October 2015 has seen the introduction of a new specialist Financial List at the High Court in London. This initiative has wide-ranging implications for banking and finance and legal professionals alike, and is aimed at making London even more attractive as a place for resolving financial disputes.
The new List principally applies to banking and financial disputes with a value of over £50 million, those cases requiring specialist expertise in the financial markets and matters raising issues of general importance to the financial markets. The claims will be heard from the first case management conference up to enforcement by designated Financial List judges with specialist financial expertise who will be trained in financial markets developments and products. A further important part of the Financial List is the introduction of a pilot scheme for Financial Market “test” cases, designed to resolve issues of general importance to the financial markets in relation to which immediately relevant authoritative English law guidance is needed.
With some 40% of cases currently proceeding in the Commercial Court, the Chancery Division and the Technology and Construction Court relating to such matters, this is a welcome development for one of the world’s leading financial and dispute resolution centres.