Financial law - Knowledge (XXG)

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specified way. This will likely provide specification on when tender may be rejected. Chen-Wishart's discussion of the importance of consideration within the bargain theory of contracts enunciates the emphasis the English law has placed on benefit and deliberateness when contracting. Contracting parties must have contemplated, negotiated, and reached mutual agreement in regard to how the obligation would be discharged. This does not, however, prevent or impede the occurrence of "point Z". Parties may duly agree on payment in principle prior to the execution of the contract and subsequently still fail to effect payment. Functionally agreement results in questioning whether or not payment has been made by the debtor. The debtor must commit a certain level of formality to proffering the obligation. This formality may take the form of complying with a contract. Failure to comply, is not payment.

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demand was made by the defendant. The plaintiff said that the best that could be done was repayment of half. The defendant appointed administrative receivers to recover the debt as outlined by the charge. The plaintiff sued and claimed claim the time was insufficient. The court held that; "It is physically impossible in most cases for a person to keep the money required to discharge the debt about his person. Must have had reasonable opportunity of implementing reasonable mechanics of payment he may need to employ to discharge the debt." But a "reasonable time" overarching doctrine was found to be too commercially difficult. The courts have held short timelines as being more than sufficient to satisfy the request of on-demand. Walton J only accepted 45 minutes as being a reasonable period of time and in

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material adverse change in its financial condition since the date of the loan agreement. Under such terms, the assessment of the financial condition of the borrower should normally begin with its financial information at the relevant times, and a lender seeking to demonstrate a MAC should show an adverse change over the period in question by reference to that information. However the enquiry is not necessarily limited to the financial information if there is other compelling evidence. The adverse change will be material if it significantly affects the borrower's ability to repay the loan in question. However, a lender cannot trigger such a clause on the basis of circumstances of which it was aware at the time of the agreement Finally, it is up to the lender to prove the breach.

1492:, are suspended. This allows a collateral taker to act without the limitation which may arise from a collateral provider entering bankruptcy. The FCARs focus on outlining when a financial collateral arrangement will be exempted from national insolvency and registration rules. In England, the requirements that a financial collateral arrangements only applies between non-natural persons with one being a financial institution, central bank, or public body; the FCAR has been "gold-platted" by allowing any non-natural person to benefit. Thus, to qualify as a "financial collateral arrangement" under the FCARs, a transaction must be in writing and regard "relevant financial obligations". The criteria for a "relevant financial obligations" is set out in Part I Paragraph 3 2416:

suggest otherwise. Unless the adverse change in its financial condition significantly affects the borrower's ability to perform its obligations, and in particular its ability to repay the loan, it is not a material change. the lender cannot trigger the clause on the basis of circumstances of which it was aware at the date of the contract since it will be assumed that the parties intended to enter into the agreement in spite of those conditions, although it will be possible to invoke the clause where conditions worsen in a way that makes them materially different in nature" In my view, this states the law correctly. Finally, I should note one construction point which was not in dispute.

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substance, the same economic result; the law characterises each differently because it affords an indemnifier less protection than a guarantor. Similarly, a derivative or guarantee must not be recharacterised as an insurance contract, as such contracts are strictly regulated by government regulation. A re-characterisation into an insurance contract would be fatal to the contract, as only licensed parties can issue such terms. The characterisation of financial transactions by the court takes the form of two stages; examining the legal substance, not the form of the agreement. Thus, stating that a contract is a derivative, does not make it a derivative. As held by Lord Millet in

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with the bank; if it did constitute a breach, then the fees charged by the bank would be penalties and correspondingly not allowed. If requesting payment when there is no money in the bank account, the customer is merely requesting an overdraft. This should be noted that this is separate and distinct from credit cards; as credit cards invariably say a client must not go over the credit limit. With overdraft requests, the bank has the option not to comply with the request, although this is rare, as the bankss reputations are built upon a willingness and ability to pay on behalf of clients. Often however, the bank complies and then charges a fee to 'create a loan'.

1600:, a provider may well be at a loss for the excess. It encourages the party to reclaim excess value whenever possible/reasonably practical. This is not always possible due to the variation of the markets. Further, the risk of appropriation is that these can be used for ulterior purposes. Which as created the Cukurova problem; there parties had constructed a scheme to capture shares with a clause preventing the collateral taker from selling large securities at once and spooking the market, but valuation is not linear which made it difficult, if not impossible to determine what a commercially reasonable price for securities would be in an illiquid market. 2058:. Flexibility within the contract, and a court appreciation for the commercial objectives of the master agreements is a crucial aspect of the long-term operation of the financial markets which they support. The ISDA Master Agreement is dependent on market practices, which attach to interpretations of intention within a context of long term relationships. The aim is to differentiate relational contracts from one-off contracts. The concept of a single agreement is not new. It is an artificial line to sum-off and default netting practices. Payment of a derivative contract, particularly those of standardised forms, use 1018:, the role of case law and market practices cannot be understated. Further, whilst regulation is often formulated through legislative practices; market norms and case law serve as primary architects to the current financial system and provide the pillars upon which the markets depend. It is crucial for strong markets to be capable of utilising both self-regulation and conventions as well as commercially mined case law. This must be in addition to regulation. An improper balance of the three pillars is likely to result in instability and rigidity within the market contributing to 1831:

instructed their bank to return the money, then it seems likely that payment was accepted. The consensual nature of payment thus derives from the requirement that both debtor must offer, and creditor must accept, the medium of payment; and secondly from the fact that creditor rejection of procurement, even if his agent is in receipt of the payment, results in a failure to effect payment. Goode discusses two forms where receipt does not take effect as acceptance that fall into the second aforementioned stage of mutual consent;

1046:; those being (1) simple positions, (2) funded positions, (3) asset-backed positions, (4) net positions, and (5) combined positions. These are used by academic Joanna Benjamin to highlight the distinctions between various groupings of transaction structures based on common underpinnings of treatment under the law. The five position types are used as a framework to understand the legal treatment and corresponding constraints of instruments used in finance (such as, for example, a 2409:

deterioration in the financial condition of the borrower which threatens its ability to repay but which is short of an insolvency. However, there is little case law, perhaps reflecting the fact that (unlike an insolvency event which is usually clear cut) the interpretation of such provisions may be uncertain, proof of breach difficult, and the consequences of wrongful invocation by the lender severe, both in terms of reputation, and legal liability to the borrower.

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different language texts and cases if any. 2. Interpret domestic legislation in light of the directive (as interpreted through stage 1) This is not restricted by conventional rules. Meaning that the court can and will depart from literal meaning and may imply words as necessary however, one cannot go against domestic legislation, nor require the court to make decisions it is not prepared to make. Repercussions must be and are considered by the court.

1086:, which seeks to set guidance, codes of practice, and legal opinions. It is these norms, particularly those provided by Financial Market Law Committees, and City of London Law Societies which the financial market operates and therefore the courts are often quick to uphold their validity. Oftentimes "soft law" defines the nature and incidents of the relationships that participants of particular types of transactions expect. 5178: 5192: 1999:, which reference the credit risk of specified credit event; usually a bankruptcy, failure to make payment, or a breach of a condition such as a debt-to-equity ratio. Payment as a core concept in finance is crucial to the operation of derivatives. Credit derivatives which are "self-referenced", i.e. referencing the parties own credit worthiness have been considered by the courts as capable of involving 1561:

the collateral providers can have is right of substitution and right to withdraw surplus. Possession applies to intigble if it is credited to an account. Gullifer suggests that this is a redundant definition. The directive drafted with English and Irish laws not being centrally in mind. It was about disposition. To some extent, ownership discourages transactions for the risk of ostensible wealth.

912: 2054:. These agreements operate to create a singular transaction which lasts the duration of the trading relationship. Confirmation of trades can be codified by oral contracts made over the phone. This is only possible because interpretation of the standard form documentation is done in a manner so that the terms of art used within the documents have their own autonomous meaning separate from the 1505:(c) FC is delivered, transferred, held, registered, or otherwise designated so as to be in the possession or under the control of the Collateral Taker; any right of the Collateral Provider to substitute equivalent financial collateral or withdraw excess, financial collateral shall not prevent the financial collateral being in the possession or under the control of the Collateral Taker; and 1334:, the idea that the law can create non-natural persons is one of the most important common myths and among the most ingenious inventions for financial practice because it facilitates the ability to limit risk by creating legal persons which are separate. Other legal concepts, such as set-off and payment are crucial to preventing systemic risk by lessening the level of gross exposure of 3466:

condition on which it was received has not been fulfilled by reason of the dishonour of the instrument or otherwise. (2)In this Part of this Act "seller" includes any person who is in the position of a seller, as, for instance, an agent of the seller to whom the bill of lading has been indorsed, or a consignor or agent who has himself paid (or is directly responsible for) the price."

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highlighted the risk of dappling statute of frauds and other requirements. It runs real risk of repealing substantial protections which were developed, at least in English common law, because of real risks of exploitation. Other forms of protection which has been repealed includes the ability to allow parties to implement Appropriation if expressly agreed is permitted.

3982: 982:, and notably a substantial proportion of the global economy, and legal billables are dependent on sound and clear legal policy pertaining to financial transactions. Therefore financial law as the law for financial industries involves public and private law matters. Understanding the legal implications of transactions and structures such as an 1075:. The actions and norms of parties in creating standard practices creates a fundamental aspect of how those parties self-regulate. These market practices create internal norms which parties abide by, correspondingly influencing legal rules which result when the market norms are either broken or are disputed through formal, court, judgments. 1467:

transactions a collateral taker can safely enter, freeing up capital for other uses. However, there is a need for balance; the removal of limitations on insolvency rules and security registration requirements, as observed in the FCARs, is dangerous as it degrades powers and protections which have been conferred deliberately by the law.

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beneficiary upon certain events. This relies upon exposure to credit risk. Funded positions have the risk exposure has the form of a payment, which is to be restored. The risk exists in that it may not be repaid. It is funding a party with the risk being a lack of repayment. This includes the bank and non-bank lending including

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In summary, authority supports the following conclusions. The interpretation of a "material adverse change" clause depends on the terms of the clause construed according to well established principles. In the present case, the clause is in simple form, the borrower representing that there has been no

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I agree with the lender however that the enquiry is not necessarily limited to the company's financial information. There may be compelling evidence to show that an adverse change sufficient to satisfy a MAC clause has occurred, even if an analysis limited to the company's financial information might

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it was 60 minutes. Therefore the timing of repayment depends on circumstances but is, in commercial matters, extremely quick. If the sum demanded is of an amount which the debtor has, the time must be reasonable to enable the debtor to contact his bank and make necessary arrangements. However, if the

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Where express terms state that it is repayable one demand, it will be so repayable even if both bank and borrower envisaged that it would be last for some time. This must be an express term. In England & Wales, because of S6 Limitation Act 1980, time for repayment does not start running until the

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In being similar to one another in terms of economic market effects, simple positions are particularly susceptible to being re-characterised. When this happens, substantial legal consequences can result, as each legal instrument has different consequences. Whilst a guarantee and an indemnity have, in

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transaction under which the future obligations are linked to another asset or index. Delivery of the asset is calculated by reference to said asset. Derives from the value of the underlying asset. This creates another asset out of the first type. It is a chose in action with reference to the value of

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It was held that the phrase was to be construed in a manner consistent with meaning and purpose. This is not merely a matter of English law, Lord Briggs' judgment in Client Money EWHC 3228 held that to interpret the meaning of the directive a court ought to 1. Interpret the directive. We can look at

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Requirement that collateral must be in possession is unclear. Is it one, two things? Does possession apply to intangibles? We do know that you cant. Is the requirement of control the same as the test for fixed charges. The scope of the regime is not clear. There are several unanswered questions. Only

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second sentence of Article 2(2) provides that any right of substation or to withdraw excess financial collateral in favour of the collateral provider must not prejudice the FC having been provided to the collateral taker. That right would lack any force if the taker of collateral consisting in monies

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of the counter-party, combined with more credit being available to the collateral taker will mean the collateral taker can take additional risk without having to rely on a counter-party. Systemic risk will be reduced by increased liquidity, This produces "knock-on effects" by increasing the number of

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A security interest may be granted with a right of use, conferring disposal powers. There is an increasing reliance on collateral in financial markets, and in particular, this is driven by regulatory margin requirements set out for derivatives transactions and financial institution borrowing from the

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is crucial to appreciating their effect in financial transactions. This is the core of financial law. Thus, financial law draws a narrower distinction than commercial or corporate law by focusing primarily on financial transactions, the financial market, and its participants; for example, the sale of

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Interpretation depends on the terms of the particular clause and is up to lender to prove breach. Cannot be triggered on basis of things lender knew when making the agreement. Normally done by comparing borrower's accounts or other financial information then and now. Other compelling evidence may be

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transactions fall within this category. It may be defined as situations where the risk-taker is the provider of capital to another party. If the risk materialise, the exposure is not merely an obligation to pay, but rather the exposure of the risk-taker is the risk of losing its previously committed

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set out clear conditions on timing of payment in relation to the debtor proffering payment. The charterers had procured a vessel for 3 months, 15 days with a payment due on April 12, a Sunday. The charterers delivered payment on Monday. The vessel owners rejected the payment, which was sent back the

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the court held that when the collecting bank decided unconditionally to credit the creditor's account, the payment is completed. Presentation and subsequent rejection of payment provides an absolute defence for to an action brought by the creditor, but without the action (and opportunity to pay into

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has within the derivatives market. It further provides the involved parties to suspend the swap (and any other transactions within the master agreement), providing them the time to understand the overall effect the event of default has had on the agreement and the market. In other words, it provides

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Subject to very limited exceptions, most of which are statutory, a company is a legal entity distinct from its shareholders. It has rights and liabilities of its own which are distinct from those of its shareholders. Its property is its own, and not that of its shareholders hese principles appl as

