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Under a Ministry of Justice proposal yet to be formally released, Finland would legislate to clarify the regulatory regime for netting in the securities and currency markets. The present uncertainty surrounding the legality of netting under Finnish insolvency laws would be largely dispelled by making netting (including close-out netting and multi-party netting) and certain related procedures expressly enforceable if based on terms, such as those of the ISDA master agreement, widely used in securities and currency trading.

By Decree 253 of February 1997, the Colombian government, using its powers under the economic emergency decree, has announced that it will sell its controlling interest in the coal mine known as El Cerrejón North, located in the Guajira region of northern Colombia. El Cerrejón is one of the world's larger coal mines, with an annual output of 16.5 million metric tons of bituminous thermal coal, and total reserves of some 4,600 million metric tons. The government owns a 50% interest in El Cerrejón North (through Carbocol, a state-owned corporation), with the other 50% owned by Intercor, a wholly-owned Colombian subsidiary of Exxon Corporation.

The Arbitration and Mediation Centre of the Chamber of Commerce of Santiago has proved to be an efficient alternative for the resolution of business disputes in Chile. Around 25 disputes were submitted to the Centre in 1995 and 1996 and the majority were resolved by agreement of the parties with the participation of the arbitrators. Typically, the first phase of arbitration consists of a conciliation effort on the part of the arbitrator exploring alternatives to a negotiated settlement.

In the first survey to consider the Medium-Term Note (MTN) market for law firms, IFLRev has identified the leading firms in establishing new programmes and in making drawdowns. The same three names keep coming up. By Richard Forster and Samantha Wigham

US industrial equipment group Ingersoll-Rand acquired Newman Tonks, a UK architectural hardware company, in an agreed £230 million (US$368 million) bid.

Telecommunications provider Compañía Anónima Nacional Teléfonos de Venezuela (CANTV) issued US$200 million in Yankee bonds through its Cayman Islands subsidiary CANTV Finance. This is the first issuance of Yankee bonds by a Venezuelan corporation. Chase Securities acted as lead underwriter, with Goldman Sachs as co-manager.

Chinese conglomerate CITIC Pacific acquired a 20% stake in China Light & Power, the monopoly provider of electricity to the Kowloon peninsula. CITIC Pacific, a subsidiary of the state-owned China International Trust and Investment Corporation, already has stakes in the airline Cathay Pacific and various trading and property companies. The deal may allow China Light & Power to supply the Chinese mainland with electricity.

UK firm Lovell White Durrant's Paris office has gained a partner and two senior associates, and expects to announce two further appointments soon. At the same time, it loses a lawyer to rival Norton Rose. Lovell White partner Milan Chromocek moves from Prague to boost the intellectual property practice in Paris. Philippe Thomas, senior associate at local firm JC Goldsmith, becomes senior associate at Lovell White. He specializes in commercial law. Serge Cohen joins from US firm Cleary, Gottlieb, Steen & Hamilton in Paris, where he was a senior associate specializing in mergers and acquisitions.

UK firm Allen & Overy is continuing the rapid expansion of its Moscow office. This follows the arrival last year of two lawyers from US firm Milbank, Tweed, Hadley & McCloy's Moscow office.

Although small in volume compared with fixed-income and equity products, the market for emerging markets OTC derivative instruments looks set to grow. Ovidio E Diaz Espino, of J P Morgan & Co, looks at the products available and the obstacles they still face