americas Rising Stars awards, 28 Sep 2018 09:00:00 GMTClearing industry faces cliff edge after BrexitEquivalence is the preferred solution for the clearing sector, at least in theory, 27 Sep 2018 15:15:00 GMTDEAL: Phoenix Group’s tier 2 euro-denominated bullet bondThe deal comes amid an anticipated end to the buoyant European debt cycle, 26 Sep 2018 12:30:00 GMTClock is ticking for SEC to implement new leverage rulesSeveral BDCs gained board approval to double their leverage earlier this year, but the rules are yet to be amended, 21 Sep 2018 18:45:00 GMTEuromoney Legal Media Group Asia Women in Business Law Awards 2018: shortlist announcedAll the nominated lawyers, teams and firms for the awards, which will take place on November 8, 21 Sep 2018 14:30:00 GMTIn the news this weekIt's been a week of broken records: Nafta discussions drag on and the Brexit to-and-fro continues. In Asia, credit agencies are under investigation, 21 Sep 2018 10:00:00 GMTOn balance: when conflicts happen between Russian and EU inside information rulesIssuers are well advised to consider potential conflicts before listing, 14 Sep 2018 14:45:00 GMTIn the news this weekEverything that happened in the week that marked the 10th anniversary of the collapse of Lehman Brothers, 14 Sep 2018 10:00:00 GMTGrowth of fixed income ETF market may impact HY bondsAlthough the market is still small, rising ETF figures continue to be an area of focus for academics and practitioners, 13 Sep 2018 23:15:00 GMTDEAL: NET4GAS exchange and tender offerExchange and tender offers were carried out under English law but local Czech law governed the documentation, 12 Sep 2018 16:30:00 GMTSEC statement on CAT delay ‘exactly what industry was looking for’Exchanges have no anticipation of being able to meet imposed deadlines, so SEC staff has offered a form of no-action relief, 10 Sep 2018 16:45:00 GMTPRIMER: Emir 2.2Changes could pull clearing away from the UK and back into the EU, 10 Sep 2018 09:00:00 GMTIn the news this weekNafta talks resume, Hong Kong Exchanges and Clearing launch new investor ID model, Brexit Chequers deal looks dead and Brazilian election chaos, 07 Sep 2018 08:45:00 GMTINTERVIEW: Laura Cha, chairman of Hong Kong Exchanges and ClearingAsia reporter Karry Lai speaks with HKEx’s chairman about her career path, Hong Kong’s new listing regime and strategies to increase women on boards, 05 Sep 2018 16:45:00 GMTIn the news this weekNafta gets boost but the consolidated audit trail doesn't, while restrictions on foreign ownership of Chinese banks are lifted. In the EU, the eurozone is still in turmoil, 31 Aug 2018 09:30:00 GMTDEAL: Ascletis Pharma’s HKEx IPOThis first-of-a-kind listing involved a highly technical due diligence process, 29 Aug 2018 10:00:00 GMTIFLR Middle East Awards 2018: shortlist now liveAll the shortlisted deals, teams and individuals for IFLR's 2018 Middle East Awards, 29 Aug 2018 09:00:00 GMTDEAL: Fannie Mae’s Sofr-linked bondThe first index backed securities for the fledgling benchmark has a diverse investor breakdown, lending the rate additional credibility, 28 Aug 2018 16:00:00 GMTIn the news this weekCredit Suisse moves ahead in Libor replacement race, China increases financing options for SMEs, Trump wants review on company accounts and clarity needed for capital reporting requirements, 24 Aug 2018 08:45:00 GMTUncertainty over third party verifier role concerns securitisation marketConfusion over what their obligations are could be a bump in the road for STS issuers, 17 Aug 2018 15:00:00 GMTHK targets regulatory arbitrage over backdoor listingsLocal counsel are concerned with a number of matters including the possible extension of look-back period, 17 Aug 2018 10:15:00 GMTIn the news this weekChina ramps up initiatives over national infrastructure debt, Trump turns up the heat on foreign investment and on Turkey, and the EU CLO market could be heading for a downturn, 17 Aug 2018 10:00:00 GMTChinese investor appetite for US listings is dwindlingA number of factors could mean that PRC IPOs on US stock markets become a thing of the past, 17 Aug 2018 09:45:00 GMTSingapore hopes dual class rules will attract listingsBut DBS’ capital markets head believes issuers will find it challenging to convince the SGX of the need to list using a DCS structure, 14 Aug 2018 14:45:00 GMTBrexit novations raise questions over Emir, lifecycle eventsAs banks plough on with repapering, it's now emerged that novation may invalidate Emir grandfathering for millions of derivative contracts, 10 Aug 2018 10:00:00 GMTIn the news this weekTax boosts give US companies a lift, China aims to ease restrictions on foreign investors in its A-share market and the UK FCA delves deeper into fintech, 10 Aug 2018 09:00:00 GMTCFTC: no swap market complacency amid Chinese pressureFollowing the launch of several yuan-denominated markets in China, chair Giancarlo has expressed doubts that the US derivatives market will remain dominant without additional funding, 09 Aug 2018 15:45:00 GMTEuromoney Legal Media Group Americas Rising Stars Awards – inaugural shortlist announcedThe awards celebrate rising star attorneys across a number of practice areas, 03 Aug 2018 15:00:00 GMTIn the news this weekUS fintechs get a special banking charter, Asian regulators continue with their efforts to liberalise markets, and the EU sees uncertainty in merger control and derivative pricing, 03 Aug 2018 09:45:00 GMTInitial margin rules for buyside will affect derivative pricingPhase three of the rules is considered the litmus test for 2019 and 2020, 03 Aug 2018 08:30:00 GMTMifid II: how banks are defending fee nondisclosureVarious legal opinions have emerged, providing comfort to firms who argue that clients aren’t interested in knowing anyway, 02 Aug 2018 13:45:00 GMTRule change in HK to usher in wave of US IPOsChanges allowing pre-revenue companies to list on the HKEx means that a number of biotech companies are likely to list on the exchange, 01 Aug 2018 17:15:00 GMTTLAC: disclosure won’t fix senior non-preferred pricingA lack of investor education may be to blame, but analysts on both buy and sellside argue that the unpredictability of bail-in regimes is a far bigger concern, 27 Jul 2018 10:00:00 GMTIn the news this weekEurope and the US continue their battles: the first against bad loans and weak banks, the second to win the tariff war. HK looks to promote information sharing in the banking sector, 27 Jul 2018 09:00:00 GMTJOBS Act 3.0 bundle not the answer for SME listingsThe bipartisan bill is designed to make IPO listing more attractive, but has raised concerns, 25 Jul 2018 17:30:00 GMTHow blockchain-based securities could be next step for crypto marketThis potential development also opens up the prospect of existing securities being tokenised, 23 Jul 2018 13:00:00 GMTIn the news this weekThe US sees a Jobs Act 3.0 on the horizon and battles tariff wars, while in Asia, weighted voting rights continue to be problematic. In Europe, the standard fee charging model for private equity firms is evolving, 20 Jul 2018 10:00:00 GMTPriips: industry reveals its wishlistRead all the latest capital markets regulatory news and analysis on Practice Insight's new website, 19 Jul 2018 13:00:00 GMTCustom baskets could help re-align ETF marketPhased out in 2012, this type of portfolio structuring could be making a comeback, 19 Jul 2018 10:30:00 GMTMassad: don’t undo derivatives’ harmonisation effortsThe former CFTC chair told a NEX panel that the international cooperation is in jeopardy, 17 Jul 2018 16:30:00 GMTBest practice: dealing with HY in LuxembourgPreparation and custom solutions are essential to a high yield offering in Luxembourg, 16 Jul 2018 11:00:00 GMTAmundi: green finance needs more diverse issuer basePanellists at this year's ICMA Green and Social Bond Principles conference in Hong Kong noted more corporate issuances could help, 16 Jul 2018 10:15:00 GMTIn the news this weekChina/US trade relations remain uncertain, a record fine for the CFTC, HK weighted voting rights are go, and DoJ investigates cryptocurrency 'spoofing', 13 Jul 2018 09:00:00 GMTMifid II: research unbundling goes globalRead all of Practice Insight's coverage on the new website now, 13 Jul 2018 09:00:00 GMTSEC dodges accelerated filer definitionsIn last month’s open meeting, the commission laid out changes to its smaller reporting company threshold definitions, but the changes left many disappointed, 12 Jul 2018 15:45:00 GMTChinese counsel: meeting CDR requirements won’t be easyThere are doubts over the pricing mechanism and the viability of the legal framework for this new category of depositary receipt, 11 Jul 2018 10:15:00 GMTRMB internationalisation, reliable ratings key to open up PRC bond marketSpeakers at Fixed Income Leaders Summit in Hong Kong share views on the challenges surrounding the recent Bond Connect, 10 Jul 2018 09:00:00 GMTIn the news this weekGDPR causes confusion in Asia, bitcoin continues its downward spiral, Mexico gains a new president, and the UK tries to clarify IPO rules, 06 Jul 2018 10:00:00 GMTNew UK IPO rules could disincentivise listingsThe regime in place this week means higher costs for smaller companies wanting to list, 05 Jul 2018 17:15:00 GMTMifid II: systematic internalisers panicked by FIRDS dataCheck out all of Practice Insight's coverage on the new website, 05 Jul 2018 14:00:00 GMTIn the news this weekSecurities and stress testing under review in the US, crypto takes off in Japan and the EU learns its lessons from the debt crisis, 29 Jun 2018 09:30:00 GMTIn the news this weekIndia follows HK and China in changing listing rules for some companies, the US continues its regulatory cleanup, and Russia takes centre stage in EU developments, 22 Jun 2018 10:00:00 GMTIs the ECB right to end asset buying?The six-year programme is to come to an end in 2019 – but should it really be halted?, 21 Jun 2018 09:00:00 GMTINET: how to close CFTC's extraterritorial Dodd-Frank loopholeState regulators and officials need to take advantage of the Commodity Exchange Act and bring certain swaps dealer’s violations of Dodd-Frank to the federal district courts to protect their constituents, 21 Jun 2018 07:00:00 GMTLMG Europe Women in Business Law Awards: 2018 winnersBaker McKenzie was named the best international firm for women in business law at LMG's June 14 event in London, 15 Jun 2018 10:30:00 GMTARCC chair to market: Sofr is first real benchmarkAs the legacy Libor rate is is being phased out, viable alternatives have to be proposed, 15 Jun 2018 09:15:00 GMTPRIMER: Hong Kong’s new listing rulesThe HK stock exchange has room to manoeuvre when establishing the suitability of a company, 13 Jun 2018 11:15:00 GMTDebt status of Italian mini-BOTs in doubtThe answer to whether these instrument count as debt is crucial for Italy’s economic future and future in the EU, 11 Jun 2018 09:00:00 GMTCME’s Sofr futures are alternative to Libor ratesThe derivatives marketplace released one and three-month futures to help with the transition away from Libor term periods, 08 Jun 2018 18:30:00 GMTIn the news this weekThe rollback gathers steam in the US, Italy in turmoil and GDPR continue to dominate the EU, and the crypto saga continues in Asia, 08 Jun 2018 10:00:00 GMTWait for STS clarification could have chilling effectWith a January 2019 kick off date, the results of the EBA’s consultation can’t come soon enough, 07 Jun 2018 15:30:00 GMTCommunity and regional banks welcome de minimis clarityThe threshold remains at $8 billion, as expected, but the agency has added a number of additional exemptions to the de minimis exception that will please banks, 07 Jun 2018 15:00:00 GMTMifid II & packages: firms still diverging on transparencyThis week's news from Practice Insight features part two of the Libor poll, Isda's Mifid package solutions and Brexit relocation loopholes, 07 Jun 2018 15:00:00 GMTLibor poll: market reveals transition fearsLast week's highlights from Practice Insight features part one of the landmark Libor reform survey and Mifid II updates, 01 Jun 2018 10:00:00 GMTIn the news this weekMAS market consultations, Dodd-Frank Reforms and Italian political chaos, 01 Jun 2018 09:00:00 GMTPriips: third-country manufacturers find loopholeToday's news from Practice Insight: firms find a creative Priips solution and banks and researchers set out their views on the FCA's incoming IPO reform, 24 May 2018 11:15:00 GMTPriips, Mifid, Emir squeeze medium-complexity derivativesThis week from Practice Insight: cumulative impact of regulation, best execution update, covered bonds and money market fund reform news, 17 May 2018 15:00:00 GMTSyndicated loan market enjoying pre-Brexit boostBrexit and a delay to the interest rate rise is stimulating the market, but how long can this last?, 11 May 2018 16:30:00 GMTIn the news this weekAll change at the SEC, Hong Kong's corporate governance push and fiercer gun-jumping rules in the EU all featured in the news, 11 May 2018 10:30:00 GMTAwareness is not enough: market must prepare for Libor fallbacksWhen interbank offered rates stop at the end of 2021, the market must be ready and have implemented fallbacks such as Sofr and Sonia, 10 May 2018 16:15:00 GMTGrowth of cov-lite impacts companies' IPO plansAvailability of private capital at better terms is a key reason some companies may be putting plans on hold, 10 May 2018 12:30:00 GMTPriips & Mifid II: retail platforms still pulling productsToday's news from Practice Insight: investor protection rules still reducing choice, banks refuse to adopt Sonia and covered bond rules, 10 May 2018 11:15:00 GMTFRTB: industry eager to see reported swaps data usedThe Fed confirmed that it will be implementing the standards. Industry participants say that are keen to see data already collected to help improve the calibration of capital, 04 May 2018 21:00:00 GMTMifid II: SIs pressure brokers to become trading venuesThis week's news from Practice Insight: Cboe defends periodic auctions, SIs flex their muscle and both issuers and investors turn their backs on CoCos, 04 May 2018 10:30:00 GMTIn the news this weekThe US is a quiet place this week, Singapore proposes senior managers guidelines and GDPR news abounds, 04 May 2018 09:00:00 GMTCFTC voices concern for EU/UK FTA after BrexitThe chief of staff of the swaps regulator suggested that any agreement that included financial services could be a concern for the US, 01 May 2018 09:45:00 GMTEXCLUSIVE: CFTC’s Giancarlo to retire at end of termThe Chairman of the CFTC confirmed that he will not seek reappointment when his term ends in April 2019, 27 Apr 2018 17:30:00 GMTIn the news this weekMarket reform continues everywhere: swaps in the US, voting rights in Hong Kong and crypto in the EU, 27 Apr 2018 09:45:00 GMTSwaps 2.0: CFTC to upgrade market rulesChairman