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On March 5 1998 the Reserve Bank of New Zealand implemented a real-time gross settlement (RTGS) system for high value interbank transactions (including those in the wholesale securities and foreign exchange markets). The value of such transactions settled through the new Zealand banking system now averages more than NZ$30 billion (US$17.5 billion) a day. Previously, these interbank obligations were netted and settled overnight through each bank's settlement account with the Reserve Bank.

After an initial slow take-up, National Policy 53, easing international equity offerings into Canada, has become standard for large issues. New standards have been set by five issues in 1997. By Robert T Stuart of Osler, Hoskin & Harcourt, London

A common belief is that privatization is nearing an end in Poland as the market matures. Stephen Mulrenan discovers that opportunities still exist in this sector, as well as now in many others

The eastern European offices of Philadelphia-based Pepper, Hamilton & Scheetz are to join New York's Coudert Brothers. Coudert thereby increases its east European practice with the addition of an office in Almaty, Kazakstan and bolsters its position in Moscow and St Petersburg, enlarging its offices in both cities to incorporate Pepper Hamilton's personnel. It remains unclear whether Pepper Hamilton will retain its sole remaining office outside the US in London. The London office had been headed by partner Sally March, who shared her time between London and St Petersburg.

• New York-based Cadwalader, Wickersham & Taft has added a further six solicitors to its London office. James Roome, formerly a corporate insolvency partner at Simmons & Simmons, becomes a partner; the other five are at the associate level. They are Yvette Croucher (formerly of Simmons & Simmons), Linda Davies (from Norton Rose), Richard East (from Baker & McKenzie), Seamus Gray (insolvency; from Bannister's) and Sarah Squires (capital markets and tax; from Linklaters & Paines). The total number of solicitors signed up to the firm is now 16.

The new Star trusts offer useful new opportunities for structuring financial transactions through the Cayman Islands. They will be particularly useful in complex loans or securitization deals. By Chris Narborough of Truman Bodden & Co, Cayman Islands

The Court of Appeal (Murray v Yorkshire Fund Managers Limited) recently considered the question of to whom rights of confidence in business information belong.

In the aftermath of the Asian financial crisis, the government can claim two major achievements in reforms to reduce public deficit:

Nearly five years ago, Italian pension schemes were reorganized (Legislative Decree No. 124/93) and subsequently modified by the general reform on pension law (Law No. 335/95). The reforms were intended to reduce state social security costs, saving resources for a pension system that would be competitive in Europe. Unfortunately they have been partially delayed in the system.

Republic Act No. 8183, approved on June 11 1996, repealed Republic Act No. 529. The old act was entitled the Act to Assure the Uniform Value of Philippines Coin and Currency, or more simply, the Uniform Currency Law. The Uniform currency law, in effect since June 16 1950, declared as "against public policy, and null, void, and of no effect" any provision pertaining to any domestic obligation which "purports to give to the obligee the right to require payment in gold or in a particular kind of coin or currency other than Philippine currency or in an amount of money of the Philippines measured thereby".