31 Aug 2020
TAISHIN INTERNATIONAL BANK CO., LTD v. QFI LTD
- Citation
- [2020] HKCFI 2116
- Court
- Court of First Instance
- Case number
- HCA194/2016
On the balance of probabilities the court found the Defendant agreed FX swap transactions on 11 December 2015 and subsequently closed leg‑2 (transaction evidenced by confirmation 1328733); cancelled/internal reference confirmations (1328228/1328230) were cancelled/mistakes and did not create separate open positions; Defendant failed to prove it had open positions that the 18 December trades merely closed; clause 2 of the FTMA operates as a conclusive evidence clause to bar challenges to the exchange rates; therefore Plaintiff's claim for JPY187,110,057 plus interest succeeded and all counterc…