Linklaters is meeting with global clearing banks to pitch its latest IT initiative, which ensures compliance with complex Basel II requirements.
The alert service enables banks to satisfy the updated Basel II Accord capital adequacy requirements by informing subscribers about changes in securities law in more than 60 jurisdictions.
Under the new accord banks are required to show evidence that transactions are checked frequently for compliance with global securities laws.
The Linklaters partner in charge of developing the system Benedict James said: "When Basel II comes into force in January 2008 it will be absolutely necessary for banks to be able to prove they can check they're in compliance with regulatory requirements for all transactions in all jurisdictions they work in.
"It doesn't just apply to deals done after January, but to all that are on the books."
James added that one UK clearing bank has signed up to the service and that Linklaters is in discussion with several other European and US banks.
The Basel II alert service, which costs around £70,000 for an annual subscription, is part of Linklaters' Blue Flag IT initiative, which saw the firm launch its Leveraged Term Sheet Generator in October.