Articles by author
Digital assets as collateral in England and the US: priority and super-priority of security interests
"Tokenisation ... could streamline collateral mobility by enabling near-instant movement of assets across firms and jurisdictions."1The increased use of digital assets as collateral is recognised by financial market regulators, as well as by industry participants, as an opportunity to enhance efficiency and reduce the risks associated with cross-border collateral exchanges between financial firms and with end-users. The borderless nature of the markets and infrastructure which enables transactions in digital assets also complicates the assessment of legal risk. One critical issue is that of priority, meaning the ability for providers of debt finance to obtain a security interest over a digital asset which ranks ahead of other claimants. This article compares the position in England and Wales with the US under Art 12 of the Uniform Commercial Code.
4 MAY 2026Minority creditors beware: the LME may not be a restructuring under European corporate CDS
In this Spotlight article, the authors consider whether and when typical liability management exercise structures are likely to trigger a restructuring credit event, and the timing for settlement where a restructuring credit event is triggered, under a European corporate credit default swap.
12 APR 2026A comparison of re-proposed SEC Rule 9j-1 and the UK/EU Market Abuse Regulation
Despite industry criticism of the Rule 9j-1 originally proposed in 2010, the SEC recently re-proposed Rule 9j-1 with even further reach in antifraud, anti-manipulation liabilities for security-based swaps. In particular, the re-proposal lowers the standard of mental state requirement for insider trading liabilities, adds a new prohibition on acts and attempted acts of price manipulation, and seeks to apply similar expanded violations to assets underlying or related to the security-based swap. Compared to the re-proposed Rule 9j-1, the UK/EU Market Abuse Regulation has a different scope and is not specifically designed to apply to swaps and derivatives, but contains prohibitions in the same categories as those under the re-proposed Rule 9j-1.
1 APR 2022
