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Since introducing its specialist debt listing facility, the Cayman Islands has dealt with over 120 applications. Anne Nealon of the Cayman Island Stock Exchange explains the listing rules for structured bonds

The London Stock Exchange has revealed plans to use the Internet for its shelf registration system. Nick Ferguson examines securities registration and trading in cyberspace, which will revolutionize capital markets

Resisting the pressure to devalue the renminbi, the central bank and State Administration of Foreign Exchange have taken steps to prevent damage to China’s foreign exchange system. By Thomas E Jones of Freshfields, Hong Kong

Securitization of assets other than mortgages is now possible in Spain. Iñigo Gómez-Jordana and Ana Gómez of Clifford Chance, Madrid review the new regulations

IFLR asked practitioners in Hong Kong, Singapore and Australia how financial authorities are reacting to the Millennium bug and what steps banks should take to achieve compliance

On October 28, the Commission adopted a communication entitled "Financial Services: Building a Framework for Action". The aim of the communication is to give the EU financial markets the possibility to support competition and resist financial instability. The strategy put forward to achieve this aim is to establish a capital market that meets the needs of issuers and investors, abolishing the barriers to cross-border provision of financial services such as mortgage loans, insurance and retirement services, with the view to offering the consumer a larger choice, and to guarantee higher levels of protection. The EU's financial services sector already accounts for some 6% of the EU's GNP, and it offers essential financial products to both industry, notably investment capital, and individual consumers, such as mortgages, pensions and insurance. It also accounts for 2.45% of EU employment and there is considerable potential for job creation in the sector. The communication highlights four areas of the sector in which action is required:

Enron has recently failed in both Brazil and Argentina to find bank finance. A panel of lawyers, banks and sponsors discuss how to reach financial close on regional projects

Recent developments in Spanish company law will favour access by Spanish companies to new financial mechanisms. One of these developments relates to the possibility for Spanish companies — previously not recognized by law — to issue redeemable shares (acciones rescatables), as an instrument through which the company may obtain additional funds for a limited time. This type of share represents an intermediate between fixed-income and variable-income securities. The main features of this new regime are as follows:

As Russia's economic and financial crisis continues, there have been a number of important legislative and policy developments, including the following:

In October 1990, the defendant telephoned the plaintiff, convincing him to invest in futures options. After the plaintiff had signed an investment contract, the defendant began to trade in put and call options for the plaintiff, charging $300 in commission for each transaction. This led to remarkably high commissions. As the plaintiff's two accounts began to depreciate steadily, he ordered the defendant to close them. Subsequently, he sued the defendant claiming all his money back.