Q&As

Where party A in country A enters into a swap contract with party B in country B, what are the applicable rules as to the jurisdiction in which the swap contract is deemed to have been entered into?

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Published on LexisPSL on 09/03/2017

The following Banking & Finance Q&A provides comprehensive and up to date legal information covering:

  • Where party A in country A enters into a swap contract with party B in country B, what are the applicable rules as to the jurisdiction in which the swap contract is deemed to have been entered into?

It would be prudent to begin by looking at the master agreement itself to see which governing law/jurisdiction applies to the International Swaps and Derivatives Association, Inc (ISDA) in place between the parties. This will be detailed in section 13 of the ISDA master agreement and would be selected in Part 4(h) of the related Schedule. See the section: Scope of the ISDA Master Agreement—Sections 7 to 14 (the 'back-end')—Section 13—Governing Law and Jurisdiction in Practice Note: Scope of the ISDA Master Agreement—Sections 7 to 14 (the 'back-end').

Both the 1992 and 2002 ISDA master agreements typically provide for jurisdiction in either the English courts or the courts of New York. If the English courts are selected, the agreements will provide for non-exclusive jurisdiction except where proceedings involve a Convention Court, ie a court bound to apply Brus

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