Key Derivatives Cases 2015
24 Pages Posted: 1 Aug 2015 Last revised: 3 Aug 2015
Date Written: July 30, 2015
The paper considers key derivatives cases in the English courts from 2015, namely: Wani v Royal Bank of Scotland, Dexia v Commune di Prato, Enasarco v Lehmans, SwissMarine v O.W. Supply, and MHB Bank v Shanpark.
Derivative products covered include: base rate swaps, interest rate swaps, caps, collars and corridors, extendable swaps, constant proportional portfolio insurance (CPPI) funds, fund options, and contracts for difference (CFDs).
ISDA 1992 and 2002 Master Agreement provisions considered include s. 2 Obligations, s. 6 Early Termination, s. 6(f) Set-off, s.13(b) Jurisdiction, s.14 Definitions of Loss and Market Quotation.
Additional cases will be added in due course.
Keywords: ISDA, Master Agreement, derivatives, options
JEL Classification: E43, E44, E47, F31, F39, F47
Suggested Citation: Suggested Citation