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A liberalization of US Federal Reserve rules on the securities activities of bank holding company affiliates could be a window of opportunity for foreign banks. By Nancy Jacklin of Clifford Chance, New York

Dutch company Philips Media is selling its 50% stake in United and Philips Communications, the largest privately-owned cable system in Europe, to its joint venture partner, American concern United International Holdings. The deal is worth US$425 million.

Perth firm Parker & Parker is to merge with the Perth office of Australian firm Freehill Hollingdale & Page. The merged firm will have 53 partners and 120 fee-earners, and will be known as Freehill Hollingdale & Page. The merger should take effect in May, and the firm will be based in Parker & Parker's offices in Perth. The addition of Parker & Parker's 86 lawyers will make Freehill Hollingdale Australia's largest law firm, with over 180 partners and 400 other lawyers in offices in Perth, Sydney, Melbourne, Brisbane and Canberra.

US filter and separation systems company Pall Corporation has acquired Gelman Sciences for about US$237 million of Pall common stock.

Cross-default clause amendments have become standard in many derivative contracts. But they are not always welcome, argues Ebo Coleman, barrister, London, proposing alternative wording

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.

Canadian firm Tory Tory DesLauriers & Binnington has closed its Hong Kong office after five years. The move follows the departure of partner Melissa Thomas to UK rival Freshfields.

From November 1 1996, the Ghana Stock Exchange adopted new rules establishing the Securities Clearing and Settlement House (SCSH), which serves as a centralized clearing and settlement facility for stock exchange trades. The SCSH is run on a day-to-day basis by the managing director of the stock exchange. Policy for the SCSH is set by the Stock Exchange Council.

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.

CONSOB, the Italian regulator, is granted by LD No. 415/96 (enacted to implement the ISD Directive) the power to regulate trading of listed financial instruments in official markets. On December 10 1996 CONSOB approved Resolution 10358 which, in some cases, imposes trading of listed financial instruments in official markets and, in other cases, lays down the conditions for over-the-counter (OTC) transactions.