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A recent Hong Kong case, Rudolph Robinson Steel v Nissho Iwai Hong Kong & Anor [1998], demonstrates that the parties to a letter of credit must show a clear intention if the presentation of a future document is to constitute a binding arrangement under the letter of credit.

The four firms which traditionally dominate the Norwegian market are maintaining their strong position, but new players are ready to enter the arena. The legal markets of the Baltic States continue to develop. Barbara Galli reports

“Estonia is ahead of us in marketing itself, but when you compare the actual figures we are on a similar level,” says Giedrus Stasevicius, associate partner at Lideika Petrauskas Valiuñas & Partners. Lithuania’s situation has improved significantly since last year, raising hopes for EU membership. Foreign investors are extremely active, attracted by the intense privatization programme and the good economic situation.

With an ambitious privatization programme and a thriving economy, Finland’s lawyers welcome outside interest in their country’s quiet success. Nick Ferguson reports from Helsinki

German firm Hengeler Mueller Weitzel Wirtz has put together the innovative system that will clear the majority of euro transactions once the single European currency is introduced. Despite claims that it was impossible to produce a multilateral cross-border netting system whose rights and obligations would be upheld in the various jurisdictions in insolvency situations, the new Single Obligation structure, which provides the basis for the EBA clearing system, meets all criteria and has won acclaim from all participating countries.

Hampered by a small domestic market, Danish firms are probably as big as they can get, and there is little scope to open overseas. But firms are thinking of links with firms abroad. Barbara Galli reports

US law firm Squire, Sanders & Dempsey has announced plans to open offices in Taipei and Hong Kong. These will be the firm's first Asia-Pacific offices. The firm's head office is in Cleveland but it has a further 7 offices in the US and 8 offices in Europe and the former Soviet bloc. Thomas Stanton, managing partner of the Cleveland office, says: "Following our success in emerging markets in eastern Europe and the former Soviet Union, we decided to focus on China. Our offices will offer expertise in infrastructure, privatization, telecoms, finance and joint venture activity."

• US firm Brown & Wood has appointed Michael Durrer as a partner in its London office. Durrer returns to the firm after three years with Atlanta-based Kilpatrick Stockton. He joins the securitization practice group. • Mark Wierzbowski, a partner of the Warsaw office of Weil Gotshal & Manges, has been made President of the Supervisory Board of the Warsaw Stock Exchange.

US natural gas and electricity company Enron is buying UK water utility Wessex Water. The value of the transaction is £1.4 billion (US$2.3 billion). Advising Enron is UK firm Freshfields, London. The team of lawyers is headed by partners Edward Brahm (corporate), Mark Rawlinson (corporate) and Deidre Trapp (competition).

UK firm Watson Farley & Williams is to acquire the Singapore office of Sinclair Roche & Temperley for what has been described as "a substantial sum of money". The agreement is effective from September 1 1998. The move comes just a few months after Sinclair Roche & Temperley agreed an alliance with Singapore firm Colin Ng & Partners, intended to operate alongside its Singapore office.