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Legal and Conduct Risk in the Financial Markets, 3rd Edition by McCormick, Roger; Stears, Chris (22nd March 2018)

Part VI Early Perceptions of Legal Risk, 22 Settling Differences

Roger Mccormick, Chris Stears

From: Legal and Conduct Risk in the Financial Markets (3rd Edition)

Roger McCormick, Chris Stears

Subject(s):
Debt — Set-off and netting

This chapter examines some of the other legal uncertainty issues, principally in relation to set-off and netting, that were troubling various sectors of the financial markets at around the time of the Hazell v Hammersmith and Fulham London Borough Council and Re Charge Card Services Ltd cases. It first looks at a number of general, but very important, concerns that lawyers in the market had in relation to the operation of set-off and netting. Second, it considers a particular form of transaction that featured many of those (and other) concerns. Finally, it examines some of the more significant case law and legislative developments. In reviewing these issues, readers should bear in mind the huge importance that ‘certainty’ in this area of the law has now assumed.

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