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In the wake of Asia's financial crisis, continuing speculation on a Renminbi devaluation appears to have triggered an outflow of foreign currency from China.

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).

In Resolution 658E of June 25 1998, the Central Bank of Chile amended the Compendium of Foreign Exchange Regulations of the Central Bank by reducing from 30% to 10% the mandatory deposit requirement or Encaje on foreign exchange brought into Chile as investments, loans or capital contributions.

In August 1998, the Austrian Legislature adopted for the first time a Takeover Code. Changes have been made to the draft prepared by the ministry of justice (see International Financial Law Review, June 1997, page 60).

A recent decision of the Copenhagen City Court confirms that Danish courts take a strict view on insider trading (see International Financial Law Review, March 1997, page 58). A board member of a Danish company was sentenced to five months' imprisonment plus confiscation of about US$100,000 of profit.

The recent merger of the German Futures Exchange DTB (Deutsche Terminbörse) and the Swiss Futures Exchange SOFFEX (Swiss Options and Financial Futures Exchange) created EUREX (European Exchange) as a single platform for pan-European trading and clearing of standardized futures and options under harmonized rules. EUREX is a fully electronic exchange based in Frankfurt and Zurich, with access points in Amsterdam, Chicago, London and Paris (and future access points in Helsinki, Madrid and New York).

Article 22 of Legislative Decree No. 58 (through which a unified text of rules on the financial markets has been approved) sets out basic principles on the segregation of patrimonies of financial intermediaries and clients.