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c.54 Section 38 which states; "Unpaid seller defined. (1)The seller of goods is an unpaid seller within the meaning of this Act— (a)when the whole of the price has not been paid or tendered; (b)when a bill of exchange or other negotiable instrument has been received as conditional payment, and the

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A loan facility is an agreement where a bank agrees to lend. It is distinct from the loan itself. Using a loan facility it writes to the bank and the bank makes the loan. LMA syndicated single currency term facility distinguishes between 1. commitment to lend to each lender, 2. average of each; and

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designed to mitigate the net exposure of transactions. Set-off as a legal concept is crucial part of reducing credit risk and reducing the knock-on effects of insolvency. Collectively, these concepts operate to underpin financial transactions by further dividing risk. Various combinations of these

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There are a handful of risks to these arrangements - as previously outlined - the ill definition of what constitutes the activation of the FCAR arrangements creates a danger. However, within the context of appropriation, a provider only has a personal right against a taker for the surplus. There is

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Positive and Negative control differ where one either has the right to dispose without reference to the collateral provider, or where collateral provider is able to do so without collateral taker. What is undeniable however, is that dispossession is central to both possession and control. Rights of

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and notification. Second, the collateral taker is provided effective right of use and said arrangements are exempted from being re-characterised as different security arrangements. Perhaps most significantly, traditional insolvency rules which may invalidate a financial collateral arrangement; such

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Financial law is understood as consisting of three pillars of law formation, these serve as the operating mechanisms on which the law interacts with the financial system and financial transactions generally. These three components, being market practices, case law, and regulation; work collectively

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can be distinguished from financial law in that regulation sets out the guidelines, framework and participatory rules of the financial markets, their stability and protection of consumers, whereas financial law describes the law pertaining to all aspects of finance, including the law which controls

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The definition in para 3 is rather unhelpful: Possession: of financial collateral in the form of cash or financial instruments includes the case where financial collateral has been credited to an account in the name of the CT provided that any rights the collateral provider may have in relation to

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A common provision relates to material adverse change clauses. The borrow represents/warrants that there has been no material adverse change in its financial condition since the date of the loan agreement. This is a clause which is not often invoked or litigated and therefore the interpretation is

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These may be more or less complex, depending on the size of the loan. Oral assurance can give rise to an obligation to lend prior to any documentation being signed. 'A statement made by a bank employee over the telephone that approval' had been given. Most facility letters and loan agreements will

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held that "if a bank does pay, customer has taken to have agreed to accept the bank's standards", which means that they have asked and the bank has provided a loan. Banks may charge interest on an overdraft and may compound that interest The point of an overdraft at law is that it is repayable on

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facility (categorising alongside revolving loans) where its on-demand nature of repayment meant immediately. A bank is only obliged to provide an overdraft if the bank has expressly or impliedly agreed to do so. Legally, where a client overdraws his account, the client is not in breach of contract

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Guarantees or Insurance: Both are protecting creditors from loss, however a guarantee is narrower. Romer LJ set out three variables to differentiate the two: (1) the motives of the parties differ, insurance is a business contract and cover is provided in consideration for a premium. Guarantees are

2078:, characterisation interprets the document and then categorises it within one of the existing legal doctrines. Intention is not relevant, however, there are sensitivities to this matter, primarily concerning the insurance markets. Three key types of recharacterisation can occur to simple positions 1965:

As legal instruments, derivatives are bilateral contracts which rights and obligations of the parties are derived from, or defined by, reference to a specified asset type, entity, or benchmark and the performance of which is agreed to take place on a date significantly later than the date in which

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of which, four basic types exist. At law, the primary risk of a derivative is the risk of a transaction being re-characterised as another legal structure. Thus, the courts have been cautious to make clear definitions of what amounts to a derivative at law. Fundamentally, a derivative is a contract

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The primary purpose of financial law is to allocate risk from one person to another and change the nature of risk being run by the protection buyer into the 'credit risk' of the risk taker. Five categories of market structures are divided according to how the contract deals with the credit risk of

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As well as being fragmented, financial law is often muddled. Historical segregation of the industry into sectors has meant each has been regulated and conducted by different institutions. The approach to financial law is unique depending on the structure of the financial instrument. The historical

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and specified a method, or a money of payment, the parties (notably the creditor) must consent to the debtor's tender in order to crystallise payment and sever the demand for payment. Discharge of a debt is automatic. In other words, a payment of a contractual obligation requires mutual consent of

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of the monies where the account holder may freely dispose of them it follows that the taker of collateral in the form of money lodged in an ordinary bank account may be regarded as having acquired 'possession or control' of the monies only if the collateral provider is prevented from disposing of

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the bank held which it owed to a client. Despite the formidable conceptual problems in allowing a bank to place a charge over a debt the bank itself owed to another party, the courts have been driven to facilitate market practices as best as possible. Thus, they are careful to declare practices as

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Bank lending may be categorised according to a large number of variables including the type of borrower, the purpose and the form of the loan facility. Where a bank makes a loan it will typically require a business plan and require security where it has credit concerns. A commitment letter may be

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to Peekay which had its reference assets in Russian investments. The Peekay director ought to have read the documents rather than relying on the defendant's oral representation. This is a pro-market approach with marked Judaical disinclination to not strike down transactions, substantial problems

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consent occurs at the time where parties agree on the obligation. If a party has specified a method for discharging an obligation through a specific means, then the parties must have contemplated the sufficiency of the tender to discharge the debt and therefore consensually agreed to payment of a

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EWCA Civ 419, the issue concerned when a debtor was able to discharge the duty to pay under the ISDA Master Agreement (1992). The requirement for payment arises in English law from a duty in performance of a money obligation. Whilst normally described and fulfilled in monetary terms, payment need

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The third category of law formation within the financial markets are those deriving from national and international regulatory and legislative regimes, which operate to regulate the practice of financial services. Three regulatory lenses ought to be highlighted namely arm's length, fiduciary, and

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This was crucial as Insurance companies were restricted from participating in other financial market activities and a licence needed to be granted to participate in the financial market. As a result of the Potts Opinion, credit derivatives were categorised as outside of insurance contracts, which

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of derivatives exist with even greater variance of reference assets. English law in particular has been clear to distinguish between two types of basic derivatives: Forwards and Options. Often parties will place limits on the interest rate differentials when engaging in trades. At law, these are

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of transacting with others. Derivatives frequently utilise collateral to secure transactions. Large notional exposures can be reduced to smaller, single net amounts. Often, these are designed to mitigate the credit risk one party is exposed to. Two forms of financial collateralization have been

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but soft law, voluntary or practice created legal schemes play a vital role. Soft law can fill market uncertainties what are produced by common law schemes. Obvious risk that that participants become lulled into believing statements of soft law is the law. However, the perception that an opinion

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Each party can use its own claim against the other to discharge. Each party bears credit risk which may be offset. For example, a guarantor who is a depositor with a banking institution can set-off obligations he may owe to the bank under the guarantee against the bank's obligation to repay his

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BCC 965; 2 ALL ER 654, the plaintiff granted a fixed and floating charge over its assets. He then covenanted to pay or discharge indebtedness on-demand. At any time after indebtedness should become immediately payable, the debtor was authorised to appoint administrative receivers. Soon after a

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In the EU these might be exampled by MiFiD II, payment services directive, Securities settlement regulations and others which have resulted from the financial crisis or regulate financial trade. Regulatory control by the Financial Conduct Authority and Office of Fair trading set out clear rules

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will draw upon derivatives, syndicated lending, and asset-backed positions to distinguish the risk of the reference asset from other risks. The law pertaining to CDOs is particularly noteworthy, primarily for its use of legal concepts such as legal personality, and risk transfer to develop new

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In my opinion, an assessment of the financial condition of the company should normally begin with its financial information at the relevant times, and a lender seeking to demonstrate a MAC should show an adverse change over the period in question by reference to that information. The financial

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Parties will want to avoid insolvency consequences. A bank will normally freeze a customer's account when a winding up petition occurs to avoid dispositions within insolvency. A payment into an overdrawn account is probably a disposition of the company's property in favour of the bank. This is

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By contrast, Control has been shown to not be that of practical (Administrative) control. It is clear that FCARs require a standard of negative legal control. Practical control, is the Collateral Taker's exclusive ability to dispose and it is suggested this will additionally be required if the

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Swaps and Credit derivatives also differ in legal function. A credit derivative describes various contracts designed to assume or distribute credit risk on loans or other financial instruments. Payment obligations of a seller is triggered by specified credit events affective defined assets or

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is balanced by the obligation on the part of the seller not to refuse the whole or part of the debt. This is underpinned by limitations on part-payment. This traditionally operates in order to proffering money to fulfil obligations within a contract. In taking it, it is an affirmation of said

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The second category which financial law draws most of its pragmatism with regard to the standards of the markets originates in litigation. Often, courts seek to reverse engineer matters to make commercially beneficial outcomes and so case law operates in a similar manner to market practice in

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can often be misleading, as often the transactions which fall within this category are often complicated. They are termed simple not because of the lack of sophistication but because the transactions do not address the credit exposure of the protection buyer. Rather, as with a guarantee, the

1874:. Due to the limited cross-sectoral legal awareness, innovations in finance have been associated with varying levels of risk. Several different legal "wrappers" provide different structured products, each with differing levels of risk allocation, for example, funded positions consist of bank 1788:

it was shown that even where tender complies with the contract, it is not payment until the creditor (or Payer) accepts. This is regardless of whether the creditor's rejection frustrates the contract and is a breach of their duty. The law does not allow the debtor to coerce the creditor into

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The purpose of the provision is to increase the efficiency of markets and lower the transaction costs. The disapplied formal and perfection requirements accelerates the effectiveness of security through FCAR Reg 4(1),(2),(3) and 4(4). Two things might be said of this. Firstly, academics have

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Unfortunately, case coverage is unsystematic. Wholesale and international finance is patchy as a result of a preference to settle disputes through arbitration rather than through the courts. This has the potential to be detrimental to advancing the law regulating finance. Market participants

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Master Agreement in 1990 which helped the industry separate itself from current market restrictions. A the time, it was unclear whether Credit Derivatives were to be categorised as insurance contracts under English legislation of the Insurance Companies Act 1982. ISDA was firm in rejecting a

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The true difference is that of funded positions and simple positions. Simple positions, such as guarantees, insurance, standby credits and derivatives. Funded positions differ from simple positions in that simple positions expose risk as a form of a promise. The risk taker agrees to pay the

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regards the requirement for a tender to be congruent with the conditions in order to amount to a tendering of payment. However, the case might also be used to highlight the necessity for the creditor to accept such tendering. Had the vessel owners merely taken receipt of the payment and not

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The use of material adverse change clauses is common in financial documentation in differing contexts, including takeovers and mergers, and loan agreements, as in the present case. In the latter context, they may relieve a lender of its continuing obligations in the event of a significant

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of the contract between parties and at what we might call "point Z" for situations where an obligation to pay does not result from contractual duties. (such as a debt owed to a non-adjusting creditor, cf Bebchuk and Fried). At both points, mutual consent required from both parties. First,

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enough. Will be material if it significantly affects the borrower's ability to repay the loan in question. We may examine one of the leading authorities on material adverse change clauses in committed lending, Grupo Hotelero Urvasco SA v Carey Value Added EWHC 1039 (Comm), per Blair J

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A net position represents a financial position in which a debtor may "off-set" his obligation to the creditor with a mutual obligation which has arisen and is owed from the creditor to the debtor. In financial law, this may often take the form of a simple or funded position such as a

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t is not just legally but economically fundamental, since limited companies have been the principal unit of commercial life for more than a century. Their separate personality and property are the basis on which third parties are entitled to deal with them and commonly do deal with

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generally prefer to settle disputes than litigate, this places a greater level of importance onto the "soft law" of market practices. However, in face of disaster, litigation is essential, especially surrounding major insolvencies, market collapse, wars, and frauds. The collapse of

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variation in 2006, a swap has a "zero floor" which means that if interest rates reverse, the obligations do not reverse. Without the 2006 variation, the negative interest rate is a deduction off what is owed. An additional area of relevant derivatives law is shown in the cases of

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The fact that rejection of tender is sufficient to prevent 'payment' derives from the fact that payment is the conferral of property to fulfil the obligation. Property and obligation aspects of the transaction cannot be separated without the transaction ceasing to be "payment".

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Several types of security interests are set out to be entrapped by the FCAR regime. This means any legal or equitable interest or any right in security, other than a title transfer financial collateral arrangement, created or otherwise arising by way of security including:

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private law statutory reform. The EU has played a substantial role in this field to induce and encourage the ease of transfer & realisation of assets and liquidity within markets. The provisions are well adapted to short term transactions such as repos or derivatives.

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There are risks on over-reliance on soft law sources, however. English law makes it difficult to create a type of security and reliance on rules may result in established views which reinforce errors. This could result in unacceptable security even if legally valid.

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the claimant argued unsuccessfully that the bank misrepresented the transaction. It was held that they did misrepresent but for the misrepresentation to effect a claim, it was necessary to induce someone to enter into the contract, which was unable to be proven. In

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A transaction in which one party pays periodic amounts of a currency based on a fixed price/rate and the other party pays periodic amounts of the same currency or different currency based on the performance of a share of an issuer, an index or a basket of several

1793:. It is the subsequent acceptance or non-acceptance of the tender from the creditor which crystallises payment and effects discharge. Mere receipt will not suffice. However, mutual consent is of a lower standard than that in contractual formation. In 1309:

provides a basic framework for minimum harmonised provisions governing rights conferred by the credit of securities to an account with an intermediary. However, this international project has as of late been ineffective with only Bangladesh signing.

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clauses are financial positions which are collateralised using proprietary assets to mitigate the risk exposure of the collateral-taker. The core purpose it to Manage credit risk by identifying certain assets and ear-marking claims to those assets.

