Mirador International LLC v MF Global UK Ltd

Mirador International LLC v MF Global UK Ltd

The court held that 'accounts already introduced to Man' in the IBA included those introduced by the team to Man in the expectation that they would be customers of Mirador, even if the introduction occurred before the IBA was signed. The IBA was construed to cover both foreign exchange and CFD transactions, and Mirador was entitled to commission for the Dante Lido account.

Parties
Claimant: Mirador International LLC; Defendant: MF Global UK Limited
Jurisdiction
England and Wales
Judgment Date
23 March 2011
Procedural Posture
Commercial Claim / Judgment After Trial
Outcome
Judgment for the Claimant
Legal Topics
Introducing Broker Agreements, Commission Entitlement, Contract Interpretation
Contract Law Commercial Law Introducing Broker Agreements Commission Entitlement Contract Interpretation

Case Brief

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Parties

Mirador International LLC

Claimant

MF Global UK Limited

Defendant

Procedural Posture

Commercial Claim / Judgment After Trial

Legal Issues

  1. 1 Whether Mirador is entitled to commission under the IBA for accounts introduced before the agreement was signed
  2. 2 Whether the IBA covers CFD transactions as well as foreign exchange
  3. 3 Whether the introduction of Dante Lido was attributable to Mirador under the IBA

Ratio Decidendi

The court held that 'accounts already introduced to Man' in the IBA included those introduced by the team to Man in the expectation that they would be customers of Mirador, even if the introduction occurred before the IBA was signed. The IBA was construed to cover both foreign exchange and CFD transactions, and Mirador was entitled to commission for the Dante Lido account.

Court Disposition

Judgment for the Claimant

Orders

  • Claimant entitled to commission under the IBA for the Dante Lido account; quantum to be determined on taking of an account.
  • Parties to submit draft order and corrections.