Latest Articles

Introduction In Lehman Brothers Special Financing Inc. v National Power Corporation and another [2018], the Commercial Court was tasked with evaluating the mechanism for calculating “close-out amounts” in transactions for derivatives under the 2002 International Swaps and Derivatives Association Master Agreement (“2002 ISDA”). The 2002 ISDA is a standard market agreement used to set out the standard terms in transactions for derivatives; this replaced the 1992 ISDA Agreement (“1992 ISDA”). The 2002 ISDA is used widely…
The previous four episodes of the Mastercard saga (as detailed in our previous blog posts) focussed on a number of legal battles between Mastercard and both consumers and retailers. These disputes have centred on Mastercard’s alleged “uncompetitive” interchange fees and restrictive rules on cross-border acquiring. The latest claim by retailers follows a class action brought on behalf of consumers under the Consumer Rights Act 2015 in relation to the same charges.…
The FCA’s Business Plan for 2017/18 identified cyber risk as a cross sector priority for the FCA.  In keeping with the FCA’s drive to encourage firms to acknowledge, confront and manage cyber risk,  at the PIMFA Financial Crime Conference  on 25 January 2018, Robin Jones (Head of Technology, Resilience & Cyber, FCA) delivered a warning that along with the benefits of technological innovation come threats of increasingly sophisticated cyber-attacks. The most common are data thefts and attacks…
The Financial Conduct Authority (“FCA”) has recently turned its attention to firms who may mis-sell contracts for difference (“CFDs”) to customers. The FCA says that it has  a “serious concern” about the market. On 12 January 2018, following a 12 month review of the CFD market,  the FCA issued an ominous warning in the form of a “Dear CEO” letter addressed to to providers and distributors of CFD products consumers which was headed “resolving failings which may cause significant harm“.…
Further to our recent blog posts regarding the long running litigation, last week the Supreme Court ordered that permission to appeal be granted to the Claimants in MasterCard Incorporated and others (Respondents) v Deutsche Bahn AG and others (Appellants) – UKSC 2017/0095. The appeal concerns prospective amendments to the Claimants’ case in the litigation which would introduce new claims against Mastercard based upon MasterCard’s central acquiring rules (which concern cross border transactions and related fees imposed by MasterCard).…