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As the fourth edition of this work goes to press, we have just witnessed the successful launch of the world’s largest-ever stock flotation. Alibaba shares soared 39 per cent on the first day of trading and, after the bankers exercised a greenshoe option, raised $25 billion. Meanwhile, The Times reports a buoyant London braced for a ‘listing stampede’. Hong Kong is rivalling New York for the greatest number of cross-border deals. And the Financial Times reminds us that in fact, measured by deal value, year to date listings in New York have raised twice as much as in London and Hong Kong combined – the fastest pace since 2000. A corner turned? Hopefully we are seeing real opportunity, at least for the informed ICM lawyer. As in the past, this book seeks to keep at the ready for just such an ICM lawyer relevant analysis as a means for staying on top of an ever-expanding flow of necessary information.
New capital market regulation increases exponentially, and often purports to have extraterritorial reach. More than half of the Dodd-Frank rulemakings have now been finalised but nearly a quarter of the rulemaking requirements are still yet to be proposed. This past year has also been a busy period for regulatory reform at the European level and in other key jurisdictions covered in this volume. Notably as well, courts around the world have been building out a significant jurisprudence in disputes involving complex products and other capital market structures. We have almost certainly seen more ISDA contract cases since this book first appeared than in all the years that preceded that first edition put together.