Between 2006 and 2007, hundreds of export-oriented South Korean companies entered into what are called KIKO (knock-in, knock-out) target forward contracts to hedge against the threat of an appreciating Korean currency, the Won. Buyers of these contracts were assured a pre-determined foreign...

Embedded in a significant number of international investment agreements are provisions that allow states to invoke essential security interests at times of necessity to limit the application of substantive treaty agreements. These provisions, which are largely devoid of express signatory intent,...