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Does the transatlantic OTC derivatives debate need a new direction?

Navigating the risks, rights and responsibilities under the incoming Trans-Pacific Partnership

The growing prominence of European unitranche debt has led to some interesting intercreditor issues

With the big reveal - and approval - of the final Volcker Rule in December, Wall Street's anxious three-year wait for the centrepiece of US financial reform came to an end.

How incoming regimes and changing market practices will ensure that financial benchmarks don’t risk losing their relevance

Counsel praised the Philippines Stock Exchange for its focus on deepening the country’s investor base and considering international best practice

A court’s cramdown order on Grupo Celsa’s refinancing agreement has had a significant impact on Spain’s restructuring market

Practical changes to update the Transfer of Undertakings (Protection of Employment) Regulations are likely to facilitate the acquisitions process

Alexei Bonamin Marcus Vinicius Fonseca Exchange traded funds (ETFs) were established in Brazil through instruction number 359 of January 22 2002, enacted by the Brazilian Securities Commission (CVM), but until recently it was only possible to form an ETF backed by variable-income indices. Now, through the enactment of instruction number 537 of September 16 2013, which amended instruction number 359, the CVM has finally authorised the formation of ETFs backed by fixed-income indices. Instruction 537 also provides criteria that should be observed by the CVM when approving indices that may be used as reference by an ETF, which always existed but were not yet detailed. For example, indices should not have parties related to the administrator or manager of the ETF as provider, and must have a widely disclosed calculation methodology that includes predetermined and objective rules.

A re-examination of section 213 of the Securities and Futures Ordinance in Hong Kong