DISPUTE RESOLUTION CHOICES FOR BANKS AND FINANCIAL INSTITUTIONS IN A POST-BREXIT WORLD: OPTING FOR ARBITRATION?

Partner Andrew Cannon and Senior Associate Hannah Ambrose have authored an article for Butterworths Journal of International Banking and Financial Law, discussing the suitability of arbitration as a dispute resolution mechanism for banks and other financial institutions post-Brexit. The article explores the current uncertainty surrounding the enforcement of English court judgments post-Brexit, whilst comparing and … Read more

The discontinuation of LIBOR and arbitration: issues of substance and procedure for parties and arbitrators

The global financial markets are currently preparing for the phasing out of the London Inter-bank Offered Rate (or LIBOR) and other Inter-bank Offered Rates (or IBORs). LIBOR is the most widely used benchmark interest rate globally, employed in an estimated US$350 trillion worth of financial contracts worldwide. LIBOR may also be used in commercial contracts … Read more

The future of financial services arbitration

Recent years have seen rapid growth in the use of arbitration as a means of resolving disputes in the financial services sector, an area where English or New York court jurisdiction has traditionally been favoured by market participants.  This trend has been driven by the perceived advantages of arbitration, notably the superior enforcement mechanisms for … Read more

Equator Principles III released

The Equator Principles Association (EPA) has released the third version of the Equator Principles (EPs) for managing environmental and social risks in financing projects. They are largely the same as the draft EPs released for public consultation in August 2012 (see our e-bulletin here which discusses the draft in detail), but there have been some … Read more

ISDA issues model arbitration clauses for use with Master Agreements

The International Swaps and Derivatives Association (“ISDA“) has released a number of model arbitration clauses for use with the ISDA 2002 Master Agreement and ISDA 1992 Master Agreement (Multicurrency – Cross Border), which are the market leading standard form agreements for documenting derivatives transactions. This development follows an extensive consultation process amongst ISDA’s members that … Read more

PRIME Finance issues model arbitration clauses for use with ISDA Master Agreements

The Panel of Recognised International Market Experts in Finance (“PRIME Finance“) recently issued a number of model arbitration clauses for use with the International Swaps and Derivatives Association (“ISDA“) Master Agreements, the market leading standard form agreements for documenting derivatives transactions. PRIME Finance, which was launched in January 2012, aims to provide a bespoke forum … Read more

Unilateral jurisdiction clauses may not always be effective

It is not uncommon, particularly in a finance context, for an agreement to give a wider choice to some parties than others to decide where disputes will be resolved. For example, an agreement may provide that the courts of a particular country have exclusive jurisdiction, but some of the parties, such as the lender, can … Read more