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March 16th, 2018 by Nick Railton-Edwards Tags:

The first of these articles looked at the parties to a custody agreement, the accounts to be opened and maintained and the types of assets involved. The second reviewed the process of transferring you client’s assets into your custody. In this and the next article we will review the “business as usual” of such a […]

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February 19th, 2018 by Torsten Krebs Tags:

Introduction The first article provided a high-level review of the parties, the agreement, accounts and assets involved in the most standard of custody relationships: namely a commercial bank providing global custody to local institutional investors and local market sub-custody to global custodians from other jurisdictions [= “you” in these articles]. It can be observed in […]

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Introduction When I started in securities custody there were no specific laws or rules about it, few regulators knew what it was, accounts were opened for new clients on the strength of a telex request and contracts to look at as precedents, if there were any at all, were two, perhaps as many as six […]

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On 13 December 2016, the England’s Court of Appeal dismissed the case[1] brought by a group of Portuguese public sector transport companies against Santander Totta SA (“Santander Portugal”) in connection with nine interest rate swaps down to the tune of €1.3 billion[2]. The High Court on 24 March 2016 regarded as legal, valid and binding […]

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September 28th, 2016 by Simon Lafrance

The EFTA EEA arrangement, also known as the “Norway option”[1], is generally viewed as the least disruptive alternative to full EU membership, as it grants near-total access to the EU internal market[2]. All other existing forms of access are sectoral and individually negotiated, and consequently more limited. The quid pro quo for access to the […]

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September 28th, 2016 by Simon Lafrance

The EU EEA passporting right to provide regulated services is hardwired into financial regulations and constitutes a key feature of the single market, available across both EU member states and EEA EFTA states[1] (“EU EEA firms”). In principle, availability is simultaneous between any EU EEA state and any other EU EEA state[2] In contrast, third-country […]

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May 24th, 2016 by Simon Lafrance Tags:

On 3 May 2016, ISDA published the Resolution Stay Jurisdictional Modular Protocol, following the release of the Universal Resolution Stay Protocol in 2015 and the Resolution Protocol in 2014 – jointly supported by the Financial Stability Board (“FSB”) to uphold in a cross-border context the stay of early termination rights and related rights against important financial […]

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May 9th, 2016 by Simon Lafrance

The transposition of the international BCBS/IOSCO Margin requirements for non-centrally cleared derivatives[1] into national rules is well under way. A number of jurisdictions have already finalised their rules, as others are still wrapping up their consultation ahead of the September 2016 initial deadline. Market participants with the largest exposure in uncleared derivatives will be required to […]

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Introduction   On 4 March 2016, the High Court[1] rendered judgment on the first case tried under the Financial List, a special process introduced in the United Kingdom to handle complex claims related to financial markets. In order to be included on the list and be heard by specialist judges, a claim must be for […]

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February 29th, 2016 by Simon Lafrance Tags: , ,

Introduction   A recent judgment[1] handed by the High Court added a brick to the mis-selling wall. Thornbridge Limited (“Thornbridge”) claimed damages suffered as a result of entering into a fixed rate interest rate swap in 2008 with Barclays Bank PLC (“Barclays”). The five-year swap ran to maturity, but at an increasing cost to Thornbridge […]

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