Feature
813
Go to page
of
82
Prediction markets in the UK: betting the house or hedging your bets?
Prediction markets are trading platforms on which participants trade event contracts whose value depends on whether specified future events occur. In the US, these markets are currently experiencing a period of rapid growth, and at the same time have emerged as one of the most contested areas at the intersection of financial regulation and gambling law. In the UK, their regulatory characterisation turns on whether the contract references a “financial” or a non-financial outcome.
29 June 2026Governance-by-design for private markets: from platforms to capital infrastructure
Part II of the two-part series ‘Governance-by-Design for Private Markets’ advances governance-by-design from a diagnostic framework to an operational model. As long-term investors such as pension funds and sovereign wealth funds become more sophisticated and evolve from product takers into platform architects, governance becomes increasingly important. This article argues that governance-by-design becomes an operational necessity when private markets platforms begin to function less as traditional asset managers and more as core components of global capital infrastructure.
29 June 2026Behind the Synthetic Capital Relief: understanding the litigation risk landscape
While synthetic capital relief transactions have not yet been the subject of reported litigation, their increasing use and structural complexity creates scope for disputes. In this article we examine the main areas of potential contention and consider the practical measures available to market participants to reduce the scope for disputes.
29 June 2026Licence to aid: the legal and compliance challenges of UNSCR 2664 for UK-connected financial institutions
This article explores the legal and compliance challenges surrounding United Nations Security Council Resolution 2664 (2022). This resolution introduces a standing humanitarian exemption to asset freeze measures across all United Nations sanctions regimes marking a significant evolution in international sanctions law. This exemption is intended to safeguard the delivery of humanitarian assistance in sanctioned jurisdictions. This article argues that while United Nations Security Council Resolution 2664 (2022) is a positive development in facilitating humanitarian activities within sanctioned jurisdictions, its effectiveness is limited by its exclusion from the UK’s autonomous sanctions regime. In practice, this means that UK-connected financial institutions are unable to operationalise the humanitarian exemption to facilitate humanitarian activities undertaken by humanitarian actors.
23 May 2026The sale-versus-loan problem of receivables financing from a US perspective
In this article the authors set out and explain a framework to assist practitioners and judges in distinguishing between transactions in which a receivable secures an obligation and those in which the receivable has been sold outright. The framework seeks to mitigate recharacterisation risk.
23 May 2026State-issued stablecoins in the EU: fiscal innovation or monetary encroachment?
This article examines whether EU member states may issue euro-referenced stablecoins without infringing the EU’s exclusive competence for monetary policy. It argues that the legal assessment depends on objectives and effects rather than on technological form. Where a digital token is structured as a redeemable liability, lacks legal tender status, and avoids systemic monetary impact, it may well fall within national fiscal autonomy.
23 May 2026Flipping out: changing the governing law of sovereign debt instruments
In this article the authors posit that the inclusion of a Flip Clause in emerging market sovereign bonds is a bad idea for at least three reasons.
23 May 2026Application of statutory limitation periods to consumer credit unfair relationship claims
Harry Hatwell analyses the recent UK Supreme Court judgment in Zedra v THG concerning the interpretation of the Limitation Act 1980. He addresses the decision from a consumer credit angle, looking at the court’s obiter comments seeking to apply their Lordships’ reasoning to the unfair relationship regime under the Consumer Credit Act 1974.
23 May 2026Covenant-invisible priming in leveraged finance: the hidden risk of monetisation structures
This article examines covenant-invisible priming where groups generate immediate liquidity by converting future economic value into present cash, either through asset transfers or by delaying payment obligations, without triggering traditional covenant protections. It identifies key risks, flags practical considerations and offers potential solutions for creditors and practitioners.
23 May 2026The expanding role of back leverage: “loan-on-loan” for non-real estate assets
In this article, the authors examine the core structure of “loan-on-loan” transactions and consider how market practice may translate to financing lending and underlying asset classes beyond the real estate realm.
23 May 2026
Go to page
of
82
