Practice management for in-house lawyers

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This Overview is a guide to the Banking & Finance content within the Practice management for in-house lawyers working in banks or financial institutions subtopic, with links to appropriate materials.

Selecting external law firms

Most large banks and other financial institutions have established panels of legal advisers. These panels are reviewed periodically (often bi-annually) and provide in-house lawyers with a group of pre-approved external law firms which they can use to obtain legal advice.

Where a bank or other financial institution has a legal panel, instructing external counsel is likely to be a more straightforward process than where no panel exists, as a panel

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Latest Banking & Finance News

ISDA reports substantial derivatives trading increase following CFTC threshold changes

The International Swaps and Derivatives Association (ISDA) has reported that the notional value of interest rate derivatives trading increased by 48.6% to US$249.4trn in the first half of 2025, while the notional value of index credit derivatives surged by 91.9% to US$10.5trn. This growth comes in the wake of the Commodity Futures Trading Commission (CFTC) revising block and cap thresholds on 7 October 2024. Cleared transactions accounted for 86.6% of the interest rate derivatives notional, with 55% of these transactions executed on swap execution facilities (SEFs). These changes occurred amid ongoing interest rate volatility and evolving central bank policies.

UK EMIR: BoE and FCA finalise reporting amendments and consult on new Q&As

The Bank of England (BoE) and Financial Conduct Authority (FCA) have published a policy statement finalising amendments to UK EMIR Trade Repository reporting requirements and launched a joint consultation on two new draft questions and answers (Q&As). These documents form part of ongoing efforts to enhance the UK EMIR reporting framework following the March 2025 implementation of the UK EMIR Refit. The amendments aim to improve data quality and reduce ambiguity in reporting obligations, while the draft Q&As address specific technical issues raised by market participants through industry engagement. The finalised rules will come into force on 26 January 2026, and responses to the consultation are sought by 12 September 2025, with final Q&As expected in October 2025.

Bailey’s bet on tokenisation over stablecoins divides the UK financial sector

MLex: A division is emerging in the UK financial services industry over the future of digital money, after Bank of England (BoE) governor Andrew Bailey again poured cold water on the idea that stablecoins might offer a viable substitute for bank-issued money. Traditional finance has applauded, but the fintech sector is rather less enthusiastic. Bailey has also expressed increasing wariness about the BoE’s own digital pound project.

City body urges FCA to clarify AML rules for digital assets

Law360: A City of London trade body has urged the Financial Conduct Authority (FCA) to clarify in its future regulations for stablecoin issuers how anti-money laundering (AML) rules will apply for digital assets.

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