VR Global Partners LP v Exotix Partners LLP

VR Global Partners LP v Exotix Partners LLP

VR was entitled to unwind the trade as no proof of NBU Registration was received by the deadline, no party was obliged to agree an extension, and VR, Exotix, and CVI acted in good faith and took all reasonable steps required. The unwinding process returns the parties to their pre-trade positions, and market risk is not shifted to CVI by operation of the contract.

Parties
Claimant: VR Global Partners, L.P.; Defendant: Exotix Partners LLP; Third Party: CVI EMCVF Lux Securities Trading Sàrl
Jurisdiction
England and Wales
Judgment Date
20 October 2017
Procedural Posture
Commercial Court Litigation / Judgment After Trial
Outcome
Claim allowed; VR succeeds on the claim, Exotix succeeds as against CVI.
Legal Topics
Interpretation of Contract Terms, Implied Terms, Good Faith in Contracts, Loan Trading, Unwinding of Trades
Contract Law Banking and Finance Interpretation of Contract Terms Implied Terms Good Faith in Contracts Loan Trading Unwinding of Trades

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Parties

VR Global Partners, L.P.

Claimant

Exotix Partners LLP

Defendant

CVI EMCVF Lux Securities Trading Sàrl

Third Party

Procedural Posture

Commercial Court Litigation / Judgment After Trial

Legal Issues

  1. 1 Whether VR was entitled to unwind the trade under the contract terms
  2. 2 Whether any party was obliged to agree an extension of the deadline for NBU Registration
  3. 3 Whether VR, Exotix, or CVI breached obligations of good faith or cooperation

Ratio Decidendi

VR was entitled to unwind the trade as no proof of NBU Registration was received by the deadline, no party was obliged to agree an extension, and VR, Exotix, and CVI acted in good faith and took all reasonable steps required. The unwinding process returns the parties to their pre-trade positions, and market risk is not shifted to CVI by operation of the contract.

Court Disposition

Claim allowed; VR succeeds on the claim, Exotix succeeds as against CVI.