Giancarlo released the white paper at the Isda AGM in Miami, outlining five steps that will simplify the regulatory process, 26 Apr 2018 19:45:00 GMTHow non-EU firms are side-stepping Mifid II reportingThis week's news from Practice Insight: Mifid extraterritoriality, prospectus rules, MAR market sounding and issuers shunning London for New York, 26 Apr 2018 14:30:00 GMTIn the news this weekThis week features updates on locked box mechanisms, rising tensions between the US and China, and the latest on the fiduciary rule rollback, 20 Apr 2018 10:45:00 GMTIFLR Europe awards 2018: all the winners and winning teamsThe full details of the ceremony, which was held at the Savoy in London, on April 19, 20 Apr 2018 09:15:00 GMTMifid II: what is a process trade?This week's news from Practice Insight: debunking process trades, banks aren't doing enough on Libor and Priips may soon go international, 19 Apr 2018 16:30:00 GMTIFLR's EU Capital Markets Forum 2018: key takeawaysAll the highlights from the April 18 London event, 19 Apr 2018 12:30:00 GMTMarket to SEC: no doomsday scenario for IPOsThe NYSE's head of equities told attendees at a Sifma event that despite a possible drop in companies desire to go public, all is not lost, 19 Apr 2018 09:15:00 GMTPriips: industry begs Commission to clarify scopeThis week's news from Practice Insight: inside the letter sent to the EC on Priips scope, banks warn others against becoming too relaxed on CCP relocation, and Mifid firms' LEI drive runs out of steam, 13 Apr 2018 09:30:00 GMTIn the news this weekSpotify's much discussed NYSE listing, Asian equity markets opening up and GDPR dominating EU headlines were the most debated issues this week, 06 Apr 2018 09:00:00 GMTMifid II's on-venue shift is not all it seemsPractice Insight looks behind the Mifid data so far and reveals banks' concerns on CRD IV and Brexit. Open access for a limited time only, 05 Apr 2018 12:30:00 GMTAsian exchanges compete for IPOs of new economy companiesHong Kong is set to shelve its ban on dual class shares to attract new economy companies. Other exchanges are following suit, 02 Apr 2018 12:30:00 GMTPriips: no one is reading KIDsThis week's news from Practice Insight: fund managers lament Priips confusion, AIFMD causes more problems than Brexit and banks are unprepared for the UK's new IPO regime, 29 Mar 2018 11:00:00 GMTDEAL: Pacific Alliance’s first earthquake bondThe World Bank's $1.36 billion catastrophe bond is a capital markets first for Chile, Colombia and Peru, 29 Mar 2018 08:45:00 GMTHow high yield and TLBs are convergingTerms for high yield bonds and leveraged loans continue to converge, driven by growing similarity in investor bases, increased market size and liquidity, and more oversight, 27 Mar 2018 12:30:00 GMTIn the news this weekDevelopments this week include KYC and crypto, key takeaways from China’s Two Sessions forum, and the ongoing Volcker Rule/fiduciary rule sagas in the US, 23 Mar 2018 10:15:00 GMTMifid II: industry calls on Esma to improve FIRDS data qualityPractice Insight news features Mifid II data problems, Brexit's impact on existing and legacy derivatives contracts, and CCP relocation woes, 22 Mar 2018 16:15:00 GMTEU green bond standards shouldn't deter investorsStringent US regulation has deterred banks and issuers. Europe needs to be weary, 22 Mar 2018 13:00:00 GMTIn the news this weekUncertainty is the theme this week as the Dodd-Frank rollback gathered steam, the status of cryptocurrencies was called into question and PRC buyers thought twice about US target takeovers, 16 Mar 2018 08:15:00 GMTBrexit: contracts scramble to keep up with the newsPractice Insight focuses in on how both UK and EU firms are preparing for Brexit, as well as more Mifid II best execution analysis. Open access for a limited time only, 15 Mar 2018 14:00:00 GMTUS CLOs not subject to risk retention burdenThe decision is yet to be finalised but could signal a loosening of Dodd-Frank's securitisation rules, 15 Mar 2018 10:00:00 GMTIFLR Americas Awards 2018: shortlist revealedGood luck to all the nominated deals and teams, 12 Mar 2018 10:30:00 GMTShould private equity firms apply for a Mifid passport after Brexit?Confusion is spreading among fund managers, especially as the landmark regulation doesn’t usually apply to them, 09 Mar 2018 12:00:00 GMTMifid II: best execution reports no use to investorsPractice Insight looks at the reality of RTS27 and 28 reporting, Mifid's LEI woes and the merits of standardisation in the Schuldschein market. Open access for a limited time only, 09 Mar 2018 09:15:00 GMTIn the news this weekIFLR reviews the past week's main regulatory developments, 09 Mar 2018 09:00:00 GMTChina's A-share market's untapped opportunitiesThe market has been growing steadily but international investors need to understand its nuances to take full advantage, 08 Mar 2018 12:00:00 GMTPrivate debt curing Brexit effect on UK loan marketDebt funds are said to be providing ‘incredible’ terms, forcing banks to follow, 02 Mar 2018 09:00:00 GMTMifid II: market reveals data reporting sticking pointsIn this week's news from Practice Insight, market participants are baffled by inconsistent trade and transaction reports, and lawyers explain how to get around Esma's controversial guidance on DEA, 01 Mar 2018 12:00:00 GMTDEAL: world's first sovereign green sukukIndonesia's dollar-denominated issuance is also the first to use the ASEAN national green bond standards framework, 01 Mar 2018 10:45:00 GMTMifid II prompts shift from traditional funds to ETFsThe latter’s lower costs make them an attractive alternative to their more actively managed counterparts, 28 Feb 2018 11:00:00 GMTSFC brings best execution in line with Mifid IIHong Kong's securities regulator is reminding licensed corporations to improve standards against the backdrop of the landmark EU legislation, 26 Feb 2018 12:45:00 GMTHas the JOBS Act failed to revive the IPO market?Nasdaq suggests 2017 was a good year for IPOs, but whether that’s down to the Act is still up for debate, 23 Feb 2018 16:30:00 GMTTargeted sanctions help US maintain financial influence abroadDebt and equity sanctions on Russia, Venezuela and others allow the US to have widespread economic influence on rivals without initiating comprehensive embargoes, 22 Feb 2018 16:15:00 GMTHow Libor reform is hitting dealsPractice Insight looks at the impact of benchmark transition on deal documentation and how Mifid II is already reshaping market structure, 22 Feb 2018 16:00:00 GMTIFLR Europe Awards 2018: shortlist revealedThe deals and teams in competition for IFLR's EU awards this year are now live, 16 Feb 2018 13:45:00 GMTMifid II: banks reveal package trading obligation workaroundsThis week's news from Practice Insight: how firms are making the best of an unclear rule and what to do to ensure your Mifid data is GDPR-compliant, 15 Feb 2018 13:00:00 GMTWill more regulation disrupt the PE sector?Potential plans to limit gearing could put the European market in direct contrast with the US, 15 Feb 2018 12:00:00 GMTNYSE amends listing rules to stay competitiveSome large companies are rumoured to be interested in IPO alternatives but the exchange’s VP of listing services, Joe Brantuk, believes it’s too early to say if they will take off, 15 Feb 2018 08:15:00 GMTCould EU go down the equivalence route for London CCPs?Speculation about the future of London’s euro clearing