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This article addresses important policy issues raised in the latest Lehman dispute that directly impact the over the counter derivatives market and market participants, specifically in regards to the history and purpose of the Bankruptcy Code’s “safe harbor” provisions for swap agreements.

By examining the background of, and arguments presented in, the ongoing adversary proceeding, Moore Macro Fund, LP v. Lehman Brothers Holdings Inc., and the related bankruptcy case, in re Lehman Brothers Holdings Inc. the authors offer their interpretations of the scope and intent of the applicable safe harbor provisions concerning set-off rights in the context of terminating swap agreements.

Parties to ISDA agreements should carefully monitor this case, as the outcome could shape the enforceability of the Bankruptcy Code and the strategic analysis of counterparties following a counterparty’s or credit support provider’s bankruptcy.

Parties must also be cautious when assuming all contractual provisions in industry-standard master agreements will be enforceable. This case confirms that contractual provisions seeming to reflect the intent of the parties may still be called into question before a court.

Litigation analysis and practical advice on the ongoing changes to the physical, futures and derivatives markets from experienced derivatives/structured products and bankruptcy/commercial restructuring lawyers.

This chapter provides a reflective commentary on how the transition to electric vehicles (EVs) may alter how society uses cars through an inspection of evidence from the studies which have examined the impact of EV adoption on trip patterns. A framework for evaluating trip patterns is applied which considers how the adoption of an EV could generate impacts for the spatial distribution of car trips, when these trips occur, the journey purpose these trips serve, and the driving style in which the trips are conducted. It is identified that the principal issue which is likely to motivate alterations in trip patterns following a transition to EVs is the technical and regulatory differences which distinguish them from conventional vehicles. Spatial trip patterns could become anchored to the burgeoning chargepoint infrastructures, with network coverage having implications for where EVs will be seen. Changing seasons could reduce the range of the battery packs, limiting the useability of EVs in winter months. Low operating costs of EVs may encourage their use for short distance trips due to a feeling of guilt-free travel. Eco-driving functions of EVs could promote sustainable driving practices by gamifying energy efficiency though the introduction of targets, medals, and leader boards. It is concluded that the exact manner in which trip patterns will be altered by the transition to EVs is difficult to predict with clarity, with many alternative futures being conceivable. In part, the impact on trip patterns will be contingent on whether or not EVs start to look and feel like conventional cars as the technology matures.

WITH eloquence which we cannot imitate, or repeat, the national loss has been sufficiently expressed by others. It is true, Kipling and William Watson being dead, and Alfred Noyes silent, the poets have not risen to the height of a great occasion, but that is by the way. Our own tribute to the late King must be based on his work for libraries, since any other tribute is general to a whole Empire. Kings can have few hours in which to read and yet some of the stories, true or apocryphal, of King George V. touch upon his reading. He showed, however, a closer interest of late years in libraries than any other of our monarchs has done, and at the opening ceremonies of the National Central Library and the Manchester Public Library he uttered words which are the best slogans that libraries have received. Even if he did not write them—a matter which we have no right to affirm or deny—his utterance of them gave them the royal superscription. We repeat them, as they cannot be too often repeated:—

IT is always something of an embarrassment for a West German librarian to address his British colleagues on the problems of public libraries. What is there of interest in a system which in almost every respect is years behind the development of the English libraries? When I begin to think along these lines of the considerable and, indeed, natural role which the library plays in British society (almost a traumatic experience for a German librarian), then the inequalities of the situation become particularly clear. Even though there are many historical and political causes for this state of affairs, it is still impossible for any correspondent to free himself of a certain psychological handicap.

This paper aims to review the history of black and minority ethnic housing associations in England since the arrival of Commonwealth migrants.

Drawing on the theoretical framework of Lawrence and Buchanan (2017), the authors examine the interplay of institutional control, agency and resistance, in a highly racialized context.

The authors identify five phases in the development of grassroots organizers into housing associations, describing the different types of “institutional work” involved in challenging racialized institutions and establishing new institutions. The exercise of episodic power to achieve institutional agency created resistance from powerful actors seeking to maintain systemic power. The growing movement for black and minority ethnic housing fought to establish organizational legitimacy. Achieving this not only enabled them to serve and represent their communities but also entailed compromising more radical political agendas.

Racialized aspects are largely lacking from institutional theory, as are the actions of racialized individuals and organizations. In looking at a highly racialized context, the authors hope to contribute to understanding the institutional work done by such groups and the challenges they face as their efforts develop and become legitimated.

The purpose of this paper is to establish three sets of principles – the first for effective prudential supervision of financial institutions; the second for the timely resolution of failed institutions and the management of financial crises; and the third for the successful protection of deposits. It also aims to show how these principles have been eschewed, especially in the USA and the UK.

The first set of principles and examples of their violation are determined from material loss reviews conducted by agency inspectors general, government reports, and academic research. The second set of principles is derived from International Monetary Fund practice and research; violations are those reported in government reports, published research, and press articles. The third set of principles is chosen from those proposed by the Basel Committee on Banking Supervision and the International Association of Deposit Insurers. Violations are those reported in academic and practitioner research and the press.

Many of the three sets of principles have been ignored in the current financial crisis.

Experience in previous crises has shown that eschewing these principles delays the resolution of individual failed institutions, increases resolutions costs, and delays the recover from the crisis. If the legal and regulatory system is to be reformed appropriately to prevent a recurrence, future research must discover the reasons why the principles have not been followed.

The paper assembles three sets of principles and instances where they have been violated in order to help policymakers, practitioners and researchers to focus on where and what reforms are needed to prevent a recurrence of the current severe financial crisis.