Banks counter IAS39 threat

The IAS39 regulations, due to be adopted in January 2005, require listed companies in Europe to mark their financial assets and liabilities to market. That is unless they qualify for hedge accounting -- in which case firms must demonstrate that a particular derivatives trade has been put in place to offset changes in the value of some underlying exposure where that exposure relates to some market risk, ie, FX risk.

"It's more difficult to get hedge accounting for exotic derivatives than

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