business after Brexit has been ongoing, but the financial services sector is no closer to a decision, 14 Feb 2018 10:00:00 GMTPriips: how KID confusion has blocked distributionPractice Insight reveals how Priips causes mayhem and no one wants Esma to approve prospectuses under Omnibus III, 08 Feb 2018 16:30:00 GMTUS Tax Reform Key Considerations; European Financial & Regulatory Developments into 2018; and moreThe latest news from Morrison & Foerster's US team on the Treasury's report on capital markets and more, 07 Feb 2018 12:00:00 GMTChina gets tough on under the table bondsThe latest in a series of moves aimed at tackling financial risk, the new rules will try to rein in verbal repo agreements, 07 Feb 2018 10:15:00 GMTJapan eyes Mifid-like oversight for HFTThe financial regulator's new tougher rules for algorithmic trading are inspired by the EU’s landmark directive, 05 Feb 2018 10:00:00 GMTNo one is fully compliant with Mifid research rulesThis week's news from Practice Insight: what banks really think of Mifid's research rules, the final instalment of the landmark Mifid & market structure survey, and how the Prospectus Regulation exposes banks to litigation, 01 Feb 2018 15:45:00 GMTMAR market sounding: optional safe harbour or compulsory ruleThe regulation's most discussed requirement is still being talked about two years after its introduction, 01 Feb 2018 15:30:00 GMTSEC, CFTC intervention is a wake up call for crypto spaceRegulators have cracked down on fraudulent practices but market participants suggest that it's business as usual for the securities industry, 01 Feb 2018 15:30:00 GMTPRC focuses on continuous monitoring of offshore dealsRegulators are not stopping their oversight at the approval process but extending scrutiny to the lifecycle of outbound investments, 29 Jan 2018 09:45:00 GMTPriips & Mifid II product governance teething problems revealedPractice Insight covers Mifid II TOTV issues, product governance teething problems and more, 26 Jan 2018 11:00:00 GMTDirect listings offer alternative to IPO routeThe non-traditional route could be the right approach for certain companies, provided they have enough capital and can guarantee stock liquidity, 18 Jan 2018 14:00:00 GMTRevamping the Volcker RuleBanks have not been able to engage in proprietary trading since the financial crisis. But reform could be on the cards, 18 Jan 2018 12:45:00 GMTMifid II and the challenge of ‘venue-isation’The directive applies to products rather than participants, which could be where problems start, 18 Jan 2018 10:45:00 GMTHKEx pushes ahead with weighted voting rightsHong Kong is looking at US style rules to attract more listings, 15 Jan 2018 13:15:00 GMTUK eyes AML rules for bitcoin regulationThe Treasury has been plotting its move since 2015 and could go ahead with regulations this year, 04 Jan 2018 14:00:00 GMTVirtual currency trading could help professionalise the marketCME Group is now also offering bitcoin futures, a move which could help further stabilise the sector, 20 Dec 2017 11:00:00 GMTDEAL: only CMBS deals in the UK and Italy in 2017Commercial real estate securitisation could be set to make a comeback next year, if market conditions align, 18 Dec 2017 08:30:00 GMTDEAL: Trafigura’s non-recourse commodity inventory funding programmeThe commodities trader has financed its inventory using capital markets, in response to tighter capital requirements under Basel III, 12 Dec 2017 11:00:00 GMTBitcoin futures launch amid margin anxietiesThe CBOE exchange listing has again raised the discussion that cryptocurrencies should be regulated, 11 Dec 2017 17:45:00 GMTDEAL: world’s first automated crypto-bond issuanceThis landmark deal could provide a template for lawyers and those in financial services to achieve much needed efficiency gains, 07 Dec 2017 12:00:00 GMTEXCLUSIVE: CFTC enforcement head on criticism of self-reporting policyJamie McDonald answers questions about the division’s new process of self-reporting and cooperation within the industry, 07 Dec 2017 11:30:00 GMTHKEX has work cut out to attract listingsMarket participants share views on what Hong Kong needs to attract IPOs but maintain investor protection, 05 Dec 2017 08:00:00 GMTDEAL: Singapore’s first switch tender offerThe local dollar bond market has seen its first transaction using switch tender technology, 04 Dec 2017 09:15:00 GMTIFLR Asia Capital Markets Forum 2017: key takeawaysAll the highlights from IFLR's last event of 2017, 29 Nov 2017 11:45:00 GMTNon-EU firms consider replicating Mifid II’s RTS28Much to the surprise of the European market, others are concerned its approach to execution will put them at a competitive disadvantage, 22 Nov 2017 16:00:00 GMTPOLL: Mifid II & market structureTake the landmark survey now to have your voice heard, 15 Nov 2017 17:00:00 GMTUS firms hold out for regulatory relief on Mifid II reportingThe directive’s extensive transparency rules are causing headaches across the Atlantic, 15 Nov 2017 09:00:00 GMTDEAL: Volcan Investments’ mandatory exchangeable bondsThe UK family-owned investor has bought a majority share in mining giant Anglo American, leveraging a capital markets investment to acquire equity, 13 Nov 2017 13:00:00 GMTAsia frets over Mifid II and local privacy rulesAsian market participants are concerned that transparency requirements may put them in breach of data privacy laws outside Europe, 13 Nov 2017 12:00:00 GMTWhy regtech must be regulatedIncreased oversight has given rise to more data being shared but also to more automation solutions being explored, 10 Nov 2017 14:45:00 GMTDEAL: ICBC's Belt and Road climate bondThe world's largest bank has issued the world's biggest euro-denominated green bond, 06 Nov 2017 10:30:00 GMTDEAL: China’s first US dollar bond sale since 2004The PRC’s latest sovereign deal sets the tone for corporates to sell cheaper offshore debt, 06 Nov 2017 10:00:00 GMTCFTC's Giancarlo on derivatives and financial regulationThe Commission’s Chairman talks to IFLR’s John Crabb about the need to balance derivatives market regulation and financial system stability with economic growth and prosperity, 30 Oct 2017 12:30:00 GMTPOLL: should Esma approve prospectuses?Following the European Commission's Omnibus III proposals to transfer prospectus approval, IFLR is asking readers whether it's the right move. Vote now, 30 Oct 2017 11:00:00 GMTASIFMA: How Asia is dealing with Mifid IIVijay Chander, executive director of fixed income at the association tells IFLR how its members are adapting to new far-reaching European rules, 30 Oct 2017 06:00:00 GMTMifid II: why firms don’t want to be SIs for derivativesThe economic benefits reaped in other asset classes just aren’t there – but some might not have a choice, 26 Oct 2017 11:00:00 GMTGiancarlo: time is right for swaps reform 2.0The CFTC chairman says that the derivatives reforms outlined in Title VII of the Dodd-Frank Act need to be updated and optimised, 26 Oct 2017 09:00:00 GMTKIDs in America: Priips could be headache for US issuersNon-EU issuers may find themselves in breach of the upcoming Priips regulation if their products end up in EU retail investors’ hands, 26 Oct 2017 08:45:00 GMTUS Treasury report in focus: access to capital and derivativesThe Treasury has released the next instalment of its report, focusing on capital markets, and outlining its regulatory recommendations to President Trump, 16 Oct 2017 