News & Analysis as of

United Kingdom ISDA Master Agreement International Swaps and Derivatives Association

Mayer Brown

ISDA Notices Hub

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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

Mayer Brown

UK Court Of Appeal Overturns Judgment In Latest Italian Swaps Decision Concerning Corporate Capacity

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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

Morrison & Foerster LLP

ISDA Amendments to Master Agreement Relating to Default Notice Provision and Characterisation of Credit Support Annexes

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

Latham & Watkins LLP

When Does an Event of Default Cease to Be Continuing

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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

Cadwalader, Wickersham & Taft LLP

Hedging in UK Real Estate Finance Transactions - Part 2

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

Morrison & Foerster LLP

High Court Rules that ISDA Bankruptcy-Related Events of Default Can Be Cured in Lehman Case

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

McGuireWoods LLP

Replacement of LIBOR: Is Litigation Inevitable in the Derivatives Market?

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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

Jones Day

French Brexit-Related Legislation—A Safe Harbor for ISDA Master Agreements

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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

A&O Shearman

English court’s jurisdiction over Italian swaps dispute confirmed

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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

Eversheds Sutherland (US) LLP

December 31, 2021, changes to the London Interbank Offered Rate (LIBOR) are coming—will you be ready? 

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

A&O Shearman

New ISDA Documentation On Brexit: Will English Law Remain Even If The UK Does Not?

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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

A&O Shearman

Contractual discretions – when does “reasonable” mean more than “rational”?

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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

Faegre Drinker Biddle & Reath LLP

ISDA Master Agreement Close-out Provisions: English Courts Highlight a Difference Between the 1992 and 2002 Versions

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

A&O Shearman

Non-reliance/advisory clause protects bank in swap misselling claim

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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

A&O Shearman

Mandatory rules Rome Convention swaps

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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

K&L Gates LLP

Brexit's Impact on ISDA Documentation

K&L Gates LLP on

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

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