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  • Freshfields advised on completed European deals worth more than any other law firm in 1999, knocking Sullivan & Cromwell off the top spot, according to a report by Thomson Financial Securities Data.
  • Lynn Bai of the Hong Kong Securities and Futures Commission outlines the new risk-based calculation method for brokers’ contributions to the stock clearing fund
  • Shearman & Sterling's German office has hired two international merger and acquisition (M&A) lawyers from rival firm Oppenhoff & Rädler, Linklaters & Alliance's Cologne operation.
  • Two London firms are launching internet products which should make deals run quicker and smoother.
  • For most of the past century the Glass Steagall Act artificially separated commercial and investment banking, and the Bank Holding Company Act provisions prohibited insurance underwriting.
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  • UK firm Osborne Clarke has added French firm Stehlin & Associés to its European alliance and has pledged increased cooperation with existing partners in Germany, Denmark, Holland and Spain.
  • The CFTC is considering a relaxation of its rules governing foreign brokers’ participation in the US futures market.
  • US firm White & Case will open a new office in Bahrain later this quarter. Five lawyers will initially staff the office. Bahrain and Dubai qualified lawyer Qays Zuíbi has been recruited to lead the office along with White & Case partner Michael Quigley who is moving from the Paris office.
  • UK firm Allen & Overy is advising on one of the first true acquisition financings in the UAE. Albert Abela Corp, a company specializing in services such as in-flight and hotel catering, is to buy Unilever's African & Eastern Group. Unilever's operations include liquor outlets which supply licensed purchasers, hotels and the airport Duty Free. There are less than 10 licenses to operate such suppliers in the UAE.