09:00:00 GMTRetail investors at risk from EU bail-in requirementsNon-professional investors are the primary buyers of subordinated bank debt. EU banking stability could be under threat, 12 Oct 2017 11:00:00 GMTPRIMER: the Prospectus RegulationCrib notes on the European Commission's landmark investor protection initiative. Including compliance dates, areas of concern and next steps, 28 Sep 2017 12:15:00 GMTEU disclosure fatigue favours qualified investorsDocumentation requirements are piling up, meaning issuers are selling securities to the professional ‘disclosure-light’ segment of the market, 28 Sep 2017 08:00:00 GMTEU Prospectus Regulation Conference: key takeawaysHere are the highlights from this week's event, which featured exclusive insight on the landmark rules from senior European and national regulators, 27 Sep 2017 16:15:00 GMTDEAL: Mexico City Airport - the world’s largest green bondThe $4 billion bond is backed by a securitisation of passenger charges at both the existing and planned airports, to be collected by the Mexican government, 27 Sep 2017 10:00:00 GMTPRIMER: Mifid II and transparencyThe latest instalment of our new primer series explains how Mifid II’s new rules change firms’ transparency obligations, 14 Sep 2017 13:00:00 GMTTax reforms could wipe out HY and LBO marketsProposed fiscal changes could put an end to interest deduction provisions, with disastrous consequences for parts of the US capital markets, 14 Sep 2017 10:00:00 GMTDEAL: first CLO with automatic margin resetCrafted with Dodd-Frank's risk retention requirement in mind, the deal is expected to make the ABS process cheaper and faster, 08 Sep 2017 20:15:00 GMTPRIMER: EU clearingIFLR's latest primer explores how member states are increasing their oversight of derivatives trading, a topic that has divided politicians and the market since the Brexit vote, 07 Sep 2017 13:15:00 GMTMifid II: systematic internalisers multiply despite Commission's moveAttempts to close a loophole will not end the uncertainty surrounding the regime, or dampen the enthusiasm for new applicants, 04 Sep 2017 15:15:00 GMTDEAL: Thai liability management firstThe unique structure – part new issue, part debt buyback – gives PTTEP substantial tax benefits, 04 Sep 2017 15:00:00 GMTMifid II and Priips force business model rethinkAs implementation enters the home stretch, communication between manufacturers and distributors needs to improve, 31 Aug 2017 11:00:00 GMTDEAL: Metro de Panamá's government-backed securitisationThe construction of the capital city's second metro line used a sovereign guarantee, a first for local projects, 31 Aug 2017 10:45:00 GMTDEAL: first Latin American SPAC IPOVista Oil & Gas has become the first blank cheque company to go public in the region, creating a new market, 30 Aug 2017 12:30:00 GMTVietnamese derivatives need tax incentivesAuthorities launched the new market in August to boost investment in local companies, 30 Aug 2017 12:00:00 GMTSEC report sheds light on blockchain token statusEven if the regulator found that not all tokens are classed as securities, the market still has some questions it would like answered, 22 Aug 2017 07:15:00 GMTShould Esma be allowed to issue no action letters?At a basic level it makes sense, but practicalities and national sensitivities may get in the way, 16 Aug 2017 07:00:00 GMTDEAL: Iraq’s first independent sovereign bondThe $1 billion deal, which follows on from a US-backed offering in January, illustrates investors’ sustained appetite for risky debt, 10 Aug 2017 15:00:00 GMTDEAL: Softbank’s $4.5 billion subordinated perpetual notesThe deal broke new ground in Japan when it comes to corporates issuing offshore IFRS-compliant hybrid debt, 03 Aug 2017 12:30:00 GMTPRIMER: green bondsThe third instalment in our series focuses on green bonds, looking at how the market has evolved and what’s in store for the future, 03 Aug 2017 12:30:00 GMTMifid II implementation exposes tech divisionsThe vast technology-related requirements have laid bare a disconnect between IT departments and the rest of the bank, 03 Aug 2017 12:00:00 GMTUS regulators bullish despite senior vacanciesA number of key roles have yet to be filled at the SEC and CFTC, slowing down decision making. But it's no cause for concern, 03 Aug 2017 08:30:00 GMTDEAL: Terra Firma/Annington Homes’ £4 billion refinancingThe UK Ministry of Defence’s main housing provider will use the new capital to cut costs associated with previous securitisations, 28 Jul 2017 07:45:00 GMTPRIMER: The Hong Kong-China Bond ConnectIn the latest of our regular primer articles, IFLR explains Bond Connect, the challenges it faces and the technical issues arising from its unique structure, 27 Jul 2017 12:00:00 GMTDEAL: India’s first securities depository IPOThe $800 million deal required specific clarifications from Sebi, 26 Jul 2017 16:45:00 GMTDEAL: OmGrid Funding’s $500 million notesThe deal finds a novel way around Oman’s sweeping new withholding tax, 24 Jul 2017 10:15:00 GMTDEAL: Lotte Chemical's IPO in MalaysiaThe offering featured last-minute size and price changes and an innovative post-listing buyback, 20 Jul 2017 12:15:00 GMTDEAL: world's first pandemic bondThe World Bank's latest debt securities will pay out if a major disease outbreak happens in a low-income nation, 20 Jul 2017 11:30:00 GMTEuro clearing: market backs enhanced supervisionA location policy would be unnecessary and potentially damaging, 20 Jul 2017 11:00:00 GMTDEAL: Argentina's century bondIts $2.75 billion issuance is the first from a nation with junk status, 18 Jul 2017 18:15:00 GMTCVC scores CLO risk retention winAs bank financing becomes an increasingly expensive option for risk retention, the CLO manager has instead turned to equity, 18 Jul 2017 15:15:00 GMTDEAL: Allied Irish Banks’ $4.3 billion IPOThe largest public offering in London since 2011 signals a turning point for Ireland’s banks, 18 Jul 2017 14:30:00 GMTFCA woos Aramco with relaxed listing rulesThe regulator does not explicitly mention the company in its proposal for new rules for sovereign-controlled entities, 13 Jul 2017 11:45:00 GMTDEAL: Petroperú's $2 billion international bondThe largest corporate bond in Peru's history was not guaranteed by the government, even though it was issued by a state-owned company, 11 Jul 2017 10:15:00 GMTDEAL: Nigeria’s $300 million diaspora bond firstThe country has weathered a leadership change and vast volumes of compliance work to launch the first-of-its-kind deal, 06 Jul 2017 11:15:00 GMTMifid II’s traded on a trading venue confusion continuesTunnel vision on specific, technical points risks undermining the broader transparency objective, 05 Jul 2017 13:45:00 GMTDEAL: world's first social impact samurai bondBPCE's $500 million issuance will provide finance for the issuer's clients rather than projects, 05 Jul 2017 04:00:00 GMTChina technical breach first reveals wider worriesA technical covenant breach reflects larger problems in the documentation standards underlying offerings from local government financing vehicles, 30 Jun 2017 10:00:00 GMTMifid II: what is traded on a trading venue?Esma attempted to clarify its opinion in May amid confusion over derivatives, but the response has provided the market with little comfort, 22 Jun 2017 09:45:00 GMTDEAL: Europe’s first insurance premium loan securitisationThe master trust structure gives the independent credit provider a