Articles by author
In search of lost time: Part 1: the automation and data thesis
In this In Practice article Charles Kerrigan considers automation and standardisation in commercial lending transactions. Part 2 of this article considers the effect on these topics of the fintech industry’s development.
1 SEP 2021Crypto comes of age? (also, DeFi, NFTs, Web3 and the metaverse)
Crypto is now mainstream. Charles Kerrigan highlights the impact of this across financial markets and concludes that finance lawyers can be late to a party.
1 JUN 2021Towards algorithm auditing in financial services
We are witnessing a rapid development and adoption of algorithms. At the same time, we need to develop the monitoring and managing of their safety. In the algorithmic age companies are (and should be) increasingly concerned about potential harm that their systems can cause, both in terms of reputation and financially. Knight Capital’s experience (~$450m) caused by a glitch in its algorithmic trading system is a paradigmatic example. As such, in addition to societal, legislative and regulatory pressures, companies themselves are keen to assure their systems are trustworthy.1
1 MAR 2021In search of lost time, Part 2: the effect of the fintech industry’s development on automation and standardisation
In this In Practice article Charles Kerrigan considers the effect of the fintech industry’s development on the topics of automation and standardisation in commercial lending transactions.
1 NOV 2021Artificial intelligence in syndicated lending
Banks are technology companies subject to vertical (that is, industry-specific) regulation. The ABA Banking Journal reports that: “This region [North America], with a history of strong investment in banks’ technology foundations, will see IT spending grow to $100.4 billion by 2027…”. AI adoption and deployment forms part of this anticipated spend. Alongside AI, tokenisation of debt instruments will create a new model in syndicated loan markets. This article explores the current position on AI in syndicated lending.
30 APR 2024Personhood and the law: do crypto and digital assets need their own rules?
In this In Practice article Charles Kerrigan considers the tension between the concept of personality under English commercial law and the innovations of the crypto industry.
1 DEC 2021Something in the ether? The allure of digital bonds
Digital (or crypto) assets are currently attracting considerable scrutiny from global regulators and generating voluminous copy for the world’s media. However, the digital assets spectrum is incredibly wide. Although using the same type of underlying technology as cryptocurrencies, digital bonds are strikingly different: they are (typically) regulated instruments, supported by new legislation in key jurisdictions and by some high-quality issuers. In this article, the authors consider both the allure and the challenges of digital bonds.
1 MAR 2022Financial covenants for fast-growth businesses: the new market norms
Financial covenants in investment grade and leveraged finance loan agreements are now well established. However, a different set of concerns are now covered by covenants being developed in relation to non-bank funding of fast-growth businesses. This In Practice article considers the terms of those fast-growth covenants.
1 JUN 2022Digitised trading and settlement: Exchange 4.0
In this article, the authors consider the benefits of, and legal issues with, Exchange 4.0, a model that addresses current questions about how distributed ledger technology (DLT) can change market infrastructure, clearing, settlement and custody systems.
1 MAR 2022Crypto yield
Bitcoin, the original cryptoasset, does not pay interest or otherwise generate cashflows under the smart contract of the protocol. That has not, however, stopped the crypto community from developing products and code that do exactly that both for bitcoin and for many other types of cryptoasset. Charles Kerrigan explores the new market for crypto products with cash flows.
1 MAR 2022
