Futures Past
Ten years ago
New freedom for Spain’s funds
A ministerial order of 10 June has liberalised Spanish
investment funds’ use of over-the-counter derivatives. In particular it
addressed the growing use of guaranteed products and the related credit-rating
issues. Changing the law of July 1992, funds may now use OTC instruments,
providing this is for hedging or to achieve a (publicly stated) specific risk
profile.
Bermuda sets terms