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Cryptocurrency and the claim in debt
This article considers, briefly, whether a claim for payment in cryptocurrency can (arguably) be brought as a claim in debt. It also considers the implications of such a characterisation in two specific areas of insolvency law – petitions for bankruptcy, and whether a proof of debt based on a cryptocurrency payment obligation can benefit from the Insolvency (England and Wales) Rules 2016 (IR 2016) r 14.21, which values the claim in sterling by reference to the exchange rate at the commencement of insolvency. These issues are likely to interest lenders under crypto-loans (which we shall call “crypto-lenders”), insolvency practitioners, and others in the crypto space.
19 March 2024Valuing swaps: what exactly are “hidden costs” and “mark-to-market”?
Calculating the value of an interest rate swap, or any financial security, has always been extremely important not just for market participants, but also in litigation. Several aspects of the analysis – such as mark-to-market (MTM) and hidden costs – have been highlighted in cases. This article explains the valuation method and its importance to litigation.
19 March 2024Syndicated lending and third-party agents: a practical primer
This article provides an overview of the commercial context for the use of third-party agents (TPAs) in syndicated lending and the important legal and documentation issues arising from having TPAs rather than traditional banks in that role.
19 March 2024Don’t put all your debt in one basket: debt incurrence flexibility in leveraged finance transactions
The era of cheap debt is over (at least for now). However, debt of course remains a key financing strategy for European companies. Sophisticated sponsors and borrowers are focused on ensuring maximum flexibility for debt incurrence under the terms of their facilities agreement – both to protect against a downside scenario and to ensure sufficient capacity to meet the requirements of their business plans. This article outlines what those flexibilities currently look like in market documents and where they are heading, with a close focus on the institutional term loan market.
18 March 2024Change is the only constant: how to avoid static regulation in the age of AI and other emerging technologies
In this article Wojtek Buczynski considers different approaches to the regulation of artificial intelligence (AI) to ensure it remains future-proof and relevant in the age of continuous technological change.
18 March 2024Avanti Communications and the use of textbook and articles when undertaking research
This article considers the recent case of Avanti Communications in which the judge disagreed with one part of the analysis of the fixed charge/floating charge characterisation issue in two practitioner textbooks and in one academic article.
18 March 2024Unlocking the predictive power of AI in the investment management industry
Artificial intelligence (AI) typically “learns” through data points that are fed into its system. Firms using AI-powered tools in the provision of financial services will need to navigate the risks of using such technology, including ensuring there is data integrity to mitigate against the risk of embedded biases within the system’s decision-making process. Transparency and explainability are key to ensuring the decision-making processes of the AI technology can be clearly articulated to clients and regulators. This article considers the regulatory implications of relying on AI in financial services by considering the example of investment advice or portfolio management.
18 March 2024Hague 2019: extending the lifespan of asymmetric jurisdiction clauses?
In this article Sarah Garvey seeks to assess the potential opportunities and risks for finance parties on the UK’s accession to Hague 2019 and whether finance parties are likely to adapt their approach to drafting dispute resolution clauses as a result. The article also provides a high-level overview of key features of Hague 2019 and highlights areas for future dispute and debate.
18 March 2024The need for a modernised response to financial product regulation
In this article, the authors consider recent federal court decisions that have addressed how two evolving financial products and markets – namely syndicated loans and crypto tokens – should be classified in the US regulatory system. They then highlight the need for policy-oriented reforms to address the current uncertainty.
18 March 2024Risk retention in securitisations: if not the original lender, who else?
It is almost 15 years since the EU’s risk retention (skin-in-the-game) rules were developed in response to concerns that interests of investors in securitisations and their originators were insufficiently aligned. In that time, the market has developed a number of solutions to adhere to the rules in situations where there may no longer be a substantial entity that was involved in the creation of the underlying exposures to perform the risk retention function.
18 March 2024
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