lot of flexibility, 21 Jun 2017 16:15:00 GMTDEAL: Costa Rica toll road dual tranche project bondA first on many fronts, this issuance will allow the concessionaire company to tap national and international markets, 19 Jun 2017 16:45:00 GMTStructured products & derivatives forum 2017: key takeawaysAll the highlights from IFLR's June 13 event in London, 14 Jun 2017 10:30:00 GMTDEAL: Maldives’ $200m sovereign bond debutThe issuance relied on collective action clauses for New York law governed notes, a first in the APAC region, 13 Jun 2017 16:00:00 GMTCMU review hints at federal Europe futureThe midterm checkup envisages greater powers for Esma and places a greater focus on harmonisation, 08 Jun 2017 12:15:00 GMTHK-China Bond Connect: expect uncertaintySome areas of the new scheme have not yet been looked at by regulators, which could delay foreign investment, 08 Jun 2017 12:00:00 GMTDEAL: ING Life Insurance Korea’s $977 million IPOThe issuer's private equity ownership influenced listing rules for South Korea's second largest listing this year, 08 Jun 2017 11:00:00 GMTDEAL: Italy’s €4.2 billion debt buybackThe member state’s latest exercise in public liability management by issuing treasury bonds with longer maturities could be replicated to other series of BTP Italias with upcoming terms, 08 Jun 2017 10:00:00 GMTDEAL: Acwa Power’s collateralised bondThe $814 million deal combines elements of structured and project finance, allowing the issuer to utilise assets on hand, 07 Jun 2017 13:30:00 GMTSTS agreement good for EU securitisationThe market has welcomed the news but highlighted the importance of timing and consistency, 31 May 2017 16:00:00 GMTDEAL: China Zheshang Bank’s $2.17 billion AT1 debutThe PRC lender's landmark issuance of debt-like preference shares had to be approved by multiple regulators before listing, 26 May 2017 09:45:00 GMTWhy HK-China’s Bond Connect needs harmonisingThe PBOC and HKMA approved the Bond Connect programme on May 17, but questions remain over how it will work in conjunction with other schemes, 25 May 2017 11:15:00 GMTHK and Singapore margin requirements comparedBoth jurisdictions have similar rules but also some key differences, including in-scope products and entities, 25 May 2017 10:45:00 GMTIFLR Bank capital forum - key takeawaysIn case you missed it, here are some of the highlights from IFLR's third annual bank capital forum in London this week, 25 May 2017 10:15:00 GMTDEAL: India’s first infrastructure trust IPOIRB InvIT's $782 million offering was the first to test Sebi's guidelines surrounding the classification of a trust, 18 May 2017 10:30:00 GMTMifid II could damage Asian capital markets growthBut there are opportunities for regulatory arbitrage in key locations like Hong Kong and Singapore, 11 May 2017 11:00:00 GMTPRC managers face low restrictions in offshore HY marketPrivate fund managers not regulated as qualified investors are buying low-rated debt - with risky consequences for the debt market, 11 May 2017 10:45:00 GMTWhy Puerto Rico bankruptcy could mirror Greek strugglesThe US territory has debts of $120 billion, a host of large creditors, and some legal and financial challenges ahead if and when it restructures, 11 May 2017 10:00:00 GMTEmir review creates risks for securitisation marketWhile proposed changes to the regulation are market-driven, they will impact those previously not considered financial counterparties, 10 May 2017 13:30:00 GMTMEP Ferber: London euro clearing can't continueLast week's leaked proposal from the European Commission came as little surprise to the market. According to the German MEP, Parliament will ensure it is enshrined in law, 10 May 2017 09:00:00 GMTAramco not responsible for UK IPO reformHistorical issues are cited as the primary reason for the FCA’s re-evaluation of its public offering rules, 08 May 2017 16:15:00 GMTMaijoor on why Mifid II is necessaryEsma’s chairman has defended the unpopular rules, claiming the cross-border regulatory landscape would be more chaotic without them, 05 May 2017 16:00:00 GMTPOLL: reviving the US IPO marketAfter a huge drop in listings in 2016, the US market looks set to make a comeback. IFLR explores the main factors contributing to this rise in activity, 05 May 2017 11:15:00 GMTBenchmark Regulation confuses non-EU administratorsThe new framework is just around the corner, but some market participants outside of the EU are already falling at the first compliance hurdles, 05 May 2017 09:30:00 GMTDoubts surround Canada’s RMBS marketOne of the country’s first mortgage-backed securitisations in over a decade has attracted high hopes from banks. But it’s also drawn criticism over its triple A rating, 05 May 2017 09:00:00 GMTDEAL: Evergrande’s $1.5 billion high yield bondThe real estate group may have issued the largest PRC-led USD high yield bond to date but the size of deal has attracted regulatory scrutiny, 02 May 2017 12:30:00 GMTWEBINAR: US IPO market’s challenges debatedThe market is rebounding, but questions surround tech companies’ reluctance to list, insider trading and governance issues, 27 Apr 2017 12:45:00 GMTBanks grapple with Priips extraterritorialityPanellists at IFLR’s European Capital Markets Forum last week queried whether the contested regulation is on the radar of foreign manufacturers, 27 Apr 2017 11:15:00 GMTUS private label mortgage-backed securities returnPLS could be a key driver of US housing market expansion but volumes will remain low until progress is made, 27 Apr 2017 09:45:00 GMTNDRC forces regulatory filing on red chips’ offshore issuesThe threat of PRC corporates defaulting on their offshore debt has Chinese regulators stepping up their oversight, 26 Apr 2017 12:00:00 GMTEurope deals of the year: structured finance and securitisationCovered bonds and mortgage-backed bonds proved a ripe area for innovation, along with developments in peer-to-peer lending and consumer loans, 25 Apr 2017 16:30:00 GMTEurope deals of the year: equityAgainst expectations, the difficult environment for IPOs and equity raisings proved a fertile ground for innovation, 25 Apr 2017 14:30:00 GMTEurope deals of the year: high yieldAlthough this year’s highlights didn't generate many common themes, there were abundant examples of carefully tailored and bespoke transactions, 25 Apr 2017 14:00:00 GMTEurope deals of the year: debt and equity-linkedIssuers worked hard to reach US investors across multiple markets and new asset classes to meet loss absorption requirements also continued to flourish, 25 Apr 2017 13:45:00 GMTDEAL: Middle East’s first green bondNational Bank of Abu Dhabi hopes to open a new market in the region with its $587 million deal, 23 Apr 2017 05:00:00 GMTDEAL: Guotai Junan’s $2.1 billion HK IPOThe offering was structured under a tight timeframe with few cornerstone investors - unusual in Chinese mega IPOs, 21 Apr 2017 12:15:00 GMTIFLR European Capital Markets Forum 2017: key takeawaysAll the key discussion points from the March 30 event in London, 21 Apr 2017 11:00:00 GMTDEAL: Lenovo’s $850 million preferred notesThe Chinese technology giant's hybrid securities issuance is a new feature in the Asian institutional investor market, 13 Apr 2017 08:30:00 GMTDEAL: world’s first sustainable tier two bondThe $300 million deal is unlikely to spark a new trend as it combines two fairly niche asset classes, 12 Apr 2017 10:30:00 GMTMifid II’s extraterritorial reach