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The consolidation of the South African legal market continues with the merger of three firms Bowman Gilfillan Hayman Godfrey, John & Kernic and Findlay & Tait. The 60 partner new firm Bowman Gilfillan will be one of the largest in the jurisdiction. Senior partner Peter James of John & Kernic says: "Traditionally clients have used us for their intellectual property work and other firms for other aspects of business law. Now we'll be able to offer a fuller service. The major international clients also look more closely at larger firms."

The London Stock Exchange has revealed plans to use the Internet for its shelf registration system. Nick Ferguson examines securities registration and trading in cyberspace, which will revolutionize capital markets

Enron has recently failed in both Brazil and Argentina to find bank finance. A panel of lawyers, banks and sponsors discuss how to reach financial close on regional projects

On October 6 1998 the People's Bank of China ordered the closure of a non-bank financial institution, Guangdong International Trust and Investment Co (GITIC). Although this has worried foreign financial institutions and the media, it must be seen as a significant step towards a market economy and the implementation of the rule of law.

Fannie Mae, the leading US mortgage lender, last week announced a $3 billion bond issue. The bonds are five year benchmark notes, due November 14 2003.. It was Fannie Mae's first issue in the five-year market since April.

Barbara Galli talks to Olivér Glatz, General Counsel of the National Bank of Hungary

IFLR asked practitioners in Hong Kong, Singapore and Australia how financial authorities are reacting to the Millennium bug and what steps banks should take to achieve compliance

Resisting the pressure to devalue the renminbi, the central bank and State Administration of Foreign Exchange have taken steps to prevent damage to China’s foreign exchange system. By Thomas E Jones of Freshfields, Hong Kong

Securitization is rapidly becoming a common financing technique in Italy with new regulations modelled on foreign securitization rules. By Raffaele Rizzi of Baker & McKenzie, London

US firms suffered from the effects of the Asian crisis on Latin America, but benefited from a thriving market at home, while Canadian firms enjoyed an increasing involvement in global equity offerings. Barbara Galli reports