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The bank makes a payment out of the company's account in accordance with a valid payment instruction - there is no disposition in favour of the bank. As a result, banks traditionally freeze accounts and force insolvent parties to open new accounts.

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There are two exceptions, attempting to limit the expectations to reasonable commercial men and uphold the freedom of contract. Autonomy is at the heart of commercial law and there is the strong case for autonomy in complex financial instruments.

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These two objectives are achieved by providing for events that make non-payment or insolvency unappealing or transfer the risk associated with said events to third party. This highlights the difference between risk as assessed and actual risk.

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contract and the debtor is discharged of his obligation to the creditor. This is crucial. In contracts where A ('the debtor') owes money to B ('the creditor'), payment operates as the terminus for A's obligation to B. It was crucially held in

2194:

Few companies can use equity and retained profits entirely. It would not be good business to do so either; debt is a crucial aspect for corporate finance. This relates to the gearing advantages of taking on debt and maximising the value of

2089:

Guarantees or Performance bonds: Performance bonds are similar to a promissory note, this turns again upon the primacy of the obligations. The courts have been extremely hesitant to implement a performance bond onto parties which are not

2948:

charge created as a floating charge where the FC charged is delivered, transferred, held, registered or otherwise designated so as to be in possession and under the control of the collateral taker. Where there is a right to withdrawal

1974:

known as "Caps & Collars", these reduce the cost of the transaction. Regulation has been a key component in making the market more transparent, this has been particularly useful in protecting small and medium sized businesses.

1448:. The higher the collateral requirements, the greater demand for quality exists. For lending, it is generally regarded that there are three criteria for determining high-quality collateral. Those being assets which are or can be: 1154:

into the English law in order to facilitate financial markets. Law merchant had been so absorbed by the 18th century that the Bills of Exchange Act 1882 could provide common law rules and merchant law in tandem. We might consider

2098:

disclose material facts, why a guarantor is left to himself to determine facts. A guarantee thus is traditionally drafted to stand behind the debtor rather than be payable on the occurrence of an event. In England, prior to the

1658:

Payment operates as another core legal concept which underpins financial law. It is crucial because it determines the point at which a party discharges their obligation to another party. In finance, particularly relating to

2526:

products. The prevalence and importance of combined positions within the financial markets, has meant that the legal underpinnings of the transactional structures are highly relevant to their enforcement and effectiveness.

2679: 2426:

Therefore, a change will be material if it significantly affects the borrower's ability to repay the loan in question. Normally this is done by comparing borrower's accounts or other financial information then and now.

2024:, both of which involved arguments of mis-selling derivative transactions. This is closely related with the argument that parties, particularly government bodies lack the power to enter into derivative contracts. In 1835:

Conditional acceptance. Where a cheque is accepted it is conditional on such a cheque being met. Here, letters of Credit come to mind in that their conditional nature is dependent on the bank effecting payment. In

965:

is the law and regulation of the commercial banking, capital markets, insurance, derivatives and investment management sectors. Understanding financial law is crucial to appreciating the creation and formation of

2642:

Vértesy, László (2007). "The Place and Theory of Banking Law - Or Arising of a New Branch of Law: Law of Financial Industries". Collega. 2-3. XI. See also the extensive discussion outlined by Goode and Payne in

2049:

Documentation of derivatives often utilises standard forms to increase liquidity, this is particularly the case in exchange traded, or "over the counter" derivatives which are predominately documented using the

2270:

demand is made. This means that the debt, for example an overdraft, is not repayable without demand but will become repayable if requested; even if the parties thought it would not be repayable for some time.

2512:

Combined positions use multiple facets of the other four positions, assembling them in various combinations to produce large, often complex, transactional structures. Examples of this category are primarily

2291:

crucial differentiation as the money of an overdrawn account is going directly to a creditor. Payment into an account in credit is not a disposition of the company's property in favour of the bank, however.

1844:

the court examined whether payment was fulfilled on the side of the payer. From that perspective, it was necessary for the court to analyse whether the payer had fulfilled the conditions in order to effect

1062:

Three different (and indeed inconsistent) regulatory projects exist which form the law within financial law. These are based on three different views of the proper nature of financial market relationships.

2260:

Economist and finance lawyers categories these and further categorise syndication separately but within committed lending. This has been a traditional driver for lending within the debt financing market.

1082:; as a source of rules of conduct which in principle have no legally binding force but have practical effects. This has created standard form of contracts for various financial trade associations such as 1627:

2002 master agreement utilises contingent obligations, set-off, and legal personality to reduce the liabilities of non-defaulting parties in the event of default. The effect of Clause 2(a)(iii) of the

1159:, where Lord dyson held that "a many who employee a banker is bound by the usages of bankers" meaning that if a sort code and account number was correct, it did not matter if the name did not match. 3116: 3094: 1574: 1114:

principle practices on broadly worded business principles which state that the bank must pay due regard to the interests of its customers and treat them fairly. Oftentimes the self-regulation of

1030:

in 1997 reshaped the derivatives market and helped expand the prevalence of derivatives. These three pillars are underpinned by several legal concepts upon which financial law depends, notably,

1715:

only satisfy the creditor and does not necessarily involve the delivery of money, but it cannot constitute payment unless money is involved, even if performance is fulfilled by some other act.

1462:

There are several benefits to having financial collateral provisions. Namely, financial reduces credit risk, meaning the cost of credit and the cost of transacting will be lowered. The reduced

2094:

provided without payment. (2) The manner of dealings differ; an insurer usually deals with the insured and not the reference entity. (3) The means of knowledge which is disclosed. The insured

2161:

One might ask what the difference between an asset-backed security and funded positions. The answer is that funded positions are positions which are acquired without backing of other assets.

1580:

parties are to avoid fraud. It is established by the rights and prohibitions in the security agreement but there is limited case-law on the matter Scholars identify two forms of control:

2011:

A swap derivative with negative interest rates highlights particularly issues at law. It is unclear how a party pays a negative number. Does it reverse the obligations? According to the

1342:. If financial law is centrally concerned with the law pertaining to financial instruments or transactions, then it can be said that the legal effect of those transactions is to allocate 2138:

Lending is perhaps the most central aspect of the financial system. As discussed by Benjamin, the law attempts to allocate risk in ways which is acceptable to the parties involved. Bank

1417:

Financial markets have developed particular methods for taking security in relation to transactions, this is because collateral operates as a central method for parties to mitigate the

2086:

the court held perhaps the most important distinction. The distinction between the two is that a guarantee is a secondary obligation to pay whilst an indemnity is a primary obligation.

1797:

Bank LR 267, Hobhouse J held that acceptance of payment need not be communicated and his judgment provides a clear, two-stage test for determining whether payment has been made. If A;

3304:

Chen-Wishart A Bird in the Hand: Consideration and One-Sided Contract modifications' in Contract Formation and Parties (AS Burrows, ed and E Peel, ed Oxford University Press 2010) 109

2287:

admits his inability to pay, Kelly CB believed that seizure was justified immediately stating "If personal service is made and the defendants may have seized immediately afterwards."

2552: 1522:" as set out in paragraph 3. Recital 10 states that possession or control is for the safety of third parties, however, the type of mischief this is seeking to remove is unclear. In 1183: 1277:

In addition to national and cross-national regulations on finance, additional rules are put into place in order to stabilise the financial markets by reinforcing the utility of

1746:

that the bilateral contractual process did not require "accord and satisfaction" to achieve discharge of a debt by payment. The operation of payment therefore requires mutual

2412:

condition of a company during the course of an accounting year will usually be capable of being established from interim financial information and/or management accounts.

2203:, rights to receive reports, accounts, pre-emptions (where the company proposes issuing new shares), and the right to vote on strategic decisions affecting the company. 830: 2321:

demand, however, payment instructions within the agreed overdraft limit must be honoured until notice has been given that the facility (the overdraft) is withdrawn.

3338:

Jefferson Cumberbatch 'On Bargains, Gifts and Extortion: An Essay on the Function of Consideration in the Law of Contract' (1990) 19:3 Anglo-American Law Review 239

1624: 1150:

the court remarked that custom of merchants is part of the common law of the United Kingdom. This highlights a long history of incorporating and accounting for the

1130: 1784:

payment at both the stage of formation and at the conclusion/distribution to be recognised as 'payment', but upon acceptance of payment the debt is discharged. In

1281:. In Europe, two regimes of collateral carve-outs exist; the Financial Collateral Directive, and the Financial Collateral Arrangement (No 2) Regulations 2003. The 2373:

provisions, stipulations for events of default. Lenders will also traditionally take real or personal security. These are designed to protect the lender against:

3356:

P.S. Atiyah 'Consideration in Contract: A fundamental Restatement (1971); 'Consideration: A Restatement' in Essays on Contract (Oxford: Clarendon Press 1986) 179

2172:

Two overarching forms of funded positions exist between debt and equity, and there are several ways to raise capital. This might be broken down into Bank loans (

1146:

Soft law has practical effects in that it is liable in many cases to be turned into "hard law", but with verified and experienced practice evidence. In the case

1639:

objectives. However, there is equal evidence that the clause provides substantial market stability as a result of the standardisation and universality that the

859: 2361:

contain contractual provisions designed to protect the lender against the credit risk of the borrower. This requires several aspects. Normally it will require

820: 785: 1265:. The regulatory policies have not all been rectified in regard to how they the new rules will be coherent with current market practices. We may consider 2147:

capital. That is to say, a funded position is the risk of repayment. When a bank makes a loan, it pays money and runs the risk of a lack of repayment.

2748: 942: 2123:

contracts. This was argued by stating that the payment obligation was not conditional on loss and rights were not dependent on an insurable interest.

5244: 5159: 598: 2199:

to allow equity to gain maximum returns. Debt is repayable in accordance with the terms; whereas equity instruments, typically includes rights of

2647:(Second Ed, Hart Publishing, 2015) which highlights the broader role of law, particularly market practice and case law, on the financial markets. 2582: 5691: 2560: 1635:

has been cured. Such a cure may not ever occur. There is substantial academic caution that such a suspension acts to circumvent insolvency

1852:

falls within this category. This is primarily because it is not always clear whether the agent lacked the authority to accept the payment.

1479:. It achieved this by exempting qualified "Financial collateral arrangements" from the performance of formal legal requirements; notably 995:

may be part of commercial law but is not financial law. Financial law may be understood as being formed of three overarching methods, or

1229: 1209:

concepts such as bailment and fiduciary duty must not be allowed to be our masters, but tools of the trade fashioning to aspects of life

611: 1682:

In English and U.S. law, payment is consensual, requiring acceptance from both payee and payer. Roy Goode suggests that Payment is a;

770: 1671:

to determining the legal exposure of parties. Several of the cases derive predominately from English and U.S. law, pertaining to the

1071:

The market practices in the financial field constitute a core aspect of the source of law of the financial markets, primarily within

1015: 4585: 4143: 4042: 2339:

Term loan; all at once or in successive tranches. Can be repayable at once (bullet); or according to a payment scheme (amortising)

2042:

exist with enforcing a contract against a party which argues it lacks the power to enter into an agreement, it has been likened to

1186:

highlights the striking effect a commercially beneficial practice can have on financial law. Lord Hoffman upheld the validity of a

1138:

In practice market participants have had few concerns as to the impacts of boundary issues between CD's and contracts of insurance.

4699: 4568: 492: 2620:

Vértesy, László (2007). "The Place and Theory of Banking Law - Or Arising of a New Branch of Law: Law of Financial Industries".

5559: 5154: 4501: 4402: 2514: 1499:(a) the purpose of the agreement or arrangement is to secure the relevant financial obligations vowed to the collateral-taker, 1269:

EWHC(Extended liens case) where Briggs J struggled to determine the legislative intent of the Financial Collateral Directive.

5838: 5641: 4661: 4295: 252: 162: 3237: 1475:

The primary objective of the Financial Collateral Directive was to reduce systemic risk, harmonise transactions and reduce

4014: 2103:, the courts often interpreted contracts as gambling and avoided them. Any contract which exists under the purview of the 1502:(b) Collateral Provider creates or there arises a "security interest in financial collateral" to secure those obligations; 1485: 935: 904: 148: 5237: 4821: 4300: 3259:

Lord Steyn 'Contract Law: Fulfilling the Reasonable Expectations of Honest Men' (1997) 113 Law Quarterly Review 433, 437

3197: 1710: 1302: 1093:

within the system, is particularly notable in its relationship with globalisation, consumer rights, and regulation. The

1201:, the court held that a charge was no more than labels to self-consistent rules of law, an opinion shared Lord Goff in 5524: 5416: 4816: 1094: 2885:

Financial Collateral Arrangement No 2 Regulations 2003 and 2010 Financial Markets and Insolvency Amendment Regulation

1708:. Payment plays a crucial role in financial law because it determines when parties are able to discharge duties. In 5588: 4791: 4290: 2074: 1370:

which operates to limit the level of credit risk and exposure a person, natural or legal, will participate within.

714: 428: 118: 2912:"The obligation which are secured or otherwise covered by the FCA and such obligations may consist of or include 1014:

to set a framework upon which financial markets operate. Whilst regulation experienced a resurgence following the

5676: 5257: 4874: 2310: 1338:

a financial participant might be exposed to on any given transaction. This is often mitigated through the use of

775: 660: 438: 212: 3153:

P Wood Title Finance, Derivatives, Securitisation, Set off and Netting, (London: Sweet & Maxwell, 1995), 189

1042:

which allows legal scholars to categorise financial instruments and financial market structures into five legal

5534: 5499: 4669: 4651: 3986: 1552:

is mandatory. Some legal control is also crucial, meaning practical or administrative control is insufficient.

