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The focus on Barcelona as a top treasury location seems to be attracting more than just the world's multinationals. Nordic Financial Systems (NFS), the treasury service provider, has opened an office in the Catalan capital to tap in to the burgeoning corporate interest. As CF noted in its July 2003 edition, Barcelona is proving a strong draw for corporates. Half of the Japanese, German and French companies in Spain are in Barcelona and are taking advantage of labour costs below the EU average and cheap office prices bettered only by Lisbon, the Portuguese capital.

ACI-The Financial Markets Association has released the final Report of the Euribor-ACI Short Term European Paper (STEP) Task Force.

Barclays Capital has appointed Guglielmo Sartori di Borgoricco as a managing director and head of European distribution. He joins the investment banking division of Barclays Bank in April and will work out of the London office.

Pacific Gas & Electric will sell $6.7 billion in bonds secured by a first mortgage on utility properties to help pay creditor claims of $12 billion as it emerges from bankruptcy protection.

The Sarbanes-Oxley Act, designed to place more controls on corporate accountability in an Enron era, has the potential to be bigger than Y2K in how it affects companies in every industry of every size. Companies may have been able to meet initial Sarbanes-Oxley compliance using well-defined processes and procedures, but compliance with upcoming Sections 404 (certification of financial reporting processes and controls) and 409 (real-time reporting of material events) may not be so easy. AMR Research's recent survey of more than 60 Fortune 1000 public companies shows that CIOs are now ready for major IT investments to help bring their companies to compliance.

Misys Wholesale Banking Systems and S1 Corporation, a supplier of front-end solutions for financial institutions, have shaken hands on a five-year distribution agreement. Misys has the distribution rights to the S1 corporate banking, personal banking and trade finance applications on the S1 Enterprise Platform, and will distribute S1's Enterprise retail, cash management and trade finance solutions through the EMEA region and Asia.

The SEC has approved new requirements for 8-K filings, the Exchange Act form used by public companies to disclose important corporate events on a current basis.

The China Beijing Equity Exchange - one of the major exchanges for the trading of state-owned assets and assets with other types of ownership - has joined the Beijing Investment Promotion Bureau to launch the so-called Multinational Merger and Acquisition Express Channel.

ABN AMRO has appointed James Courtenay to the new role of Head of European High Yield and Leveraged Finance.

Baker & McKenzie has added to its securitization team with the hire of Paul-Michael Rebus. He joins the London office from Cadwalader, Wickersham & Taft. Rebus has acted on behalf of financial institutions in Europe, the US and Canada and has led teams in structuring asset-backed commercial paper programmes.

After years of M&A decline in Latin America, the deal market has seen two billion dollar deals in less than a month.

Russian-based oil company Gazprom is raising Rb5 billion ($17.5 million) in 2004 by placing five-year bonds.