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Clifford Chance

Clifford Chance


Coronavirus: Close-outs - where are we now?

6 March 2020

Coronavirus has caused disruption and volatility to the financial markets leading to margin calls and settlement disruptions with the result that defaults may become more widespread.

This note sets out some reminders for institutions dealing with failures to pay or deliver to bear in mind, looking at close outs and terminations in general terms. In this briefing, we look at issues under English law (as a common choice under industry documentation).

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