Dexia Crediop S.P.A. v Provincia Di Brescia

Conflict of laws – Jurisdiction. The Commercial Court dismissed the defendant's application challenging the court's jurisdiction in relation to declarations sought by the claimant in respect of interest rate swaps entered into with the defendant. The swaps were governed by two contractual regimes, a mandate, which contained an exclusive jurisdiction clause in favour of Rome; and an ISDA master agreement, which contained a jurisdiction clause in favour of England. The court held that, applying settled law, the declarations clearly fell within the ISDA master agreement, not within the mandate, and that there was no basis for saying that they fell outside its jurisdiction, notwithstanding ongoing proceedings in Italy. Further, there was no basis for contending that the English court should stay the proceedings under art 29 of the Recast Regulation (EU) 1215/2012.

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