1518:

Extensive litigation has resulted from the determination of the FCAR regulations, specifically the meaning of "

928: 464: 5504: 4320: 3951:

Chitty on Contracts (Sweet and Maxwell, 32nd ed 2015) Vols I (General Principles) and II (Specific Contracts)

1948:

to set obligations between parties. Rarely does delivery of the asset occur. In English law, the judgment of

5843: 5564: 5549: 5491: 5230: 5044: 4831: 4305: 3818:

in the Insolvency Act 1986 s127 limitations on dissipation of assets after winding-up. This was seen within

2394: 1496:

Security financial collateral arrangement mean any agreement or arrangement, evidenced in writing, where -

1225: 1083: 107: 97: 5917: 5907: 5539: 5099: 5084: 2400:

uncertain and proof of breach is difficult. Consequences of wrongful invocation by the lender are severe.

1330:

Several legal concepts underpin the law of finance. Of these, perhaps the most central concept is that of

1106:

a clear and widely held opinion is wrong. For example, the consumer relationship in the case of Office of

266: 177: 3800:

Titford Property Co v Cannon Street Acceptances (1975) distinguished for Lloyds Bank plc v Lampert (1999)

1592:

the Collateral taker must be beyond merely custodial; he must be able to refuse to hand collateral back.

5912: 5881: 5783: 5756: 5741: 5509: 5364: 5285: 5203: 4796: 4474: 4285: 3347:

Charles Fried Contract as Promise: A theory of contractual obligation (Harvard University Press 1981) 38

2476: 2051: 2012: 1640: 1628: 1445: 1262: 1051: 606: 217: 1866:

development of various financial instruments explains the legal protections which differ between, say,

5886: 5818: 5808: 5763: 5696: 5529: 5280: 4924: 4270: 2362: 2196: 1970: 1940: 1934: 1922: 1817:

of payment does not discharge the money obligation nor does it constitute as payment. In the case of

1780: 1615: 1339: 1278: 1245: 1006: 971: 956: 802: 719: 423: 348: 282: 234: 77: 3026:

the FC are limited to the right to substitute FC of the same or greater value or withdraw excess FC.

2835:

M Hughes, Legal Principles in Banking and Structured Finance, 2nd Ed, (Haywards Heath, Tottel, 2006)

5876: 5833: 5344: 5079: 4219: 4136: 879: 869: 589: 546: 498: 443: 257: 1587:

negative (Collateral Provider has no rights in relation to dealing with or disposal of collateral)

1285:'s development of the Financial Collateral Directive is curious if we view it through the lens of 1125:

in London, which has flourished on the back of the characteristically robust opinion of Potts for

5853: 5848: 5828: 5716: 5519: 5477: 5374: 5300: 4894: 4553: 4407: 4392: 4370: 4114: 4094: 4047: 4037: 2518: 2507: 2494: 2446:

transaction where mutual obligations set-off one another. Three crucial types of netting exists:

2443: 1925:

often fall within this regulatory category because they transfer risk from one party to another.

1395:

between parties. The ambition of measuring the likelihood of future loss, that is of identifying

1122: 1043: 967: 892: 874: 724: 679: 628: 469: 358: 92: 3957:

Goode & Gullifer on Legal Problems of Credit and Security (Sweet & Maxwell, 7th ed 2017)

2805:

Belmont Park Investments pty ltd v BNY Corporate Trustee Services 2011 UKSC 38 per Lord Collins.

1804:

the conduct of the creditor, viewed objectively, amounts to acceptance, then payment has passed.

1072: 39: 5222: 1545: 5731: 5721: 5711: 5666: 5661: 5615: 5611: 5584: 5514: 5431: 5305: 5295: 4879: 4801: 4639: 4382: 4377: 4330: 4255: 4249: 4089: 4007: 2981:

meaning "any corporate body, unincorporated firm, partnership or body with legal personality…"

2629: 2625: 2038: 2034: 1909: 1480: 1437: 1388: 1361: 1355: 1331: 1098: 1031: 780: 656: 551: 418: 413: 408: 382: 343: 167: 67: 1719:

a gift or loan of money or any act offered and accepted in performance of a money obligation.

1121:

Another example of the expansiveness of soft law in the financial market is the explosion of

5768: 5686: 5636: 5619: 5544: 5408: 5393: 4884: 4851: 4350: 4214: 4209: 4174: 3067:

In the matter of Lehman Brothers International (Europe) (In administration) EWHC 2997 (CH)

2238: 2222:

3. the loan made under the agreement and the draw down. Three important forms of these are:

2166: 1913: 1632: 1549: 1430: 1298: 1187: 1126: 852: 645: 619: 537: 530: 513: 459: 433: 320: 302: 287: 207: 198: 102: 87: 49: 23: 1986:

by Woolf LJ that equity swaps were developed under ISDA's guidance and might be defined as

1236:, which has helped propel the pragmatic nature of financial case law past the 2008 crisis. 5803: 5778: 5736: 5726: 5701: 5681: 5671: 5384: 5348: 5290: 5133: 5106: 5094: 5074: 5008: 5003: 4986: 4966: 4961: 4941: 4806: 4786: 4781: 4684: 4644: 4355: 4280: 4204: 4189: 4109: 2177: 2133: 1701: 1476: 1251: 1221: 1192: 835: 760: 751: 709: 674: 666: 474: 363: 277: 58: 2335:

A committed facility is where the bank is committed to lend throughout a certain period.

3295:

Alan Brudner 'Reconstructing Contracts' (1993) 43:1 University of Toronto Law Journal, 1

1379:

much to a company that s wholly owned and controlled by one man as to any other company

1261:

replacing extra-statutory codes of conduct and has seen recent resurgence following the

5751: 5607: 5603: 5594: 5462: 5441: 5389: 5379: 5369: 5359: 5328: 5310: 5253: 5210: 5018: 4936: 4525: 4491: 4442: 4427: 4199: 4104: 4084: 4074: 3961: 2366: 2218:

produced during the negotiations for a loan. In general these are not legally binding.

2143: 1879: 1822: 1676: 1672: 1463: 1384: 1343: 1325: 1151: 1110:

UKSC 6 where the bank was fined by the FSA for failing to handle complaints set out in

979: 742: 580: 272: 242: 157: 124: 2180:). Alternatively, a company may retain profits internally. This may be summarised as: 1143:

allowed them to expand without the limitations set in place by insurance legislation.

5901: 5858: 5656: 5646: 5599: 5579: 5472: 5421: 5064: 5023: 4909: 4889: 4861: 4811: 4776: 4750: 4745: 4738: 4689: 4629: 4469: 4459: 4417: 4340: 4335: 4224: 4148: 3223: 2522: 2436: 2370: 1886: 1705: 1660: 1619: 1609: 1371: 1289:

a regulatory matter. It is clear that the law here developed through market practice

1035: 765: 541: 503: 483: 368: 329: 82: 3286:

MWB Business Exchange Centers Ltd v Rock Advertising Ltd EWCA Civ 553 (Kitchin LJ);

1530:

enforced the requirement that practical control was that of legal negative control.

5813: 5798: 5574: 5436: 5397: 5196: 4946: 4914: 4869: 4607: 4602: 4573: 4486: 4464: 4432: 4365: 4345: 4239: 4179: 4169: 4121: 4079: 4057: 4000: 2490: 2470: 2345:

swingline facility; Which is a committed facility providing for short term advances

2212: 2200: 2173: 1790: 1734: 916: 734: 704: 564: 262: 139: 112: 3596:

Peekay Intermark Ltd and Another v Australia and New Zealand Banking Group Ltd CA

3428:

Mann on the Legal Aspect of Money (OUP, 7th ed 2012 by Charles Proctor) Chapter 1

1939:

The second portion of simple transactions are derivatives, specifically unfunded

5863: 5823: 5569: 5554: 5467: 5354: 5332: 5320: 5272: 5177: 5118: 5059: 5049: 4846: 4841: 4679: 4580: 4496: 4455: 4422: 4387: 4310: 4234: 4184: 4099: 3371: 3268:

Williams v Roffey Bros & Nicholls (Contractors) Ltd 2 WLR 1153; EWCA Civ 5

1623:

legal methods are used to produce various allocations of risk. For example, the

1418: 1392: 1367: 1335: 1319: 1233: 1019: 324: 189: 134: 129: 72: 1232:. Despite these problems, there is a new breed of litigious lenders, primarily 5446: 5426: 5340: 5336: 5182: 5111: 4991: 4929: 4674: 4595: 4590: 4548: 4530: 4518: 4479: 4325: 4315: 4275: 4260: 4244: 4194: 4131: 4126: 1901: 1882: 1867: 1747: 1636: 1597: 1489: 559: 398: 334: 3964:, Corporate Finance Law: Principles and Policy (Hart Publishing, 2nd ed 2015) 3773:

SHEPPARD & COOPER LTD V TSB BANK PLC (NO 2) P1996] BCC 965; 2 ALL ER 654

2992:

Liquidity, Systemic Risk, and the Bankruptcy Treatment of Financial Contracts

2726:

McCormick Legal Risk in Financial Markets (Oxford University Press 2006), 145

5793: 5089: 5054: 4996: 4971: 4836: 4733: 4721: 4706: 4694: 4622: 4540: 4513: 4397: 2482: 2309:

An overdraft constitutes a loan, traditionally repayable on demand. It is a

2304: 2232: 2226: 2120: 1905: 1871: 1814: 1664: 1400: 1047: 987: 983: 864: 825: 508: 297: 292: 3056:

In the matter of Lehman Brothers International (Europe) (In administration)

2961:

In the matter of Lehman Brothers International (Europe) (In administration)

1010:

party behaviour in which financial regulation forms an aspect of that law.

3981: 3393:

Mardorf Peach & Co v Attica Sea Carriers Corp of Liberia (The Laconia)

3044: 899: 5651: 5138: 5123: 4826: 4711: 4508: 4052: 3970:

Gullifer and Payne, Corporate Finance Law (Hart publishing, 2nd Ed, 2016)

2249:, organised based on the term/repayment criteria of the loan. These are: 2116: 2055: 1789:

accepting a tender. This is the case, even when the debtor has forwarded

1704:. In most common law jurisdictions, a valid contract requires sufficient 1508:(d) Collateral Provider and Collateral Taker are both non-natural persons 1306: 1172: 312: 172: 3572:

Money Markets International Stockbrokers Ltd v London Stock Exchange Ltd

2046:

as the party cannot warrant that it has the power if it truly does not.

1535:

deposited in a bank account were also to be regarded as having acquired

5706: 5028: 4976: 4956: 4904: 4716: 4634: 4450: 4412: 4360: 2156: 2059: 1945: 1686:

consensual act and thus requires the accord of both creditor and debtor

1653: 1039: 975: 31: 2994:

10 Brooklyn Journal of Corporate, Financial, and Commercial Law (2015)

1391:

allows for parties to participate in financial contracts and transfer

5773: 5128: 4981: 4726: 4617: 4612: 4558: 4229: 1961:

the underlying asset. They are separate and can be traded accordingly

1801:

places the money unconditionally at the disposal of his creditor; and

1667:, or other simple and funded positions; the definition of payment is 184: 3040: 2856:

Prest v Prest UKSC 34, 2 AC 415 at 476, at per Lord Sumption JSC.

2245:

These may be further categorised into two overarching forms of bank

2921:

obligations of a specified class or kind arising from time to time"

5069: 5013: 4919: 4760: 4563: 4062: 2915:

present or future, actual or contingent or prospective obligations

2814:

Macmillan Inc v Bishopsgate Investment Trust plc (no 3) 1 WLR 978

2486: 2139: 2000: 1875: 992: 403: 353: 16:

Legal rules relating to financial instruments and financial assets

3954:

Goode on Commercial Law (Penguin, 5th ed 2016 by Ewan McKendrick)

2418:

In order to be material, any change must not merely be temporary.

2349:

Most committed lending facilities will be documented, either by:

1003:

which form the various financial positions prevalent in finance.

5788: 4951: 4899: 4755: 4153: 4069: 2330: 2246: 1738: 1527: 1396: 729: 696: 307: 247: 5226: 3996: 3764:

Grupo Hotelero Urvasco SA v Carey Value Added EWHC 1039 (Comm)

4023: 2774:

Hare v Hently EngR 575, (1861) 10 CB NS 65, (1861) 142 ER 374

640: 3967:

Hudson, The Law of Finance (Sweet & Maxwell, 2nd ed 2013)

3888:

Lloyds bank plc v Independent Insurance Co Ltd EWCA Civ 1853

3584:

Bankers Trust International PLC v PT Dharmala Sakti Sejahtera

1921:

protection buyer simply takes the risk of protection seller.

1675:, and was developed when finical law historically focused on 3117:

Cukurova Finance International Ltd v Alfa Telecom Turkey Ltd

3095:

Cukurova Finance International Ltd v Alfa Telecom Turkey Ltd

1575:

Cukurova Finance International Ltd v Alfa Telecom Turkey Ltd

3442:

TSB Bank of Scotland plc v Welwyn Hatfield District Council

2972:

Private Equity Insurance Group Sia v Swedbank AS (C-156/15)

2115:

which argued the legal distinctiveness of derivatives from

1795:

TSB Bank of Scotland plc v Welwyn Hatfield District Council

1631:

is to suspend the payment obligations of parties until the

1282: 3746:

Cunliffe Brooks v Blackburn and District Benefit BS (1884)

3037:

Ostensible Financial Stability Caused by Wealth Inequality

1596:

no proprietary right. Should a taker (like Lehman) become

2708:

GOOD ON COMMERCIAL LAW (5TH ED 2016, EWAN MCKENDRICK CH 1

2365:, restrictions on the borrower's activities, information 1544:

What is clear is that (1) possession is more than merely

1399:, is a central part of the role legal liability plays in 1366:

A limited liability company is an artificial creation of

3809:

Sheppard & Cooper Ltd v TSB Bank Plc (No 2) BCC 965

2918:

obligations owed to the CT by a person other than the CP

978:

generally. Financial law forms a substantial portion of

3376:

Tenax Steamship Co v Owners of the Motor Vessel Brimnes

2253:

on-demand lending (overdraft and other short term) and;

2151:

Difference between funded positions and other positions

3992: 3936:

Rawlings, Avoiding the Obligation to Lend, 2012 JBL 89

3621:

Hazell v Hammersmith and Fulham London Borough Council

1984:

Hazell v Hammersmith and Fulham London Borough Council

1403:. Risk is a crucial part of financial market sectors: 1184:

Re Bank of Credit and Commerce International SA (No 8)

3710:

Birkmyr v. Darnell, 1704 91 ER 27 1 Salk, 27 & 28

3633:

Credit Suisse International v Stichting Vestia Group

3475:

Cleveland v Muslim Commercial Bank 2 Lloyd's Rep 646

3212:

Canmer International v UK Mutual Steamship "The Rays"

2256:

committed lending (revolving facility or a term loan)

1614:

Other concepts, crucial to financial markets include

1297:

Further harmonisation rules pertaining to commercial

1118:

can be problematic for consumer protection policies.

