Emerging markets



This is illustrated by the emergence of equity-linked structured deposits last year. Most lawyers and dealers were under the distinct impression that banks were not allowed to touch equity derivatives with a bargepole. The regulations issued in 2004 covered all derivatives, but clearly stated that institutions would have to abide by existing regulations on equities and commodities, which are overseen by the China Securities Regulatory Commission (CSRC). As the CSRC had not released any guida

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