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The promulgation of a new Trust Law, effective October 1 2001, represents an important step forward for China and its legal development. The Trust Law will have implications for many aspects of structuring investments and financings (including the taking of security) within China. The new law applies to civil, business and charitable trusts and is intended to pave the way for a new investment funds law to further stimulate the Chinese economy.

Like the International Swaps and Derivatives Association (ISDA), the European Federation of Energy Traders (EFET; www.efet.org) has set up a standard master agreement for the delivery and acceptance of electricity (the General Agreement). As in the schedule to the ISDA Master Agreements, the parties may choose between alternative concepts and may also fine tune the General Agreement to their liking in the election sheet.

The development of cross-border securitization deals with new asset streams offers the prospect of rich pickings. Sara Ver-Bruggen reports from Seoul on some of the latest transactions and the prospects for the liberalization in the legal market

A tough year for capital markets lawyers in Belgium and The Netherlands, and the effects of disasters such as Sabena’s bankruptcy, have overshadowed the Euronext merger. With firms taking a hard look at their practices, what are the prospects for lawyers? Thomas Williams reports from Amsterdam and Brussels

Coudert Brothers LLP

While the US and its allies send armed forces to Afghanistan in a bid to win the so-called “war on terrorism”, governments and international bodies such as the IMF and OECD are developing plans for a less visible but equally important war on terrorist funding. Herbert Morais of Dewey Ballantine’s Washington, DC office, who attended the OECD’s Financial Action Task Force emergency meeting last month, reveals the Task Force’s tactics and the challenges ahead for governments and financial institutions

Due to a production error, the article that appeared in November's IFLR on page 11 (Heidelberger's acquisition of majority stake in Indocement, by Philip Rapp and Lee Taylor of Clifford Chance (Singapore) and Vincent Mignon of Heidelberger Zement) was combined with a separate article. We apologise to readers and to Clifford Chance and Heidelberger Zement for any confusion this may have caused. A corrected version of the article can be viewed at http://www.legalmediagroup.com/IFLR/default.asp?Page=1&cIndex=3&SID=3215&M=11&Y=2001.

Allen & Overy secure Greek hat trick

US firm Cleary Gottlieb Steen & Hamilton advised Euronext on its successful $807 million bid for the London International Financial Futures and Options Exchange (Liffe) last month. Euronext successfully beat rival bids for the derivatives exchange by Deutsche Börse and the London Stock Exchange.

Singapore's first listing of a real estate investment trust (Reit), one of its most eagerly awaited deals, has collapsed. The decision to pull the initial public offering (IPO) of SingMall Property was taken in an effort to prevent poisoning the future of the Reit market.