3497:

Benjamin, Financial Law (Oxford University Press), 9

1224:

provides a good example, with 50 judgments from the

5629: 5490: 5455: 5407: 5319: 5271: 5264: 5147: 5037: 4860: 4769: 4660: 4539: 4441: 4162: 4030: 3868:

Cunliffe Brooks v Blackburn and District Benefit BS

3840:

HOLLICOURT (CONTRACTS) LTD V BANK OF IRELAND (2001)

3560:

Synthetic, Insurance, and Hedge Fund Securitisation

1744:

Societe des Hotel Le Touquet Paris-Plage v Cummings

1700:. Payment as a legal concept is underpinned by the 1257:consumerist approaches to financial relationships. 3737:Benjamin, Financial Law (2007 OUP) Chapter 8, 149 1618:, the fact that bank debts operate as money; and 1134:statutory definition of insurance, stating that 955:For the regulation of the financial markets, see 3755:LORDSVALE FINANCE V BANK OF ZAMBIA 3 ALL ER 156 3681:BNP Paribas v Wockhardt EU Operations (Swiss) AG 3329:(2013) Oxford Commonwealth Law Journal, Vol 13.1 2876:(2012) Current Legal Problems Vol 65.1, 377,410 2406: 2275:Sheppard & Cooper Ltd v TSB Bank Plc (No 2) 1988: 1958: 1717: 1684: 1532: 1494: 1405: 1376: 1207: 1136: 974:regulation, as well as the legal framework for 2342:Revolving facility; borrow repay and reborrow. 1758:Mutual consent must thus occur at two points, 5238: 4008: 3079:Gray v GTP Group Limited EWHC 1772 Ch, Los J 2874:What should we do about Financial Collateral? 2796:Cf Petrofina (UK) Ltd v Magnaload Ltd AC 127 2377:Non Payment of both interest and capital; and 1813:the court) and with exceptions, the debtor's 936: 8: 3611:(1998) Cambridge Symposium on Economic Crime 3524:Sunrise Brokers v Rogers EWCH 2633 (QB) at 2699:Goodwin v Robarts (1875) LR 10 Exch 337, 346 2033:, the Court of Appeal rejected the suit for 3645:UBS AG v KOMMUNALE WASSERWERKE LEIPZIG GMBH 3506:S85 Financial Services and Markets Act 2000 2608:Economic value of the legal sector services 2541:Joanna Benjamin, 'Financial Law' (2007) OUP 999:of law formation and categorised into five 821:International Financial Reporting Standards 786:Separation of investment and retail banking 5268: 5245: 5231: 5223: 4015: 4001: 3993: 3858:LLOYDS BANK v LAMPERT 1 All ER (Comm) 161 3669:Standard Chartered Bank v Ceylon Petroleum 1214:Clough Mill v Martin 1 WLR 111, Lord Goff 943: 929: 814: 747: 585: 387: 54: 18: 3486:Algoa Milling Co Ltd v Arkell and Douglas 3403: 3401: 3075: 3073: 2868: 2866: 2864: 2862: 2551:Board, Legal Services (January 2, 2009). 2111:provisions. This is, in part, due to the 2073:Agnew v Commissioners of Inland Revenue ( 1383:For financial markets, the allocation of 1314:Legal concepts prevalent in financial law 5160:History of the American legal profession 3388: 3386: 3384: 3366: 3364: 3362: 3321: 3319: 3192: 3190: 3188: 3186: 3184: 3161: 3159: 3149: 3147: 3133: 3131: 3129: 3127: 3125: 3005:Corporate Finance: Principles and Policy 2852: 2850: 2523:synthetic collateralised debt obligation 2037:when the defendant mis-sold a synthetic 1058:Three pillars of financial law formation 3849:RE HONE (1951) Ch 852 All per Harman J. 3534:Dexia Crediop S.p.A. v Commune di Prato 3045:https://dx.doi.org/10.2139/ssrn.3147465 2787:(Oxford: Oxford University Press, 2006) 2765:Goodwin v Robarts (1875) LR 10 Exch 337 2534: 2105:Financial Services and Markets Act 2000 1754:Two conceptual points of mutual consent 1350:Limited liability and legal personality 1301:matters were clarified. The additional 1097:plays a central role in regulating the 750: 627: 588: 482: 451: 390: 197: 147: 57: 30: 3896: 3894: 3178:ISDA Master Agreement Clause 2(a)(iii) 2661: 2659: 2657: 2655: 2653: 1861:Financial law transactional categories 3436: 3434: 3238:Chappell & Co Ltd v Nestlé Co Ltd 3139:Legal Problems of Credit and Security 3039:(March 23, 2018). Available at SSRN: 2822: 2820: 2734: 2732: 1779:, regardless of whether parties have 1728:(Sweet & Maxwell, 4th ed, 2010), 1693:Legal Problems of Credit and Security 7: 2044:pulling oneself up by the bootstraps 3948:Benjamin, Financial Law (OUP, 2007) 1956:, characterising a derivative as a 1810:Libyan Arab Bank v Bankers Trust Co 1374:summarised the position by stating 1230:Supreme Court of the United Kingdom 1157:Tidal Energy Ltd v Bank of Scotland 3918:Rouse v Bradford Banking Co (1894) 3609:The Uses and Abuses of Derivatives 3169:(2007 Oxford University Press), 13 3141:(Sweet & Maxwell, 7th ed 2017) 2785:Legal Risk in the Financial Market 2717:(SNYDER 'EFFECTIVENESS OF EC LAW') 2557:research.legalservicesboard.org.uk 1952:EWCA Civ, quotes the leading test 860:Private equity and venture capital 771:Bank for International Settlements 14: 4144:Restitution and unjust enrichment 3041:https://ssrn.com/abstract=3147465 1750:from "both creditor and debtor". 1695:(Sweet & Maxwell, 6th ed 2013 905:Business and Economics portal 5520:Conditional Value-at-Risk (CVaR) 5191: 5190: 5176: 3980: 3003:Louise Gullifer, Jennifer Payne 2826:Benjamin Financial Law, 1.06, p5 1471:Financial collateral regulations 1273:Financial collateral regulations 1089:The implementation and value of 910: 898: 493:Base erosion and profit shifting 38: 5155:History of the legal profession 3900:Barclays Bank v WJ Simms (1980) 3820:Re Grays Inn's Construction Ltd 2389:Material adverse change clauses 5839:Strategic financial management 5642:Asset and liability management 3250:Charter Reinsurance Co v Fagan 2082:Guarantees or Indemnities: In 2062:. This minimises credit risk. 1995:These are differentiated from 1078:The principle role is to form 253:Collateralised debt obligation 163:Bull (stock market speculator) 1: 3909:Kitchen HSBC Bank plc (2000) 3277:Williams v Williams 1 WLR 14 2588:. TheCityUK. 20 November 2020 1848:Receipt by creditor's agent. 1178:producing efficient results. 1108:Fair Trading v Abbey National 1016:financial crisis of 2007–2008 599:Final consumption expenditure 3791:Lloyds Bank v Lampert (1999) 3701:(1961) WLR 828 per Harman LJ 3198:Lomas v JFB Firth Rixson Inc 1944:for difference, it utilises 1711:Lomas v JFB Firth Rixson Inc 1303:Geneva Securities Convention 1197:conceptually impossible. In 5417:Operational risk management 3558:P Ali & de Vires Robbe 3327:In defence of consideration 3007:(2015) Hart Publishing, 310 2680:"Structured finance update" 1966:the contract is concluded. 1786:Colley v Overseas Exporters 5934: 5589:Proportional hazards model 5540:Interest rate immunization 4822:International legal theory 4301:International slavery laws 4296:International human rights 4291:International criminal law 3515:Tullett Prebon Group EWHC 2505: 2481:Propriety securities like 2474: 2468: 2434: 2392: 2328: 2302: 2210: 2154: 2131: 2084:Yeoman Credit Ltd v Latter 2075:Re Brumark Investments Ltd 1932: 1897:Simple financial positions 1826:following day. Primarily, 1651: 1607: 1572: 1359: 1353: 1323: 1317: 1249: 1243: 1240:Regulation and legislation 1170: 954: 831:Professional certification 429:Enterprise risk management 213:Offshore financial centres 5872: 5258:financial risk management 5170: 4875:Administration of justice 3719:Stadium Finance Co v Helm 3058:EWHC 2997 (CH), Briggs J 776:Financial Stability Board 5535:First-hitting-time model 5500:Arbitrage pricing theory 4652:Basic structure doctrine 4502:Natural and legal rights 4383:Public international law 3728:Seaton v Heath 1 QB 782 3092:EWHC 1772 Ch, Los J and 3090:Gray v GTP Group Limited 1950:Lomas v JFB Firth Rixson 465:Mergers and acquisitions 5844:Stress test (financial) 5550:Modern portfolio theory 4832:Principle of typicality 4306:International trade law 3927:CARLYLE v RBS UKSC 13. 3657:Lomas v JFB Firth Rixon 2395:material adverse change 1537:"possession or control" 1226:English Court of Appeal 1148:Vanheath Turner (1622) 1084:Loan Market Association 3782:CARLYLE v RBS UKSC 13 3463:Sale of Goods Act 1979 3137:Goode and Gullifer on 2553:"Legal Services Board" 2465:Asset-backed positions 2424: 2176:) and equity issuing ( 2107:is not avoided by the 1993: 1963: 1731: 1698: 1616:contingent obligations 1542: 1512: 1410: 1381: 1217: 1140: 267:certificate of deposit 5882:Investment management 5784:Investment management 5510:Replicating portfolio 5286:Sovereign credit risk 4827:Principle of legality 4586:Delegated legislation 4286:Intellectual property 2844:Lamfalussy Report, 22 2645:Corporate Finance Law 2583:"Legal Services 2020" 2506:Further information: 2477:asset-backed security 2475:Further information: 2435:Further information: 2155:Further information: 2132:Further information: 2052:ISDA Master Agreement 2013:ISDA Master Agreement 1733:Obligation to pay or 1641:ISDA Master Agreement 1573:Further information: 1520:possession or control 1446:European Central Bank 1360:Further information: 1324:Further information: 1267:In Re Lehman Brothers 1263:2008 financial crisis 1250:Further information: 1171:Further information: 1052:asset-backed security 218:Conduit and sink OFCs 5887:Mathematical finance 5819:Risk-return spectrum 5809:Mathematical finance 5764:Fundamental analysis 5697:Exchange traded fund 5281:Consumer credit risk 5045:Barristers' chambers 4987:Legal representation 4925:Justice of the peace 4271:Financial regulation 3989:at Wikimedia Commons 2894:USA v Nolan UKSC 63 2363:conditions precedent 2353:A facility letter or 2318:OFT v Abbey National 1954:Firth on Derivatives 1935:Derivative (finance) 1726:Law of Bank Payments 1691:Roy Goode, Goode on 1413:Financial collateral 1246:Financial Regulation 1203:Clough Mill v Martin 1007:Financial regulation 957:Financial regulation 444:Financial statements 424:Credit rating agency 349:Repurchase agreement 5877:Financial economics 5834:Statistical finance 5600:Value-at-Risk (VaR) 5505:Black–Scholes model 5345:Holding period risk 5080:Election commission 4792:Expressive function 4321:Landlord–tenant law 4220:Consumer protection 3325:Mindy Chen-Wishart 2519:structured products 2456:Transaction Netting 1488:upon entering into 1422:developed from the 1073:England & Wales 1022:. For example, the 880:Accounting scandals 870:Stock market bubble 590:Government spending 547:Employment contract 499:Corporate tax haven 258:Credit default swap 5854:Structured product 5849:Structured finance 5829:Speculative attack 5515:Cash flow matching 5478:Non-financial risk 5375:Interest rate risk 5301:Concentration risk 5038:Legal institutions 4905:Lawsuit/Litigation 4895:Dispute resolution 4700:Catholic canon law 4408:State of emergency 4371:Will and testament 4095:Law of obligations 4048:Constitutional law 4038:Administrative law 3831:Re Barn Crown 1995 3488:1918 AD 145 at 158 3016:FCAR Regulation 17 2963:EWHC 2997 (CH) - 2903:FCARs Regulation 3 2689:. October 8, 2008. 