Introduction
Corporate Risk
The introduction of International Accounting Standard 39 last year brought about a sense of foreboding in the European derivatives markets. With many auditors saying they were not in a position to provide firm guidance on certain hedge structures - particularly complex constructs - many finance directors and treasury departments predicted a decline in derivatives hedging.
As predicted, there was a drop-off in market activity during the first quarter of last year. But, since then, dealers have
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