Feature

Central clearing in the US Treasury Securities markets: understanding the global legal impact

In December 2023, the United States Securities and Exchanges Commission published their Final Rule prescribing mandatory clearing for “eligible secondary market transactions” involving US Treasury Securities. In-scope transactions must be cleared and settled through a central clearing agency. The rule extends to those who are a party to “eligible secondary market transactions” regardless of their jurisdiction. This includes market participants in the UK, the European Union, APAC and other jurisdictions in addition to the US. The purpose of this article is to examine the requirements of the clearing mandate, to review the legal issues and documentation requirements which it raises.

Fiduciary duties and regulatory rules: are the courts and the regulator on a collision course?

Deborah Sabalot Deane asks whether the motor finance vehicle cases have identified a gap between the law and the regulatory rules creating legal uncertainty and doubtful outcomes for both consumers and the industry.

The role of “administrative parties” in distressed and default scenarios

In this article, we consider the roles and duties of what are often described as “administrative parties” (namely, facility agents, bond/note trustees and security agents/trustees) in various distressed and default scenarios (including liability management exercises, enforcements and comprehensive financial restructurings). We focus on the intersection between the roles of such agents and trustees in the transaction, their contractual obligations and any applicable statutory, common law or equitable duties.

Balancing acts: prudential regulation of money issuers

This article explores the regulatory capital requirements that apply to the issuers of two types of money: bank deposits and stablecoins. Where relevant it also considers issuers of e-money. Stablecoins are an increasingly popular form of digital money. They are bearer instruments that run on blockchains. As explained in the second half of the article, they are quite different to existing forms of money.

Novation of loan facilities: impact on guarantees and borrower declarations

In this article Lisa Lacob considers arguments run on the basis that novation of loan facilities extinguish the original contract and replace it with a new one. Much will depend on the precise terms of the loan facilities and associated guarantees, but prudent lenders will want to make sure that certain terms cover the possibility of novation.

The Hamblin cases: a solution to a puzzle?

The Hamblin  cases illustrate the potential to bring authorised push payment fraud claims despite the decision of the Supreme Court in Philipp. However, the cases should be treated with caution: potentially fundamental issues lie just beneath the surface. This article considers both the problem that the claimants were attempting to solve, and the coherence of the solution adopted.

Digital Assets and (Electronic) Trade Documents in Private International Law

Amy Held introduces the Law Commission’s law reform project ‘Digital Assets and (Electronic) Trade Documents in Private International Law’ following the publication of the Consultation Paper and third FAQ document on 5 June 2025.

Fantastic cryptos and where (not) to find them: prudential rules for the digital age

Since their main-stream inception with Bitcoin in 2009, cryptocurrencies have evolved dramatically, emerging as a transformative asset class distinct from traditional flat currencies. Cryptocurrencies and distributed ledger technology have introduced significant efficiencies, such as greater transactional transparency, faster settlement processes and increased financial accessibility. As a result, the market has grown exponentially, achieving a market capitalisation f approximately US$3.93trn (as at 22 July 2025), signifying deepening integration within the global financial system. 

Notwithstanding the successes, a string of scandals, including the collapse of crypto ventures such as Celsius, BlockFi and Terra and the implosion of FTX, has brought renewed focus on the volatility and liquidity of such instruments and their systemic impact. In response to the rapid evolution and integration of cryptocurrencies, the Basel Committee developed a detailed prudential framework designed to manage the associated risks effectively. This article examines these developments and their implications for banks globally, and addresses whether the rigid classification into Group 1 and Group 2 cryptoassets strikes an appropriate balance between prudential conservatism and enabling banks to engage competitively within this evolving market. 

The Supreme Court tweaks Etridge

English property law periodically produces epoch-making decisions of the highest court. In years to come, Waller-Edwards v One Savings Bank plc [2025] UKSC 22 may well become such a decision. It enjoys the respectable jurisprudential lineage of three famous House of Lords’ decisions: (i) Barclays Bank v O’Brien  [1994] 1 AC 180;  (ii) CIBC  Mortgages v Pitt   [1994] 1 AC 200; and (iii) Royal Bank of Scotland v Etridge No 2   [2002] 2 AC 773, but it also applies established principles in a novel way. In this article, Marc Beaumont considers why the Supreme Court reached the decision that it did including a look at the social policy considerations that influenced it.

Removing blots from the copybook: third-party rights and HNW Lending Ltd v Lawrence

The authors consider HNW Lending Limited v Lawrence  [2025] EWHC 908 (Ch), in which Andrew Lenon KC expressly departed from the ruling of HHJ Dight CBE in the analogous case of HNW Lending Limited v Mark   (unreported, Central London County Court, 7 August 2024). Both cases concern whether, and on what basis, a security agent for a lender may sue under the loan agreement by reference to the Contracts (Rights of Third Parties) Act 1999.