2687:www.mayerbrown.com 2508:structured finance 2502:Combined positions 2495:retention of title 2461:deposited assets. 2453:Settlement Netting 2444:securities lending 2066:Recharacterisation 1997:credit derivatives 1458:Of Low credit risk 1455:Easily priced; and 1123:Credit Derivatives 875:Stock market crash 725:Investment banking 715:Fractional-reserve 680:Warrant of payment 629:Government revenue 552:Financial planning 470:Structured finance 5895: 5894: 5667:Corporate finance 5662:Capital structure 5616:Cash flow at risk 5612:Liquidity at risk 5585:Survival analysis 5486: 5485: 5432:Reputational risk 5306:Credit derivative 5220: 5219: 4880:Constitutionalism 4802:Law and economics 4640:Act of parliament 4378:Product liability 4331:Legal archaeology 4256:Environmental law 4250:Entertainment law 4090:International law 3985:Media related to 3879:Parking Eye UKSC 3440:Cf Hobhouse J in 3107:Louise Gullifer ^ 2563:on April 30, 2018 2521:. For example, a 2325:Committed lending 2265:On-demand lending 2109:Gambling Act 1845 2101:Gambling Act 2005 2039:credit derivative 2035:misrepresentation 1982:, it was held in 1914:performance bonds 1910:letters of credit 1724:Brindle and Cox, 1524:C-156/15 Swedbank 1477:legal uncertainty 1438:security interest 1389:legal personality 1387:through separate 1362:Limited liability 1356:legal personality 1332:legal personality 1127:Allen & Overy 1099:financial markets 1032:legal personality 1001:transaction silos 953: 952: 843: 842: 793: 792: 781:Deposit insurance 687: 686: 521: 520: 419:Corporate finance 414:Capital structure 409:Capital budgeting 344:Performance bonds 225: 224: 208:Financial centres 168:Financial planner 68:Asset (economics) 5925: 5769:Growth investing 5687:Enterprise value 5637:Asset allocation 5620:Earnings at risk 5602:and extensions ( 5545:Market portfolio 5409:Operational risk 5394:Refinancing risk 5269: 5247: 5240: 5233: 5224: 5195: 5194: 5193: 5181: 5180: 5004:Question of fact 4885:Criminal justice 4215:Construction law 4210:Conflict of laws 4175:Agricultural law 4017: 4010: 4003: 3994: 3984: 3937: 3934: 3928: 3925: 3919: 3916: 3910: 3907: 3901: 3898: 3889: 3886: 3880: 3877: 3871: 3865: 3859: 3856: 3850: 3847: 3841: 3838: 3832: 3829: 3823: 3816: 3810: 3807: 3801: 3798: 3792: 3789: 3783: 3780: 3774: 3771: 3765: 3762: 3756: 3753: 3747: 3744: 3738: 3735: 3729: 3726: 3720: 3717: 3711: 3708: 3702: 3699: 3693: 3690: 3684: 3683:EWHC 3116 (Comm) 3678: 3672: 3666: 3660: 3654: 3648: 3642: 3636: 3630: 3624: 3618: 3612: 3605: 3599: 3593: 3587: 3581: 3575: 3569: 3563: 3556: 3550: 3547: 3541: 3531: 3525: 3522: 3516: 3513: 3507: 3504: 3498: 3495: 3489: 3482: 3476: 3473: 3467: 3460: 3454: 3451: 3445: 3438: 3429: 3426: 3420: 3417: 3411: 3405: 3396: 3390: 3379: 3368: 3357: 3354: 3348: 3345: 3339: 3336: 3330: 3323: 3314: 3311: 3305: 3302: 3296: 3293: 3287: 3284: 3278: 3275: 3269: 3266: 3260: 3257: 3251: 3248: 3242: 3234: 3228: 3220: 3214: 3208: 3202: 3194: 3179: 3176: 3170: 3163: 3154: 3151: 3142: 3135: 3120: 3114: 3108: 3105: 3099: 3086: 3080: 3077: 3068: 3065: 3059: 3053: 3047: 3035:cf Youngna Choi 3033: 3027: 3023: 3017: 3014: 3008: 3001: 2995: 2988: 2982: 2979: 2973: 2970: 2964: 2958: 2952: 2930: 2924: 2910: 2904: 2901: 2895: 2892: 2886: 2883: 2877: 2872:Lousie Gullifer 2870: 2857: 2854: 2845: 2842: 2836: 2833: 2827: 2824: 2815: 2812: 2806: 2803: 2797: 2794: 2788: 2781: 2775: 2772: 2766: 2763: 2757: 2756: 2745: 2739: 2738:Benjamin (18.56) 2736: 2727: 2724: 2718: 2715: 2709: 2706: 2700: 2697: 2691: 2690: 2684: 2676: 2670: 2663: 2648: 2640: 2634: 2633: 2617: 2611: 2604: 2598: 2597: 2595: 2593: 2587: 2579: 2573: 2572: 2570: 2568: 2559:. Archived from 2548: 2542: 2539: 2450:Novation Netting 2356:A loan agreement 2190:Retained profits 2167:syndicated loans 2128:Funded positions 2056:law of the forum 1893:the risk taker. 1729: 1696: 1633:event of default 1299:conflict of laws 1215: 1067:Market practices 1028:Potts QC Opinion 945: 938: 931: 917:Money portal 915: 914: 913: 903: 902: 853:Economic history 815: 748: 646:Deficit spending 620:Transfer payment 586: 514:Transfer pricing 460:Leveraged buyout 434:Enterprise value 388: 303:Letter of credit 288:Futures contract 121: 119:Over-the-counter 108:Foreign exchange 55: 42: 19: 5933: 5932: 5928: 5927: 5926: 5924: 5923: 5922: 5898: 5897: 5896: 5891: 5868: 5804:Systematic risk 5702:Expected return 5682:Economic bubble 5677:Diversification 5672:Cost of capital 5625: 5482: 5451: 5403: 5385:Volatility risk 5349:Price area risk 5315: 5291:Settlement risk 5260: 5251: 5221: 5216: 5189: 5175: 5166: 5143: 5134:Political party 5107:Legal education 5095:Law enforcement 5075:Court of equity 5033: 5009:Question of law 4962:Practice of law 4942:Judicial review 4856: 4807:Legal formalism 4787:Comparative law 4782:Contract theory 4765: 4685:Legal pluralism 4656: 4645:Act of Congress 4569:Executive order 4535: 4437: 4356:Nationality law 4281:Immigration law 4205:Competition law 4158: 4026: 4021: 3977: 3945: 3943:Further reading 3940: 3935: 3931: 3926: 3922: 3917: 3913: 3908: 3904: 3899: 3892: 3887: 3883: 3878: 3874: 3866: 3862: 3857: 3853: 3848: 3844: 3839: 3835: 3830: 3826: 3817: 3813: 3808: 3804: 3799: 3795: 3790: 3786: 3781: 3777: 3772: 3768: 3763: 3759: 3754: 3750: 3745: 3741: 3736: 3732: 3727: 3723: 3718: 3714: 3709: 3705: 3700: 3696: 3691: 3687: 3679: 3675: 3667: 3663: 3655: 3651: 3643: 3639: 3631: 3627: 3619: 3615: 3607:Alistar Hudson 3606: 3602: 3594: 3590: 3582: 3578: 3570: 3566: 3557: 3553: 3548: 3544: 3532: 3528: 3523: 3519: 3514: 3510: 3505: 3501: 3496: 3492: 3483: 3479: 3474: 3470: 3461: 3457: 3452: 3448: 3439: 3432: 3427: 3423: 3418: 3414: 3406: 3399: 3391: 3382: 3369: 3360: 3355: 3351: 3346: 3342: 3337: 3333: 3324: 3317: 3313:(1922) 1 KB 451 3312: 3308: 3303: 3299: 3294: 3290: 3285: 3281: 3276: 3272: 3267: 3263: 3258: 3254: 3249: 3245: 3235: 3231: 3221: 3217: 3209: 3205: 3195: 3182: 3177: 3173: 3164: 3157: 3152: 3145: 3136: 3123: 3115: 3111: 3106: 3102: 3087: 3083: 3078: 3071: 3066: 3062: 3054: 3050: 3034: 3030: 3024: 3020: 3015: 3011: 3002: 2998: 2989: 2985: 2980: 2976: 2971: 2967: 2959: 2955: 2931: 2927: 2911: 2907: 2902: 2898: 2893: 2889: 2884: 2880: 2871: 2860: 2855: 2848: 2843: 2839: 2834: 2830: 2825: 2818: 2813: 2809: 2804: 2800: 2795: 2791: 2782: 2778: 2773: 2769: 2764: 2760: 2749:"Potts opinion" 2747: 2746: 2742: 2737: 2730: 2725: 2721: 2716: 2712: 2707: 2703: 2698: 2694: 2682: 2678: 2677: 2673: 2664: 2651: 2641: 2637: 2619: 2618: 2614: 2606:The Law Society 2605: 2601: 2591: 2589: 2585: 2581: 2580: 2576: 2566: 2564: 2550: 2549: 2545: 2540: 2536: 2532: 2510: 2504: 2479: 2473: 2467: 2439: 2433: 2423: 2397: 2391: 2333: 2327: 2311:running account 2307: 2301: 2267: 2215: 2209: 2178:capital markets 2159: 2153: 2136: 2134:Syndicated loan 2130: 2068: 2009: 1978:entities. In a 1937: 1931: 1929:Derivatives law 1899: 1863: 1781:mutually agreed 1756: 1730: 1723: 1702:law of contract 1697: 1690: 1656: 1650: 1612: 1606: 1577: 1571: 1558: 1511: 1486:freezing assets 1473: 1464:insolvency risk 1415: 1364: 1358: 1352: 1328: 1322: 1316: 1275: 1254: 1252:Bank regulation 1248: 1242: 1228:and 5 from the 1222:Lehman Brothers 1216: 1213: 1205:where he wrote 1193:chose in action 1188:security charge 1175: 1169: 1069: 1060: 960: 949: 911: 909: 897: 885: 884: 855: 845: 844: 836:Fund governance 812: 795: 794: 761:Banking license 752:Bank regulation 739: 710:Deposit account 699: 689: 688: 675:Non-tax revenue 671: 650: 616: 583: 573: 572: 569: 533: 523: 522: 475:Venture capital 439:Risk management 385: 375: 374: 373: 364:Syndicated loan 340: 237: 227: 226: 117: 52: 17: 12: 11: 5: 5931: 5929: 5921: 5920: 5915: 5910: 5900: 5899: 5893: 5892: 5890: 5889: 5884: 5879: 5873: 5870: 5869: 5867: 5866: 5861: 5856: 5851: 5846: 5841: 5836: 5831: 5826: 5821: 5816: 5811: 5806: 5801: 5796: 5791: 5786: 5781: 5776: 5771: 5766: 5761: 5760: 5759: 5754: 5749: 5744: 5739: 5734: 5729: 5724: 5719: 5714: 5704: 5699: 5694: 5689: 5684: 5679: 5674: 5669: 5664: 5659: 5654: 5649: 5644: 5639: 5633: 5631: 5630:Basic concepts 5627: 5626: 5624: 5623: 5608:Margin at risk 5604:Profit at risk 5597: 5595:Tracking error 5592: 5582: 5577: 5572: 5567: 5565:Risk-free rate 5562: 5557: 5552: 5547: 5542: 5537: 5532: 5527: 5522: 5517: 5512: 5507: 5502: 5496: 5494: 5488: 5487: 5484: 5483: 5481: 5480: 5475: 5470: 5465: 5463:Execution risk 5459: 5457: 5453: 5452: 5450: 5449: 5444: 5442:Political risk 5439: 5434: 5429: 5424: 5419: 5413: 5411: 5405: 5404: 5402: 5401: 5390:Liquidity risk 5387: 5382: 5380:Inflation risk 5377: 5372: 5370:Margining risk 5367: 5362: 5360:Valuation risk 5357: 5352: 5329:Commodity risk 5325: 5323: 5317: 5316: 5314: 5313: 5311:Securitization 5308: 5303: 5298: 5293: 5288: 5283: 5277: 5275: 5266: 5262: 5261: 5254:Financial risk 5252: 5250: 5249: 5242: 5235: 5227: 5218: 5217: 5215: 5214: 5207: 5200: 5186: 5183:Law portal 5171: 5168: 5167: 5165: 5164: 5163: 5162: 5151: 5149: 5145: 5144: 5142: 