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Can we vibe code financial contracts?
Writing executable financial contracts remains a challenge due to the linguistic gap between legal prose and computer code. Logical English (LE) bridges this divide, offering a human-readable yet executable framework. This article examines the emergence of “vibe coding”–an iterative, agentic workflow using Generative AI – to automate contract development. By leveraging Large Language Models to translate legal intent into formal LE structures anchored in the Common Domain Model, the industry can move toward a “vibe-to-code” reality. This approach harmonises the probabilistic power of AI with the deterministic certainty required for banking law and complex derivative documentation.
27 February 2026Are we reaching any further clarity on Braganza in loan documentation?
It is becoming increasingly clear that the nature of the relationship and expectations between the contracting parties is a key factor in whether a Braganza term will be implied. This aligns with the usual case-by-case approach to the construction of contracts and the implication of terms.
27 February 2026“Measured at origination” in EU and UK securitisations
EU and UK securitisation rules require the originator, sponsor or original lender of a securitisation to retain on an ongoing basis a material net economic interest in the securitisation of not less than 5%, "measured at origination". This rule is a fundamental principle of the EU and UK risk detention rules, designed to ensure the retainer has "skin in the game" from the start and throughout the life of securitisation.
The meaning of “measured at origination” has given rise to a number of issues, primarily concerning measurement methodologies, ongoing compliance, and a lack of clarity in relation to certain structures. Regulatory guidance and market practice have provided various clarifications and technical standards, but a number of issues and ambiguities remain, and the EU and UK rules diverge in certain respects.
Wrongful trading and the creditor duty in refinancing scenarios: uneasy bedfellows?
The decision in Re BHS Group Ltd shows that directors of companies in distress will have to navigate both the creditor duty and potential wrongful trading liability. This article explores how the creditor duty and wrongful trading liability sit together and offers practical advice for directors seeking to navigate the two, particularly in refinancing scenarios.
27 February 2026Supply chain finance in the EU: Part 3 – making SCF transparent: data standards, repositories and servicer governance
This article operationalises a critical framework for enhancing transparency and resilience in EU supply chain finance (SCF), particularly for non-securitised transactions. It addresses the prevailing opacity by proposing a concrete market architecture comprising proportionate, machine-readable data standards, an access-controlled repository model and baseline servicer governance aligned with existing EU regulatory regimes such as the Digital Operational Resilience Act (Regulation (EU) 2022/2554) (DORA). The objective is to replace fragmented information with consistent programme data, lifecycle traceability and reliable operational safeguards across bank and nonbank sponsors. By advocating for a European Securities and Markets Authority-supervised repository interoperable with e-notice solutions, the framework aims to significantly reduce search costs, curb double-pledging risks, improve price formation and bolster day-to-day servicing resilience. Ultimately, these measures will foster a more transparent, efficient and robust SCF market, directly benefiting small and medium-sized enterprises and advancing the broader goals of the Savings and Investments Union within the EU Single Market.
27 February 2026Does a contract of indemnity sound in damages, or in debt?
There are two contradictory lines of Court of Appeal authority as to the nature of a claim under a contract of indemnity: one treats an indemnity as sounding in unliquidated damages (McGuinness v Norwich and Peterborough Building Society [2011] EWCA Civ 1286); the other as sounding in debt (Royscot Commercial Leasing Ltd v Ismail (unreported) 29 April 1993). The issue is of particular importance in insolvency, because it would follow from the analysis in McGuinness that an indemnity cannot give rise to a liquidated debt capable of giving rise to a bankruptcy petition. This article argues that such a conclusion is not justified: whether an indemnity can give rise to a liquidated debt should be a question of construction of the indemnity in question.
27 February 2026The IOSCO Final Report on pre-hedging: is this the final word?
In November 2025, the International Organization of Securities Commissions (IOSCO) published its Pre-Hedging Final Report (the Final Report), concluding a review that began with a November 2024 Consultation Report (the Consultation Report) and built on earlier regulatory and industry work.
27 February 2026Market abuse: the limits on civil recovery for investors in the US and UK
This article examines the civil remedies available under English law to investors who suffer loss when counterparties trade on inside information. Taking the Archegos collapse as its point of departure, it concludes that while regulatory and criminal sanctions exist, the obstacles to private recovery are formidable. Neither negligence, deceit, nor unlawful means conspiracy offers a viable route to compensation.
27 February 2026FCA Consumer Duty: why challenger banks should integrate e-signatures into their mobile apps
In this article Richard Oliphant considers what the Consumer Understanding outcome means for challenger banks reliant on a click-to-accept mechanism for a speedy digital customer onboarding process.
27 February 2026The growth of private credit in the UK: the “new” threat to financial stability
This article looks at some of the vulnerabilities that emerge from the growth of private credit, particularly in light of the systemic stability concerns that have been raised by the Bank of England in the UK, and other policymakers globally. It provides an understanding of the shift of key intermediation activities from banks to non-banks, the causes of this trend, and the challenges it poses to regulators. This article argues that the growth of private credit today has its roots in pre-2008 shadow banking, and it is ill-suited to address questions of access to finance for the real economy.
08 February 2026
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