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Is it wise for UK CCPs to clear crypto derivatives?
While crypto derivatives are currently traded over the counter in the UK, Bitcoin futures have been sold in international derivatives markets. This article explores the economic incentives, legal grounds and systemic concerns over clearing crypto derivatives in the UK under the European Market Infrastructure Regulation (EMIR) as retained EU law. It concludes that clearing crypto derivatives is unwise, as systemic risk involved outweighs potential economic gains. Practitioners should experiment in de-centralised clearing to meet the market’s desire for reliable crypto derivatives products.
19 March 2024When is a third party on notice of an agent’s lack of ostensible authority?
In this article Lisa Lacob considers the test which applies to the question of when a third party is on notice of an agent’s lack of ostensible authority. This can easily arise in a financial services context where a financial intermediary or adviser has been authorised by a product provider to arrange a deal.
19 March 2024The future of FCA enforcement
2023 is a year of change for the Financial Conduct Authority (FCA)’s Enforcement and Markets Oversight division, with the arrival of two new Joint Executive Directors. At the same time, a series of legislative and policy developments are likely to have an impact on the enforcement landscape. In this article, David Pygott, a contentious regulatory specialist and partner in the Global Investigations team at Addleshaw Goddard LLP, considers what – beyond the FCA’s own messaging to date – the future might hold for its enforcement activity.
19 March 2024Spacecraft financing: an international secured transactions regime for space assets
This article examines the present state of play in spacecraft financing, paying particular attention to the prospect of asset-based financing in the space sector. The article focuses on the Space Protocol of the Cape Town Convention, which is an international secured transactions law framework specifically for the space sector and examines how this can benefit the industry.
19 March 2024Warranties in corporate transactions involving tokens or blockchains: a proposal for a foundational approach
This article outlines a proposed approach to the risks and the protections that are specific to corporate transactions involving tokens or blockchains and proposes warranties designed to protect buyers.
19 March 2024Taking security over Central Bank Digital Currency
This article considers the taking of security over Central Bank Digital Currency (CBDC) in the UK and the US.
19 March 2024Contributory negligence defences to claims against financial institutions
Statute law, common law and equity provide a variety of protections and remedies to customers of financial institutions. This article, though, examines the not uncommon situation where there is a legitimate sense that the customer may to some extent have been the author of his or her own misfortunes.
19 March 2024On the regulatory discretion to write off AT1 capital
In the wake of the receivership of Silicon Valley Bank and the Signature Bank failures, Swiss regulators brokered a deal to stabilise Credit Suisse (CS). The acquisition of CS by UBS was the first use of the tools designed to end too big to fail. The write off of CS’s AT1 capital highlights the discretion available to regulators to deviate from the hierarchy of claims when a bank is distressed.
19 March 2024The “purview” principle in an era of rising interest rates
In this article, barrister Marcus Mander considers the application of the “purview” principle in an era of rising interest rates, highlighting a few potential complexities.
19 March 2024Credit defaults: practical tips when pressing the accelerator
We consider the practical steps and considerations for creditors when faced with a potential event of default (EOD) under their credit documentation. We also assess the consequences for a creditor in taking enforcement action in reliance on an EOD that has not actually occurred, cannot be relied on, or is disputed.
19 March 2024
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