5141: 5136: 5131: 5126: 5121: 5116: 5115: 5114: 5104: 5103: 5102: 5092: 5087: 5082: 5077: 5072: 5067: 5062: 5057: 5052: 5047: 5041: 5039: 5035: 5034: 5032: 5031: 5026: 5021: 5019:Trial advocacy 5016: 5011: 5006: 5001: 5000: 4999: 4994: 4989: 4984: 4979: 4974: 4969: 4959: 4954: 4949: 4944: 4939: 4934: 4933: 4932: 4927: 4917: 4912: 4907: 4902: 4897: 4892: 4887: 4882: 4877: 4872: 4866: 4864: 4858: 4857: 4855: 4854: 4849: 4844: 4839: 4834: 4829: 4824: 4819: 4814: 4809: 4804: 4799: 4794: 4789: 4784: 4779: 4773: 4771: 4767: 4766: 4764: 4763: 4758: 4753: 4748: 4743: 4742: 4741: 4731: 4730: 4729: 4724: 4719: 4714: 4709: 4704: 4703: 4702: 4687: 4682: 4677: 4672: 4666: 4664: 4658: 4657: 4655: 4654: 4649: 4648: 4647: 4642: 4637: 4627: 4626: 4625: 4615: 4610: 4605: 4600: 4599: 4598: 4593: 4588: 4578: 4577: 4576: 4571: 4566: 4556: 4551: 4549:Ballot measure 4545: 4543: 4537: 4536: 4534: 4533: 4528: 4526:Legal treatise 4523: 4522: 4521: 4516: 4506: 4505: 4504: 4494: 4492:Letters patent 4489: 4484: 4483: 4482: 4472: 4467: 4462: 4453: 4447: 4445: 4443:Sources of law 4439: 4438: 4436: 4435: 4430: 4428:Unenforced law 4425: 4420: 4415: 4410: 4405: 4400: 4395: 4390: 4385: 4380: 4375: 4374: 4373: 4368: 4358: 4353: 4348: 4343: 4338: 4333: 4328: 4323: 4318: 4313: 4308: 4303: 4298: 4293: 4288: 4283: 4278: 4273: 4268: 4263: 4258: 4253: 4247: 4242: 4237: 4232: 4227: 4222: 4217: 4212: 4207: 4202: 4200:Commercial law 4197: 4192: 4187: 4182: 4177: 4172: 4166: 4164: 4160: 4159: 4157: 4156: 4151: 4146: 4141: 4140: 4139: 4129: 4124: 4119: 4118: 4117: 4112: 4102: 4097: 4092: 4087: 4082: 4077: 4072: 4067: 4066: 4065: 4055: 4050: 4045: 4040: 4034: 4032: 4028: 4027: 4022: 4020: 4019: 4012: 4005: 3997: 3991: 3990: 3976: 3975:External links 3973: 3972: 3971: 3968: 3965: 3958: 3955: 3952: 3949: 3944: 3941: 3939: 3938: 3929: 3920: 3911: 3902: 3890: 3881: 3872: 3860: 3851: 3842: 3833: 3824: 3811: 3802: 3793: 3784: 3775: 3766: 3757: 3748: 3739: 3730: 3721: 3712: 3703: 3694: 3685: 3673: 3661: 3649: 3637: 3625: 3613: 3600: 3588: 3576: 3564: 3562:(2004 OUP), 11 3551: 3542: 3526: 3517: 3508: 3499: 3490: 3477: 3468: 3455: 3446: 3430: 3421: 3412: 3397: 3380: 3358: 3349: 3340: 3331: 3315: 3306: 3297: 3288: 3279: 3270: 3261: 3252: 3243: 3229: 3215: 3203: 3180: 3171: 3155: 3143: 3121: 3109: 3100: 3081: 3069: 3060: 3048: 3028: 3018: 3009: 2996: 2983: 2974: 2965: 2953: 2951: 2950: 2946: 2943: 2940: 2937: 2925: 2923: 2922: 2919: 2916: 2905: 2896: 2887: 2878: 2858: 2846: 2837: 2828: 2816: 2807: 2798: 2789: 2776: 2767: 2758: 2753:www.bvca.co.uk 2740: 2728: 2719: 2710: 2701: 2692: 2671: 2649: 2635: 2612: 2599: 2574: 2543: 2533: 2531: 2528: 2503: 2500: 2469:Main article: 2466: 2463: 2458: 2457: 2454: 2451: 2432: 2429: 2407: 2393:Main article: 2390: 2387: 2382: 2381: 2378: 2358: 2357: 2354: 2347: 2346: 2343: 2340: 2329:Main article: 2326: 2323: 2303:Main article: 2300: 2297: 2266: 2263: 2258: 2257: 2254: 2243: 2242: 2236: 2230: 2211:Main article: 2208: 2207:Debt financing 2205: 2197:debt-to-equity 2192: 2191: 2188: 2187:Debt financing 2185: 2174:debt financing 2152: 2149: 2144:capital market 2129: 2126: 2125: 2124: 2091: 2087: 2067: 2064: 2008: 2005: 1969:Types Various 1933:Main article: 1930: 1927: 1898: 1895: 1880:capital market 1862: 1859: 1854: 1853: 1846: 1823:House of Lords 1821:, the English 1806: 1805: 1802: 1755: 1752: 1721: 1688: 1677:maritime trade 1673:Lex mercatoria 1652:Main article: 1649: 1646: 1629:ISDA agreement 1608:Main article: 1605: 1602: 1589: 1588: 1585: 1570: 1567: 1557: 1554: 1510: 1509: 1506: 1503: 1500: 1495: 1472: 1469: 1460: 1459: 1456: 1453: 1441: 1440: 1436:By granting a 1434: 1431:Title transfer 1424:Lex Mercatoria 1414: 1411: 1385:financial risk 1354:Main article: 1351: 1348: 1326:Financial risk 1318:Main article: 1315: 1312: 1274: 1271: 1244:Main article: 1241: 1238: 1211: 1168: 1165: 1152:lex mercatoria 1129:regarding the 1068: 1065: 1059: 1056: 980:commercial law 951: 950: 948: 947: 940: 933: 925: 922: 921: 920: 919: 907: 895: 887: 886: 883: 882: 877: 872: 867: 862: 856: 851: 850: 847: 846: 841: 840: 839: 838: 833: 828: 823: 813: 801: 800: 797: 796: 791: 790: 789: 788: 783: 778: 773: 768: 763: 755: 754: 746: 745: 743:Lists of banks 738: 737: 732: 727: 722: 717: 712: 707: 701: 700: 695: 694: 691: 690: 685: 684: 683: 682: 677: 672: 670: 669: 664: 653: 651: 649: 648: 643: 637: 632: 631: 625: 624: 623: 622: 617: 615: 614: 612:Redistribution 609: 603: 601: 593: 592: 584: 579: 578: 575: 574: 571: 570: 568: 567: 562: 556: 554: 549: 544: 534: 529: 528: 525: 524: 519: 518: 517: 516: 511: 506: 501: 496: 487: 486: 480: 479: 478: 477: 472: 467: 462: 454: 453: 449: 448: 447: 446: 441: 436: 431: 426: 421: 416: 411: 406: 401: 393: 392: 386: 381: 380: 377: 376: 372: 371: 366: 361: 356: 351: 346: 339: 338: 332: 327: 317: 316: 315: 310: 305: 300: 295: 290: 285: 280: 275: 270: 260: 255: 250: 245: 239: 238: 233: 232: 229: 228: 223: 222: 221: 220: 215: 210: 202: 201: 195: 194: 193: 192: 187: 182: 181: 180: 170: 165: 160: 158:Angel investor 152: 151: 145: 144: 143: 142: 137: 132: 127: 125:Private equity 122: 115: 110: 105: 100: 95: 90: 85: 80: 75: 70: 62: 61: 53: 48: 47: 44: 43: 35: 34: 28: 27: 15: 13: 10: 9: 6: 4: 3: 2: 5930: 5919: 5918:Corporate law 5916: 5914: 5911: 5909: 5908:Financial law 5906: 5905: 5903: 5888: 5885: 5883: 5880: 5878: 5875: 5874: 5871: 5865: 5862: 5860: 5859:Systemic risk 5857: 5855: 5852: 5850: 5847: 5845: 5842: 5840: 5837: 5835: 5832: 5830: 5827: 5825: 5822: 5820: 5817: 5815: 5812: 5810: 5807: 5805: 5802: 5800: 5797: 5795: 5792: 5790: 5787: 5785: 5782: 5780: 5777: 5775: 5772: 5770: 5767: 5765: 5762: 5758: 5755: 5753: 5750: 5748: 5745: 5743: 5740: 5738: 5735: 5733: 5730: 5728: 5725: 5723: 5720: 5718: 5715: 5713: 5710: 5709: 5708: 5705: 5703: 5700: 5698: 5695: 5693: 5690: 5688: 5685: 5683: 5680: 5678: 5675: 5673: 5670: 5668: 5665: 5663: 5660: 5658: 5657:Capital asset 5655: 5653: 5650: 5648: 5647:Asset pricing 5645: 5643: 5640: 5638: 5635: 5634: 5632: 5628: 5621: 5617: 5613: 5609: 5605: 5601: 5598: 5596: 5593: 5590: 5586: 5583: 5581: 5580:Sortino ratio 5578: 5576: 5573: 5571: 5568: 5566: 5563: 5561: 5558: 5556: 5553: 5551: 5548: 5546: 5543: 5541: 5538: 5536: 5533: 5531: 5528: 5526: 5523: 5521: 5518: 5516: 5513: 5511: 5508: 5506: 5503: 5501: 5498: 5497: 5495: 5493: 5489: 5479: 5476: 5474: 5473:Systemic risk 5471: 5469: 5466: 5464: 5461: 5460: 5458: 5454: 5448: 5445: 5443: 5440: 5438: 5435: 5433: 5430: 5428: 5425: 5423: 5422:Business risk 5420: 5418: 5415: 5414: 5412: 5410: 5406: 5399: 5395: 5391: 5388: 5386: 5383: 5381: 5378: 5376: 5373: 5371: 5368: 5366: 5363: 5361: 5358: 5356: 5353: 5350: 5346: 5342: 5338: 5334: 5330: 5327: 5326: 5324: 5322: 5318: 5312: 5309: 5307: 5304: 5302: 5299: 5297: 5294: 5292: 5289: 5287: 5284: 5282: 5279: 5278: 5276: 5274: 5270: 5267: 5263: 5259: 5255: 5248: 5243: 5241: 5236: 5234: 5229: 5228: 5225: 5213: 5212: 5208: 5206: 5205: 5201: 5199: 5198: 5187: 5185: 5184: 5179: 5173: 5172: 5169: 5161: 5158: 5157: 5156: 5153: 5152: 5150: 5146: 5140: 5137: 5135: 5132: 5130: 5127: 5125: 5122: 5120: 5117: 5113: 5110: 5109: 5108: 5105: 5101: 5098: 5097: 5096: 5093: 5091: 5088: 5086: 5083: 5081: 5078: 5076: 5073: 5071: 5068: 5066: 5065:Civil society 5063: 5061: 5058: 5056: 5053: 5051: 5048: 5046: 5043: 5042: 5040: 5036: 5030: 5027: 5025: 5024:Trier of fact 5022: 5020: 5017: 5015: 5012: 5010: 5007: 5005: 5002: 4998: 4995: 4993: 4990: 4988: 4985: 4983: 4980: 4978: 4975: 4973: 4970: 4968: 4965: 4964: 4963: 4960: 4958: 4955: 4953: 4950: 4948: 4945: 4943: 4940: 4938: 4935: 4931: 4928: 4926: 4923: 4922: 4921: 4918: 4916: 4913: 4911: 4910:Legal opinion 4908: 4906: 4903: 4901: 4898: 4896: 4893: 4891: 4890:Court-martial 4888: 4886: 4883: 4881: 4878: 4876: 4873: 4871: 4868: 4867: 4865: 4863: 4862:Jurisprudence 4859: 4853: 4850: 4848: 4845: 4843: 4840: 4838: 4835: 4833: 4830: 4828: 4825: 4823: 4820: 4818: 4815: 4813: 4810: 4808: 4805: 4803: 4800: 4798: 4795: 4793: 4790: 4788: 4785: 4783: 4780: 4778: 4775: 4774: 4772: 4768: 4762: 4759: 4757: 4754: 4752: 4751:Statutory law 4749: 4747: 4746:Socialist law 4744: 4740: 4739:Byzantine law 4737: 4736: 4735: 4732: 4728: 4725: 4723: 4720: 4718: 4715: 4713: 4710: 4708: 4705: 4701: 4698: 4697: 4696: 4693: 4692: 4691: 4690:Religious law 4688: 4686: 4683: 4681: 4678: 4676: 4673: 4671: 4668: 4667: 4665: 4663: 4662:Legal systems 4659: 4653: 4650: 4646: 4643: 4641: 4638: 4636: 4633: 4632: 4631: 4630:Statutory law 4628: 4624: 4621: 4620: 4619: 4616: 4614: 4611: 4609: 4606: 4604: 4601: 4597: 4594: 4592: 4589: 4587: 4584: 4583: 4582: 4579: 4575: 4572: 4570: 4567: 4565: 4562: 4561: 4560: 4557: 4555: 4552: 4550: 4547: 4546: 4544: 4542: 4538: 4532: 4529: 4527: 4524: 4520: 4517: 4515: 4512: 4511: 4510: 4507: 4503: 4500: 4499: 4498: 4495: 4493: 4490: 4488: 4485: 4481: 4478: 4477: 4476: 4473: 4471: 4468: 4466: 4463: 4461: 4460:Statutory law 4457: 4454: 4452: 4449: 4448: 4446: 4444: 4440: 4434: 4431: 4429: 4426: 4424: 4421: 4419: 4418:Transport law 4416: 4414: 4411: 4409: 4406: 4404: 4401: 4399: 4396: 4394: 4391: 4389: 4386: 4384: 4381: 4379: 4376: 4372: 4369: 4367: 4364: 4363: 4362: 4359: 4357: 4354: 4352: 4349: 4347: 4344: 4342: 4339: 4337: 4336:Legal fiction 4334: 4332: 4329: 4327: 4324: 4322: 4319: 4317: 4314: 4312: 4309: 4307: 4304: 4302: 4299: 4297: 4294: 4292: 4289: 4287: 4284: 4282: 4279: 4277: 4274: 4272: 4269: 4267: 4266:Financial law 4264: 4262: 4259: 4257: 4254: 4251: 4248: 4246: 4243: 4241: 4238: 4236: 4233: 4231: 4228: 4226: 4225:Corporate law 4223: 4221: 4218: 4216: 4213: 4211: 4208: 4206: 4203: 4201: 4198: 4196: 4193: 4191: 4188: 4186: 4183: 4181: 4178: 4176: 4173: 4171: 4168: 4167: 4165: 4161: 4155: 4152: 4150: 4149:Statutory law 4147: 4145: 4142: 4138: 4135: 4134: 4133: 4130: 4128: 4125: 4123: 4120: 4116: 4113: 4111: 4108: 4107: 4106: 4103: 