UK Courts vs. Arbitration for UK Swap Agreements

Richard:

In the US we have changed our swap agreement forms to provide for arbitration
in order to avoid having to explain the intricacies of derivatives trading to
judges or, God forbid, juries. In Canada we are continuing to submit to the
jurisdiction of Canadian courts (on the theory that there are no juries in
civil actions and arbitration is rarely used in Canadian contracts
generally). As we are presently in the process of revising our UK swap
agreement forms, I guess it's time to revisit the issue as it applies to UK
agreements. Currently we agree to UK law and the jurisdiction of UK courts
(where there are no juries in civil actions). Should this continue to be our
policy or should we begin going for arbitration in the UK contracts also? I
would ask Paul and Scott to let Richard and me know if arbitration is widely
enough used in UK agreements that we can get away with asking for it.

Thanks,

Mark