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Japan's largest-ever leveraged buyout, the $2.2 billion purchase by US private equity fund Ripplewood Group of Japan Telecom's fixed-line business from the UK's Vodafone Group, is a pioneering transaction - for cultural reasons as much as any others.

In the final part of his series on restructuring Latin American corporate debt, Peter Darrow of Mayer Brown Rowe & Maw LLP discusses the alternatives available for banks and bondholders

With a series of securitizations coming to market, including Switzerland's first commercial mortgage-backed deal and its largest public securitization, some observers are again optimistic about the erratic Swiss structured finance market. Megan Murphy explores whether these transactions are part of a new wave of deal-making, or just another blip

The North American Securities Administrators Association (Nasaa) has chosen a new president at a time when US states are fighting to define their role in securities regulation.

DLA gets eastern European boost in Weiss-Tessbach merger

The European Parliament overwhelmingly approved radical changes to the decade-old Investment Services Directive (ISD) last week, aimed at harmonizing share trading rules and boosting competition between banks and stock exchanges throughout the EU.

Philip McBride Johnson of Skadden, Arps, Slate, Meagher & Flom explains how recent judgments in price manipulation cases are threatening the authority of the Commodity Futures Trading Commission

Asian issuers of securities in the EU face potentially expensive, time-consuming and uncertain disclosure obligations under Europe's new prospectus laws. By Swain Roberts and Denise Cheong of Linklaters Allen & Gledhill

Stock Exchange organization Euronext has eliminated the so-called all-or-nothing order as of September 1 2003, whereby investors and traders can ensure that a stock exchange order is either completely executed out or not executed at all. According to the stock exchange, this type of order confuses investors and too little use is made of it. This is particularly important with stocks that are rarely traded. Because of a lack of counterparties, an ordinary stock exchange order often leads to partial execution of the order. This results in high costs. Sometimes partial execution is inadequate for the acquisition of the necessary number of parts. According to Euronext, the all-or-nothing order leads to a lack of clarity among investors. "Confusion exists if the share price conforms to the limit set, but the order is not performed due to the number of parts not corresponding," it said. According to Euronext, too little use is made of the order in The Netherlands. "Less than 1% of the turnover in the order book is a result of all-or-nothing orders," the exchange said. In France and Belgium, the order is used particularly by private investors.

Italian legislation authorizes local authorities to use derivative transactions only to hedge against interest rate, exchange and currency risks connected to their financing transactions.