Feature

In this article the authors consider the impact of jet fuel volatility (both price increases and supply shortages) on airline profitability and the consequent impact on aviation finance.

It argues that effective enforcement depends not solely on legal doctrine but on aligning proprietary rights with mechanisms of technical control, including multi-signature custody structures. Only this integration allows legal remedies to translate into actual control over digital assets in a decentralised financial environment.

This article examines the resulting execution risk, the limits of insolvency-led sales assumptions, and the consequences for lenders, security agents and restructuring advisers. It argues that, where disposals authority is uncertain, enforcement design must be aligned with the statutory mechanics of the collateral jurisdiction and that a public auction may, in some cases, provide a faster, more transparent and more legally defensible route to realisation.

This Part 2 focuses on the second part of investor protection (the trustee structure) and stablecoin holder safeguards on issuer insolvency.

This article is the second part of ‘Entire agreement clauses: entirely unco-operative to void co-ops? Part 1’ published in June’s edition of JIBFL (2026) 6 JIBFL 398. It looks at whether co-operation agreement lenders get less than they hoped for if a liability management exercise morphs into a formal restructuring plan before an English court. Will the putative anti-pro rata sharing implied by a co-operation agreement (to the extent it is detrimental to non-participating creditors) doom the approval of the plan to failure for impinging on the pari passu  principle? Will the borrower’s use of anti-cooperation agreement provisions help or hurt the chances of plan confirmation or result in fracturing a creditor class where certain creditors have been disenfranchised by such provisions?

In this article we consider how preservation of an agreed approach to financial monitoring and calculations for leveraged finance loans in the European mid-market is fundamental to maintain suitable protections for private credit lenders. Discrepancies in figures can raise red flags as to whether the financial reporting is simply inconsistent or whether the sponsor is attempting to hide a financial covenant breach. We discuss options available to lenders to clarify figures and request additional information.

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.

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.