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The US government must take a step back and evaluate the credit derivatives market's problems. Another emergency order would doom the market

It is difficult to describe the past few months without using vivid terms. We are experiencing a worldwide financial panic that was spawned in the US sub-prime mortgage-backed securities market and spread due to a lack of market confidence in the valuation of those, and subsequently other, residential mortgage-backed securities, structured securities and collateralised debt obligations. This problem has been exacerbated by the proliferation of investments in structured instruments that were not fully understood by some of the investors and by the implementation of mark-to-market (fair value) accounting (FAS 157), which treats paper losses as though they were real losses.

New legislation makes migration attractive

Partly fuelled by a flood of petrodollars resulting from the record high of global oil prices, the demand for international Islamic financial assets has increased rapidly during the last few years. Sukuk has developed as one of the most significant mechanisms for raising finance in the international capital markets through halal (Islamically acceptable) structures. As an alternative to conventional bonds, multinational companies, as well as governments, use international sukuk issuance whenever they wish to borrow money from financial markets.

On October 1 2008, the National Tax Service of Korea (NTS) introduced the Advance Tax Ruling System (ATR) to allow taxpayers to obtain binding tax rulings before completing a transaction. The purpose of the ATR is to reduce uncertainties arising from the interpretation and application of tax laws and regulations, thereby improving the predictability of business activities in Korea.

The rules of financial and swap transactions to be entered into by Italian regions and local authorities are now under construction by the Italian legislator.

The product cannot recover from recent market turmoil. But there are replacements

Azerbaijani hockey, tempestuous Swedish wrestlers and what to do after the IBA

Additional regulation could damage legitimate deals

Europe needs coordinated swap disclosure