BNP Paribas SA v Trattamento Rifiuti Metropolitani SPA

Bank – Conflict of laws. The defendant company's application, challenging the jurisdiction of the English court to determine BNP Paribas SA's claim for declarations in respect of a financial transaction, was dismissed. The Commercial Court ruled that where the parties had agreed jurisdiction in favour of the English court under an International Swaps and Derivatives Association (ISDA) master agreement, the fact that the defendant had further committed itself, in a financing agreement that was subject to Italian law, to comply with its commitments under the master agreement, did not mean that commitments under the master agreement and a swap transaction were any the less subject to the jurisdiction agreed under the master agreement, or any the less able to be adjudicated on and enforced by proceedings in England.

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