4101: 4098: 4096: 4093: 4091: 4088: 4086: 4083: 4081: 4078: 4076: 4073: 4071: 4068: 4064: 4061: 4060: 4059: 4056: 4054: 4051: 4049: 4046: 4044: 4041: 4039: 4036: 4035: 4033: 4031:Core subjects 4029: 4025: 4018: 4013: 4011: 4006: 4004: 3999: 3998: 3995: 3988: 3987:Financial law 3983: 3979: 3978: 3974: 3969: 3966: 3963: 3960:Gullifer and 3959: 3956: 3953: 3950: 3947: 3946: 3942: 3933: 3930: 3924: 3921: 3915: 3912: 3906: 3903: 3897: 3895: 3891: 3885: 3882: 3876: 3873: 3869: 3864: 3861: 3855: 3852: 3846: 3843: 3837: 3834: 3828: 3825: 3821: 3815: 3812: 3806: 3803: 3797: 3794: 3788: 3785: 3779: 3776: 3770: 3767: 3761: 3758: 3752: 3749: 3743: 3740: 3734: 3731: 3725: 3722: 3716: 3713: 3707: 3704: 3698: 3695: 3689: 3686: 3682: 3677: 3674: 3671:EWHC 1785 - 3670: 3665: 3662: 3658: 3653: 3650: 3646: 3641: 3638: 3634: 3629: 3626: 3622: 3617: 3614: 3610: 3604: 3601: 3597: 3592: 3589: 3585: 3580: 3577: 3573: 3568: 3565: 3561: 3555: 3552: 3546: 3543: 3540:Paul Walker J 3539: 3536:EWCA Civ 428 3535: 3530: 3527: 3521: 3518: 3512: 3509: 3503: 3500: 3494: 3491: 3487: 3481: 3478: 3472: 3469: 3464: 3459: 3456: 3450: 3447: 3443: 3437: 3435: 3431: 3425: 3422: 3416: 3413: 3409: 3404: 3402: 3398: 3394: 3389: 3387: 3385: 3381: 3377: 3374: 3373: 3367: 3365: 3363: 3359: 3353: 3350: 3344: 3341: 3335: 3332: 3328: 3322: 3320: 3316: 3310: 3307: 3301: 3298: 3292: 3289: 3283: 3280: 3274: 3271: 3265: 3262: 3256: 3253: 3247: 3244: 3240: 3239: 3233: 3230: 3226: 3225: 3224:Foakes v Beer 3219: 3216: 3213: 3210:Gloster J in 3207: 3204: 3200: 3199: 3193: 3191: 3189: 3187: 3185: 3181: 3175: 3172: 3168: 3167:Financial Law 3162: 3160: 3156: 3150: 3148: 3144: 3140: 3134: 3132: 3130: 3128: 3126: 3122: 3118: 3113: 3110: 3104: 3101: 3097: 3096: 3091: 3085: 3082: 3076: 3074: 3070: 3064: 3061: 3057: 3052: 3049: 3046: 3042: 3038: 3032: 3029: 3022: 3019: 3013: 3010: 3006: 3000: 2997: 2993: 2987: 2984: 2978: 2975: 2969: 2966: 2962: 2957: 2954: 2947: 2944: 2941: 2938: 2935: 2934: 2929: 2926: 2920: 2917: 2914: 2913: 2909: 2906: 2900: 2897: 2891: 2888: 2882: 2879: 2875: 2869: 2867: 2865: 2863: 2859: 2853: 2851: 2847: 2841: 2838: 2832: 2829: 2823: 2821: 2817: 2811: 2808: 2802: 2799: 2793: 2790: 2786: 2780: 2777: 2771: 2768: 2762: 2759: 2754: 2750: 2744: 2741: 2735: 2733: 2729: 2723: 2720: 2714: 2711: 2705: 2702: 2696: 2693: 2688: 2681: 2675: 2672: 2668: 2667:Financial Law 2662: 2660: 2658: 2656: 2654: 2650: 2646: 2639: 2636: 2631: 2627: 2623: 2616: 2613: 2609: 2603: 2600: 2584: 2578: 2575: 2562: 2558: 2554: 2547: 2544: 2538: 2535: 2529: 2527: 2524: 2520: 2516: 2509: 2501: 2499: 2496: 2492: 2488: 2484: 2478: 2472: 2464: 2462: 2455: 2452: 2449: 2448: 2447: 2445: 2438: 2437:Set-off (law) 2431:Net positions 2430: 2428: 2420: 2419: 2413: 2405: 2401: 2396: 2388: 2386: 2379: 2376: 2375: 2374: 2372: 2368: 2364: 2355: 2352: 2351: 2350: 2344: 2341: 2338: 2337: 2336: 2332: 2324: 2322: 2319: 2315: 2312: 2306: 2298: 2296: 2292: 2288: 2286: 2283:party, as in 2281: 2276: 2271: 2264: 2262: 2255: 2252: 2251: 2250: 2248: 2240: 2237: 2234: 2231: 2228: 2225: 2224: 2223: 2219: 2214: 2206: 2204: 2202: 2198: 2189: 2186: 2184:Equity shares 2183: 2182: 2181: 2179: 2175: 2170: 2168: 2162: 2158: 2150: 2148: 2145: 2141: 2135: 2127: 2122: 2118: 2114: 2113:Potts Opinion 2110: 2106: 2102: 2097: 2092: 2088: 2085: 2081: 2080: 2079: 2077: 2076: 2065: 2063: 2061: 2057: 2053: 2047: 2045: 2040: 2036: 2032: 2027: 2023: 2019: 2014: 2006: 2004: 2002: 1998: 1992: 1987: 1985: 1981: 1975: 1972: 1967: 1962: 1957: 1955: 1951: 1947: 1942: 1936: 1928: 1926: 1924: 1919: 1915: 1911: 1907: 1903: 1896: 1894: 1890: 1888: 1887:managed funds 1884: 1881: 1877: 1873: 1869: 1860: 1858: 1851: 1847: 1843: 1839: 1834: 1833: 1832: 1829: 1824: 1820: 1816: 1811: 1803: 1800: 1799: 1798: 1796: 1792: 1787: 1782: 1778: 1773: 1770: 1765: 1761: 1753: 1751: 1749: 1745: 1740: 1736: 1727: 1720: 1716: 1713: 1712: 1707: 1706:consideration 1703: 1694: 1687: 1683: 1680: 1678: 1674: 1670: 1666: 1662: 1655: 1647: 1645: 1642: 1638: 1634: 1630: 1626: 1621: 1617: 1611: 1610:Set-off (law) 1603: 1601: 1599: 1593: 1586: 1583: 1582: 1581: 1576: 1568: 1566: 1562: 1555: 1553: 1551: 1550:dispossession 1547: 1541: 1538: 1531: 1529: 1525: 1521: 1516: 1507: 1504: 1501: 1498: 1497: 1493: 1491: 1487: 1482: 1478: 1470: 1468: 1465: 1457: 1454: 1451: 1450: 1449: 1447: 1439: 1435: 1432: 1429: 1428: 1427: 1425: 1420: 1412: 1409: 1404: 1402: 1398: 1394: 1390: 1386: 1380: 1375: 1373: 1372:Lord Sumption 1369: 1363: 1357: 1349: 1347: 1345: 1341: 1337: 1333: 1327: 1321: 1313: 1311: 1308: 1304: 1300: 1295: 1292: 1288: 1284: 1280: 1272: 1270: 1268: 1264: 1258: 1253: 1247: 1239: 1237: 1235: 1231: 1227: 1223: 1210: 1206: 1204: 1200: 1195: 1194: 1189: 1185: 1179: 1174: 1166: 1164: 1160: 1158: 1153: 1149: 1144: 1139: 1135: 1132: 1128: 1124: 1119: 1117: 1113: 1109: 1105: 1100: 1096: 1092: 1087: 1085: 1081: 1076: 1074: 1066: 1064: 1057: 1055: 1053: 1049: 1045: 1041: 1037: 1033: 1029: 1025: 1021: 1017: 1011: 1008: 1004: 1002: 998: 994: 989: 985: 981: 977: 973: 969: 964: 963:Financial law 958: 946: 941: 939: 934: 932: 927: 926: 924: 923: 918: 908: 906: 901: 896: 894: 891: 890: 889: 888: 881: 878: 876: 873: 871: 868: 866: 863: 861: 858: 857: 854: 849: 848: 837: 834: 832: 829: 827: 824: 822: 819: 818: 817: 816: 811: 810:Financial law 808: 804: 799: 798: 787: 784: 782: 779: 777: 774: 772: 769: 767: 766:Basel Accords 764: 762: 759: 758: 757: 756: 753: 749: 744: 741: 740: 736: 733: 731: 728: 726: 723: 721: 718: 716: 713: 711: 708: 706: 703: 702: 698: 693: 692: 681: 678: 676: 673: 668: 665: 662: 658: 655: 654: 652: 647: 644: 642: 639: 638: 636: 635: 634: 633: 630: 626: 621: 618: 613: 610: 608: 605: 604: 602: 600: 597: 596: 595: 594: 591: 587: 582: 577: 576: 566: 563: 561: 558: 557: 555: 553: 550: 548: 545: 543: 539: 536: 535: 532: 527: 526: 515: 512: 510: 507: 505: 504:Tax inversion 502: 500: 497: 494: 491: 490: 489: 488: 485: 481: 476: 473: 471: 468: 466: 463: 461: 458: 457: 456: 455: 450: 445: 442: 440: 437: 435: 432: 430: 427: 425: 422: 420: 417: 415: 412: 410: 407: 405: 402: 400: 397: 396: 395: 394: 389: 384: 379: 378: 370: 369:Synthetic CDO 367: 365: 362: 360: 357: 355: 352: 350: 347: 345: 342: 341: 336: 333: 331: 328: 326: 322: 319: 318: 314: 311: 309: 306: 304: 301: 299: 296: 294: 291: 289: 286: 284: 281: 279: 276: 274: 271: 268: 264: 261: 259: 256: 254: 251: 249: 246: 244: 241: 240: 236: 231: 230: 219: 216: 214: 211: 209: 206: 205: 204: 203: 200: 196: 191: 188: 186: 183: 179: 178:institutional 176: 175: 174: 171: 169: 166: 164: 161: 159: 156: 155: 154: 153: 150: 146: 141: 138: 136: 133: 131: 128: 126: 123: 120: 116: 114: 111: 109: 106: 104: 101: 99: 96: 94: 91: 89: 86: 84: 83:Capital asset 81: 79: 76: 74: 71: 69: 66: 65: 64: 63: 60: 56: 51: 46: 45: 41: 37: 36: 33: 29: 25: 21: 20: 5913:Business law 5814:Moral hazard 5799:Risk of ruin 5746: 5575:Sharpe ratio 5437:Country risk 5398:Deposit risk 5296:Default risk 5209: 5202: 5188: 5174: 4947:Jurisdiction 4915:Legal remedy 4870:Adjudication 4770:Legal theory 4608:Ratification 4603:Promulgation 4574:Proclamation 4554:Codification 4487:Human rights 4475:Divine right 4465:Constitution 4433:Women in law 4351:Military law 4346:Marriage law 4341:Maritime law 4265: 4240:Election law 4180:Aviation law 4170:Abortion law 4122:Property law 4058:Criminal law 3932: 3923: 3914: 3905: 3884: 3875: 3867: 3863: 3854: 3845: 3836: 3827: 3819: 3814: 3805: 3796: 3787: 3778: 3769: 3760: 3751: 3742: 3733: 3724: 3715: 3706: 3697: 3688: 3680: 3676: 3668: 3664: 3656: 3652: 3644: 3640: 3632: 3628: 3620: 3616: 3608: 3603: 3598:EWCA Civ 386 3595: 3591: 3583: 3579: 3571: 3567: 3559: 3554: 3545: 3537: 3533: 3529: 3520: 3511: 3502: 3493: 3485: 3480: 3471: 3462: 3458: 3449: 3441: 3424: 3415: 3410:1 All ER 652 3407: 3392: 3375: 3370: 3352: 3343: 3334: 3326: 3309: 3300: 3291: 3282: 3273: 3264: 3255: 3246: 3236: 3232: 3222: 3218: 3211: 3206: 3201:EWCA Civ 419 3196: 3174: 3166: 3138: 3112: 3103: 3093: 3089: 3084: 3063: 3055: 3051: 3036: 3031: 3021: 3012: 3004: 2999: 2991: 2986: 2977: 2968: 2960: 2956: 2945:fixed charge 2928: 2908: 2899: 2890: 2881: 2873: 2840: 2831: 2810: 2801: 2792: 2784: 2779: 2770: 2761: 2752: 2743: 2722: 2713: 2704: 2695: 2686: 2674: 2669:(2007 OUP) 6 2666: 2644: 2638: 2621: 2615: 2610:(March 2016) 2607: 2602: 2590:. 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The terms 1900: 1891: 1864: 1855: 1849: 1841: 1837: 1827: 1818: 1809: 1807: 1794: 1791:valid tender 1785: 1776: 1774: 1768: 1763: 1759: 1757: 1743: 1732: 1725: 1718: 1709: 1699: 1692: 1685: 1681: 1668: 1657: 1644:a breather. 1613: 1594: 1590: 1578: 1563: 1559: 1543: 1536: 1533: 1523: 1519: 1517: 1513: 1481:registration 1474: 1461: 1442: 1423: 1416: 1406: 1382: 1377: 1365: 1329: 1296: 1290: 1286: 1276: 1266: 1259: 1255: 1218: 1208: 1202: 1198: 1191: 1180: 1176: 1161: 1156: 1147: 1145: 1141: 1137: 1120: 1115: 1111: 1107: 1103: 1102:constitutes 1090: 1088: 1079: 1077: 1070: 1061: 1027: 1023: 1012: 1005: 1000: 996: 962: 961: 809: 806: 735:Money supply 720:Full-reserve 705:Central bank 565:Student loan 540: / 452:Transactions 263:Time deposit 149:Participants 78:Asset growth 5864:Toxic asset 5824:Speculation 5757:social work 5742:engineering 5570:Risk parity 5555:Omega ratio 5468:Profit risk 5355:Equity risk 5333:Volume risk 5321:Market risk 5273:Credit risk 5119:Legislature 5050:Bureaucracy 4847:Rule of man 4842:Rule of law 4817:Libertarian 4680:Chinese law 4581:Legislation 4531:Regulations 4519:Law reports 4497:Natural law 4393:Reparations 4388:Refugee law 4311:Jurimetrics 4252:(Media law) 4190:Banking law 4185:Amnesty law 4163:Disciplines 4100:Private law 3444:Bank LR 267 3408:The Chikuma 3378:EWCA Civ 15 3372:The Brimnes 3088:Limited to 2990:Riz Mokal, 2783:McCormick, 2624:. 2-3. 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