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Law firms in Germany are rubbing their hands at the prospect of the London and Frankfurt iX merger, and many have been limbering up over the last six months with a host of landmark deals. Rufus Jones reports from Frankfurt

US financial institutions fear they will be exposed to more lawsuits following the adoption of new disclosure rules by the Securities and Exchange Commission (SEC).

Although the privatization process began in Turkey in the early 1980s, it has accelerated recently as a result of the IMF and World Bank-sponsored economic reform program. Within the framework of this program, a decree (the decree) was enacted in July to start the privatization of Türkiye Vakiflar Bankasi (Vakif Bank). This privatization is the first step in what is expected to be a radical restructuring of the public banks in Turkey.

The Central Bank of Ireland recently approved what is believed to be one of the first regulated exchange-traded funds in Europe. Exchange-traded funds have become an extremely popular investment vehicle in the US and it is anticipated that European investors will also be attracted to the product's benefits. An exchange-traded fund permits investors to effectively purchase a correctly weighted basket of stocks to accurately track an index. It is structured to reduce costs at the fund level by providing that subscriptions and redemptions for shares in the fund take place by way of an in specie transfer of large blocks of securities of the type in which the fund is established to invest. This transfer obviates the need for the fund to purchase the securities directly in the market and thereby reduces transaction costs at the fund level. Generally, exchange-traded funds make use of equity derivatives to ensure compliance with concentration restrictions. Facilities are also generally provided for smaller investors to purchase shares on the secondary market through an accepted clearing system.

On August 10 2000, within the space of two hours, Brazil sold $9.3 billion in stocks and bonds, mostly to foreign investors. This represents the strongest sign yet that investors have regained confidence in Brazil after last year's currency devaluation.

The Securities Act of Chile prohibits insider trading and the misuse of privileged information. It states that all people who have access to privileged information, resulting from their office, position, activity or relationship, must keep it confidential and may not use it for their own benefit or that of a third party. Nor may they acquire securities for themselves or for a third party, directly or indirectly, based on such privileged information. Tipping privileged information is also prohibited, and those who handle privileged information have the obligation to control and supervise that their employees and related third parties abide by this rule.

In June, IFLR (page 71) outlined the details of the New Capital Market (NCM), an initiative designed by the New Zealand Stock Exchange (NZSE) to make it easier for small and medium-sized companies to raise capital for new growth-oriented business.

Singapore has officially opened up its market for legal services, with the government inviting foreign lawyers to practise Singapore law. Nick Ferguson looks at how foreign firms have been preparing for their grand entrance

Simmons & Simmons and Clifford Chance have advised Korea Asset Management Corporation (Kamco) on its first international securitization. Clifford Chance advised Deutsche Securities and Warburg Dillon Read, the joint lead managers, and Simmons advised Kamco.