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The restructuring of Marconi is troubling the derivatives market. Those who have bought protection against the company are unsure whether its agreement with lenders counts as a credit event. Could banks find their credit swaps against other companies are similarly vague?

UK barrister Iain Sheridan explains how new online trading rules in Europe will affect the financial services industry

A recent credit card-backed deal has edged Korea closer to using US-style master trust structures. By Clive Rough and Elton Cheung of Freshfields Bruckhaus Deringer

The Swedish Industry and Commerce Stock Exchange Committee (Näringslivets Börskommitté or NBK) has issued a new recommendation regarding information about the benefits for senior managers of Swedish and foreign companies whose shares or depositary receipts are listed in Sweden. Foreign companies can be granted exemption from the information requirements under the recommendation by the stock exchange or marketplace where the company's shares or depositary receipts are listed. Information under the new recommendation must be provided for the first time in the 2002 annual report. Should the benefits be amended in any material proportion by comparison with previous given information, this must be disclosed in the following interim report. Foreign companies can, in consultation with the relevant Swedish stock exchange or marketplace, give the information elsewhere than in the annual report or the interim report. The recommendations from NBK are part of the listing contract with the Stockholm Stock Exchange.

On September 2 the Irish Competition Authority announced plans to conduct a study of competition in banking services in Ireland. The Authority has the power to study and analyze any practice or method of competition affecting the supply of goods or the provision of services or any other matter relating to competition pursuant to the Competition Act 2002. The Authority has previously investigated sectors such as bus and rail passenger transport and licensed publicans. It is now investigating the professions.

The Helsinki Exchanges have introduced amendments to their rules concerning, among other things, the listing of securities, disclosure requirements and the regulation of the surveillance list. The amended rules came into effect on September 1 2002. The amendments are largely based on practical experience and are intended to be in line with the amendments to the Securities Market Act. The amendments concerning the listing of securities and disclosure requirements were discussed in detail in an article in the International Briefings section of IFLR in June 2002. In addition to the amendments referred to above, a new "cent share" list will be introduced in December 2002.

The Hungarian parliament recently amended the Media Act to harmonize it with the relevant EU directives. As a result, Hungary and the EU finally closed the accession negotiations of the audio-visual and cultural policy chapter.

Without a forum for working out a country's financing difficulties, its lenders can find themselves in as much trouble as the creditor when trouble strikes. Mark Cymrot of Baker & Hostetler explains why bankers and borrowers alike should back insolvency rules for sovereigns

Ending months of speculation about a possible patent rights securitization in Japan, a private placement is in the pipeline to raise money from patents held on equipment used in voice synthesizing.

After aggressive European growth in 2002, Latham & Watkins is now focusing on its London capital markets practice with the hire of two senior lawyers and eight junior associates.