worries Asian marketThe rules, which are set to become effective in January 2018, have banks and corporates raising concerns over their impact on liquidity, 12 Apr 2017 10:15:00 GMTRestricted write-off defines Malaysia’s Basel III AT1 sukukThe country's financial institutions have been increasing capital adequacy ratios in anticipation but remain constrained by a recent tightening of shariah compliance, 06 Apr 2017 14:00:00 GMTDEAL: first UK care sector retail bondThe notes carry a bullet maturity and are unsecured. Both features provide more flexibility to the care home issuer, 06 Apr 2017 10:45:00 GMTSFC crackdown hampered by market infrastructureDifficulties in accessing relevant trading records are pushing the Hong Kong regulator to consider a change in regime, 30 Mar 2017 12:00:00 GMTDEAL: First corporate green hybrid bondPart-debt, part-equity, the hybrid instrument could help attract more issuers to the sustainable investment market, 30 Mar 2017 11:30:00 GMTCFTC rule review welcomedThe agency's plan to simplify some of its regulation is likely to attract the support of the market, 30 Mar 2017 09:45:00 GMTDEAL: Kuwait’s first sovereign bondThe GCC country is a late arrival to the party with its inaugural $8 billion deal and the establishment of a global medium-term note programme, 29 Mar 2017 10:15:00 GMTDEAL: KrisEnergy’s triple capital restructuringThe Singapore energy company's debt refinancing deal featured the market's first oil-price linked coupon, 29 Mar 2017 09:30:00 GMTDEAL: Europe’s first TLAC bondBank of America’s €4 billion deal has revealed a transatlantic divergence over global regulation, 27 Mar 2017 12:15:00 GMTAsian clients will leave Europe after Mifid IIThe requirement that trading venues must report on behalf of all stakeholders - even if they’re not subject to the rules - is likely to cause an exodus, 16 Mar 2017 11:00:00 GMTCapital controls hit China panda bondsThe country's onshore RMB bond market hasn’t hosted a truly foreign issuer since last November. Regulatory policy could be to blame, 16 Mar 2017 10:30:00 GMTDEAL: Vietnam’s first internationally-marketed IPOThe country has witnessed an ECM breakthrough, but regulatory constraints led to a long listing process, 15 Mar 2017 13:15:00 GMTDEAL: first IPO on Saudi’s parallel marketThe Nomu, similar to London’s AIM, is the first secondary stock market in the Gulf. It’s further proof of the kingdom’s commitment to economic diversification, 15 Mar 2017 10:30:00 GMTJapan’s public debt policy threatened by volatile yieldsThe country’s careful monetary planning has been impacted by a global rise in inflation and prices, 10 Mar 2017 15:00:00 GMTPOLL: preventing EU clearing house failuresEven though the worst-case scenario has never happened, preparation and prevention are key for EU CCPs, 10 Mar 2017 10:15:00 GMTHow to build a local green bond marketPolicy support is virtually essential, according to speakers at an industry event. Governments could learn a lot from China, 09 Mar 2017 15:45:00 GMTAsia awards 2017: winners revealedLinklaters scooped international law firm of the year at the ceremony on March 2. The full list of winners is here, 02 Mar 2017 12:00:00 GMTDEAL: Petróleos Mexicanos €4.25 billion bondPemex's multi-tranche bond is the largest euro-denominated issuance from an emerging country on record, 02 Mar 2017 11:00:00 GMTEC’s Bohan: Brexit won’t derail the CMUThe Commission’s head of unit said last week that while the referendum result complicates the process of building an EU-wide capital market, it’s not the end, 01 Mar 2017 15:00:00 GMTMarket reacts to FCA IPO reformThe UK regulator wants more information, earlier on. Market participants say any changes must be balanced with current IPO timetables and execution risk management, 01 Mar 2017 14:00:00 GMTDEAL: Société Générale’s Swedish krona bail-in bondThe French G-Sib's second tier 3 issuance was carried in the Nordic currency after demand from investors in the region, 28 Feb 2017 16:00:00 GMTDEAL: Detsky Mir IPORussia’s first major share sale in three years has passed the litmus test with an overwhelmingly international order book, 27 Feb 2017 13:30:00 GMTChina FX quota system hampered by uncertaintyThe country appears to have loosened its grip on capital outflows amid heightened foreign exchange concerns, 24 Feb 2017 14:15:00 GMTDEAL: Iraq’s first international sovereign bondThe US government has provided a guarantee for the $1 billion deal, which allows the country to raise funds at a more appealing rate, 24 Feb 2017 11:15:00 GMTDEAL: India’s first masala-backed high-yield dollar bondsNeerg Energy’s dual issuance overcame several regulatory and commercial obstacles, 23 Feb 2017 13:30:00 GMTDEAL: Chile’s sovereign peso notesThe government hopes to attract FDI with the strategic $1.5 billion deal, which also involved tweaking the local regulatory framework, 17 Feb 2017 10:00:00 GMTWhy repo volatility poses a systemic riskIndustry groups have warned the instability seen at year-end was unprecedented and must be dealt with, 16 Feb 2017 10:30:00 GMTIFLR’s 2017 European awards: shortlist revealedThe nominations for this year's IFLR European awards, taking place in London on April 20, have been announced, 15 Feb 2017 16:45:00 GMTDEAL: Bombay Stock Exchange $182 million IPOIndia's oldest exchange had to contend with a number of legal and compliance challenges when it went public earlier this month, 14 Feb 2017 09:00:00 GMTChina investors swap QFIIs for stock connectsForeign funds are flowing southbound to take advantage of the Shenzhen-Hong Kong Stock Connect's more relaxed regulatory framework, 09 Feb 2017 12:30:00 GMTDEAL: Egypt’s $4 billion triple-tranche eurobondThe government's aim to increase the availability of foreign currency in the country is part of a wider economic reform plan launched in 2015, 09 Feb 2017 10:45:00 GMTHKEx third board relies on clear positioningThe success of the exchange's attempt to attract technology companies will rest on its ability to clearly position itself, 08 Feb 2017 11:30:00 GMTMAR’s top three concerns revealedIssuers, underwriters and their counsel are still wrestling with the regulation almost eight months after its introduction, 02 Feb 2017 10:45:00 GMTDEAL: France’s first sovereign green bondThe modern deal has set a standard for future sovereign deals which takes into account higher levels of private funding in infrastructure, 02 Feb 2017 10:30:00 GMTDEAL: Poland’s first sovereign green bondThe issuance involved amendments to the country’s Public Finance Act and the creation of a bespoke green bond framework, 01 Feb 2017 17:30:00 GMTDEAL: Phoenix Group’s tier 3 bondThe issuance could open the door for more insurers to use short-term subordinated debt to meet regulatory capital requirements, 31 Jan 2017 12:15:00 GMTMarket fears Mifid product governance gold-platingWithout clear guidance from Esma, firms are largely guessing. National regulators could go overboard, with adverse consequences for investors, 27 Jan 2017 16:30:00 GMTIFLR European In-House Summit: key takeawaysIn case you missed it, here are the highlights from our fifth in-house summit in London last week, 27 Jan 2017 12:45:00 GMTPOLL: Key India corporate bond market reform effectsIFLR's latest poll explores how India’s deregulation drive has impacted onshore and offshore debt issuances, 26 Jan 2017 16:30:00 GMTSFC’s IPO investigation facing