IS Prime Ltd v TF Global Markets (UK) Ltd & Ors [2022] EWHC 605 (Comm) (17 March 2022)

IS Prime Ltd v TF Global Markets (UK) Ltd & Ors [2022] EWHC 605 (Comm) (17 March 2022)

The December 2017 email from IS Prime constituted a statement under clause 2.3 of the Liquidity Addendum that IS Prime would no longer trade index swaps as principal from 18 December 2017. Therefore, index swaps ceased to be 'Available Products' for the purposes of the exclusivity obligation, and Think was released from any obligation to trade index swaps exclusively with IS Prime after that date. IS Prime's claim for breach in respect of index swaps post-18 December 2017 had no real prospect of success and was suitable for summary judgment.

Citation
[2022] EWHC 605 (Comm)
Parties
Claimant / Part 20 Defendant: IS Prime Limited; Defendant / Part 20 Claimant: TF Global Markets (UK) Limited; Defendant / Part 20 Claimant: TF Global Markets (AUST) PTY Limited; Defendant / Part 20 Claimant: Think Capital Limited; Third Party / Part 20 Defendant: ISFE 21 Limited
Jurisdiction
England and Wales
Judgment Date
17 March 2022
Procedural Posture
Commercial Court Claim / Summary Judgment Application
Outcome
Summary judgment granted in favour of Think on the issue of index swaps post-18 December 2017.
Legal Topics
Contractual Interpretation, Exclusivity Clauses, Summary Judgment, Breach of Contract
Contract Law Commercial Law Contractual Interpretation Exclusivity Clauses Summary Judgment Breach of Contract

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Parties

IS Prime Limited

Claimant / Part 20 Defendant

TF Global Markets (UK) Limited

Defendant / Part 20 Claimant

TF Global Markets (AUST) PTY Limited

Defendant / Part 20 Claimant

Think Capital Limited

Defendant / Part 20 Claimant

ISFE 21 Limited

Third Party / Part 20 Defendant

Procedural Posture

Commercial Court Claim / Summary Judgment Application

Legal Issues

  1. 1 Whether index swaps remained 'Available Products' under the Liquidity Addendum after 18 December 2017
  2. 2 Whether IS Prime's December 2017 email constituted a statement under clause 2.3 of the Liquidity Addendum
  3. 3 Whether IS Prime breached exclusivity obligations post-December 2017

Ratio Decidendi

The December 2017 email from IS Prime constituted a statement under clause 2.3 of the Liquidity Addendum that IS Prime would no longer trade index swaps as principal from 18 December 2017. Therefore, index swaps ceased to be 'Available Products' for the purposes of the exclusivity obligation, and Think was released from any obligation to trade index swaps exclusively with IS Prime after that date. IS Prime's claim for breach in respect of index swaps post-18 December 2017 had no real prospect of success and was suitable for summary judgment.

Court Disposition

Summary judgment granted in favour of Think on the issue of index swaps post-18 December 2017.

Orders

  • IS Prime's claim in respect of index swaps after 18 December 2017 is dismissed.
  • Parties to agree terms of order and consequential matters by 25 March 2022.