INTRODUCTION - In its recent judgment in Dexia SA v Comune di Torino [2025] EWHC 1903 (Comm), the English High Court provided welcome clarity on the construction of the English jurisdiction clause in an English law 1992...more
The delivery of an effective notice under an English law 1992 or 2002 ISDA Master Agreement is a necessary precursor for the operation of certain key provisions in those contracts, including the designation of an Early...more
In December 2023, the England & Wales Court of Appeal unanimously overturned the high-profile ruling handed down by the Commercial Court in October 2022 in the case of Banca Intesa Sanpaolo and Dexia v Comune di Venezia. In...more
As a response to member feedback relating to the COVID-19 pandemic and following a period of consultation with its members beginning in 2022, the International Swaps and Derivatives Association (ISDA) has published a number...more
The High Court’s decision in relation to an ISDA Master Agreement will likely guide interpretation of other English law-governed financing documentation. Prior to entering into administration, Lehman Brothers...more
Following our article from last month, we continue with our discussion on hedging in real estate financing transactions by discussing the frequently negotiated tension points between the facility agreement and the Hedging...more
In Grant & Ors v FR Acquisitions Corporation (Europe) Ltd & Anor (Re Lehman Brothers International (Europe)) [2022] EWHC 2532 (Ch), the English High Court ruled on an application for directions (the “Application”) made by the...more
The disruption to capital markets caused by the COVID-19 pandemic has not shifted the overall timeline of regulators and industry bodies for the replacement of US dollar LIBOR with SOFR by the end of 2021. With the expected...more
With the announcement by the Financial Conduct Authority that the London Interbank Offered Rate (LIBOR) may cease to exist, the financial markets are facing a major upheaval in this respect. Market participants, financial...more
The Situation: In the event of a "hard Brexit," establishing a new contractual framework with EU-based clients will be a protracted and costly task for investment service providers based in London. The Result: The French...more
The Court of Appeal dismissed an Italian local authority’s challenge to the English court’s jurisdiction over declarations sought by a bank pursuant to an English law governed swaps contract. In this important decision...more
Dramatic changes are on the horizon for the most widely used benchmarks for interest, investment and derivatives rates: the London Interbank Offered Rate (LIBOR) for various currencies. Notwithstanding efforts by regulators...more
Some have expressed concern that Brexit will reduce the use of English law derivatives documentation. Any such concern is in our view unfounded, as this note explains....more
The High Court has considered the meaning of the requirement to “act in good faith and use commercially reasonable procedures in order to produce a commercially reasonable result” when calculating a Close-out Amount in the...more
In yet another case to come out of the Lehman insolvency, the English High Court had to consider Section 6(e) of the 2002 ISDA Master Agreement: Lehman Brothers Special Financing Inc. –v- National Power Corporation. The case...more
The terms of an ISDA agreement in which the parties represented that they had relied on their own independent decisions to enter the transaction trumped provisions in an earlier set of terms of business which referred to the...more
Various industry bodies and regulators, including the Bank of England and Bafin, have recently raised fears that there will be a cliff edge on Brexit for certain types of financial contract, most notably derivatives and...more
The Court of Appeal has overturned a decision of the High Court that an Italian local authority could rely on local mandatory laws to invalidate an interest rate swap entered into with an Italian bank. In its ruling the Court...more
Lehman Brothers International (Europe) v ExxonMobil Financial Services B.V. [2016] EWHC 2699 (Comm), 28 October 2016 - When serving notices in deteriorating market conditions, beware more haste and less speed. A recent...more
The English High Court in Lehman Brothers International (Europe) (In Administration) [2016] EWHC 2417 (Ch), in one of a series of cases arising from the Lehman insolvency, has had to consider (among other issues) the meaning...more
As previously noted in the client alert “Brexit: A First Look at the Impact on Asset Managers That Trade Derivatives,” Brexit is not anticipated to have an immediate impact on ISDA Documentation or derivatives contracts. ...more
The process of Brexit will take many years, and the implications for our clients’ businesses will unfold over time. Our MoFo Brexit Task Force is coordinating Brexit-related legal analysis across all of our offices, and...more
The High Court held that a mistaken reference in an interest rate swap confirmation to the 1992 ISDA Master Agreement instead of the 2002 ISDA Master Agreement could not be corrected by interpretation. However on the facts...more
In Videocon Global Ltd & Videocon Industries Ltd v Goldman Sachs International [2016] EWCA Civ 130, 15 March 2016, the English Court of Appeal has decided that the requirement to serve a statement of calculation “on or as...more
A Bond Trustee or Security Trustee in a finance transaction will typically be a beneficiary of a legal opinion. A Trustee may be expressly named as one of the addressees on the face of an opinion letter. Alternatively, a...more