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In Banca Nazionale del Lavoro, Commerzbank and Dexia Credit Local v Provincia di Catanzaro [2023] EWHC 3309 (Comm), the High Court granted summary judgment in favour of the joint bank claimants against the Italian public authority, Provincia di Catanzaro (“Catanzaro”). This is the latest in a succession of cases in which Italian local authorities have relied on Italian law arguments as to capacity, authority and/or validity as a basis for arguments that English-law governed derivative transactions on standard ISDA terms and subject to exclusive English jurisdiction, to which they had agreed, are invalid.Continue Reading Respect my authority: considering capacity to enter into swaps

Two years ago, I was standing in front of our Mayer Brown offices in Frankfurt, boiling in 38 degree heat, filming a trailer for Linkedin for our 5th Annual OTC Derivatives Seminar, which we had clients coming from across Germany, to attend.

Last June , with international lock-down well under way, we took our…

Have you met Anna? Well actually, although experts in the market pronounce it Anna, it’s spelt “AANA”.

Annually, or perhaps “AANAually” since 2016, with the notable exception of 2020, the breadth of derivatives counterparties in-scope for posting initial margin under the global margin rules, has expanded.

Back in 2016, a “Phase 1” derivatives…