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The month in a minute

The UK market regulator is investigating Citigroup's unusual trading behaviour in the government Eurobond market. In August Citigroup sold over €10 billion ($12 billion) of government bonds in a matter of minutes, causing the market to fall and allowing Citigroup to buy back about €4 billion of the same bonds at a lower price later the same day. The trades did not breach any specific securities laws but the regulator is to decide whether Citigroup acted "with regard to the consequences of its actions".

August 31 2004

Japan

Japan's revised bankruptcy law was enacted in May 2004 and is expected to come into effect in January 2005. This follows the introduction of the Civil Rehabilitation Law in April 2000 and the revised Corporate Reorganization Law in April 2003. The purpose of these laws is to rehabilitate debtors, but the aim of the new bankruptcy law is to provide modernized procedures for the efficient liquidation of debtors and the fair distribution of debtors' assets.

August 31 2004

Austria

A judgment of the Higher Regional Court (Oberlandesgericht) Frankfurt/Main of May 25 2004 has caused unrest in the German market regarding securitization or sales of non-performing loans.

August 31 2004

Protectionists threaten Japanese economy

If Japan doesn't push ahead with the necessary tax reforms to tempt foreign investors to buy stakes in domestic companies, productivity and economic growth will continue to lag. But, as Andrew Crooke reports, change won't come without a fight

August 31 2004

Is the UK wrong about trustee liability?

The UK Law Commission's proposals on preventing trustees from limiting their liability should not apply to capital markets trustees. Jane Borrows and Eoin Gillen explain why

August 31 2004

Reits lead way on US equity offerings

August is traditionally a stagnant time in the equity markets, but this year the holiday month has seen several $100 million-plus initial public offerings (IPOs) reach the US markets. Google's auction-style launch may have taken all the media attention, but several real estate investment trusts (Reits) were among seven issuers who raised more than $2 billion between them.

August 31 2004

Banks must not ignore the legal risks in China

Foreign banks that want management influence over their China investments risk litigation as their western business systems based on law clash with local systems based on connections, says William Gamble

August 31 2004

Why innovative securitization is far from dead

Securitization remains innovative despite a wave of commoditization, says Paul Ali

August 31 2004

Aria merges CDO and MTN techniques ...

Milbank Tweed Hadley & McCloy has successfully adapted two-year-old MTN documentation to create the Aria collateralized debt obligation (CDO), the first widely offered managed synthetic CDO to come to market as a programme.

August 31 2004

WestLB forced into Enron payout

The UK's High Court has ruled that German bank West LB must honour a letter of credit issued to a special purpose vehicle used by JP Morgan Chase and Enron for commodities deals.

August 31 2004

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