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  • A new interpretation of the pari passu clause in cross-border debt says borrowers must pay creditors on a ratable basis. If correct, this would change the patterns of international finance. But this ratable- payment theory is a fallacy. Lee C Buchheit and Jeremiah S Pam explain why
  • Just days after China's banking regulator raised the ceiling for single and aggregate foreign investments in the industry, three investors have signed a landmark deal to buy a combined 24.98% stake in Industrial Bank.
  • Bangkok Bank, Thailand's largest commercial bank by market value, ended 2003 by launching a $907 million public offering of new shares, the largest by a Thai company.
  • To book tables, contact Dan Rabey on +44 (0) 207 779 8142 or email drabey@euromoneyplc.com
  • Chris Bates looks at the new demands that recently adopted EU rules will impose on stabilization managers for new issues and secondary offerings
  • The Collateral Directive (Directive 2002/47/EC) came into force in the Danish Securities Trading etc Act on January 1 2004. The new rules apply to financial collateral arrangements and close-out netting agreements entered into after that date.
  • Officials hope an immediate decree coupled with a more considered legislative programme will prevent another fraud such as Parmalat. Megan Murphy reports
  • The New York Stock Exchange appointed the former head of one of its most bitter rivals to police its market functions, recruiting Richard Ketchum, former Nasdaq president, as its first chief regulatory officer.
  • The UK is set to legislate to allow real estate investment trusts for the first time. James Dakin considers how a new law might look
  • Seventy percent of businesses are affected by weather Clifford Chance has created a new Environmental and Climatic Trading Group to take advantage of the growth areas of emissions trading and weather derivatives.