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Lehman case confers clarity on “COB”

Whilst many know of the infamous collapse of Lehman Brothers, not many are aware of how Lehman Brothers helped to clarify important business terms. In a recent dispute between Lehman Brothers (Lehman) and ExxonMobil (Exxon), the High Court was faced with a number of issues, in particular, issues relating to what was meant by ‘close […]

Court of Appeal locks down LIBOR claim

On 2 March 2018, the Court of Appeal nailed down the coffin lid on the first LIBOR-related swaps miss-selling case- Property Alliance Group Ltd (“PAG”) v Royal Bank of Scotland plc (“RBS”) [2018] EWCA Civ 355. PAG’s leave to appeal was dismissed. Initial Case PAG’s mis-selling claim was articulated on three fronts- misstatement, misrepresentation and […]

Check your Privilege

The High Court has clarified when litigation privilege applies to documents created during an investigation. The decision is particularly relevant against the background of newly-empowered Regulators, emboldened both by political mandate and extended armouries of response. In Bilta (UK) Limited (In Liquidation) & Ors. (Claimant)(“Bilta”) and Royal Bank of Scotland & Anor. (Defendant) (“RBS”), the […]

Custody 101

We are pleased to welcome Torsten Krebs as an author on the DRS site. With over 27 years experience in international custody regulation, Torsten is DRS’ main expert in custody and related matters. He has just published the first in a short series of articles – Custody 101- aiming to give an introduction to the […]

Ding Dong Merrily…

Merry Christmas and a Happy New Year to all our readers! Early 2018 will bring DRS a shiny new website- instant insight, extensive training materials and more compelling content all round. We intend it to become the reference site for all derivatives documentation news and issues as well as a highly valuable resource for BAU […]

EU FFX – fiasco saga

On 24 November the European Supervisory Authorities (ESAs) released their long (in context) awaited forbearance announcement with respect to the margining or not of forward foreign exchange. A short summary follows: Everyone else agreed to this but didn’t follow on Our hands are tied and we will need to change EU law Likely changes will […]

Reading Between the Lines (or not) – How to Interpret Commercial Contracts

Introduction Ambiguity in contracts is not unheard of. In the recent case of Wood v Capita Insurance Services Limited[1], we found the opportunity to have a closer look at the Supreme Court’s guidance on contractual interpretation. The exercise was so instructive that we thought we would share it. We hope that you find this useful […]

First list of O-SIIs published

On 25 April 2016, the EBA published a consolidated list of other systemically important institutions (O-SIIs) across the EU, also known as domestic systemically important banks (D-SIBs). The list contains close to 200 institutions, with the majority of member states imposing an additional O-SII buffer under CRD IV to reflect their systemic importance. This buffer can […]

ESMA updates EMIR frontloading Q&A

ESMA has updated its EMIR Q&A Level 3 text on OTC derivatives, CCPs and trade repositories. The update clarifies how the frontloading and clearing obligations apply to swaps created via the exercise of a swaption. Coming a scant three business days before the start of frontloading, the update continues the EMIR practice of just in […]

Financial Contracts Data and the BRRD. A Lack of Resolve? 

Introduction On 17 December 2015, the EBA published its “Draft Regulatory Technical Standards on a minimum set of the information on financial contracts that should be contained in the detailed records and the circumstances in which the requirement should be imposed” (the RTS) as required by Article 71(7) of the Bank Recovery and Resolution Direction […]

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