jurisdictional challengesThe Hong Kong regulator is facing significant hurdles when trying to investigate entities based in mainland China, 26 Jan 2017 16:15:00 GMTDEAL: world’s first senior non-preferred samurai bondEuropean banks have tested a new form of senior bank debt, but there are inherent risks built into this new asset class, 25 Jan 2017 17:00:00 GMTDEAL: first US post-TLAC bondCiti has set the tone with the first deal by a G-Sib since the rule was finalised in December, 20 Jan 2017 12:00:00 GMTDEAL: Michelin equity-neutral convertible bondsThe new product gives issuers the pricing benefit without the dilutive effect that's unpopular with shareholders, 19 Jan 2017 09:45:00 GMTIPO documentation requirements in India are 'burdensome'Companies wanting to go public have to put together an excessive amount of documents, according to speakers at IFLR's India Capital Markets Forum, 19 Jan 2017 09:45:00 GMTIFLR India Capital Markets Forum 2017: key takeawaysAll the highlights from yesterday's forum, which explored opportunities and challenges in the Indian equity and debt markets, 19 Jan 2017 09:00:00 GMTDEAL: Metropolitana Milanese’s water project bondThe Italian city's utility concessionaire will finance upgrades to the water services network through this first issuance in the sector, 13 Jan 2017 17:30:00 GMTForeign funds face tougher conditions in China FX squeezeThe regulator's crackdown on capital exiting the market will see funds struggle to invest offshore, 13 Jan 2017 11:30:00 GMTDEAL: world’s first dual-currency exchangeable bondThe world’s first dual currency-tranche zero-coupon exchangeable bonds launched late last year, 13 Jan 2017 10:00:00 GMTVenezuela's dollar bonds confuse the marketThe indebted nation has just bought debt from itself at terms never seen before, causing the market to question the reason for the issuance, 11 Jan 2017 15:45:00 GMTIFLR Asia Awards 2017: shortlist revealedThe nominations for the ceremony, taking place in Hong Kong on March 2, are now live, 09 Jan 2017 14:00:00 GMTTrump rings changes at SEC and CFTCThe US' 45th president looks to the business and finance world to fill key regulatory roles, 06 Jan 2017 09:00:00 GMTIndustry falls short on euro clearing lobbyingIn spite of growing calls to move euro-denominated securities clearing out of the UK, no economic argument has been made for member states to retain it, 05 Jan 2017 11:45:00 GMTDEAL: Bahrain's first ReitThe $52.5 million shariah-compliant deal could kickstart a new market in the GCC country, 05 Jan 2017 10:30:00 GMTDEAL: Civitas Social Housing IPOA public-private partnership of sorts, it’s the first UK Reit to offer LSE investors direct exposure to social housing, 20 Dec 2016 16:30:00 GMTEU Commission cracks down on CCP resolutionProposed rules to prevent public clearing house bailouts were well overdue. But uncertainties remain on how they will resolve potential defaults in practice, 19 Dec 2016 11:45:00 GMTDEAL: ICICI Bank’s Japanese pro-bond issuanceThe lender's landmark issuance renews hope for Indian corporates wishing to list abroad, 15 Dec 2016 11:30:00 GMTCFTC’s Massad: don’t undo Title VIIThe regulator has come out in support of the US' over-the-counter derivatives framework ahead of his departure, 15 Dec 2016 11:15:00 GMTFCA’s CFD crackdown gets lukewarm welcomeNo one objects to better investor protection, but certain elements of the surprise end-of-year consultation have caused concern among providers, 15 Dec 2016 09:45:00 GMTDEAL: Credit Agricole’s senior non-preferred firstThe bank's breakthrough senior non-preferred instrument has set the benchmark for a new breed of European bank capital, 14 Dec 2016 13:15:00 GMTHK’s cornerstone-heavy IPOs prevent price discoveryThe territory may be an investor-friendly jurisdiction but some public offering practices are increasingly discouraging widespread participation, 14 Dec 2016 13:15:00 GMTDivergent approaches hamper claims enforcement in AsiaPanellists at IFLR's latest Asia Capital Markets Forum highlighted how high-yield investors' approach to structure and covenants in the region differs from other international investors, 12 Dec 2016 09:30:00 GMTKEY TAKEAWAYS: Asia Capital Markets ForumIn case you missed it, here are all the highlights from this week's event in Hong Kong, 02 Dec 2016 10:45:00 GMTMozambique’s tuna bond saga drags onThe African country finds itself in a sovereign debt crisis. It all started with a $850 million bond to fund a fishing fleet, 01 Dec 2016 09:15:00 GMTDEAL: Noor 1 climate bondThe inital phase of the Moroccan government's largest solar project was financed by its debut green bond and first certified climate bond out of Africa, 30 Nov 2016 10:00:00 GMTDEAL: Korea’s second largest 2016 IPODoosan Bobcat's holdco structure complicated legal matters but the construction equipment giant still managed to raise $790 million, 25 Nov 2016 11:45:00 GMTDEAL: EBRD's first inflation-linked bond in KazakhstanThe multilateral has broken new ground by linking bond repayments to the national CPI, 24 Nov 2016 17:00:00 GMTDEAL: Virgin Media’s mobile-backed bondsThe UK company is the latest company to go down the ABS route with an innovative mobile handset contract-backed securitisation, 22 Nov 2016 14:00:00 GMTChina CDS beset by pricing issuesThe absence of a fully-functioning auction mechanism has made pricing these swaps impossible, 22 Nov 2016 06:30:00 GMTDEAL: Brazil's first IPO of 2016The country has seen its first IPO of the year, featuring a geographically diverse issuer with a complex shareholder structure, 18 Nov 2016 17:15:00 GMTDEAL: Trinidad Generation’s debut bondTrinidad Generation Unlimited has issued its first-ever international bond. It could pave the way for more state-owned companies in the region, 16 Nov 2016 18:00:00 GMTDEAL: China's first covered bondThe landmark deal by Bank of China has a host of ‘first’ labels attached. It’s also green, and the first ever offshore issuance backed by PRC assets, 16 Nov 2016 17:15:00 GMTDEAL: world’s first North American panda bondNBC has become the first North American issuer of panda bonds, but strict PRC regulations could hinder progress, 16 Nov 2016 13:30:00 GMTPriips rules delay cannot compromise qualityThe structured products industry has welcomed the one-year postponement, but urged regulators to maintain momentum, 11 Nov 2016 14:00:00 GMTSFC’s crackdown on IPOs creates 'paranoia'The regulator's crackdown on sponsors involved in fraudulent IPOs has raised unnecessary fear among the city's sponsors, 11 Nov 2016 11:30:00 GMTDEAL: India’s first offshore AT1 bondsThe launch of India's first offshore AT1 perpetual bonds was met with insufficient clarity over relevant rules, 09 Nov 2016 09:45:00 GMTDEAL: Greek SME loan securitisationIt is hoped that this deal will encourage similar issuances from the country's other capital-constrained lenders, 04 Nov 2016 12:30:00 GMTDEAL: world’s first forest bondInvestors can choose between cash and carbon credits on this inaugural deal, backed by BHP Billiton, 03 Nov 2016 16:15:00 GMTDEAL: Kyushu Railway's bumper IPOThe Tokyo listing is the world’s third largest this year. But a company restructuring prior to launch complicated the process, 03 Nov 2016 11:30:00 GMTDEAL: ARD Finance Pik notesA market first, the issuance has managed to safeguard new Pik holders against a likely IPO by Ardagh Group, 02 Nov 2016 14:00:00 GMT